The daily volume of Bitcoin reached an all-time high along with its price before taking a big step in the opposite direction. What caused it?
According to CoinMarketCap data, Bitcoin today reached $99 billion in daily trading volume after reaching a new high in valuation. But what happened next?
Bitcoin’s price at $146,000 is possible, says JP Morgan
Bitcoin sets new highs, retreats and collapses Altcoins
CoinMarketCap data shows that, during the day, the leading crypto set a new high at USD 41,823. Meanwhile, Bitcoin’s daily trading volume reached its own peak at USD 99.3 billion, with only Tether exceeding it in terms of daily volume.
However, the crypto market today suffered a small setback that sunk the price of most Altcoins by as much as 12%.
After reaching a new high, the price of Bitcoin withdrew to USD 39,300, a drop of approximately 6%. And although the leading crypto was able to recover to $39,683, some Altcoins didn’t have the same luck.
Current condition of the crypto market in which most Altcoins are in the red. Source: CoinMarketCapCurrent condition of the crypto market in which most Altcoins are in red.
Specifically, the main Altcoins: Ethereum, XRP, Litecoin and Cardano have fallen by 4.55%, 9.71%, 1.74% and 7.14% during the last 24 hours, respectively.
Likewise, according to CoinMarketCap, the worst fall is taken by NEO with 13%.
Bitcoin whales mobilize more than 95,000 BTC in 24 hours
Are we inside a giant crypto bubble?
Michael Hartnett, Bank of America’s chief investment strategist, warned investors in his „Flow Show“ that Bitcoin’s current bull run is the „mother of all bubbles,“ according to Reuters.
Specifically, Hartnett said that the current Bitcoin bubble is far superior to any other sight in history, even superior to the dotcom bubble.
Bitcoin Breaks All Historical Highs with Twice the Actual Volume
Pension funds could be entering the crypto market
Contrary to the previous news, Michael Sonnenshein, Grayscale’s CEO, assured Bloomberg that the pension funds are, in fact, actively investing in the various crypto products offered by the company.
So, according to Grayscale, the institutional influx into the crypto market, and specifically into Bitcoin, has only intensified. Are these institutions risking a bubble? Or, on the contrary, will they believe in Bitcoin’s potential?
Bitcoin is continuing its historic career, what has driven it?
Bakkt joins the crypto firms that want to go public
According to a Bloomberg report, the crypto custodian Bakkt will be made public if a merger with VPC Impact Acquisition Holdings (VPC) takes place.
In essence, Bakkt is skipping the traditional route of an initial public offering (IPO) and will instead trade directly on a public exchange.
In a few lines…
The UK government believes that Stablecoins crypto has clear benefits over the current monetary system.
The open interest in Bitcoin options has reached over $10 billion, according to Unfolded.
Ethereum searches in Google reach a historical record of crypto.
Changpeng Zhao, CEO of Binance, recommends having a plan before investing in the crypto market.