David Lawant, the Head of Research at FalconX, reported that Bitcoin (BTC) saw an astounding $46 billion in spot trading volume this past Monday. This marks the largest holiday/weekend trading volume ever recorded, according to Lawant, and it also ranks as the fifth-highest volume in the entire history of Bitcoin. BTC Hits New ATH In related news, Bitcoin recently hit an all-time high of $109,356 . However, the rally was brief, with the flagship crypto quickly retracing to below $100,000 on the same day, forming a bearish candlestick pattern. Meanwhile, the stock markets were closed on Monday in observance of Martin Luther King Jr. Day. At the time of writing, Bitcoin was trading at around $101,650. Over the last 24 hours, a total of $747.71 million worth of crypto has been liquidated, according to data by CoinGlass . Strategic Reserve Woes The market reaction was partly influenced by the lack of an announcement regarding the establishment of a U.S. Bitcoin reserve, which had been anticipated by many. With the chances of such a reserve being implemented in the next 100 days now reduced to just 33%, this disappointment likely contributed to the significant Bitcoin pullback. Still, with Donald Trump finally being sworn in as the 47th President of the United States earlier this week and officially firing Gary Gensler as SEC Chair, many are hopeful that Bitcoin can reach new heights before long.
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