Market Growth of Bitcoin

By: Ikenna Odunze

Market Growth of Bitcoin

July 26, 2022 10:53 AM

The BTC market has endured, in spite of  the crypto market experiencing great sell pressure from institutions in recent times.

 

When compared to the peak of 2017 bull market, trading volumes still stayed higher through the 2022 market downturn. Bitcoin's trade volume a day got to a peak of $12 billion, on December 17, 2017. And in July 2022, daily trade volume has been over $20 billion, according to CoinGecko.

 

Yongjin Kim the CEO of Singapore-based market maker is in agreement with Lunde that liquidations from 3AC and others effected the significant price drop in June yet still believes the price of Bitcoin will climb back to $30,000 in the next few months.

 

Yongjin Kim also said: 

            "I think the retail sentiment is completely broken, so it will take some time before we restore confidence in the market, but there will be some reversal by the end of this year counteracting the liquidations"