Bitcoin (BTC) Matches Daily Payment Volumes of Visa and Mastercard, as Crypto Market Trend Stays Bullish

A recent report from CME Group indicates that Bitcoin has reached a significant milestone, now matching the daily payment volumes of major financial giants Visa and Mastercard.

Bitcoin has reached a major milestone by matching the daily payment volume of financial giants Visa and Mastercard, according to a recent report by CME Group.

In partnership with Glassnode, the report highlights that the on-chain volume of Bitcoin stands at a massive $46.4 billion per day.

Mastercard's daily transaction volume is $24.78 billion, while Visa's is $38.98 billion. These figures indicate that Bitcoin is a significant player in payment volume, with only gold and the S&P 500 recording higher daily volumes at $162.6 billion and $253 billion, respectively.

Further analysis by Glassnode reveals that the unfiltered on-chain volume of Bitcoin is comparable to that of the leading payment processors. According to CoinMarketCap data, Bitcoin's trading volume in the last 24 hours has been around $29.68 billion, and over the last nine days, it has ranged from a low of $23.8 billion to a high of $41.6 billion on July 16. This level of volume corresponds to the ongoing market recovery process, which is setting the tone for the current period.

Highlighting this bullish trend in the crypto market, CME Group's report, titled "Digital Assets: Market Insights and Trends," also points out that Bitcoin has surged by 370% since the beginning of 2023 despite a decline in year-to-date returns. This performance can be attributed to the increasing popularity of spot Bitcoin ETFs in the United States, which have seen a net inflow of $16.5 billion this year, as noted by Farside Investors.

The cryptocurrency market showed bullishness in the first half of 2024 with a massive investment in the Bitcoin market, which can be attributed to the increasing demand for Bitcoin ETFs in the United States market. These products have attracted $16.5 billion in investments due to investors' confidence in the future of Bitcoin.

Crypto Exchange Trading Volumes Show Recent Decline

While the cryptocurrency market is still bullish, it's far from the levels seen in March, and there have been many ups and downs since then. Between these months, the market was volatile, with many fluctuations and neutral investors' sentiments, meaning there was stagnation.

Recent data reveals that the trading volume of exchanges in the cryptocurrency market is still experiencing difficulties that affect investors' perceptions.

This decline in trading volumes at crypto exchanges began in April and continues to the present day. According to a CCData report, the spot trading volumes on crypto exchanges fell by 33% in April. In addition, the trading volumes of crypto derivatives dropped for the first time in the last seven months, decreasing by 26%.

In June, spot trading volumes alone fell by 19.3%, reaching a low of $1.3 trillion, a sharp decline from the $3 trillion recorded in March. This reduction also impacted Open Interest, which saw a 9.76% decrease in derivative exchanges, bringing it down to $47.11 billion.

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