Saturday, May 25, 2024
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Bitcoin trading volume in the United States recently hit its highest level since 2022, signaling renewed interest and a possible new surge in cryptocurrency market activity.
The Bitcoin market is boiling!
Recent data shows that the share of Bitcoin transactions conducted during U.S. market hours has reached an all-time high, accounting for 46% of cumulative trading volume through April this year. Such volume has not been seen since 2022. This increase is primarily due to the introduction of a Bitcoin ETF, which has generated $13 billion in inflows since its launch in January last year.
Several factors are contributing to this trend. On the one hand, the adoption of Bitcoin ETFs has given institutional investors regulated and simplified access to BTC, which may have led to increased trading volume during U.S. market hours. On the other hand, interest from retail investors appears to be waning, with Google searches for the term “Bitcoin” in March being just half of its 2021 peak.
The impact of Crypto Queen on the future
This increase in trading volume may signal growing investor confidence in the stability and maturity of the Bitcoin market, but it also raises questions about retail investor participation and the long-term sustainability of this trend.
However, it should be noted that at the time of writing, Bitcoin has fallen significantly by over 3% in the past 24 hours, with the price hovering around $62,179. Could the SEC’s recent approval of an Ethereum ETF be to blame?
In conclusion, Bitcoin trading volume in the United States reaching 2022 levels is a positive sign for the cryptocurrency industry. This may herald a new phase of Bitcoin growth and institutional recognition. However, it remains to be seen whether this trend will continue and whether we will see a significant increase in the price of BTC in the future.
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Evolving and adapting to the world is the best weapon to survive in this world. Cryptocurrency Community Manager. Interested in Blockchain and all its derivatives. Sharing my experience has allowed me to know the area I am passionate about and to be able to compile and digitize information.
Disclaimer
The views, thoughts and opinions expressed in this article are those of the author and should not be taken as investment advice. Please conduct your own research before making any investment decisions.
