Research shows that Monday’s trading volume on major cryptocurrency exchanges set a daily record of more than 68 billion U.S. dollars (approximately 492.02 billion rupees), highlighting the trading frenzy that accompanies Bitcoin charges to record highs.

Bitcoin reached a record high of $34,800 (approximately 2.54 million rupees) on Sunday. Based on the 2020 rebound, the price of Bitcoin more than quadrupled as larger US investors jumped into the market. Then, amidst the turbulence in the highly leveraged futures market, it fell sharply on Monday before making up for the loss.

Ethereum, the second largest cryptocurrency, tends to trade in tandem with Bitcoin, and on Monday also reached its highest level since January 2018, touching $1,170 (about 85,600 rupees).

According to data from the British research company CryptoCompare, the overall daily trading volume of cryptocurrencies reached US$68.3 billion (approximately 499.60 billion rupees). Data show that the average daily transaction volume in 2020 is 13.1 billion US dollars (about 95,800 crore rupees).

Bitcoin’s record high was less than three weeks after it broke $20,000 (approximately Rs 1.46 lakh) for the first time on December 16.

It has always been believed that it can be used as a hedging tool for inflation risks, because the government and central bank have initiated stimulus measures in response to the COVID-19 pandemic, which has promoted the rise of Bitcoin. Its potential for rapid growth has also attracted demand.

During periods of extreme price fluctuations, crypto trading volumes usually surge, highlighting the central of speculative traders in currency trading.

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© Thomson Reuters 2020


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