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As the US gears up for Memorial Day, the cryptocurrency market remains active, poised for significant volatility. Key trends include increased trading volumes, potential Bitcoin resilience, and impacts on the CME gap.
Blockchain’s Design Eliminates Intermediaries, Ensuring 24/7 Transactions: Key Trends to Watch This Memorial Day
This is possible because blockchain-enabled transactions are designed that way. By eliminating intermediaries, transactions can be settled immediately on-chain. According to CoinGape, the crypto ecosystem includes an active network of independently functioning miners or validators who confirm transactions around the clock. The consensus model of any protocol decides whether it uses miners or validators.
The cryptocurrency market is a bustling hub of activity, known for its unique reward model that incentivizes users to complete transactions. This model is crucial in maintaining the market's structure and sustainability. As US Memorial Day approaches, here are the three major trends to watch.
The market will undergo significant volatility, as seen by the values of each digital currency. With the influx of funds from crypto holders and TradFi professionals, crypto trading volumes are expected to increase significantly. This is also reflected in prices.
The Derivatives Market for most cryptocurrencies may experience further extreme volatility. In all, a significant portion of the capital that will flow into the market may come from the mainstream market, and they risk being pulled out when the stock market opens on May 21.
Bitcoin Shows Resilience as Memorial Day Impacts the Crypto CME Gap: Key Market Insights
For those following the digital currency ecosystem, it will be confirmed that most assets, led by Bitcoin, fell during the weekend. However, this weekend, there may be a shift in direction. Rather than the usual slump that pushes down the value of other cryptocurrencies, the coin may display some resilience to chart a different path.
Bitcoin is trading at $69,118.10, up 3.06% in the last 24 hours.
Another significant trend to watch is the impact of Memorial Day in the United States on the crypto CME gap. The CME Gap is the difference between Bitcoin Futures' closing price at the end of trading on the Chicago Mercantile Exchange on Friday and the opening price on Sunday evening.
With the extended weekend, the disparity could expand, affecting market pricing the following week.
Photo: Microsoft Bing
