Bitcoin futures trade volume hit a new all-time high of $294.19 Billion as BTC fell below $45k
The majority of the trade volume was witnessed on Binance followed by Huobi and OKEx
Bitcoin is once again above $50k
BTC still has two more hurdles this month in the form of the expiry of Bitcoin futures and options this Friday, and the monthly/weekly close on Sunday
The month of February continues to be a month of firsts for Bitcoin. To begin with, Bitcoin posted a new all-time high of $58,369 before dropping by the largest daily dip to date, of $10,750, to $47,619. The latter price area would hold for a while in what looked like a double only for Bitcoin to dip further to $44,800 – Binance rate.
Bitcoin Futures Trade Volume Hits All-time High of $294.19 Billion
Amidst all the price action, the total trade volume of Bitcoin futures contracts also hit a new all-time high of $294.19 Billion. This milestone was captured by the team at Bybt.com who shared it via the following statement breaking down the trade volume at individual exchanges, as well as a chart for demonstrating the new all-time high.
As the price of #Bitcoin fell below 45K, the volume of crypto futures reached a record high. A total of 294.19 billion US dollars.
1) Binance :$103.43B
2) Huobi :$75.89B
3) OKEx :$45.08B
4) Bybit :$28.79
5) FTX :$17.28B
Bitcoin Battles to Retain $50k with 2 More Hurdles Left in February
At the time of writing, Bitcoin is trading at $51,100 after recovering from the earlier mentioned dip to $44,800. The news of Tether and Bitfinex settling with the NY Attorney General came at a much-needed time as yesterday’s Bitcoin’s freefall seemed not to have a floor for many crypto traders.
However, Bitcoin’s woes are not over as the King of Crypto faces the following two hurdles that could provide additional selling pressure for BTC.
Bitcoin futures and options expiration on Friday, February 26th
The monthly and weekly close on Sunday 28th February
Therefore, $50k is once again the psychological support zone to watch as Bitcoin attempts to close the month of February on a strong note.