Bitcoin: Stable Amidst Economic Instability

Published: 13/04/2020 | Last Updated: 22/02/2022

These past few months’ global economy had been unstable. From rapid stock market meltdowns to the impacts of the pandemic outbreak. These factors had caused movements in the global economy. Industries and business globally had been affected by this movements.

Some industries had fall down and some companies are at the verge of bankruptcy.

One industry had been continuously on rise during this time. Cryptocurrency trade had been on rise amidst this economic instability. Reports had provide that crypto trade specifically Bitcoin (BTC) had been on trend ever since. BTC had continue to be on rise amidst these crisis. BTC searches and sign ups had been on rise this past few months. BTC trade starts to dominate the online business market amidst economic crisis. For investors have trust that BTC is a good investment and business opportunity.

BTC Transactions Mirrors October 2018 Level Drop

Amidst being on trend, BTC had also been affected by this economic crises. Last March 12, BTC transactions had experience a drop. This transaction drop was when BTC prices experienced a 50% loss. During also this time, the daily amount of BTC sent from addresses experience a pullback. This pullback it had experienced is approximately 43% of the daily BTC rate.

These data according to records had mirrored the October 2018 daily volume drop. This current daily volume approximately 281,700 number of daily transactions. Transaction fee had been also affected. BTC transaction fee had drop down to the rate of $0.503.

Even with the fact that BTC rates had mirrored the rates drop 2 years ago. Investors are still interested in BTC trade amid global economic crisis. Amidst this interest BTC traders are more cautious this time of trading compared than before.

BTC Trading Days with Highest and Lowest Volume and Returns

Just like other markets, BTC trades has special days with higher trade rate. According to data BTC’s trading rate in volume during Monday and Saturday mostly increases and decreases. In the other hand returns during this days move similarly. It is significantly seen that during Monday’s, BTC has the highest growth.

BTC having highest growth during Monday is reflected on records. As to the records, on Monday of 2017 the volume grew with the rate of 19%. Meanwhile by 2018 the rate grew by 9.4% and 10.4% by 2019. Cointelegraph had revealed that BTC’s price experiences highest increase on Mondays. In recent data recorded from January 2019 to January 2020 shows that greater returns are on Fridays. Skew’s data also reveals that BTC trade on BitMEX supported the past analysis. It had proven that volume is higher during Monday, Thursday and Friday.

Considering the latest correction period in prices last February 19 to March 12. Data had shown that highest average fall in volume happened on Saturdays at 23.3% rate. On the other hand a steady pattern in rate of volume happens mainly on Mondays, and followed by Fridays. With this data BTC had continue to rise and trading using it is on trend. Providing new business opportunities and sign of hope to investors amidst this economic crisis.

Global economy is still not stable as of today. Investors could still expect more economic movements. The impact of the pandemic will continue to affects stock markets and industries. Investors fear, uncertainty and financial anxiety will determine if the industries and crypto trade can surpass this crisis.