As the trading volume increased, the price of Bitcoin once again reached $ 40,000, turning green for the seventh day in a row. Experts believe that the simultaneous increase in trading volume and price is a good sign for the bitcoin market.
to the Report The price of Bitcoin reached $ 40,000 for the first time since mid-June on Monday, prompting more traders to enter the market. According to Arcane Research, the daily trading volume of Bitcoin reached $ 9.2 billion, the highest level since June 22 (July 1), according to Arcane Research.
Previously, the volume of bitcoin transactions was in a downward trend. Some have suggested that the decline is partly due to a reduction in Wall Street activity due to vacation and summer vacation for Wall Street employees. With the price of Bitcoin hovering in the $ 30,000 to $ 40,000 range in May, market movements also slowed.
The recent jump in trading volume can indicate that investor interest and activity are rising again as the market moves.
Arkan Research report states:
The increase in trading volume along with the growth of the power (price) of Bitcoin, shows that this strong return is supported by the influx of buyers, which is also a good sign for the market.
Bitcoin trading volume has been declining so far and was less than $ 3 billion for four consecutive days before Monday’s return.
Arkan Research analysts have written:
Overall, the 7-day moving average is slightly below the annual average, and bitcoin transactions appear to have been low since the beginning of the summer.