The reason for the sharp increase in the Bitcoin exchange rate was the statement by the US Federal Reserve

Bitcoin's explosive growth occurred after the US Federal Reserve announced new measuresto support business and the public. This was reported to journalists of CNBC by the head of the Business Development Department of the Luno cryptocurrency exchange Vijay Aiyar.

Recall, the head of the Federal Reserve Jerome Powell in the middle of this week announced plans for the regulator to expand support for the US economy through additional investments.

In addition to the Fed, many are taking similar stepscentral banks around the world, said Ayyar. Such actions inspire confidence for both large and small investors, which is why we are witnessing a surge in their activity over the past 24 hours.

Let us remind you that on the eve of — On April 30, Bitcoin tested values ​​above $9,300, and the capitalization of the entire cryptocurrency market grew by more than $30 billion in 24 hours.

Trader aggression eased in the afternoon, leading to a retreat for BTC, which is now trading just above $8,700.

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Vijay Ayyar believes that so far the stimulus measures of the Fed and other central banks are not enough, and they could provide more assistance to the global economy.

He added:

&#171;We could see more money flowing into stocks and cryptocurrencies as a result of the US Federal Reserve's new money printing.&#187;

Increase in trading volume on cryptocurrency exchanges

The growth in the capitalization of the cryptocurrency market runs in parallel with a surge in the activity of users of the largest cryptocurrency exchanges.

Experts on the growth of trading turnover on platformsreported earlier, but the last days of April turned out to be simply explosive. A sharp increase in trading turnover on April 28-30 was observed on almost all major crypto exchanges.

The first about a positive trend was reported by generalBinance Director Changpeng Zhao. He tweeted that only on April 29 his platform processed transactions for a total of up to $ 11 billion. According to the head of the trading platform, this is the highest figure since January 2018.

ATH in trading volume on @Binance, $ 11 billion in 24 hrs. https://t.co/lx27tfP8Db

- CZ Binance ??? (@cz_binance) April 29, 2020

Researchers emphasize that the greatestactivity is now shown by retail investors. This is evidenced by the data presented by Glassnode, which indicate an increase in the number of bitcoin addresses with a non-zero balance.

After a spurt of up to $ 9300, Bitcoin rolled back to $ 8730. Together with BTC, all the largest altcoins suffered losses in the second half of the current session. For example, ether (ETH) and lightcoin (LTC) fell to $ 211 and $ 46 respectively.

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