The price of Bitcoin has continued to advance and occupy various points. The profit in the latest week was about US$15 per coin. It opened up 6% on the second day of March, according to the CoinDesk Bitcoin Price Index. The biggest intraday price move of the week occurred earlier in the week, when Bitcoin reached a high of $286.28, a gain of $19.24 from the intraday low.
This positive trend has been maintained for four consecutive trading days from last weekend to the first day of this week. On the third day of March, there is a low at the beginning and a high at the end.
Increase in quantity and energy
The rise in Bitcoin prices has been strongly supported by rising sales. The weekend of March 7th showed that 3.67 million Bitcoins changed hands, which means that in the past seven days, there was a 55% increase in volume compared to the previous week. Most of the larger volume growth came from Bitfinex and Bitstamp, with increases of 106% and 54% respectively. Exchanges from China: Huobi and OKCoin recorded increases of 95% and 83%, also a significant increase.
Bitcoin China remains the leader in mainland China exchange trading volume, followed by OKCoin. Bitfinex continues to dominate trading volumes outside of mainland China. Notably, Coinbase, the exchange that launched in January, continues to see more turnover than previous market leader Bitstamp. This week has been a relatively quiet period. An important event was the third Bitcoin auction held by the U.S. Marshals Service. We saw more bidders participating this time than in December last year. The number of participating bidders was 14, but this was still significantly lower than the 45 people participating in the first auction in June.
Another news event that can also be included in the list of positive news for Bitcoin is the statement by the US banking regulators. They said that digital currency is "revolutionary" to the global financial system. These words delivered to the audience by the International Bankers Association undoubtedly brought a positive signal to people.
Awaiting stronger liquidity
Market watchers are also talking about a Bitcoin trust investment announced last week, pending regulatory approval. Arthur Hayes’s Bitcoin derivatives exchange BitMEX, which he calls an “ETF halfway house,” is not a true exchange-traded fund. The planned Winklevoss ETF may bring more liquidity to the Bitcoin market.
When BIT begins trading on the OTC market in the United States, it will only be liquidity brought by existing share holders of BIT. These people will sell their shares in the newly opened OTC market.
However, if this can bring new members to it, I believe this will directly help increase Bitcoin demand and liquidity, but there is a condition that is actually hindering the speed of their membership development, that is, it is only limited to attracting "rich, "accredited" investors."
In contrast, the Winklevoss ETF ties demand directly to the demand for actual Bitcoin. Each ETF share will be worth 0.2 BTC, and after listing, these Bitcoins will actually be held by their foundation Winklevoss. New shares can be created every day, which will require more coins to be deposited into the trust fund.
Hayes concluded: “BITs will have a negligible impact on liquidity, while a suitable ETF will have a huge impact.”
If the approval of the BIT license is a big step for Bitcoin in terms of market access, then a substantial increase in liquidity will have to wait until the establishment of another fund Winklevoss – or even by another more flexible listed fund and detonate the market.
Translator:@currency world one brother
