Bitcoin temporarily rose to $49,600 today at 01:00 PM UTC before falling below $48,000 levels, showing the presence of selling pressure. At the time of writing, Bitcoin was trading at $47,767 (30 August 02:00 PM UTC) with a 24-hour price change of -1.14%.
With regards to the trading volume, Bitcoin futures trading volume rebounded in the first half of last week. It then rose for a few days reaching its peak of the single-day trading volume of the week on Thursday,
Although the daily trading volume on Saturday hit a new low in August, the trading volume overall remained relatively stable.
Talking about the second-largest cryptocurrency by market cap, the Ethereum platform has surpassed 135,000 ETH in cumulative burns as of the 30th. The Ethers were burned due to the introduction of the major upgrade “London” (EIP-1559) which was introduced in early August.
The Ether burns would limit the supply of the currency as well as add a deflationary factor to it. At the time of writing, the amount was equivalent to $430 million.