LMAX Digital volumes jumped back up on Wednesday after a mild cooldown on Tuesday. Total notional volume came in at $2.43 billion, 12% above the 30-day average volume. Most of the action was around Ether, where we saw a 61% jump above 30-day average volume, with Wednesday’s Ether volume coming in at $824 million.

Average trade sizes also ticked back up on Wednesday. BTCUSD trade size at LMAX Digital crossed up from a range low at $12,000 back above $13,000. Average ETHUSD trade size pushed back above $8,000, looking to make a move back towards the 30-day high around $10,000. Total notional volume at LMAX Digital over the past 30 days has now crossed up above $65 billion to $65.23 billion.

The big headline into Thursday is the news around Elon Musk and his announcement that Tesla will know longer be accepting payment in Bitcoin for car purchases. The other month, Musk was applauded by the crypto community for his endorsement of the space, and while he is still positive about the outlook, he has now expressed concerns about Bitcoin mining and the “great cost to the environment.”

But the debate around bitcoin mining and the negative impact on the environment is nothing new and there have been many compelling arguments to offset such critique, not the least of which being Bitcoin’s use of a tremendous amount of renewable energy.

Efforts are already being made to further mitigate Bitcoin’s carbon footprint and there is another compelling argument to be made that the cost of not having the decentralized currency is far greater than the current downside risks with Bitcoin in circulation.

Crypto assets have also been negatively impacted by global macro forces, with fear of rising inflation intensifying on Wednesday after US CPI reads came in well above forecast. The worry is that higher inflation will threaten the economic recovery given pressure it will put on central bankers to move towards higher rates. This in turn could trigger a liquidation of risk assets, with crypto seen under pressure as a consequence.