A spike in the Bitcoin trade volume is currently showing the bullish nature of Bitcoin investors amid significant market fear index.
The current price of Bitcoin is $32,930 and this price is 15% down over the last 7 days’ trade price.
In the present situation, crypto investors are under very high fear. And the greed index is now standing at 11 points, which means the fear level is very high.
However, this situation is showing that either people are selling their Bitcoin or other holding assets or just watching this market without doing anything. But in reality, Bitcoin Investors are showing huge activities. Current Bitcoin transactions surged to an all-time high in the last 7 months, which is 293,520.059 BTC.
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According to the data by crypto analytic platform Glassnode, around $9.7 billion worth of Bitcoin has been traded in the analyzed time frame.
#Bitcoin $BTC Transaction Volume (7d MA) just reached a 7-month high of 293,520.059 BTC
Previous 7-month high of 293,348.968 BTC was observed on 08 May 2022
View metric:https://t.co/jWlmFAfh1k pic.twitter.com/UJk9kAOu2j
— glassnode alerts (@glassnodealerts) May 9, 2022
On 4 May, Bitcoin was standing at 6% high with a price of $39,750 but due to the news of the interest hike plan by the Federal Reserve by 0.5% resulted in big fear among the crypto & stock market investors.
However last time 0.25% hike in the interest rate by the Fed was followed by the market as a positive sign but this time double increment in the usual interest hike plan resulted in a very big fear among the volatile money markets.
Increment in interest rate vs Crypto market
Financial experts believe that increments in the Bank interest rate are signs that people will like to hold funds in banks instead of investment in volatile assets like crypto or stock assets.
At present the US economy is facing 4 decades of highest inflation and the Fed is trying to slow down with its intense steps and new policies.
Read also: SBI Motor Japan will accept Bitcoin payments
Bitcoin network trade surging despite the market crash: 7 month ATH
https://bitcoinik.com/bitcoin-network-trade-surging-despite-the-market-crash-7-month-ath/feed/
https://bitcoinik.com/bitcoin-network-trade-surging-despite-the-market-crash-7-month-ath/feed/
