[시황] Bitcoin once jumped to $38,600, DEX volume exceeded $50 billion

The industry analyzes that the tweets hinting at Elon Musk’s possession of bitcoin fueled a rise in bitcoin prices. On the same day, the monthly transaction volume of the Ethereum-based decentralized exchange exceeded 50 billion dollars, a record high. However, still excessive fees are considered an obstacle to the growth of decentralized exchanges.

• As of 6 o’clock this morning, bitcoins traded for about $34,616 each. That’s a 5.9% increase over 24 hours.
• In the last 24 hours, Bitcoin has been priced between $30,1984 and $38566.
• On the hourly price chart, the bitcoin price exceeded the 10-hour and 50-hour moving averages. According to technical analysis, this is a sign of strength.

Yesterday the price of bitcoin rose dramatically. At around 6 pm, the price of bitcoin from $33,377 soared to $37,113 in just an hour, soaring 11%. Around midnight, five hours later, it hit $38,6666, and the selling tax surged from this point on. As of 11 am on the 30th, Bitcoin is trading at $34,057 each.

Analysts point out that Tesla’s CEO Elon Musk’s comments suggestive of buying bitcoin fueled the price hike. “As soon as Elon Musk didn’t post a bitcoin tag on his Twitter account and post a short tweet, the bitcoin market began to fluctuate,” said Chris Thomas, head of Digital Assets at Swiss Quart Bank. “There was a massive sell-off on Binance Exchange,” he said.

In fact, over the past 24 hours, the liquidation volume of the entire cryptocurrency market has exceeded $850 million, the highest in the last three months. The liquidation of the derivatives market is the same concept as the margin call of the cryptocurrency market. When borrowing investors start moving against the price flow, they automatically buy or sell to liquidate potential debt.

“Considering how much investor has moved, the price drop in red is a natural result. Assuming there is no new news (which could instigate a price spike), the bitcoin price is expected to trade at a higher level with the support of investors at the $35,000 level.” -Chris Thomas

There is also news that brokers will welcome. As of the time the article was sent, yesterday’s spot cryptocurrency trading volume exceeded $8.7 billion, the second highest in the last month.

Before Musk’s remarks, the cryptocurrency market had been stagnant. David Russell, vice president of cryptocurrency exchange TradeStation, said, “Investors were focused only on big events such as corporate performance announcements and the Fed’s actions.” He must have been looking for an opportunity. But Musk set a fire here.”

The funding interest rate for long-term borrowings soared to the level when the bitcoin price hit a record high of $40,1962 on the 8th. This means that after liquidation, traders who have become somewhat bolder have drew more loans to extend the investment period.

The cryptocurrency market is open 24 hours a day. It is expected to be particularly interesting to see where the Bitcoin price will move this weekend. Yesterday’s major stock market indicators were mostly down. Interest is focused on whether they will find new opportunities over the weekend and move to the cryptocurrency market.

• Japan’s Nikkei 225 Index fell 1.9%-Investors seek portfolio readjustment amid rising market volatility at the end of the month
• UK’s FTSE100 Index Falls 1.8%-Increased Selling Due to Speculative Trade and Concerns over Corona 19 Vaccine Supply Problems
• US S&P500 Index Falls 1.6%-Increased Concerns That Speculative Trading Bubbles May Put Some Investors At Risk

James Putra, head of product strategy at TradeStation, said, “It has been a tremendous week for individual investors across multiple assets such as stocks and cryptocurrencies.” “Most asset markets close on Friday, so the 24-hour cryptocurrency market We are looking forward to seeing if we can benefit from the heat of individual investors during the weekend.”

Decentralized Exchange (DEX) monthly transaction volume exceeded $50 billion

Ether (ETH), the second largest cryptocurrency market capitalization, traded for $1348 each as of 6:00 this morning. That’s a 0.81% increase over 24 hours.

The monthly transaction volume of major decentralized exchanges in the Ethereum ecosystem exceeded $50 billion.

The number one place was Uniswap, which recorded 23.3 billion dollars this year, accounting for about half of the total transaction volume. Following this, Uniswap’s rival, SushiSwap, ranked second with 10 billion dollars, and Curve, an exchange that mainly deals with stablecoins, ranked third with 5.8 billion dollars. “We mainly trade on decentralized exchanges,” said Michael Gord, CEO of Global Digital Assets. “They are more liquid and less volatile than traditional exchanges.”

However, Peter Chan, chief trader of trading company OneBit Quant, pointed out that “decentralized exchanges (DEXs) have high trading volumes, but it is still centralized exchanges (CEX) that dominate the market.”

“DEX’s trading volume figures are quite surprising. I am very pleased that I have grown so quickly. But compared to the CEX trading volume, there is still a long way to go.”

According to CoinGecko, the trading volume of Binance, a representative CEX exchange, for the past 24 hours was $34 billion based on the time of article transmission.

Chan then pointed out that DEX’s high commission could be an obstacle to the increase in transaction volume.

“Gas cost is still pointed out as a major problem for DEX. Especially for small transactions, the commission accounts for 20-30% of the transaction price.”

Other market trends

Most of the major cryptocurrency prices included in CoinDesk 20 have risen.

Commodity market

• West Texas heavy oil rose 0.20% to $52.18 per barrel
• Gold price, up 0.09% to $1843 per ounce

Government bonds

• 10-year Treasury bond yield rose 2.8% to 1.077%

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