The price of Bitcoin reached $ 8,500 for the first time since mid-May on Tuesday night. Despite the fact that before the May peak, Bitcoin lacks a couple thousand dollars, it is still 10% higher than a week ago and 29% higher than a month earlier.
Mati Greenspan, senior market analyst at eToro, said that the main volumes that allowed Bitcoin to overcome a number of key levels has been provided mainly by the crypto-exchanges of Japan and South Korea.
“According to the volume on exchanges, it seems clear that the rally is being led by East Asia,” Greenspan wrote in commentary provided to CCN. “The US Dollar had a spike as well but it was much more focused. Meaning that the Americans only participated during the extreme part of the surge and less in the before and after party.”
That’s not to say that the U.S. was absent from the rally. In fact, Greenspan said, trading data from Chicago-based derivatives exchanges CME and CBOE — the only two regulated U.S. exchanges to list Bitcoin futures — suggests that Wall Street wants a piece of the action.
On Tuesday, 12878 contracts were registered on the CBOE exchange, which is equivalent to 64,390 Bitcoins, since each contract is concluded for 5 Bitcoins. Also at the CBOE exchange, traders concluded 7138 contracts, each of which is equal to 1 Bitcoin, which increases the total trading volume to 71528 Bitcoins. If we take as a basis the average price of Bitcoin during the opening of trades on Tuesday, as well as the estimated price of futures for CME for August at $ 8000, then proceeding from this it turns out that the daily trading volume amounted to 572.2 million US dollars.
However, in comparison with the global market, cryptocurrency is a very modest amount. On Tuesday, according to the website of CoinMarketCap, the total trade in Bitcoins amounted to $ 7.7 billion.
Moreover, according to reports of the Hong Kong Bitmex Exchange, on Tuesday, during the 24-hour period, the volume of contracts for Bitcoin reached a record level of 1 million, which is more than 8 billion dollars. Most of this amount, namely - more than $ 7 billion, fell on the BTC / USD trade.