Yesterday was undoubtedly not the best day for Bitcoin investors. The cryptocurrency has dropped 8% in the past 24 hours after BTC found some support at $7,400 after a steep drop of just under $8,000.
The massive slump came as a surprise, especially in its strength. During the crash of within 15 minutes, in which the Bitcoin price crashed from 8,000 USD to 7,400 USD, long positions worth over 200 million USD were liquidated on the BitMEX platforms. Since then, the market has calmed down somewhat and only long and short positions worth several million euros have been redeemed on the margin trading platform. However, there is also positive news.
Record Bakkt Volume
According to Bakkt Volume Bot, a Twitter robot that tracks the volumes of the exchange’s flagship Bitcoin futures market, the exchange has reached a record volume. Indeed, from 14:02 (EST), the Bot registered that the Bitcoin futures market of Bakkt had seen a trading volume of 507 BTC, although the trading session had not yet ended. The Bakkt Volume Bot registered 640 contracts (new all-time high) by the end of yesterday, as opposed to 85 contacts on the previous day.
Daily summary of Wednesday’s Bakkt Bitcoin Monthly Futures:
โ Bakkt Volume Bot (@BakktBot) October 24, 2019
๐ธ Traded contracts: 640 (+653%) (New ATH ๐)
๐ Day before: 85
๐ All time high: 640
Follow @BakktBot for realtime updates. pic.twitter.com/c8LvcnVyoa
Bitcoin Hash Rate Continues to Rise Steadily
Data from Blockchain.com shows that the Bitcoin network hash rate is currently 114 trillion hashes per second (114 million tera hashes per second – TH/s). This represents a new record for the processing power needed to secure the network. Since early 2019, Bitcoin’s hash rate has been growing steadily and regularly setting new highs. A look at the 7-day averages shows that the Bitcoin hash rate has increased by nearly 140% since early 2019.
In this respect, the BTC hash rate shows that at least the miners expect the price to rise in the long term. They didn’t capitulated as some people claimed over the last days.