According to the latest crypto research platform Santiment, Bitcoin has seen a commendable surge in its trading volumes. This uptick in volume persists despite the cryptocurrency experiencing significant price increases, especially in Bitcoin itself.
Although there was a minor dip on the day in focus, with Bitcoin decreasing by 0.66% to trade at roughly $27,234.11, per CoinMarketCap, the overall sentiment remains optimistic. The market might stabilize if Bitcoin sustains its current position in the $27K-$28K range. However, Santiment warned that straying from this range could introduce greater volatility.
🎢 Trading volume is still massive after yesterday's crypto-wide price pumps. #Bitcoin, in particular, is getting a big resurgence in trader interest. If $BTC stays in the $27K-$28K range, things should settle. Higher or lower, volatility is more likely. https://t.co/Jzcwm5uenH pic.twitter.com/CrhkXuXHek
— Santiment (@santimentfeed) August 30, 2023
This renewed vigor in trading comes as a surprise after a phase of reduced activity. A CNBC report shed light on this dormant period, revealing that Bitcoin’s trading volume sank to its most dismal level in nearly five years. A meticulous examination of the data from CryptoQuant, which encompasses both spot and derivatives exchanges, confirms this drastic decrease.
On August 12th, the amount of Bitcoin traded on exchanges plummeted to 112,317 BTC, a low that hadn’t been seen since November 10, 2018. This starkly echoes the 3.5 million BTC traded in March, marking a decline of 94%.
The rejuvenation of Bitcoin isn’t just a consequence of traders returning to the market, as political affirmations too have played a part. Vivek Ramaswamy, the Republican Presidential candidate, has been vocal about his positive outlook on Bitcoin’s trajectory. This sanguine perspective came from Grayscale’s landmark legal triumph against the Securities and Exchange Commission (SEC).
The shadow government in D.C. is out of control & the federal courts are our *only* remaining line of defense against the unlawful rogue behaviors of 3-letter government agencies. This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the U.S.… https://t.co/FsykKyQEVG
— Vivek Ramaswamy (@VivekGRamaswamy) August 30, 2023
Ramaswamy, a conservative business magnate who has often expressed his reservations about the government, stated that there’s an excessive reach by the “shadow government” in Washington. He believes that federal courts stand as the last bulwark against potential oversteps by governmental bodies.
