Bitcoin price tops $8,000 as Bakkt reveals plans to start Bitcoin futures tests soon
Cryptocurrency

Bitcoin price tops $8,000 as Bakkt reveals plans to start Bitcoin futures tests soon

Bitcoin price tops $8,000 as Bakkt reveals plans to start Bitcoin futures tests soon

The Bitcoin price (BTC/USD) has soared to a nine-and-a-half-month high above $8,000 amid a strong uptrend observed across the wider digital currency market.

BTC keeps advancing

The original cryptocurrency had a slow start to yesterday’s session, as it was trying to retain its position above $7,000 in the wake of a market correction that followed the coin’s weekend rally. Bitcoin spent the entirety of the morning session trading around the $7,000 mark, seemingly struggling to resume its advance. This was largely in line with a larger cryptocurrency trend that saw most major digital coins trading significantly below than their weekend highs.

The situation changed dramatically in the afternoon, when the coin experienced a sharp uptick toward the $8,000 mark. BTC rose to as high as $8,047.41, before pulling back in the final hours of the session. Still, Bitcoin finished the session at $7,814.92, well above its opening level of $6,971.18.

The coin continued it advance in today’s early trading, with its price rising to $8,265.05. This was Bitcoin’s highest price level since July 29 2018, according to data from digital currency tracker Coinmarketcap. The coin has seen another correction in more recent trading and is currently trading at around $8,080.

Bakkt announcement boosts market

Bitcoin’s Monday surge was likely driven by news that Bakkt, the digital currency venture of NYSE owner Intercontinental Exchange (ICE), was planning to begin tests of its Bitcoin futures and custody products in July. In a blog post published yesterday the company’s chief executive officer Kelly Loeffler said that the firm expected to use the tests “to ensure that customers have time to onboard and can test the trading and custody model we’ve built to their satisfaction”. She also noted that Bakkt was working closely with regulators and expanding its team.

In today’s trading, the Bitcoin price stood at $8,080.64, as of 10:17 BST. The digital coin has gained 14.6% in the past 24 hours. Its total market capitalisation currently stands at just over $143 billion, which represents 59.9% of the combined value of all digital currencies.

Featured image: Igor Batrakov / Shutterstock.com

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