Bitcoin Trading Volumes More than Doubled in a Week Says Report
Adrian Zmudzinski's original article for cointelegraph.com reduced by 72%
A report published on Jan. 9 by cryptocurrency market research firm Arcane Research, Bitcoin trading volumes more than doubled in a week. The indicator derives its reading from volatility, market momentum and volume, social media, surveys, Bitcoin crypto market dominance and Google trends.
While the authors of the report admit that "It is way too early to draw any firm conclusion," they also point out that major events in the new conflict caused a positive reaction by both gold's and Bitcoin's price. As Cointelegraph explained in a recent analysis, many believe that Bitcoin is proving useful to the Iranian population as the conflict continues. Lastly, the report also notes that the activity on Bitcoin's blockchain also showed a renaissance, with the number of transactions climbing 5% in a week as the transaction value grew by one-fourth over the same period of time.
Bitcoin can deliver 100% returns to investors in 2020 and may rise significantly in the five months until May's block reward halving, according to a recent report. Interest in the asset is seemingly rising and as Cointelegraph recently reported, the United States' largest bank believes interest will be high in CME Group's new Bitcoin options.
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Summarised crypto news.