Bitcoin recorded its fifth-largest hourly price drop in its history on 19 February. This fall slashed its price from $10,214.98 to $9,573.74, a significant drop as the coin’s price was once again restricted under the $10k resistance. A similar drop was recorded when Bitcoin was at its peak in 2017, following which the price plunged.
Despite the drastic shift in the spot market price, BTC’s volume has reportedly been rising and reached a peak for the year 2020, with the daily volume approaching $1 billion, according to Arcane Research.
Corresponding to the daily volume, BTC’s trading volume was observed to be increasing on CME as it recently crossed $1 billion, hinting towards increased institutional demand. Bakkt had also been noting a higher contract expiration in February, when compared to its 2019 average, according to Arcane.
Data suggested that 203 Bakkt Bitcoin Futures contracts were to be delivered on 20 February, representing just below $2 million in notional value. Even though the delivery was lower than in January, it was still ahead of 2019 numbers. Read More