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Bitcoin Volume Improves — Is A New Bull Run About To Start?

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Bitcoin volume

After more than half a year of price drops and losses in value, Bitcoin’s price has finally demonstrated signs of stability. For weeks, Bitcoin managed to remain above the price of $6,550 per coin, which was followed by a small price surge that has allowed the coin to reach $6,600.

Not only that, but Bitcoin’s volume also saw a 12% increase that has taken it from $3.2 billion to $3.6 billion according to CoinMarketCap. While this state of the market did not include all the altcoins, with some of them even experiencing losses, the situation regarding Bitcoin did look promising.

However, the new situation has changed that, as both investors and analysts woke up to the news of crypto prices going down.

Bitcoin volume predictions

Cryptocurrency analysts around the world have been predicting that the recently-balanced situation regarding Bitcoin and many altcoins will not last. While some believed that Bitcoin volume will go up, others have been claiming that it will drop once again, as it has finally happened.

At the moment, Bitcoin has managed to drop below what was recently believed to be its bottom, with a new price being at $6,297. Instead of reaching milestones such as $6,800, and then $7,000 mark as many have hoped, BTC actually dropped by around 6%.

For a while, Bitcoin has been showing signs that it is ready to grow once more. However, the trouble once again lies with the market, which has followed a recent drop in bonds and stock markets. In the meanwhile, experts warn that the market is still not done with the new correction.

A lot of experienced crypto traders have joined the discussion as well, claiming that Bitcoin has demonstrated more than decent stability in the recent weeks. To them, this is a clear sign that an upside movement is more than likely in the days to come. However, before this happens, BTC will have to wait until the new market crash blows over.

Bitcoin’s history hints at a major price surge

Don Alt, an experienced trader, predicted this drop recently by stating that the change in the market’s stability might arrive as soon as within a day or two. According to him, Bitcoin was extremely near to its apex for a long time. The longer its price remained so close to the apex, the more likely it was for it to go down, rather than up.

Bitcoin’s behavior throughout its history should also be taken into account, and the coin has usually had strong periods of recovery after major price corrections. One example of this was recorded in October 2013, when BTC’s volatility rate was at around 4%. Soon after that, a three-fold surge brought the coin to entirely new heights before the year ended.

Using this series of events as an indication of things to come, many have stated that there is yet hope, as it is more than possible for the current Bitcoin price drop to lead the market to another bull run. If the history repeats itself, we might see BTC climbing back up to its $20,000 record in the following months.

As for the rest of the market, the top altcoins continue to struggle with major price drops. In fact, there was no real positive price movement for any altcoin in the last week. Ripple, TRON, IOTA, Bitcoin Cash, and numerous other coins have experienced a drop of 11% in the last 24 hours. While nobody can predict for how long is the new situation going to last, investors around the world are hoping that it will stop as suddenly as it has appeared.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Arild Andersen via Flickr

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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