Market Wrap: Bitcoin Bounces to $11.8K; Over 10K BTC Locked in Harvest Finance

Bitcoin trading around $11,689 as of 20:00 UTC. Gaining 2.2% over the previous 24 hours.

Katie Stockton, a technical analyst for Fairlead Strategies, said bitcoin began a bullish run on Oct. 18, when the price per one BTC began trending above a key moving average.

The record price level for 2020 so far occurred Aug. 17, with bitcoin hitting $12,476 on spot exchange Bitstamp.

While bitcoin trading volumes and transactions have been quiet as of late, momentum, in the form of bitcoin spot volume, has been higher than usual Monday.

"The potential for U.S. fiscal stimulus that is broadly anticipated is likely to result in more price surges in haven/hedge assets like bitcoin and gold."

Constantin Kogan, partner at crypto fund-of-funds BitBull Capital, noted a low in bitcoin miner revenue from fees.

Miners' revenues from fees was the lowest point for that metric since July 12, when it dropped to 2.52%. Some of that can be attributed to low volatility and transactions being processed on the Bitcoin network, according to Kogan.

Ether, the second-largest cryptocurrency by market capitalization, was up Monday trading around $379 and climbing 1% in 24 hours as of 20:00 UTC.The decentralized finance, or DeFi, space is still attracting bitcoiners looking to increase profits.

Total BTC locked in Harvest Finance Monday as of press time was 11,479 BTC, $135,394,805 at current prices and nearly $348 million in total assets locked.

When asked about the bitcoin being parked in protocols like Harvest Finance, Brian Mosoff, chief executive officer of investment firm Ether Capital, remarked on the lower volatility and the potentially lower trading returns for bitcoin versus ether.