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Bitcoin finished October by gaining more than 5%. Cryptocurrency made the biggest breakthrough last week.
On some trading floors, BTC tried to get close to $21,000, was unable to cope with the resistance and quickly retreated.
Nevertheless, bitcoin is still trading above the psychological $20,000 mark. During trading on Thursday, November 3, the BTC rate is at $20,150. The activation of traders over the past week provoked a sharp increase in the volume of digital currency trading.
A report from Arcane Research says that at the end of October, the average daily amount of bitcoin transactions increased by about 46%. The leading position is still held by the Binance exchange, which previously canceled commissions for transactions with BTC.
Analysts at Arcane Research predicted an exacerbation of volatility in the stock markets, including the cryptosphere, after the November meeting of the US Federal Reserve.
After yesterday’s increase in the discount rate by 75 basis points, the volatility really escalated for a short time in the US market, and the leading indicators of business activity closed the session in the red.
Bitcoin also began to lose ground, despite the fact that almost immediately after the publication of the decision to increase the rate, BTC soared to $20,600. However, today the situation in Asia and Europe has stabilized.
Arcane Research believes that the $19,000 to $20,000 range will remain a support zone for the cryptocurrency, as most traders do not want Bitcoin to go down hard.
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