Market Wrap: Bitcoin Near $58K, Reverses Two-Day Losses Despite Lower Trading Volume

Friday 09 April 2021, 7:03 AM AEST - 2 weeks ago

Bitcoin trading on Coinbase.

After two days of losses, bitcoin ended Thursday in the green after markets closed in the U.S.

The gains came amid new signs of growing mainstream adoption of bitcoin and other cryptocurrencies.

State Street, the second-oldest bank in the U.S. with $3.1 trillion in assets under management, announced it is providing the infrastructure for a new bank-grade trading platform for digital assets set to go live mid-year – and that it might eventually use the system itself.

Also, BNY Mellon, the worlds largest financial custodian, would be the service provider for a proposed bitcoin exchange-traded fund (ETF) offered by First Trust Advisors and Anthony Scaramuccis SkyBridge Capital.

But spot trading volume has not been able to match the rising prices, continuing to drop Thursday on the eight U.S.-focused crypto exchanges tracked by CoinDesk.

Source: CryptoCompare

Trading volume has been low for bitcoin since the beginning of April, while in March, according to CryptoCompares monthly report, the volume on top spot exchanges increased 5.9% from February levels to $2.5 trillion.

Source: CryptoCompareEther trading on Kraken.

While ethers been trading mostly above $2,000 since it peaked above $2,100 in early April, an analyst argued ethers latest bull run was supported by a more scant demand from buyers compared with bitcoin.

Philip Gradwell, chief economist at Chainalysis, said on CoinDe ...

Read full story on CoinDesk

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