• Bitcoin trading volume has surged to $40 billion in the past 24 hours, setting a new record.
• Blockchain.com has announced layoffs due to struggles in the cryptocurrency market.
• The bitcoin derivatives market is showing signs of recovery after 2022 downturn.
Record Breaking Trading Volume
The bitcoin market is currently experiencing a surge in trading volume, reaching an all-time high of $40 billion in the past 24 hours. This is a significant increase from the previous record of $34 billion set in May of this year and underscores the potential for growth in the sector as more investors become involved with digital currency trading.
Blockchain Cuts Staff
Blockchain.com, one of the leading crypto companies, has recently announced that it will be cutting its staff due to the current struggles in the cryptocurrency market. The company has been facing a difficult time with its operations as many investors have been pulling out of the market and prices have dropped significantly. Blockchain.com announced that it would lay off around 150 employees accounting for 25% of its staff.
Recovery Signs For Derivatives Market
In 2022, Bitcoin experienced a prolonged bear market resulting in decreased volumes for bitcoin futures and options trading products such as FTX and CoinFlex Futures, among others. However, investor sentiment appears to be improving as volumes on these platforms have started to pick up again since late last year indicating that traders are slowly returning to these markets despite their bearish outlook on cryptocurrencies overall..
As more institutional investors enter into cryptocurrency markets and adoption increases worldwide, it is likely that we will see further growth in trading volumes across different exchanges and platforms which could lead to increased liquidity and higher prices for Bitcoin over time. Additionally, with more countries recognizing crypto assets as legitimate investments or forms of payment, it could open up new opportunities for individuals looking to get involved with digital currencies or invest their money into alternative asset classes like cryptocurrencies.
With increased activity comes speculation about where Bitcoin prices may go next based on its current trading volume levels. While there is no definitive answer as to what direction BTC’s price may take next due to numerous factors affecting its price movements such as macroeconomic events or regulatory changes, some analysts are predicting that BTC could reach upwards of $100K by 2024 if current trends continue over time .