Home

Products

Institutions

Resources

Company

Language

Download

Amber Group logoAmber Group logo

Home

Products

Institutions

Resources

Company

Sign Up

Download

En

Home / Market News / 

Bitcoin And Stock Markets Perform Extremely Well Thanks to COVID Vaccine

Bitcoin And Stock Markets Perform Extremely Well Thanks to COVID Vaccine

D

Decrypt | 2020/11/11

Bitcoin And Stock Markets Perform Extremely Well Thanks to COVID Vaccine[1] 

Markets across the globe had one of their busiest days as Bitcoin trading volumes surged as did stock markets on hopes of a COVID cure.

In brief

Trading volumes for Bitcoin grew exponentially this week.

Bitcoin Futures have also seen strong gains.

Stock markets worldwide had one of their busiest days as traders emerge from safe havens.

It’s been a busy week for traders. More than $2 trillion worth of assets have been bought, sold and swapped, according to Reuters, as optimism around an end of COVID comes into sharp focus.

After a lacklustre October for Bitcoin trading volume, this week things have gone into overdrive. Since November 3, trading volume is up 270%, according to new data published by Arcane Research. 

Daily trading volumes have hit $3 billion as crypto’s improving stability as an asset class - not to mention it’s growing price - has proved irresistible to investors.

It's no wonder the number of active Bitcoin addresses sailed passed 1.18 million earlier this week. The number, according to Ikigai asset management, is the seventh-highest amount of active addresses in Bitcoin’s history. But the number of sending addresses (people actively moving Bitcoin out of their wallets) was at an all-time high.

On top of daily Bitcoin trading volumes going up, futures contracts are having their day in the sun, too. Open interest contracts of Bitcoin futures - how many contracts have yet to be settled - are up 169% from last week.

That takes the tally to more than $900 million, coming just shy of the all-time high of $948 million set August 17.

Arcane Research notes that not only is there increased Bitcoin trading volume, but the size of the contracts has gone up too. Only 40 traders were placing big bets - defined by how many traders had placed more than 5 contracts worth at least 25 Bitcoins - at the beginning of the year. This month that number is now at 99. Belief in Bitcoin is real.

Bitcoin's continued boom has helped crypto's global market cap chalk up its third straight day of growth, up 0.3% on the day before. While no currency inside the top 20 moved by more than 2%, according to the Bitcoin fear and greed index, sentiment is firmly in the "Extreme Camp", surpassing August’s highs.

Stock Markets See Record Trading Days

Traders have been falling over themselves trying to get their money out of safe havens like tech stocks and back across the markets.

Interactive Investor, the UK’s second-biggest retail investment platform, recorded its busiest day in history, as the FTSE 100 opened 0.4% higher on Wednesday, while the CAC 40 was trading up 0.5% in Paris and the DAX was up 0.3% in Frankfurt.

Overnight in Asia, Japan’s Nikkei rose 1.8% on, South Korea’s KOSPI climbed 1.3% and Australia’s ASX 200 stepped up 1.7%. 

US markets have been following suit, but not quite as enthusiastically. S&P 500 futures were up 0.1%, Dow Jones futures ticked 0.5% higher, but Nasdaq futures were down 0.1%. That’s largely due to the performance of FAANG Stocks.

Facebook was down 2.3%, Amazon saw 3.5% and Google dropped 1.3%. Even Apple, who unveiled its in-house processors yesterday, dropped 0.3%. That’s because these stocks have been a bulwark against broader market volatility in 2020. But now there’s hope on the horizon, traders are venturing back out into the markets in search of a bargain.  COVID vaccine puts both Bitcoin as well as the stock market into overdrive.

 

Original title: $2 Trillion Changes Hands as COVID Vaccine Puts Markets into Overdrive

 

Disclaimer

The views expressed in this article are the author's own and do not necessarily reflect the view of Amber Group. Amber Group shall not be held liable under any circumstances for any losses, damages or expenses arising from the use of any content mentioned in this article.

 

The information contained on this website is provided for informational purposes only, with no warranties, or guarantees made as to the accuracy, completeness or timeliness of it. Amber Group assumes no liability or responsibility for any errors or omissions in the information contained on this site. We strongly encourage you to conduct your own research before taking any action.

This site may contain copyrighted material, the use of which has not always been specifically authorized by the copyright owner. If you wish to use the copyrighted material from this site for the purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Authors or publishers who claim ownership of copyrighted articles reprinted on this website and wish for the content to be removed may email us directly at official.accounts@ambergroup.io

If you would like to connect with us about any of the distributed content or other inquiries, please email us at official.accounts@ambergroup.io with the relevant documentation.


View Original Article >

Most Popular
The Digital Yuan Pilots Have Processed $300M So Far According to PBoC Offical
China’s digital yuan pilot program is picking up speed.
The New Mate 40 Is Equipped with Digital Currency Wallet
China’s digital yuan looks closer than ever to launch with the news that Huawei will be supporting the central bank digital currency (CBDC) on an upcoming range of phones.
US Fed Is Broading Its Research on CBDC to Explore its “Intrinsic” Value Drivers
Fed economists are beginning their deep dive into CBDC research, hoping to identify the "intrinsic" value drivers of a digital dollar.