Bitcoin trading volumes are going parabolic with global crypto volumes – fake and all – surpassing $100 billion for the first time ever.
While the regulated bitcoin futures have reached $1.4 billion in the past 24 hours, an all time high by magnitudes.
More than 33,000 futures contracts, symbolizing 5 bitcoin each, exchanged hands yesterday on CME, one of the world’s biggest traditional exchange.
That makes it circa 170,000 bitcoin equivalent buys and sells were performed, with it all fiat settled to the tune of $1.4 billion for just yesterday.
That’s while bitcoin rose by another $1,000, overtaking $8,000 for the first time since July 2018, with the crypto very close to green in a yearly time-frame.
It has now nearly tripled since December’s low of $3,000, with it rising significantly recently on very high volumes.
Yuan’s fall in value and that of Shanghai stocks might be one reason for the rise. Brazil’s entrance to crypto, where volumes are rising, might be another. The entrance of institutional investors too as bitcoin is now seen as an uncorrelated asset.