Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
Under pressure from SEC, Reality Shares withdraws its Bitcoin ETF
Technical and Fundamental Analysis stay disconnected in the crypto markets
Trading volumes across crypto exchanges see a spike
Crypto Trading Volumes spike across major exchanges
Well, the news of Reality Shares pulling out its ETF application got a mixed reaction on the street as many believed that more products built on bitcoin without backing are actually bad for the industry and they much prefer services like Bakkt or the proposed VanECK ETF that are actually backed up one for one with real bitcoin.
Even though the news of the pullout was sentimentally negative it did not impact the price much. This is how the price of the Bitcoin prices is behaving for quite a while as the fundamental analysis and technical analysis of Bitcoin stay disconnected. Fundamentally the crypto world is getting some great news about the growth but yet the patterns that are forming on the charts are decidedly bearish.
While the divergence continues, the trading volumes across crypto exchanges have recently seen a strong spike. The volumes during December 2018 was close to USD 10 billion per day, which was way below the current volume. Over last 24-hours, volumes across exchanges have reached $36 billion this morning, on a day with very little price movement. While this is a rare phenomenon one has to remember, this is an entirely new market that has only surpassed the $1 billion mark for the very first time in March 2017. This industry has basically grown from nothing into a global market place in just a few short years.
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