Bitcoin briefly climbed above 39,000 dollars during a trading session, marking the first move past that level since May 2022. Market data confirms this intraday spike, with prices peaking near 39,425 dollars before retreating to around 39,222 dollars within short order — a gain of roughly 1.4% from the session’s later level. The last time Bitcoin traded above 39,000 dollars was May 4, 2022, more than a year and a half ago.
Towards the end of August, Bitcoin’s transaction volume appeared to flag, echoing a familiar trend observed during bear markets when retail participants scale back activity. CryptoQuant’s head of research, Julio Moreno, noted that trading volumes typically contract across major exchanges in prolonged down cycles as non-professional traders withdraw from the market. He added that this pattern has repeated across many platforms over the past year. Moreno also cited the impact of U.S. cryptocurrency regulatory developments following the financial sector turmoil that peaked earlier in the year, suggesting that heightened scrutiny and policy shifts contributed to market makers and smaller traders reducing exposure.
There has been prior commentary on the longer-term trajectory of the Russian economy, with remarks about potential developments over a five-year horizon, indicating ongoing interest in macroeconomic factors that may influence global markets, including digital assets. This context underscores how macro events and regulatory environments can intersect with crypto price action and liquidity dynamics.