RATE Group | Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving
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Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving

04 May Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving

Posted at 22:33h in Bitcoin News by

Bitcoin’s trading volume was lower on Monday compared to the latter part of last week but traders appear to be staying optimistic ahead of the expected bitcoin halving next week. 

Bitcoin (BTC) was trading down less than 1 percent over 24 hours , with 10-day and 50-day technical indicator moving averages signaling bearish sentiment Monday. In early trading at 00:00 UTC, the world’s first cryptocurrency’s price tumbled from $8,950 to $8,533 but rebounded to at $8,837 as of 20:00 UTC (4 p.m. EDT).

btcdailymay4
Bitcoin trading on Coinbase since May 1
Source: TradingView

As April turned to May, spot exchange Coinbase experienced larger-than-normal volume – numbers not seen since March 13, when the exchange had $673 million in total one-day trading for BTC/USD. 

On Wednesday April 29, the San Francisco-based platform experienced a technical outage and had a $410 million volume. Thursday, April 30, the price for bitcoin on Coinbase rose to as high as $9,400 on $399 million in volume. Friday, May…

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