Markets
Bitcoin is gaining strength! Transaction volumes are increasing!
Saturday May 25, 2024 ▪ 3 min reading ▪ by Eddy S.
Bitcoin trading volumes in the United States recently reached highs not seen since 2022. This signals renewed interest and potentially a new spike in activity in the crypto market.
The Bitcoin market is in turmoil!
According to recent data, the share of Bitcoin transactions made during market hours in the United States has reached an all-time high, accounting for 46% of this year’s cumulative volume through April. Such a volume has not been seen since 2022! This increase is mainly attributed to the introduction of ETFs Bitcoin, which has generated $13 billion in revenue since its launch last January.
Several factors contribute to this trend. On the one hand, the adoption of Bitcoin ETFs provided institutional investors with regulated and simplified access to BTC, which likely increased trading volumes during market hours in the United States. On the other hand, interest from retail investors appears to be waning, as shown by the decrease in Google searches for the term “Bitcoin” in March, which were only half of the 2021 peak.
Implications for the future of the queen of cryptocurrencies
This increase in trading volumes could indicate growing investor confidence in the stability and maturity of the Bitcoin market. However, this also raises questions about the participation of retail investors and the sustainability of this trend in the long term.
However, it should be noted that at the time of writing this article, Bitcoin presents a significant drop of more than 3% in the last 24 hours, with a price of around $62,179. Could the SEC’s recent approval of Ethereum ETFs be the cause?
In conclusion, Bitcoin transaction volumes in the UNITED STATES reaching 2022 levels is an encouraging sign for the crypto industry. This could herald a new phase of growth and institutional recognition for Bitcoin. However, it remains to be seen whether this trend will continue and whether it will lead to a significant increase in the price of BTC in the future.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Basically a crypto community manager, I am interested in everything directly or indirectly related to blockchain and its derivatives. In order to share my experience and raise awareness of a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.