El Salvador Bitcoin Day Bloodbath Sends Trading Volume Surging

2021-9-15 22:00

After a long period of decline, the Bitcoin trading volume has finally shot up during the bloodbath of El Salvador’s legal tender day.

Bitcoin Trading Volume Surges Up On El Salvador’s Legal Tender Tuesday

As per the latest Arcane Research report, the BTC trading volume has spiked up this week after a period of continuous decline.

The real BTC 7-day average daily trading volume is an indicator that shows the amount of Bitcoin that changed hands in a day, averaged over the last week.

An uptick in the value of the metric implies more trading movement on the network. On the other hand, low volumes may indicate a lack of interest from investors in the market.

The real BTC daily volume surged up in the last week | Source: The Arcane Research Weekly Update - Week 36

As the above graph shows, the trading volume had been relatively low for the past few months. The trend briefly changed during July, but the indicator started slipping back down again soon.

7 September turned out to be different, however; the crash from above $50k all the way down to $43k shot up the Bitcoin trading volume.

On that day, El Salvador legalized BTC as tender in the country, and the price crash happened as traders “sold” the news.

While the 7-day average value of the indicator was just above $6 billion on the El Salvador event, the actual volume on the day was a massive $14 billion spike.

Related Reading | Why Is Ukraine Is Doing An “El Salvador” And Making Bitcoin Legal Tender?

The Bitcoin trading volume has started going back to early September levels as the indicator’s value is just over $4 billion now.

Since this value is a 7-day average including the huge $14 billion spike, the actual value for today would be much lesser. This means that spot exchanges are relativity idle at the moment.

BTC Price

At the time of writing, Bitcoin’s price floats around $46.7k, down 0.1% in the last 7 days. Over the past month, the crypto has picked up 1.2% in gains.

The below chart shows the trend in the price of the coin over the past 5 days:

BTC's price shows a lot of volatility | Source: BTCUSD on TradingView

Since the El Salvador Legal Tender day, Bitcoin has regained high volatility after a long period of relative stagnation. The above graph shows how the price movements have been like recently.

Related Reading | Why This Meeting With Jack Dorsey Could Mark A Turning Point For Bitcoin

Right now, the coin seems to be climbing back up as it gains ground above $46k. However, it’s hard to say at the moment if it can keep the trend up considering the current volatility.

Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Volume Network (VOL) на Currencies.ru

$ 0.0001001 (-0.02%)
Объем 24H $0
Изменеия 24h: 0.10 %, 7d: 0.11 %
Cегодня L: $0.0001001 - H: $0.0001001
Капитализация $0 Rank 3549
Доступно / Всего 0 VOL

volume trading salvador bitcoin tender day legal

Источник: bitcoinist.com

volume trading → Результатов: 126


Crypto Demand in South Korea Surges as Bithumb Records 15 Percent of Total Volume

Over the last 48 hours, the daily trading volume of crypto exchanges in South Korea has surged substantially by a range of 10 to 15 percent. Bithumb, the largest cryptocurrency trading platform in the local market by trading volume, has seen a spike in daily trading volume of the Bitcoin-to-South Korean won pair, which has […] The post Crypto Demand in South Korea Surges as Bithumb Records 15 Percent of Total Volume appeared first on CryptoSlate.

2018-11-5 13:10


Фото:

Top 6 Cryptocurrency Exchanges With the Highest Weekly Trading Volume – 2018 Week 40 Edition

A lot of people consider Binance to be the world’s leading cryptocurrency exchange. In reality, that is not exactly true, primarily because BitForex generates more volume. CoinMarketCap excludes this exchange, but these are the “official” exchanges ranked by ascending trading volume in the past seven days.

2018-9-22 21:00


Фото:

Exchanges Round-Up: CME Volume Doubles Q2, Lawyer Predicts SEC Delays ETF Until March

In recent news pertaining to cryptocurrency exchanges, Chicago Mercantile Exchange (CME) has revealed that trading volume on its bitcoin futures markets nearly doubled during Q2; lawyer Jake Chervinsky has predicted that the United States Securities and Exchange Commission (SEC) may postpone its determinations regarding Vaneck’s proposed bitcoin exchange-traded fund (ETF) until March 2019; and Bitmex […] The post Exchanges Round-Up: CME Volume Doubles Q2, Lawyer Predicts SEC Delays ETF Until March appeared first on Bitcoin News.

2018-7-27 06:45


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns

On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross still has a high value, a sign that may be bearish for BTC. Bitcoin NVT Golden Cross Is Still Near Historical Top Zone In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.

Bitcoin Hash Ribbons Form Capitulation Signal: What It Means

On-chain data shows the Bitcoin Hash Ribbons have recently gone through a crossover. Here’s what it could mean for the cryptocurrency. Bitcoin Hash Ribbons Suggest Miner Capitulation Is On As explained by CryptoQuant community manager Maartunn in a Quicktake post, miners are capitulating right now if the Hash Ribbons indicator is to be believed.

Bitcoin Deja Vu: Indicator Mirrors Pattern That Led To 2021 Top

On-chain data suggests a Bitcoin indicator is currently mirroring the same trend that led to the top of the bull run in 2021. Bitcoin Long-Term Holder Distribution Appears To Be Ending As explained by CryptoQuant community manager Maartunn in a post on X, the BTC long-term holders are currently showcasing a trend that’s reminiscent of […]

Bitcoin HODLer Profit-Taking Calms Down After Wild Selling Spree: Green Sign For Rally?

On-chain data shows the Bitcoin long-term holders have finally cooled off their profit-taking after showing a wild selloff just earlier. Bitcoin Coin Days Destroyed Has Calmed Down For BTC Recently As pointed out by BTC on-chain research account “The Bitcoin Researcher” in a post on X, the Coin Days Destroyed In Profit metric has declined […]

Bitcoin Supply Shock: Exchange Inflow Trend Lowest Since 2015

On-chain data shows the Bitcoin exchange inflow trend has been at its lowest in almost a decade recently, a sign that may be bullish for the asset. Bitcoin Exchange Inflows Have Been On The Decline Recently As pointed out by CryptoQuant author Axel Adler Jr in a post on X, the BTC exchange inflows have […]

Bitcoin To Reach Escape Velocity? Analyst Makes The Case

An analyst has explained how Bitcoin seems to be showing a good setup to reach escape velocity based on the trend in this indicator. Bitcoin VWAP Oscillator Has Been Showing A Bullish Divergence As explained by analyst Willy Woo in a new post on X, a bullish divergence has appeared to be forming in the Volume-Weighted Average Price (VWAP) oscillator of the cryptocurrency.