Cryptocurrency

The global interest in Bitcoin could soon explode – here are the reasons why

The Trading volume on the primary and secondary Bitcoin exchanges is booming, as Google Searches for Bitcoin go completely through the ceiling. This suggests that, after the recent surrender of the global economy to a certain degree of panic-like a river gen BTC in the early stages could be located.
The real Trading volumes are shot on the Bitwise-24-hour-spot-volume index in the height – on Friday to $ 5.7 billion, one of the highest values recorded in the San Francisco-based asset Manager ever.
Bitwise refers to its Bitcoin spot volume index as the most accurate in the industry, wherein the data allegedly from “counterfeit and/or non-economic Wash Trading” have been adjusted.
The Index is at the time of writing at $ 2.6 billion, and thus in the vicinity of the highest average 7-day Trading volume has recorded a Bitwise ever. In July of last year it was 3 billion dollars.

Peer-to-Peer market stands

The two largest Peer-to-Peer Bitcoin market-places were recorded in the last few weeks, also noticeable volume jumps, where a number of countries recorded all-time highs.
The volumes of this Peer-to-Peer platforms as a result of the each transaction is associated with high premiums particularly useful for the analysis of global and regional interest in a non-speculative purchase of BTC.
Since then, the world economy, at the end of February in free fall, Europe, India, the Philippines, the UAE, Sweden and Kenya record volume experienced in Fiat to Paxful, and the last week of February was the world’s most active, experienced by the platform.
At local bitcoins Japan, Argentina, and Egypt have reached the highest weekly Fiat Trading volume of all times, and the platform itself has the highest degree of use since October of last year.
Meanwhile, the global Google shoots-search for “Bitcoin” in the direction of the 12-month highs, suggesting that private investors are increasingly interested in the original crypto-currency.
However, not all are convinced. Lina Seiche, Marketing Director of the crypto-derivatives exchange BTSE, says:

“In my opinion, we have not seen by Far the worst of all, neither the health nor the economic crisis. The Fed lowered interest rates to Zero and launched QE; I don’t think most would be surprised, if you would like to see as the next negative interest rates. The effects of Coronavirus on the people have revealed the instability of the financial system, economies in the world. It is crumbling under the pressure.“

All this against the Background of a looming recession, which has been in this Form, perhaps never since.
Bitcoin has been celebrated in the last few years, both of crypto-supporters as well as selected institutional investors as the ultimate hedge against macroeconomic crises and periods of Hyperinflation.
The analysts are still divided on whether the imaginary panic rally of the Coins from private or institutional investors would be cited – such as the famous Gold rally at the beginning of the 70s.
This Time, small investors could take on perhaps the guide.
Seiche added:

“Against this Background, the advantage (and in this particular case, the disadvantage) of Bitcoin, there is still the fact that the Asset has liquidity, very accessible, and around-the-clock is traded; if the investors get scared, it is easy to sell. But none of this changes anything to the underlying features of Bitcoin that are the reason for this is that Bitcoin is where it is today.“

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.