A blast from Bitcoin’s past is making a comeback, reaching a new all-time highs trading volume after abysmal launch turnout sent the cryptocurrency’s price tumbling last year.
What’s going on with Bakkt that suddenly has its Bitcoin Futures trading desk soaring in trading activity?
Bakkt The Truck Up: Remembering The Reason For Crypto’s 2019 Collapse
Last year, Bitcoin’s safe haven narrative first took shape, as the cryptocurrency began to rally alongside gold as tensions mounted between the US and China.
Little did investors know, those buying up those safe haven assets then were actually preparing for a pandemic and hyperinflation as a result of the stimulus efforts to battle it.
Related Reading | These Key Levels And Dates Could Invalidate Bitcoin’s Stock-To-Flow Model
Regardless of the outcome this year, last year’s Bitcoin rally turned out to be a dud in the end. And support at $10,000 then was ultimately lost due to the launch of the much anticipated Bakkt Future trading desk, falling on its face.
The Intercontinental Exchange owned, physically delivered Bitcoin Futures contracts platform was to be the next big thing to hit crypto, that was said to open the flood gates to institutional adoption.
Except when the platform launched, there was barely trace of activity. Bitcoin price plunged through $10,000 after weeks of trading above it, and it has taken until now to get back above.
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