The price of Bitcoin registered a significant recovery after the flash crash on March 12admin
On March 12, when the COVID-19 pandemic was officially announced, both the crypto market and the stock market suffered a massive crash. However, in April the price of Bitcoin registered a recovery fully recovering the losses recorded.
As the analysis company Skew concluded, “the market seems to be returning to normal.”
On March 12, Bitcoin fell to $ 4,100, down more than 20% in a single day. Since then, the cryptocurrency has gradually risen to over $ 9,000 in early May. Currently, Bitcoin is trading around $ 8600.
The price of Bitcoin registered a return, as well as the trading volume
Not only has the price of Bitcoin rebounded – the volume of futures trading, for example, seems to have increased significantly. On Friday, the Bitcoin futures market traded over $ 40 billion, a value that has not been recorded since March 12. CME has completely regained its trading volume, and platforms such as Binance now dominate the futures market. Liquidity on exchange platforms is also increasing.
Increased volatility near halvig
In addition, Bitcoin volatility fell significantly in April, after hitting highs in March.
Given that the halving of Bitcoin will take place in about a week, social networks are extremely active. Google searches for “Bitcoin halving” are now much higher than they were in 2016. The number of tweets mentioning “Bitcoin” has increased since mid-April.
After a bloody March and April’s recovery, analysts expect May to be more promising. With the blockchain reward reduction of Bitcoin, there are reasons for optimism.