Bitcoin volumes surged dramatically after Black Thursday, a March 12 event that saw the price crashing by more than 50 percent.
The average volume recorded ahead of Bitcoin’s mining reward halving came out higher than pre-Black Thursday levels.
The statistics show better market strength, hinting further price gains in the future.
Trading activity for bitcoin has picked momentum as the cryptocurrency approaches its mining reward halving in May 2020.
Coinbase, Binance, and other crypto exchanges executed $5.6 billion worth of bitcoin trades on average since March 16, 2020, according to data provided by Bitcoinity. The huge uptrend in trading activity followed Black Thursday, a mid-March event that saw traders crashing bitcoin from $7,969 to $3,858.
Bitcoin volume weekly data since October 2019 | Source: Bitcoinity
Before the dump on March 12-13, crypto exchanges had reported $3.96 billion worth of bitcoin trade volume on average between January 1, 2020, and March 11, 2020. In the week that ensued the bitcoin price crash, volume peaked $9.2 billion on average.
A Better Uptrend
The Black Thursday event separated two kinds of bitcoin’s uptrend from each other. Before the crash, the cryptocurrency was rising against the backdrop of escalating geopolitical tensions between the U.S. and Iran. Investors allegedly treated bitcoin as their digital safe-haven against inflation, an economic consequence of big-scale wars.
But after the Black Thursday crash, investors’ focus was shifting to a more menacing global catalyst: the fast-spreading novel coronavirus that led nations to halt economic activities to promote social distancing.
While fears led global stocks and commodities down to record lows, the newfound bottoms also created ‘buying-the-dip’ opportunities.
BTCUSD recovered wholly after the Black Thursday crash | Source: CryptoWhale
Bitcoin surged as a result. The cryptocurrency recovered all the losses it had incurred during the Black Thursday crash, eventually closing above $7,800 this Wednesday. The latest gains accompanied higher volumes than what bitcoin had delivered during its first-quarter uptrend.
Bitcoin Halving Hype
As price recovers wholly from the Black Thursday crash, bitcoin’s bullish bias in the second quarter is gathering strength. That is mostly due to the cryptocurrency mining reward halving on May 12, 2020, an event that would slash the supply rate from 1,800 BTC per day to 900 BTC per day.
Traders anticipate bitcoin to deliver a bull run after the halving. Data obtained by Glassnode shows that they are looking to hold BTC for the long-term instead of trading it for short-term profits. The sentiment should ideally drive trade volume and volatility lower but data aggregator Messari sees a rally, nevertheless.
“As we look towards the impending issuance reduction, trading activity feels somewhat subdued after the mania around Black Thursday, one of bitcoin’s worst days in history,” they said in a blog post. “But with two weeks left until the halving, there’s still time for markets to reveal their animal spirits.”
Photo by Edu Lauton on Unsplash origin »
Bitcoin prices plummeted on Thursday as global geopolitical tensions escalated to unprecedented levels. On Thursday, there was no agreement reached to end the war during the second round of negotiations between Russian and Ukrainian officials.
Bitcoin prices plummeted on Thursday as global geopolitical tensions escalated to unprecedented levels. On Thursday, there was no agreement reached to end the war during the second round of negotiations between Russian and Ukrainian officials.
Bitcoin falls nearly 10 percent in a week, marking its worst weekly performance since March’s Black Thursday. The losses followed the cryptocurrency’s recovery from below $4,000 to $10,000.
Bitcoin has finally jumped $8,000 level, fully recovering from the losses occurred on Black Thursday. On Bitstamp, BTC/USD went as far as $8,190 and is currently looking poised to move further up. However, Ethereum is outperforming bitcoin yet again with 6.
Bitcoin is ticking up once again as the chatter about the upcoming halving skyrockets across social media platforms and news outlets. Social metrics about Bitcoin’s halving explode Bitcoin is back above $8,000 fully erasing all the losses incurred during Black Thursday.
In less than two weeks, the Bitcoin block reward halving will take place and BTC miners will receive half the reward going forward after May 12. Since ‘Black Thursday’ (March 12), bitcoin prices have gained 103% since then rising from $3,800 to $7,750 per coin.
The crypto market is back to enjoying greens, having recovered much of the losses recorded on Black Thursday. In 2020, the second-largest network is outperforming Bitcoin. Trading above $7,500 Bitcoin is up about 3% YTD while Ether is recording returns of over 48% trading at $193.
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With the latest gains, the price of bitcoin has turned green on a year-to-date basis. Ahead of the third bitcoin halving which is just 17 days away, the price of the leading digital asset has jumped to six weeks high at $7,500 just before the crash on Black Thursday.
Bitcoin hit $7,600 on Thursday, its highest level yet since crashing in early March. The cryptocurrency climbed more than 10% during the last 24 hours spurred by the return of leveraged money. Bitcoin cash (BCH), ethereum (ETH), and ripple (XRP) all rose above 4% to $239, $189, and $0.
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