Bitcoin 30-day trading volume reached a record high back on June 26 but the indicators are still managing to keep the record level in terms of monthly volume as we can read in the latest cryptocurrency news below.
The number one cryptocurrency is trying to break past the support level at $9,000 and the trading volume is keeping a steady level. This shows that the bears are very strong and the number one cryptocurrency on the market has still not found the temporary low yet. According to the data from CoinMarketCap, Bitcoin’s trading volume from June 17 to July 16 was standing at $769.8 billion which was the biggest 30-day figure recorded. The daily average for the same period was about 25.6 billion. In comparison, the daily average volume year-to-date stands around 42% lower which is at $14.8 billion.
The monthly volume figure from the recorded daily high that was reached on June 26 was over $45 billion. The lowest daily volume figure was also in June at more than $15 billion. Year-to-date, January has been the worst month regarding the Bitcoin price and the trading volume since the latter indicator was at 167.3 billion over the month with a $5.4 billion daily average. Despite the current high-level monthly volume recorded, bitcoin is far away from the traditional forex market which has an average daily turnover of over $5 trillion since 2016.
It is worth to mention that the volume data from Coinmarketcap does not include the volume from BitMEX which boosts the highest bitcoin trading volume. The users at the exchange are allowed to engage in margin trading which means that the volume figures are slightly distorted and the platform’s XBT/USD pair is acting more like a derivative product than something else. BitMEX total trading volume in the last 30 days was standing at 207.2 billion and it was mainly driven by XBT/USD.
Over the past week, the exchange has liquidated over $1 billion of long positions against the $174.4 million. This could impact the position on Bitcoin’s current price and could expect to extend the losses of the asset even further. The Bitcoin 30-day trading volume is expected to also increase steadily as noted in the altcoin news previously.
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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