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Bitcoin [BTC] notes transactions worth $7 billion over the past day, finds report

Namrata Shukla

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Bitcoin [BTC] notes transactions worth $7 billion over the past day, finds report
Source: Pixabay

The cryptocurrency market saw a rise in the price of most major cryptocurrencies, including Tezos [XTZ], Bitcoin Cash [BCH] and Litecoin [LTC], on April 15. The price of the largest cryptocurrency, Bitcoin [BTC] also remained above $5k and noted minimal growth. However, according to TrustNodes, almost $7 billion worth of BTC was moved on-chain over the past day with 1.3 billion Bitcoin in trade.

The report stated that over a quarter of a billion dollars was being moved every hour with “the average transaction value standing at $22,000, while the median is at $100”. Hundred largest transactions included movement of $850 million or 165,000 bitcoin. This is over 10% of the entire transfers that took place. The speculated identity behind this transfer was regular individuals using the cryptocurrency for international transfers, commerce or exchange value.

BitPay’s COO, Sonny Singh, in an earlier statement had noted that some merchants handle $10 million worth of transaction in Bitcoin payments in a month. Apart from Bitpay, there are other exchanges like Coinbase commerce, Bitcoin Suisse, and Coinify that indulge in Bitcoin merchant payments.

Apart from merchant payments, Bitcoin transactions take place internationally. Bitcoin transfers were notably high when it came to International payments as they were swifter alternatives to banks. The report said:

“Russia very interestingly tops Localbitcoin volumes at about 3,000 a week, worth circa $15 million, twice that of USA or the European Union.”

Although the reasons for this is not clear, bypassing sanctions could be an underlying use-case, avoiding the whole banking system.

Bitcoin [BTC], at press time, was being traded at $5,159.63 with a market cap of $91 billion. It noted a 24-hour trading volume of $11 billion, while noting a growth of 1.35% over the past day. Over the past seven days, BTC noted a dip 0.99%, but was strengthening as it noted a minuscule growth of 0.07% within an hour.





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Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

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Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





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