HOME CATEGORIES WRITE AND EARN šŸ”
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Retail Investors Ramping Up Efforts to Boost Bitcoin Past $10,000 Again

Bitcoin 2020/05/12 09:32 by Lorenzo Stroe
Retail Investors Ramping Up Efforts to Boost Bitcoin Past $10,000 Again

Bitcoin managed to hit $10,000 in anticipation of its halving event, however, the digital asset couldnā€™t sustain this price and eventually crashed down to $8,100. The bulls have been able to push Bitcoin back up and managed to break above $9,000 yesterday.

Bitcoin is now trading sideways between $8,800 and $9,200 as no one really wants to pull the trigger after the halving which just happened a few hours ago. According to Coinmarketcap, the overall trading volume of the entire crypto market has been increasing significantly over the past month from an average of $100 billion per day to a peak of $250 billion a few weeks ago and a current average of $180 billion.

This shows that the interest in cryptos is growing before the halving event although the number of Bitcoins held on exchanges has been decreasing.

Crypto-to-fiat Volume Is Increasing

According to data from ā€˜Skewā€™ the aggregated daily volume of Coinbase and has been increasing heavily over the past few weeks indicating that there is a real increase in demand for Bitcoins.

Unlike regular trading volume, which doesnā€™t necessarily indicate if people are buying Bitcoin to hold, crypto-to-fiat usually shows an organic demand. 

Grayscale, one of the largest Bitcoin funds in the world stated that almost 90% of investors came from institutions. 

“Institutional investors, primarily hedge funds, continued to be the primary source of investment capital in 1Q20 (88%), with an even higher share than T12M (79%)

CME Bitcoin futures also saw a huge increase in its open interest volume hitting all-time highs which according to the platform, also shows increased institutional interest in Bitcoin. The open interest was around $423 million worth of Bitcoin on May 7 and continued being extremely high the rest of the week. 

ā€˜The 2020 halving event has several additional factors than previous such events including the availability of CME Bitcoin futures and options, which investors and miners can use to hedge or express views on the bitcoin price.ā€™ comments CME on Bitcoinā€™s halving.

According to CME, this halving is different from previous years and will very likely have a different outcome than before.

0 Like(s)



You should also read...

Bitcoin 25/11/19 18:30 by Nick James
Alive and Well: Bitcoin Futures Trading Volume On Bakkt Is Growing Despite Market Downturn
Bitcoin-based futures trading on Bakkt seems to have entered a prime period of late, and thatā€™s despite the fact that the crypto market bulls have been struggling to keep the prices up. Bitcoin, fo...
Read More
Bitcoin 04/03/20 11:18 by Tolu
No Bitcoin Manipulation: Analyst Defends 2020 Price Surge of 57%
As the crypto market awaits the upcoming halving, there are naturally many thoughts about the Bitcoin market. Firstly, there are several predictions about what the halving will present for Bitcoin. W...
Read More
Bitcoin 07/06/20 14:05 by Adrian Klent
Bitcoin could hit $10k as quickly as it could go down to $6k, hereā€™s why
According to Kraken’s monthly Bitcoin volatility report, certain significant indicators show that Bitcoin could experience increased levels of volatility in the coming weeks. This could lead to...
Read More
Bitcoin 22/06/20 22:00 by Tony Spilotro
Data Shows Recent Bitcoin Difficulty Adjustment May Kickstart New Accumulation Phase
Bitcoin is currently trading just below its most important resistance yet, gearing up for what most crypto analysts expect to be a major move. However, data suggests that sell pressure from miners adj...
Read More
Bitcoin 05/11/20 14:46 by Yashu Gola
Bitcoin Poised to Hit $15K Even amid Bearish Divergence Alerts
Many Bitcoin analysts agreed that Bitcoin would stop rallying after its price hits $14,500. The cryptocurrency looked overbought on medium-term timeframes, a technical alert that typically amounts to ...
Read More