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Market data is provided by the HitBTC exchange.
As the Bitcoin rally picked up momentum, the volume also spiked higher. Bitcoin futures on CME made a new record as the number of traded contracts reached 33,700 on May 13, which was way higher than the previous record of 22,500 contracts that exchanged hands on April 4. While increasing volume is a positive sign, a huge spike in volume can, at times, signal panic buying for the fear of missing out on the gains.
This is also a time when a number of rumors will crop up that can result in short-term spikes. One such rumor was that eBay will start accepting cryptocurrencies, but the same was denied by the company.
United States crypto exchange and wallet service Coinbase has expanded operations in 50 more countries and has introduced USD Coin (USDC) trading in 85 more countries. While this increases the reach of cryptocurrencies. It also provides an opportunity to the people living in inflation-hit nations to escape devaluation of their fiat currencies. Meanwhile, the U.S. Securities and Exchange Commission has postponed its decision on the Bitcoin exchange-traded fund application by Bitwise Asset Management.
Shark Tank’s Kevin O’Leary, based on his personal experience in using Bitcoin for a real estate transaction, has termed the coin as a useless form of currency. We believe that as the markets mature, these troubles will be a thing of the past. Hence, people should look into the future rather than dwell in the past.
After the sharp run-up of the past few days, Bitcoin (BTC) is taking a breather. It is facing some profit booking close to the overhead resistance of $8,496.53. The digital currency can either enter into a consolidation or a correction from these levels.