Bitcoin Price Shakes Off Uncertainty as Global Volume Gets $3 Billion Influx

Bitcoin has recovered sharply from the dip witnessed over the last day, recording 5.2% gains and climbing at the time of writing. Altcoins are slow in following but are now in the process of reversing the losses incurred earlier in the day. The sudden spike was triggered when BTC reached the $7,800 range – a price not seen since three days ago on July 24th.

Many fragile pessimists in the twitter-verse were sending up sell signals this morning when news of the Winklevoss ETF rejection began to filter through. However, everyone soon calmed down when they were reminded that the VanEck ETF proposal has a higher chance of being accepted – not least due to its 25 BTC minimum share price.

Global Volume Receives Sudden Influx

The sudden lurch upwards coincides with the influx of $3 billion into the global in the last three hours, with close to one third of that sum going directly into Bitcoin. The daily low of $14.5 billion spiked to $17.5 billion, with upward momentum continuing.

At 4pm (UTC) the global volume charts spiked and Bitcoin went on a growth spurt that initially lasted ninety minutes, leaving BTC with 4% gains. The growth continued but not in such dramatic fashion, pushing Bitcoin well past the much mentioned $8,000 barrier and leaving it perched on $8,253 where it continues to nudge slowly upwards. The return past $8,000 is psychological as much as anything else at this point, although the optimism would be greater if we saw the altcoins (or even just Ethereum follow suit).

Of all the coins in the top ten Bitcoin is the only one to be glowing green. Ethereum continues its lagging performance compared to Bitcoin and still sits on 1.7% losses. All of the best performers of recent weeks are taking the longest to recover, with EOS, Stellar and Cardano still nursing losses in the range of 2.5%.

BitMEX Phantom Volume

Bitcoin’s 24 hour volume of $5.8 billion is 20% up on the $4.9 billion from a few hours earlier, yet all of that has been surpassed on just one exchange, namely BitMEX.

Nearly $7 billion worth of BTC/USD trades have taken place on the BitMEX exchange but none of them will be counted by CMC due to the absence of trading fees. Without the fees there is no market accountability and no value to be measured by legitimate statistics aggregators like CMC.

Exchanges like FCoin and Quoine have also seen nine-figure sums pass through their BTC pairs, with close to half a billion coming from the Japanese Yen trades alone.

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.