The cryptocurrency market looks to have regained momentum on the upside trend of the market, charging BTC up towards the ceiling. After a devastating nosedive last weekend, the table is now turning around for Bitcoin and the entire market.
Led by the actions of altcoins which have been at vigil all day with greenish flag, a unit of Bitcoin at press time is worth $8,300+ against the US Dollars, replicating an inverse of what played out during the last weekend fall.
Bitcoin is now performing beautifully well in the market, and there is hope that it will return on the bullish pattern. BTC went up significantly with about 10% added value in the last 24 hours.
Although Bakkt failed to meet its expectation during its first announcement, but there are signals that remuneration for the last disappointment is around the corner.
As described by NewsLogical, Bakkt announced a launch date for its first regulated options contract for bitcoin futures. However, it has been noticed that the trading volume of Bitcoin on the platform has improved lately, hitting a new all-time high record of 590 contracts.
While a number of experts in the market addressed the happening around Bakkt as an excellent omen for Bitcoin, BTC subsequent surged today beyond expectation. Bitcoin surged from $7,600 to $8,400 within 30 minutes.
Chinese President Endorsed Blockchain
The progress came shortly after the Chinese President Xi Jinping endorsed blockchain technology.
The president announced decision to put every strata of the country on blockchain technology, to make the country lead the technology revolution.
Yesterday, during a conversation with the Politburo Committee, the president of China pointed to some capacities of blockchain technology, stating the innovation has the possibility of increasing the economic development of the country.
At some points today, Bitcoin was trading around $8,014. The digital asset suddenly jumped to $8,429 before witness a short retrace that puts the price a bit above $8,300 at press time.