Bitcoin

‘Boring’ Bitcoin Sends Weekend Trading Volume to All-Time Lows

Published

7 months ago

30 June, 2024

‘Boring’ Bitcoin Sends Weekend Trading Volume to All-Time Lows

(Bloomberg) — The proportion of Bitcoin traded on weekends has fallen to an all-time low of 16% this year, according to cryptocurrency research firm Kaiko.

Most read on Bloomberg

The drop comes in the wake of the launch of spot Bitcoin exchange-traded funds, which appears to have shifted the times when Bitcoin trades to be more in line with the schedule of traditional stock exchanges and reduced its price volatility.

One of the notable features of cryptocurrency is that, unlike stocks, it is traded during all hours of the day and even on Saturdays and Sundays. In the past, Bitcoin trading gained notoriety for its “Wild Weekends,” where the digital currency experienced large price fluctuations.

But this phenomenon appears to be cooling down as weekend Bitcoin trading volume continues to decline from its 28% high in 2019. The launch of Bitcoin ETFs is likely a big reason for this.

The decline in weekend trading is a “trend that has been going on for years but has been exacerbated by ETFs,” according to Kaiko senior analyst Dessislava Aubert.

Bitcoin ETFs launched with the approval of the U.S. Securities and Exchange Commission in early 2024 and have been a hit with investors ever since, sending the price of Bitcoin soaring to a record high in March. While some of those gains have been pared back, the largest cryptocurrency is still up about 45% this year to around $61,000.

Unlike most crypto tokens that can be traded at any time on exchanges like Binance, Bitcoin ETFs follow the schedule of the traditional stock exchange they trade on – meaning there is no trading on weekends.

The proportion of Bitcoin traded on weekdays between 3pm and 4pm increased to 6.7% from 4.5% in the fourth quarter of 2023, Kaiko said. This is the period known as the benchmarking window, when ETF owners determine the price of Bitcoin and then use it to calculate the ETF’s net asset value.

The collapse of crypto-friendly banks Silicon Valley Bank and Signature Bank in March 2023 is also contributing to reduced weekend trading volumes, according to Kaiko.

This is because market makers can no longer use banks’ 24-hour payment networks to buy and sell cryptocurrencies in real time.

“The gap between weekend and weekdays will likely persist as market makers, who derive their revenue from large amounts of trades that generate the bid-ask spread, are less incentivized to provide liquidity in a low-volume environment.” , the Kaiko report states.

The story continues

Institutional adoption of crypto through Bitcoin ETFs has also led to drastically lower price volatility, according to another report from Kaiko.

When Bitcoin last hit record highs in November 2021, volatility rose to nearly 106%. After Bitcoin reached an all-time high of $73,798 in March amid optimism regarding ETFs, volatility was just 40%.

The trend towards lower volatility, and the fact that it has remained below 50% since the beginning of 2023, indicates that Bitcoin is becoming a more mature asset, according to Kaiko.

“While it is too early to suggest that this is the new normal, changes in Bitcoin’s market structure over the past year may help explain why price action has been relatively ‘dull,’” the report states.

–With assistance from Vildana Hajric.

Bloomberg Businessweek Most Read

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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