- BTC’s cumulative volume in the first eight months amounts to $2.87 trillion.It’s a sign of increased market participation due to crypto and macro-specific uncertainty.
Over a period of eight months, the total worth of Bitcoin transactions conducted on centralized platforms reached an astounding $2.874 trillion, as reported by data provider Kaiko based in Paris.
Compared to the first eight months of 2021, which recorded a volume of approximately $2.424 billion, the current figure is about 20% higher, marking the highest level since 2012.
According to Kaiko’s weekly report, the surge in cryptocurrency volatility is linked with a growing number of investors joining the market, particularly in the Bitcoin sector, as high trading volumes have been observed.
According to data from TradingView, bitcoin’s 10-day historical volatility reached a staggering 100% annualized figure in April. This spike can be attributed to increased investments into U.S.-based spot ETFs and speculations about potential Federal Reserve interest rate reductions, which contributed to the cryptocurrency’s price climbing to unprecedented levels above $70,000.
Last month, there was a resurgence of market turbulence at the beginning, primarily due to worries over the U.S. economy and the process of unraveling the yen carry trade. This instability extended to various risk-related investments such as stocks and cryptocurrencies.
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2024-09-10 10:14