Bitcoin records highest transfer volumes on these two occasions BTC Cryptocurrency
The on-chain analytics firm reports the two events as the LUNA collapse and the market dump, where Bitcoin traded below its 2017 ATH. It noted the total transfer volume in loss was 538,000 BTC and 480,000 BTC for the two events, respectively.share this same opinion when he indicated that Bitcoin might have capitulated when its price dipped near $17,500 in mid-June.
The analyst underlined the fact that trading volumes reached the highest pitch at this time, indicating capitulation, which produces significant bottoms."As a general rule, trading volume is the highest when markets capitulate, and such capitulation creates major bottoms," he stated.Bitcoin price recovers to $22K
The cryptocurrency market held out hope that the contagion and shakeout over the previous few weeks might be about to come to an end as Bitcoin surged above $22,000 on Monday, reaching its highest level in more than a month. At the time of publication, the price of the biggest cryptocurrency in the world was up 4.14% to $22,053. The price ofA rise in stock markets that traded higher contributed to the euphoric mood. Bitcoin in particular has been closely correlated with trading on the stock market. A gain in stocks frequently improves market sentiment for cryptocurrencies.
Analysts are still evaluating whether the recent devastation, which has seen Bitcoin lose nearly 67% of its value, might be nearing its conclusion.
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