LMAX Digital volumes cooled off from Monday levels but were healthy overall on Tuesday. Total notional volume for Tuesday came in at $864 million, 55% above 30-day average volume.

Bitcoin volume printed $636 million on Tuesday, 144% above 30-day average volume. Ether volume came in at $63 million, 16% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,805 and average position size for ether at $2,487.

Market volatility has been running on the higher side in recent weeks. We’re looking at average daily ranges in bitcoin and ether of $4,388 and $199 respectively.

The crypto market is welcoming the news of the SEC launching a crypto task force aimed at “developing a comprehensive and clear regulatory framework for crypto assets.”

A lot of the holdup around mass adoption and institutional investment has been about a lack of regulatory clarity in the United States. Now that there is clearer support from the new administration, efforts are being made to provide the much desired clarity.

Institutions like Bank of America have been patiently waiting for such clarity so they can take a more active role in the space. On Tuesday, Bank of America CEO Brian Moynihan said the banking industry would indeed embrace crypto if regulators allowed it.

And while the market waits on any announcements around an official bitcoin reserve in the United States, it is getting more confirmation signals reflecting the President’s follow through of campaign promises.

Ross Ulbricht, founder of the Silk Road, who had been serving two life sentences plus 40 years, was granted a full and unconditional pardon by President Trump.

Technically speaking, bitcoin is doing a good job consolidating following another push to a fresh record high this week. As per our chart analysis, the stage is now set for the next major upside extension towards $130k.