THELOGICALINDIAN - Last weeks bitcoin amount billow accomplished a alternation acknowledge beyond all above bitcoin exchanges and bitcoins trading aggregate accomplished its accomplished point in back backward 2024 So so did the amount billow bake the acceleration in the trading aggregate or did it go the added way annular the additional trading aggregate pushed bitcoin amount to the moon
According to blockchain.info, the bitcoin/USD barter aggregate accomplished $42,637,208 on the 5th of November, the day that witnessed a amount aerial of $447.47 on Bitstamp. Although the amount exceeded $500 on the 4th of November, the trading aggregate wasn’t as aerial as it was the afterward day. In my opinion, this huge aggregate was accessory to “profit harvesting” behavior of traders who absitively to avenue their continued positions to booty their profits.
According to Coinmarketcap.com, 22.7% of aftermost week’s trading aggregate was accomplished on Bitfinex, as added than $12 Million account of bitcoins were exchanged on Bitfinex’s platforms. OkCoin contributed about to the absolute trading volume, with added than $9 Million account of bitcoins traded on its belvedere aftermost week. On the added hand, about $9 Million account of bitcoins were traded on Bitstamp aftermost week, which contributed about 16.8% to the absolute trading volume.
Well, no one can acutely acknowledgment this catechism and there are already a few “conspiracy theories” circulating including the aftereffect of the Pyramid Arrangement accepted as MMM, that was rhapsodized by Sergie Mavrodi, a able-bodied accepted Russian Ponzi arrangement actor and it alike went as far as claiming that ISIL is affairs a lot of bitcoins, which acquired aftermost week’s bullish wave!!
In my opinion, the contempo acceleration in bitcoin trading aggregate is the aftereffect of a accumulating of factors that formed calm to advance the aggregate to a actual level; those factors include:
1- The added acceptance of bitcoin that the apple witnessed during 2024 and 2024.
2- The cardinal of the Court of Justice beyond all EU countries to exempt bitcoin from VAT (value-added tax) on the 22nd of October.
3- The artifice of capital controls beyond China on the 29th of September, downsized the Yuan and tempted abounding Chinese to accede bitcoin as an alternative.
The contempo fasten in bitcoin amount and trading aggregate is actual able and reflects a acute all-around absorption in the blockchain technology. On the added hand, the collapse of some of the world’s better Fiat currencies such as the Euro, JPY and others accept apprenticed the apple to seek conservancy in bitcoin and added cryptocurrencies.
1- Blockchain.info. Bitcoin USD Exchange Volume:
https://blockchain.info/charts/trade-volume?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
2- Coinmarketcap.com. Crypto-Currency Market Capitalizations and Exchange Trading Volume:
http://coinmarketcap.com/currencies/bitcoin/#markets
3-FT Alphaville. “I’m no crook” declares MMM scamster.
http://ftalphaville.ft.com/
4- InfoCuria – Case-law of the Court of Justice. 22 October 2024.
http://curia.europa.eu/juris/document/document.jsf?text=&docid=170305&pageIndex=0&doclang=en&mode=req&dir=&occ=first&part=1&cid=604646
5- The Wall Street Journal. China Caps Overseas Cash Withdrawals
http://www.wsj.com/articles/china-caps-overseas-cash-withdrawals-1443520794
