Bitcoin Price Skyrockets $500 in Minutes as Bakkt BTC Contracts Hit Highs

Published at: Oct. 25, 2019

Bitcoin (BTC) surged $500 in just five minutes today after experiencing a sharp drop on Oct. 23, from $7,950 to $7,450 and sitting at the position for two consecutive days.

Cryptocurrency market daily overview. Source: Coin360

According to the data from Coin360, BTC gained $536 in minutes, skyrocketing from $7,855 to $8,391. At press time Bitcoin is trading at around $8,424, up nearly 13% over the past 24 hours.

Bitcoin 24-hour price chart. Source: Coin360

While the reason behind the recent drop is not clear, some community members attribute Bitcoin’s latest surge to 661 BTC futures contracts liquidation on the Bakkt platform, with the last recorded trading price settling at $7,890 per Bitcoin.

Twitter account Bakkt Volume Bot, which carries out live tracking on the platform, indicated the following performance:

“∙ Today's volume so far: 661 BTC

∙ Last traded price: $7,890.00

∙ Trading day progress: 38% (if this continues: 100% equals to 1740 BTC)”

The latest trade deal on Bakkt apparently marked a new all-time high in BTC futures volumes, following the previous high of 452 BTC futures contracts traded on Oct. 23.

Still other members of the community attribute today’s BTC surge to President Xi Jinping’s encouragement of blockchain development in the country.

Bitcoin pulls altcoin markets higher

Bitcoin’s rally has pulled altcoins higher, with some of the top-20 coins reporting double-digit gains on the day. In general, the top-20 cryptocurrencies are up from 0.02% to 21%.

The total market capitalization of all cryptocurrency markets is around $228,9 billion, up from $208 billion earlier in the day.

Keep track of top crypto markets in real time here
Tags
Bitcoin
Bitcoin Price
Markets
Trading
Related Posts
Bear market? Analyst weighs in after Bitcoin drops 50% from its $65K all-time high
On April 14 Bitcoin price hit a new all-time high at $64,850 and many of the crypto sector’s top analysts were calling for BTC to carry on to at least $100,000 before the rally showed any signs of possible exhaustion. Fast forward 37 days and Bitcoin now trades nearly 50% down from its all-time high after dropping as low as $30,000 to mark the sharpest correction in BTC price since March 2020. The general reaction among analysts has been mixed as some cite various metrics which suggest that $30,000 is the bottom for BTC. Others advise caution as the failure …
Bitcoin / May 20, 2021
Major Coins Trading Sideways With Moderate Losses, Bitcoin Near $10,400
Sunday, July 21 — Major coins are mostly trading sideways, remaining relatively quiet with moderate losses over the past 24 hours, according to data from Coin360. Market visualization from Coin360 Leading cryptocurrency Bitcoin (BTC) broke the $11,000 threshold earlier yesterday, but could not hold its position and dipped to its current price point of $10,406, down by 1.86% on the day. In terms of its weekly performance, BTC has lost 2.20%. Bitcoin 24-hour price chart. Source: Coin360 The second-largest crypto, Ether (ETH), has taken a downturn as well and is trading at $221.26 at press time, down by 1.34% on …
Bitcoin / July 21, 2019
Afraid to buy the dip? Bitcoin options provide a safer way to ‘go long’ from $38K
The last time Bitcoin (BTC) traded above $50,000 was Dec. 27, 2021. Since then, four months have passed, but traders seem somewhat optimistic that inflation has hit the necessary threshold to trigger cryptocurrency adoption. In theory, the 8.5% inflation in the United States means that every five years, the prices increase by 50%. This essentially turns $100 into $66 by slashing 33% of the dollar’s purchasing power. The U.S. Federal Reserve FOMC meeting is expected to rule on the interest rates on May 4, but more importantly, the FED is expected to announce a program to offload part of its …
Bitcoin / May 2, 2022
The crypto market bottom is ‘almost in’ — Market Talks chats with trader Korean Jew Crypto
On this week’s episode of Market Talks, we welcome Jake, also known as “Korean Jew Crypto” on Twitter and the founder of “The Trading Dojo,” a platform that provides quality coaching and education to help traders identify profitable trades on their own. The wide reaching interview covered KJ’s take on how to trade the Federal Open Markets Committee and Consumer Price Index events, along with his views on how Federal Reserve policy is impacting crypto prices. According to KJ: “In regards to what Powell said, and the way the news cycle has been, a few weeks ago I was adamant …
Bitcoin / Nov. 3, 2022
Bitcoin’s bear market is far from over, but data points to improving investor sentiment
2022 was a near-unprecedented year of extremes and black swan events for the crypto market, and now that the year is about to wrap up, analysts are reflecting on the lessons learned and attempting to identify the trends which may point to bullish price action in 2023. The collapse of Terra Luna, Three Arrows Capital and FTX created a credit crunch, a severe reduction in capital inflows and an increased threat that additional major centralized exchanges could collapse. Despite the severity of the market downturn, a few positives have emerged. Data shows long-term hodlers and smaller-sized wallets are actively accumulating …
Bitcoin / Dec. 12, 2022