Arcane Research pointed to an increase in bitcoin trading volume

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Previously, many analysts have repeatedly pointed to the correlation between the price of bitcoin and the trading volume in the spot market. For example, the company Arcane Research published a report last week in which it noted that in September the price of BTC fell along with the amount of transactions concluded with the leading cryptocurrency.

In October, the trend changed dramatically, and the price of bitcoin began to rise as users of spot platforms became more active.

In a report by the same company Arcane Research, published this week, it is said that over the past seven days, the average daily trading volume of BTC amounted to about $ 7 billion.On October 15, that figure in the spot market jumped to $ 12 billion, which was a record value in six months, the researchers emphasized. …

Over the summer, trading activity mostly stagnated, with the exception of a few spikes that failed to push Bitcoin to a new record. Last week, when in one day the amount of transactions with cryptocurrency soared to $ 12 billion, the price of BTC increased by 7.6% during the same time.

On a monthly basis, the value of bitcoin has increased by 32%. On Wednesday, October 20, the price increased to $ 64,000 and now stands at $ 64,100. The introduction of a futures product from ProShares was a landmark event in the market.

As many observers expected, institutional investors began to take an active interest in Bitcoin ETF yesterday. Bloomberg strategist Mike McGlone said in early autumn that the cryptocurrency should approach $ 100,000 in December or even exceed this mark.

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