Connect with us

Hi, what are you looking for?

ELEVENEWS

Bitcoin

Bitcoin Futures depict growing investor confidence, despite market corrections

Showing clear signs of revival, Bitcoin went up by a whopping 21% between 23 and 24 March. During this time, the king coin’s price climbed close to the $7,000 level. However, despite continuously trying to establish a higher foothold after the great fall in the second week of March, Bitcoin again retraced its steps back to the $6,560-mark

Source: BTC/USD on TradingView

In what appears to be a revival of confidence and faith in the market, buy liquidations worth $76 million in total were registered on BitMEX, at press time, with the highest single transaction liquidation found to be $648k. The latest data from Skew markets revealed that this figure dominated sell liquidations which amounted to $62 million.

These figures brought it to a total of around $138 million worth of Bitcoin long and short positions.

However, the crypto-market has continued to sustain market corrections, something that was evident in the rise in sell liquidations, after the fall of Bitcoin’s spot price from $6,900-level to the current price on 25 March, despite the fact that this number is still lower than that of buy liquidations for BTC Futures on BitMEX.

Source: Skew

The massive drop and sell-offs crypto’s spot price to 2020-lows affected the derivatives space as well. However, the latest trend is indicative of a renewed interest in the market, with buyers stepping up as Bitcoin’s price gradually recovered, even as minor corrections continued.

Besides, thanks to Bitcoin’s high correlation with the other crypto-assets, this sentiment was not just limited to the king coin’s derivatives market. The second-largest cryptocurrency, Ethereum, has closely mimicked Bitcoin’s price, and its correlation remains one of the strongest with a coefficient of 0.88, according to data charted by CoinMetrics.

Ethereum has also surged significantly after the crash, even as it remained trapped in the $135-level, at the time of writing.

Liquidations rose in ETH Futures on the crypto-derivatives platform BitMEX following the surge in its spot price. A total of $3.4 million liquidations took place, at press time, which accounted for $2.1 million of buy liquidations and $1.3 million of sell liquidations.

News Source

Click to comment

You May Also Like

Ripple

We will be inspecting historical price data and market sentiment for Ripple, so that we can establish an XRP price prediction for April 2020. Ripple...

Ripple

Scammers Create a fake YouTube Account for XRP XRP Price Analysis – XRP Price Declines, the Bulls Lurking In the Short Term XRP Price...

Ripple

A new job opening at Ripple is revealing the company’s ambitions to build a trading platform connected to its XRP-powered cross-border payments solution, On-Demand...

Cardano [ADA]

New Features and Better Upgrades Cardano Price Analysis – ADA Price Is  Approaching the Next Major Breakout to $0.04 Cardano News Update – Cardano...

Copyright © 2020 Elevenews