Since the Intercontinental Exchange (ICE) launched the Bakkt platform, it’s been regarded by the crypto industry at large, as a bit of a failure. The fact that the Bitcoin price crashed shortly after the launch also didn’t help matters, especially because Bakkt was supposed to be the major change factor to catalyze growth in the Bitcoin market. However, in an interesting turn of events, the Bakkt service on Wednesday Oct 9 hit 224 contracts, a whopping 796% increase from Tuesday Oct. 8 when it was just 25. This was revealed by a Bakkt Twitter bot (@BakktBot), signifying an impressive new all-time high.
The Bitcoin market experienced an increase from the Bakkt volume surge and put on some$400 in weight, to $8,600 from $8,200. This growth seems to have put some faith back into the market, showing people that maybe there’s a chance for the platform after all.
Shortly after Bakkt launched and prices were driven down, there was considerable backlash and all round disappointment as expectations were far from met. However, there were a few proponents who seemed to think that it was a little too early to pronounce the platform as a failure.
Bakkt officially opened its services less than a month ago on the 22nd of September after it was initially announced last year. It was not approved for business until recently.
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