Right after the release of the major partnership with the major banking giant Banco Santander which was in the yesterday’s crypto news here on DC Forecasts, the price of Ripple (XRP) has declined by more than 8% in 24 hours, followed by almost every cryptocurrency in the top 10 list.
Over the past 24 hours, Bitcoin dropped below the $6,500 mark and slowed down the potential bullish run, correcting for the first time in the past seven days and recording a 2% decline in terms of its value.
The low volume is again the issue for this decline, according to many analysts. It is a growing concern that could negatively impact the short-term trend of Bitcoin. As we reported yesterday, the low volume could shift a backward trend for the most popular cryptocurrencies – which apparently happened overnight.
A possible short-term bullish scenario could come if the volume increases from 15% to 20%. However, throughout the past 24 hours, the daily trading volume of Bitcoin remained $4 billion on CoinMarketCap and $2.77 billion on CoinCap.io.
According to the global head of trading at one Chicago-based cryptocurrency trading unit of DRW holdings, it is the over-the-counter (OTC) market of Bitcoin that is active lately, especially with high-net-worth individuals and institutions stimulating it. As he said:
“One of the biggest criticisms of crypto by institutional investors has been the volatility. Over the last four to six months, the market has been trading in a very tight range, and that’s seems to be corresponding with traditional financial institutions becoming more comfortable diving into the space.”
If the demand for Bitcoin grows in this market, a new rally is more than possible – and BTC may experience recovery in its momentum and volume.
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