The Intercontinental Exchange’s (ICE) cryptocurrency venture Bakkt has recorded a new all-time high in single-day trading volumes for its physically-settled monthly bitcoin futures contract.
According to data from Bakkt, the firm traded a total of 11,509 BTC, worth nearly $124 million at press time, in July 2017, the same day the price of bitcoin moved up to touch the $11,000 mark, before it dropped back down.
The flagship cryptocurrency had been trading between $9,000 and $10,000 since early June, failing to break into the five-figure territory numerous times ahead of this weekend’s rally, which was seemingly partly fuelled by a rise in Ethereum’s ether token. Ether managed to hit a new 13-month high thanks to rising DeFi-related demand.
Bakkt’s record-setting day saw an increase of 85% from the previous one, which occurred in December 2019. It’s worth noting that Bakkt was initially maligned for its slow start after launching in September, with its initial week of trading seeing less than $6 million in bitcoin futures contracts change hands.
The Intercontinental Exchange’s venture is also looking to launch a crypto “consumer app” this year that will allow users to use crypto to buy goods and services. The app is set to launch with Starbucks as its first partner, with other companies being added soon after.
When the consumer app was announced Bakkt’s chief product officer revealed he has a strong conviction that by improving integration and efficiency in cryptocurrency wallets, and by improving transactions processing and payments acceptance, there are “meaningful opportunities for merchants and consumers to seamlessly interact using digital assets in ways that have not been previously considered.”
Featured image by Adam Nowakowski on Unsplash.
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