Record growth in futures trading, tether on the upswing and grayscale in the crypto buying frenzy: Bitcoin is back from the summer slump. Since the beginning of the week, the Bitcoin price has been climbing steeply north again. With a 24-hour plus of 2.1 percent, the leading crypto currency rises to currently $ 11,044 and can therefore hold the $ 11,000 mark for the time being. In a weekly comparison, the Bitcoin rate posted a whopping plus of almost 18 percent.
It took a long time
For a long time, the largest cryptocurrency was beaten by the $ 10,000 mark. In mid-February, the Bitcoin price was last above the important threshold. After the biggest upheavals at the beginning of the Corona crisis, the Bitcoin price has stabilized between $ 9,000 and $ 10,000 in the past two months.
Futures are flourishing
This is shown by the significant growth in traded Bitcoin futures. The rise in the Bitcoin price has boosted the last futures contracts that have recently fallen asleep. At Bakkt, demand for Bitcoin futures has led to record growth for two consecutive days.
On Tuesday, July 28, the subsidiary of the Intercontinental Exchange (ICE) reported a new all-time high with 11,506 futures contracts, which already exceeded the previous record by 85 percent. The stone has obviously started to roll. As the Bitcoin exchange announced a day later, this high could be exceeded again by around 200 contracts. Over 125 million Bitcoin were thus traded in 11,706 Bitcoin futures.