Bitcoin hit a remarkable $46 billion in spot trading volume on a recent holiday Monday, marking the largest volume logged during a weekend. This jump came alongside a new record high price of $109,356. However, the excitement was short-lived as Bitcoin quickly fell below $100,000. The Market’s optimism waned due to the U.S. government’s lack of movement on establishing a Bitcoin reserve, leading to a 33% chance of this happening within the next 100 days. Currently, Bitcoin is trading at $101,753, struggling to recover after significant sell-offs that liquidated nearly $748 million in crypto over 24 hours. Despite growing interest in buying crypto, a pro-crypto policy shift in the U.S. is crucial to sustain enthusiasm.
Bitcoin’s Massive Trading Surge Amid Market Correction
According to David Lawant, who leads research at FalconX, Bitcoin experienced an astonishing spot trading volume of $46 billion on Monday. This figure marks the highest recording for a holiday or weekend, making it the fifth-largest volume printed in Bitcoin’s history.
Monday also observed the U.S. stock Market closed in observance of Martin Luther King Day, allowing crypto traders to dominate the scene. Bitcoin hit a striking record high of $109,356 during trading, but excitement quickly fizzled as it fell back under the $100,000 mark, leaving traders with a frustrating chart pattern.
The Market‘s strong expectations for a U.S. strategic Bitcoin reserve announcement were not met, which contributed to a sense of discontent among investors. Betting odds on the Polymarket site indicate only a 33% chance of the reserve being launched within the next 100 days, leading to a notable Bitcoin correction.
Current prices show Bitcoin trading at about $101,753 on the Bitstamp exchange, struggling to regain footing after its recent plunge. Data from CoinGlass reveals that $747.71 million in crypto has been liquidated in just the past 24 hours. Additionally, Bitcoin’s total open interest sits at $67.5 billion, down nearly 5% since Monday.
Despite the turmoil, interest in cryptocurrency remains high, with Google searches for “how to buy crypto” reaching record levels. However, this enthusiasm might wane if the U.S. doesn’t shift its stance towards pro-crypto policies soon.
Tags: Bitcoin, cryptocurrency news, trading volume, crypto Market, U.S. Bitcoin reserve
What was the record-breaking volume for Bitcoin during the holiday period?
During the holiday period, Bitcoin reached a trading volume that was significantly higher than in previous years. This surge shows a growing interest in Bitcoin, especially among new investors.
Why did Bitcoin see such high volume over the holidays?
Several factors contributed to the high volume. More people are becoming aware of Bitcoin, and many are looking to invest as a gift or as a holiday financial strategy. Plus, Bitcoin’s price trends during this time attracted more traders.
Is this high volume typical for holidays?
Yes, Bitcoin often experiences higher trading volumes during the holiday season. This trend happens because people tend to have more disposable income and look for new investment opportunities.
How does holiday volume impact Bitcoin’s price?
A higher trading volume can lead to increased price volatility. If more buyers enter the Market, the price may rise. Conversely, if many people decide to sell, it can cause a drop in price.
What should new investors consider during peak holiday volume?
New investors should be cautious during peak trading times. Prices can change rapidly, so it’s essential to do thorough research and avoid making hurried decisions based on Market excitement.
