Bitcoin, after several weeks of almost constant decline, may find itself at the point where its price trend is reversing. During the past week, it strengthened by more than 12 percent and even traded close to the $22,000 mark over the weekend.
Zero fees increased trading volume
After the world’s largest cryptocurrency exchange Binance introduced zero trading fees on Friday, the volume of digital currency trades increased significantly. And to the highest level since March 2020. Buy orders for cryptocurrencies prevailed, which obviously helped their prices as well.
Bitcoin strengthened significantly during Friday, thus confirming the growing trend of the past week. At one point, the price of the most popular cryptocurrency reached over 22 thousand dollars. During the weekend, there was a correction, but it was not nearly as significant. Bitcoin traded around $21,500 for most of the time.
Growing fears of an economic recession
However, the zeroing of fees on the largest cryptocurrency exchange was not the only factor in the strengthening of Bitcoin. This was based on the free optimism of equity investors, as the most important European and American stock exchanges strengthened last week. The question is how long the positive mood will last, as fears of an economic recession in the world are growing.
