Bitcoin is experiencing an uprise in the volume of investments. According to information from the data monitoring platform Skew, Bitcoin futures saw its highest volume on April 2, 2020.
The coronavirus pandemic took a major toll on the crypto market causing Bitcoin to hit a quarterly low of $3,600 in the first quarter of the year. However, the beginning of the second quarter looks promising as Bitcoin recovered by almost 100%, reaching a high of $7,170.
Crypto platforms like CME on March 2 posted $347 million in volume. Bakkt also recorded $12 million for its physical settled futures. The platform’s cash product pulled in $7.7 million.
These numbers have increased investors’ confidence in the crypto market as the current COVID-19 pandemic no longer seems like a threat to Bitcoin. Investors and analysts are indeed optimistic that Bitcoin will rise above $7,000 in the coming months.
Billionaire investor and Galaxy Digital CEO Mike Novogratz said on CNBC’s Closing Bell that Bitcoin will retest its all-time high of $20,000 by the end of the year.
The United States Federal Reserve pumped $6 trillion into the economy to save it from collapsing further. The institution said it has an “infinite” amount of money to inject. The news pumped Bitcoin as it showed that to a large extent, the regular financial market could be manipulated.
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