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Bitcoin network trade surging despite the market crash: 7 month ATH

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Bitcoin network trade surging despite the market crash: 7 month ATH 11

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. 

Bitcoin network trade surging despite the market crash: 7 month ATH 8

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.

Bitcoin network trade surging despite the market crash: 7 month ATH 9

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.

Bitcoin network trade surging despite the market crash: 7 month ATH 10
Source: glass node alerts

According to the data by crypto analytic platform Glassnode, around  $9.7 billion worth of Bitcoin has been traded in the analyzed time frame.

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

 

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Buy bitcoin and other cryptocurrencies on crypto exchanges  Binance ,  Coinbase ,  Kraken  and  Bitfinex !

 

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