Cryptocurrency trading is becoming more and more popular among non-technical and non-financial masses. The recent geopolitical tensions have proceeded to strengthen the cryptocurrency markets due to its touted independence from the centralized financial networks. The direct impact of the political unrest has seen cryptocurrency trading volumes undergoing exponential growth in the last two weeks.
When the news of the Russian military invading Ukraine first hit the global media, the prices of the cryptocurrency assets also crashed alongside the stocks and equity markets. However, the tides soon turned in favour, and a massive trading volume was witnessed, sending the aggregate crypto market cap to $2 trillion once again. During these critical times, Bitcoin trading volume has also left behind big Tech giants like Apple several leaps behind.
The latest reports reveal that Apple Inc., which is registered on NASDAQ under the APPL ticker, is getting massive competition from Bitcoin. The median per day/session trading volume for Apple shares until March 9th is estimated to be $94 million. As per data projections from YCharts, for the last month, the total recorded trading volume for APPL reached $15.6 billion.
For the same duration, the mean per unit share price of APPL was set at $166.07. Meanwhile, the average 30-day trading volume for Bitcoin was estimated to be around $24.73 billion. As per CoinMarketCap analytics, Bitcoin outshone APPL by 58.43%.
White House’s Executive Order Affects Bitcoin Market
Despite all the negative implications, the Bitcoin markets seem to be responding favourably towards the recent crypto Executive Order. In addition to surpassing APPL stocks by a major leap, Bitcoin prices reclaimed $42K once again during the last 24 hours.
Furthermore, the prices of the infamous DeFi token Monero (XML) also made started to rally after the accidental leak of the EO official documents from the office of the US Treasury Secretary Janet Yellen. As per CoinMarketCap projections, just hours before the signing of EO, Bitcoin prices have experienced a 10% increase. Meanwhile, the weekend trading activity remained comparatively slower for the top coin.