Bitcoin Price Dropped After One-Hour Volume Spike - Bitcoin News

Bitcoin Price Dropped After One-Hour Volume Spike


An hour of high volume trading on Tuesday led to a decline in Bitcoin (BTC) trading, returning nearly half of the previous day’s earnings.

Around 3 p.m. ET (3 p.m. UTC), the volume of trading on cryptocurrency exchanges nailed as bitcoin prices jumped from $ 8,674 to $ 8,898, almost a percentage point, within an hour. Coinbase, for example, saw the volume of volume from 437 trades to 1,699 trades between 2pm and 3pm UTC. Bitcoin is trending down overall, falling from the 24-hour high of $ 8,974 and currently in the red at 1.92 percent.

During that time, the Federal Reserve announced a 50-point cut in interest rates in an effort to boost the U.S. economy and ease concerns over the spread of the Koronov virus.

Figure 2-7
Bitcoin price and volume in Coinbase Pro, March 3, 2020.
Source: Coinbase
This is after bitcoin prices rose 4.5 percent on Monday. The Standard & Poors 500 also posted positive gains on Monday, up 4.6 percent. In the current year, Bitcoin is up 21 percent, while S&P is down 5.5 percent.

Other cryptocurrency key price movements since Tuesday at 20:00 UTC include Neo (NEO) down 5 percent, Ether (3% red) and XRP (XRP), down 2 percent. However, Dogecoin (DOGE) comes out of the canine dog, with a one-day percentage increase.

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