Bitcoin earns $ 500 in a few minutes, a new record for Bakkt's future BTCs

Bitcoin (BTC) gained $ 500 within five minutes, after the strong crash on October 23 that brought the cryptocurrency to $ 7.450.

Graph provided by Coin360

According to the Coin360 data, BTC earned $ 536 in minutes, rising to $ 7,855 to $ 8,391. At the time of writing, the world's most famous cryptocurrency is up almost 13%.

Daily Bitcoin movements. Source: Coin360

Although the reasons behind the decline are still not clear, some members of the community attribute today's earnings to the liquidation of 661 BTC futures contracts on the Bakk platform.

The Twitter account Bakkt Volume Bot, which monitors the platform in real time, has delineated 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) "

For the Bakkt platform, this would be a new historical record in terms of the volume of futures, after the 452 contracts reached on October 23rd.

However, other community members attribute the increases to the words of Chinese president Xi Jingping, who encouraged the development of the blockchain industry in the country.

Bitcoin drags the altcoin markets even higher

The Bitcoin surge has also fueled the altcoin markets, recording double-digit gains of up to 21% to several top 20 currencies.

The overall market capitalization is around $ 228.9 billion, up on the 208 billion registered a few hours ago.