LMAX Digital volume continues to cool down this week on account of the holiday thin trade. Total notional volume for Tuesday came in at $919 million, 17% below 30-day average volume.

Bitcoin volume printed $463 million on Tuesday, 16% below 30-day average volume. Ether volume came in at $301 million, 22% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,729 and average position size for ether at 8,023.

Volatility has been slowly picking up since finding a bottom in July. We’re now looking at average daily ranges in bitcoin and ether of $2,736 and $265 respectively.

A lot of the news has been positive into Wednesday and this has unquestionably contributed to the latest recovery rally in crypto assets. On a macro level, risk appetite has come back, with the recovery in US equities fueling demand for bitcoin and ether.

But we’re also seeing crypto specific, or rather bitcoin specific headlines that have been helping to prop the market. Former Twitter CEO Jack Dorsey has been out on a campaign for bitcoin this week. One of Dorsey’s interactions was with popstar Cardi B who has 20 million followers on Twitter.

When Cardi B asked her followers whether they thought crypto would replace the US Dollar, Dorsey piped up and responded ‘Yes. Bitcoin will.” Of course, Dorsey’s answer also reflects an underlying tension between bitcoin maximalists and the rest of the crypto community. Nevertheless, the comments have helped to prop up crypto on a broad basis.

Other positive news includes reports that a city in Tennessee is set to become the first in the US to add cryptocurrency as a payroll option for employees, and a new consumer survey in the UK revealing nearly three quarters of 18-34 year-olds would be happy to receive cryptocurrency as a last-minute Christmas gift.