According to David Lawant, head of research at FalconX, Bitcoin, the leading cryptocurrency, registered A whopping $46 billion in spot trading volume on Monday.
This is the largest print ever recorded over a weekend, according to Want. Notably, this is also the fifth largest print run ever.
The stock market was closed Monday as Americans observed Martin Luther King Day to honor the famous civil rights defender.
Yesterday, the price of Bitcoin reached a new record high of $109,356. However, this rise was short-lived. The cryptocurrency ended up briefly falling below the $100,000 level during the same day, creating an ugly candle on the chart.
The market was disappointed that the Bitcoin Strategic Reserve was not mentioned on Monday in the US despite high expectations.
The probability of a reserve being created in the United States within the next 100 days has fallen to only 33%.
This disappointment likely contributed to Bitcoin’s major correction.
At press time, it is trading at $101,753 on the Bitstamp exchange.
According to data provided by CoinGlass, $747.71 million worth of cryptocurrencies were liquidated in the past 24 hours alone.
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