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Buyers are back in large numbers, and Bitcoin futures trading volume hits a two-week high! BTC Bitcoin price is rising towards the $7,000 mark. In response, Jonathan, CEO of trading platform BTSE
Leong says “it’s just the beginning” Bitcoin (BTC) is once again attracting investors’ attention as the futures market records its highest trading volume since the market price fell below $4,000.

On April 2, non-exchange operator performance of Bitcoin futures reached its best level since March 16, according to data from market monitoring resource Skew.

CME and Bakkt see new growth

CME Group reported $347 million in volume on Thursday, while smaller rival Bakkt saw $12 million in spot futures and $7.7 million in spot products.

The previous two weeks had been lackluster. Last month, the Bitcoin market went into a downward spiral, with the price falling to $3,600 in just a few hours, sending investors into panic.

Price performance has since gradually recovered, with BTC/USD rising to $7,170 on Thursday, up around 93% from its March lows.

CME and Bakkt Bitcoin futures single-month chart Source: Skew/Twitter

Although the new coronavirus still brings continued volatility to traditional markets, investor confidence has recovered in a short period of time. Analysts believe that Bitcoin was initially affected by the epidemic as investors sold off their assets to cover losses in stocks and other markets.

To some in the industry, the current price action at $7,000 is just a preview of things to come.

Jonathan Leong, co-founder and CEO of trading platform BTSE, said he is “bullish” on the future (of Bitcoin). He concluded on Twitter:

“Bitcoin has shown remarkable resilience during what may be the worst economic crisis ever, and it’s just getting started!”

Spend money in meaningful places

In response to the economic fallout from the pandemic, the U.S. government has taken highly controversial steps that have drawn scorn even from those who are skeptical of Bitcoin.

The Federal Reserve injected $6 trillion into the market economy to ensure its liquidity and claimed that the market has "unlimited" funds. This amount is unprecedented. Since then, the view that “fiat currency is a zero-sum game” has been accepted by more and more people.

Gold fan Peter Schiff warned that using worthless money to cover losses or aid unsustainable business units (such as airlines) is just filling a bottomless pit.

On Friday, he wrote: "Giving airlines money to keep workers they no longer need will not only waste taxpayer money, but also lead to a misallocation of labor resources and undermine the efficiency and competition of the U.S. aviation industry. will require continuous assistance in the future.”