Bakkt recorded a new record volume during Bitcoin crashes
Yesterday without a doubt was not the best day for Bitcoin investors. The crypto currency has fallen within the past 24 hours, 8% after BTC had found at 7.400 USD, after a steep decline of close to $ 8,000 for a certain amount of support.
The massive drop came largely surprised, especially in its thickness. During the crash of within 15 minutes, the Bitcoin price of 8,000 USD crashed on the territory of 7,400 USD have been Long liquidated positions worth over $ 200 million on the platforms BitMEX. Since then the market has calmed down a little and it was on Margin-Trading-platform-only Long and Short positions to the value of several million euros cashed. However, there is also a positive message.
According to Bakkt Volume Bot, a Twitter robot that tracks the volumes of the flagship Bitcoin futures market of the stock exchange, the stock exchange, a record volume. Actually the Bot at 14:02 (EST) registered that the Bitcoin futures market of Bakkt has seen a trade volume of 507 BTC, even though the session has not yet come to an end. The Bakkt Volume Bot registered until the end of the day yesterday, 640 contracts (new all-time high), in contrast to 85 contacts on the previous day.
Daily summary of Wednesday’s Bakkt Bitcoin Monthly Futures:
💸 – Traded contracts: 640 (+653%) (New ATH 🚀)
📈 Day before: 85
🚀 All time high: 640Follow @BakktBot for realtime updates. pic.twitter.com/c8LvcnVyoa
— Bakkt Volume Bot (@BakktBot) October 24, 2019
While there is probably no relation or connection between the price drop of Bitcoin and the record of the Bitcoin volumes of Bakkt, have many experts on Mark Zuckerberg’s appearance in Washington, D. looked C.. Zuckerberg appeared yesterday before the U.S. Congress, to talk about Libra and other Facebook-related topics. Zuckerberg was asked by members of Congress about Libra out and harshly criticized. The deputies threw Facebook prior to the established financial system to run, to spread crime and to violate the sovereignty of the Central banks and their respective governments.
What’s next for Bitcoin?
Now, no one is too sure. But while nobody has a definitive answer about the direction that will take this market, see technical chart analysts, rather a declining Trend. Yesterday, the Analyst Philip Swift noted that the Bitcoin in the previous market cycle, a sample of the soil formation in a sliding 200-week average, followed and then his first bull market rally in a sliding 100-weeks average until the soil has experienced. Bitcoin seems to do the Same. But if the 100-week moving lost average, could result in the potential Macro-bearish-market-or, at least, months more consolidation.
Surely it couldn’t be this simple…could it?!
Shoutout to @Pladizow who pointed out price touching the 100W MA.
Live chart of the 200W MA plus heat map is here: https://t.co/7sTahKaJfy pic.twitter.com/cYfKxeGgXM
— Philip Swift (@Positive, Crypto) October 22, 2019
But that’s not all. The decline will accelerate the appearance of the fabled “death cross” something. In a few days from the date of publication of this report, Bitcoin is experiencing a “death cross”, when a short-term moving average, often the 50-day average, as it refers to short-term Trends, under a long-term moving average, often the 200-day average is located.
Bitcoin Hash Rate is rising continuously more
Data from Blockchain.com show that the Bitcoin Network Hash Rate is currently at 114 trillion Hashes per second (114 million Tera Hashes per second TH/s). This value represents a new record for the computing power that is needed to secure the network. Since the beginning of 2019, the Hash Rate of Bitcoin is growing continuously and regularly sets new highs. A look at the 7-day average values shows that the Bitcoin Hash Rate has increased since the beginning of 2019 to almost 140%.
In this respect, the BTC Hash Rate shows that at least the Miner expect a long-term rise in price. As we reported, is Bitmain open up a Mega-Mining facility in Rochdale, Texas.
Featured Image: Aleksey Ivanov | Shutterstock
