Bitcoin futures volume reached a 2-week high when cash flow returned to BTC

Bitcoin CME's future surpasses $ 10,000 when the price of BTC finally reaches the 5-digit level

Bitcoin (BTC) is once again attracting the attention of investors as the futures markets reach the highest volume since the price crashed below $ 4,000.

According to data from Skew, April 2 witnessed the best performance from Bitcoin futures trading platforms since March 16.

CME, Bakkt show new growth

CME Group recorded a total volume of $ 347 million on Thursday, while the smaller competitor Bakkt had $ 12 million in physical payments futures and $ 7.7 million in paid products. cash.

This growth occurred after two weeks of lackluster activity. Investors panicked last month when the cryptocurrency market suffered a wave of intense disruption - which pushed Bitcoin's price to as low as $ 3,600 in a matter of hours.

Since then, BTC price performance has recovered significantly. Today, the BTC / USD pair has reached a high of about $ 7,170 - recovering 93% from the bottom of March.

1-month Bitcoin future chart of CME, Bakkt. Source: Skew / Twitter
1-month Bitcoin future chart of CME, Bakkt. Source: Skew / Twitter

Investor confidence has been somewhat restored, despite the ongoing uncertainty in the traditional markets caused by coronavirus. Analysts believe that Bitcoin initially suffered losses from the pandemic because investors sold off to cover losses for stocks and other investments.

For some industry players, the current action of the BTC price of $ 7,000 is just a prerequisite for what is to come.

Jonathan Leong - co-founder and CEO of trading platform BTSE, said he was "very optimistic" about the future of BTC. He write on Twitter:

"#Bitcoin shows extraordinary resilience in what could be the worst economic crisis, and it's just beginning!"

Money is in the wrong place

Even those who do not support Bitcoin are continuing to criticize the controversial response of governments to the coronavirus economic impact.

Since the US Federal Reserve (Fed) injected a $ 6 trillion amount of liquidity into the economy and declared that its money was "infinite," attention was increasingly focused. into the idea that fiat currency is a zero sum game.

As a result, guaranteeing unprofitable or unprofitable businesses, such as aviation, with worthless money, is the beginning of a never-ending cycle, gold aficionados float. warns Peter Schiff.

Schiff wrote on Twitter on Friday:

“Pumping money to airlines to keep workers working they no longer need, not only wasting taxpayers' money, but also leading to the misallocation of labor resources, and an industry Inefficient and competitive US aviation will always need relief in the future. ”

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According to CoinTelegraph
Translated by ToiYeuBitcoin

About My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently. Mr Cuong.
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