According to David Lawant, head of research at FalconX, Bitcoin, the flagship cryptocurrency, recorded a whopping $46 billion in spot trading volume on Monday.
This is the largest printing ever logged during a holiday/weekend, according to Lawant. Notably, this is also the fifth-biggest volume printing of all time.
The stock market was closed on Monday as Americans were celebrating Martin Luther King Day to honor the famous civil rights advocate.
Yesterday, the price of Bitcoin reached a new record high of $109,356. However, this rally was short-lived. The cryptocurrency ended up briefly retracing below the $100,000 level during the same day, printing an ugly candle on the chart.
The market was disappointed by the lack of mention of a strategic Bitcoin reserve on Monday in the U.S. despite high expectations.
The likelihood of the reserve being established in the U.S. within the next 100 days has plunged to just 33% on the Polymarket betting site.
This disillusionment has likely contributed to the significant Bitcoin correction.
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At press time, it is changing hands at $101,753 on the Bitstamp exchange, struggling to recover following the painful plunge from record highs.
According to data provided by CoinGlass, $747.71 million worth of crypto has been liquidated over the past 24 hours alone.
Bitcoin’s total open interest is currently at $67.5 billion, down nearly 5% from Monday.
As reported by U.Today, Google searches for “how to buy crypto” recently hit yet another record high. However, this exuberance might fade fast if there is not a rapid pro-crypto U-turn in the U.S.
