NEW YORK: Bitcoin (BTC) was drifting at its slightly improved levels of $6,791.52 on Tuesday evening, when in just 40 minutes the prices changed dramatically, sending the coin “back to the moon”. BTC suddenly appreciated by $600, up to $7,386,32, and continues the upward drive.
BTC reached $7,453.27 as of 3:00 UTC, a net rise of 10% in the past 24 hours, and growing more than 16% net in the past seven days. A sudden uptick in volumes saw trading suddenly pick up, to $6.2 billion in 24 hours.
According to data from Cryptocompare, one of the reasons for the dramatic rise may be the return of Japanese Yen investors, who now make up more than 51% of BTC trading volume. The share of Tether (USDT) trading is now relatively lower at 29%, though on low-volume days it made up to half the BTC volumes. However, data from CoinMarketCap also show that Binance holds up the most active BTC pair, making up more than 6% of total volumes in the BTC/USDT pairing.