The Bakkt platform was launched by Intercontinental Exchange (ICE). It has been viewed as a failure by the entire crypto industry. Bakkt was meant to be the catalyst for growth in the Bitcoin market. This is despite the fact that the Bitcoin price plummeted shortly after its launch. In a surprising twist of events, however, the Bakkt service reached 224 contracts on Wednesday, Oct. 9, a staggering 796% increase over Tuesday Oct. 8, when it was only 25. This astonishing new record was announced by @BakktBot, a Bakkt twitter bot.
Due to the Bakkt volume increase, the Bitcoin market gained some $400 and climbed to $8,600, from $8,200. This has given people hope that there is still hope for the platform.
Bakkt was launched shortly after prices dropped and there was a lot of backlash. expectations were not met. Some proponents thought it was too soon to call the platform a failure.
Bakkt opened its services for the first time less than a month after being announced last year. It was only recently approved for business.