Bitcoin has set a New Trading Record in 2019

Bitcoin has set a new trading record for 2019. According to data reported by Coinmetrics, $ 6.3 billion was moved in 24 hours on Monday, July 29.

This value was reached only in January 2018. The absolute record is 10.55 billion dollars moved in one day, December 7, 2017.

The value represents the adjusted volume of bitcoin transactions, which does not take into account transactions executed by exchanges when moving Bitcoin between portfolios. Coinmetrics calculations only take into account transactions executed between portfolios, from portfolios to exchanges or vice versa.

July, characterized by fluctuations and insecurity

The crypto market in July was characterized by strong price fluctuations and uncertainty. For example, on Sunday, July 29, the volume helped recorded the lowest value in the last 2 months, with only $ 1.11 billion in Bitcoin. The next day, Bitcoin set a new record of $ 6.3 billion. There has never been a jump of over 5 billion in the history of Bitcoin from day to day.

It is also interesting to note that the total number of transactions has increased steadily since 2018. It is currently at December 2017 levels.

Novogratz is worried

The founder and chief executive of Galaxy Digital, Michael Novogratz, acknowledged that he is concerned about a short-term decline in the price of Bitcoin. He said that a price below $ 8,500 is not good news, and a drop below $ 6,000 is definitely the worst.

Will #btc ever go back to $ 5K? “I think so. I think if it goes below $ 8,500 I’ll get nervous. If it goes below $ 6,000 I’ll get real nervous, ”he says @Novogratz pic.twitter.com/oWMdGTtZYU

– Squawk Box (@SquawkCNBC) August 1, 2019

Even though he is worried, Novogratz believes that Bitcoin is an asset and protocol that is heading in the right direction. He stressed that the best strategy is for the BTC not to attempt to attack the hegemony of the dollar. In this way it avoids the attention of the Federal Reserve.

Instead, Novogratz added, Bitcoin supporters should use the “digital gold” narrative so that for regulators, cryptocurrency becomes another element to be regulated.