Bitcoin exchange traded volume falls to lowest level in two years - but the price continues to rise
|According to data from Blockchain.com exchange-traded volume (USD) has fallen to the lowest levels in two years.
Interestingly, it comes on a day that Bitcoin rises 3%. It has been said that the reason for this is due to traders holding on to Bitcoins as the price continues to rise.
Last month seemed to be the first month in the last three years when there is a significant discrepancy between volume and price
Adding to this the chart from data.bitcoinity.org also shows it has been a slow month on the exchanges with only January and February showing lighter volumes when looking at all currencies. It is an interesting anomaly as this means the price is rising again but with fewer participants in general and higher supply from miners.
If volume decreases but the bid gets higher it can only mean people are willing to pay more for their BTC and sellers are prepared to wait for higher prices. Either way, last week was one of the weakest in terms of volume for the last 2 years and this week we have seen a significant price rise If you ever needed clues it seems something big is on the horizon.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.