Bitfinex Alpha: Derivatives trading volume remains at a normal level during the rise in Bitcoin prices
On March 21st, a recent article by Bitfinex stated that the price of Bitcoin had risen significantly, driven by the US Central Bank’s measures to restore financial stability. On March 19th, driven by the influx of spot purchases, the price of Bitcoin hit a new high this year (28472 USD). The number of non zero balance wallet addresses in Bitcoin has soared to nearly 45 million, and the index moving average of new addresses has also shown a continuous upward trend.
Interpretation of this information:
The recent article by Bitfinex stated that the price of Bitcoin had risen significantly, which was mainly driven by the US Central Bank’s measures to restore financial stability. This news comes at a time when the world is grappling with the economic shock caused by the COVID-19 pandemic. The US Central Bank has been adopting unprecedented measures to maintain financial stability and prevent a further economic crisis. The markets have taken these measures positively, and the price of Bitcoin has risen as a result.
On March 19th, Bitcoin hit a new high for the year, reaching $28472, driven by the influx of spot purchases. This is a significant increase compared to the price of Bitcoin at the beginning of the year. This surge in price can be attributed to the fact that Bitcoin is seen as a safe asset during times of economic uncertainty. Investors are looking for ways to protect their wealth, and Bitcoin offers a way to do that.
The number of non zero balance wallet addresses in Bitcoin has also soared to nearly 45 million. This shows that more people are taking an interest in Bitcoin and investing in it. This is a positive sign for the future of Bitcoin, as it shows that the demand for the cryptocurrency is growing.
The index moving average of new addresses has also shown a continuous upward trend. This means that more people are creating new addresses to buy and store Bitcoin. This is another positive sign for the cryptocurrency, as it indicates that more people are becoming aware of its potential and are willing to invest in it.
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