U.Today Franchise
F2Pool
0
📰 News
9418 views

Bitcoin Price Could Soon Pump Another 20 Percent as Trading Volumes Tank

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    Drastically dropping volumes on crypto exchanges mean that it's calm before the storm for the Bitcoin price

Bitcoin Price Could Soon Pump Another 20 Percent as Trading Volumes Tank
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bitcoin volume on BitMEX, the leading destination for trading crypto derivatives, reached $784 mln, its lowest level since March 30. 

Last time the BitMEX exchange recorded such underwhelming numbers, the BTC price surged by more than 20 percent just two days later, kick-starting the 2019 bull run. 

👉MUST READ

Here's How Much BitMEX Makes in Fees from Derivatives Trading in One Single Day

Here's How Much BitMEX Makes in Fees from Derivatives Trading in One Single Day

BitMEX is not alone. Coinbase has recently seen its lowest trading volume in a couple of months. Meanwhile, the trade volume on peer-to-peer trading platform LocalBitcoins dropped by 30 percent this month alone to their lowest level since September 2018.   

Whether tanking trading volumes signal a market U-turn or waning interest in crypto, it is not unreasonable to expect some a sudden shake-up. Bitcoin's low volatility usually means that another major price move is already on the horizon. When price becomes a separate narrative, traders always flock to exchanges to join the fray.    

👉MUST READ

Bitcoin Expert Shares His Bullish Take on Sudden Mining Difficulty Drop

Bitcoin Expert Shares His Bullish Take on Sudden Mining Difficulty Drop

As reported by U.Today, the top cryptocurrency tends to experience more volatility by the Christmas holidays, and 2019 might not be an exception. 

At press time, the leading cryptocurrency is changing hands at $8,528.07, rising by 0.73 percent following yesterday's crash.    

Join our Telegram channel to get news even faster!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
CLOUD MININGPromoted
0
📰 News
50 views

Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Yuri Molchan
    📰 News

    A crypto analyst says that Bitcoin follows ‘standard crypto games’ and expects BTC price to surge to $8,200 before making a market reverse

Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After Bitcoin bulls reclaimed the $7,400 level earlier, the flagship currency is holding in the $7,500 area. A crypto analyst says that these are ‘standard crypto games’ – Bitcoin is likely to surge into the $8,000 area before plunging again.

Bulls, get ready to rock - $8,200 on the horizon

At press-time, Bitcoin is swapping hands at $7,544. For a long while prior to that the price was trading flat in the $7,200-$7,300 area.

However, on Friday, the Bitcoin price managed to recover to the $7,500 level.

BTC price CMC
Image via CoinMarketCap

The analyst @CryptoMichNL reckons that Bitcoin is following a standard pattern of the volatile crypto market and is going to please the bulls before giving them a nasty surprise of a bearish reversal.

‘Bitcoin halving is the main catalyst’

The next Bitcoin halving programmed by Satoshi Nakamoto, the Great and Terrible, is to happen in May 2020. Many in the community believe it to accelerate the Bitcoin price surge since miners have not priced it in.

👉MUST READ

Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Doubts about the BTC halving impact

However, a co-founder of the Morgan Creek Digital Jason Williams, the less Twitter-active than his colleague Anthony Pompliano, reckons that the Bitcoin price is likely to dip after the halving. The thing is that miners are going to get twice as fewer BTC for each new block than now and many of them are going to have to sell their BTC to pay the bills.

Besides, chances are high that small mining pools will quit since mining will stop giving them enough profit.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
CLOUD MININGPromoted