Bitcoin Price Stabilizes in $11,000 Region, as it Recovers From Correction

The bitcoin price has fully recovered from its most recent major correction in which it fell from $11,441 to $8,800.

Given the tendency of the bitcoin price to endure a major correction after achieving a new all-time high and recovering back to its previous all-time high, the bitcoin price is currently in an optimal position to sustain upward momentum and gear towards a new rally.
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Over the past few days, the daily trading volume of bitcoin has also stabilized in the $5 billion region. During strong rallies, the daily trading volume of bitcoin tends to spike up to over $10 billion and decline by more than 50 percent as the market becomes stable. The US market has also recently overtaken the Japanese bitcoin market, becoming the largest bitcoin exchange market with approximately 30 percent of the global bitcoin market share. Well regulated exchanges such as Coinbase’s flagship trading platform GDAX and Bitstamp have started to lead the global bitcoin market.

It is important to acknowledge that the demand for bitcoin from the US and its traditional finance sector is increasing at a rapid rate due to the announcement of the world’s largest financial institutions to engage in bitcoin trading in the upcoming weeks.
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