3 Bitcoin price metrics show bulls were not fazed by today’s $1.6B liquidation
Today’s $1.6 billion Bitcoin liquidation event might have flushed out some over-leveraged retail investors, but the overall market is still positioned in favor of bulls. Bitcoin's (BTC) sudden $11,500 drop liquidated more than $1.64 billion worth of BTC futures contracts. This massive figure represents 8.5% of the total $19.5 billion in open interest, which coincidentally had just reached its all-time high.Although these are significant figures, they are proportionally lower than the $1-billion futures liquidation on Nov. 26, 2020. At that time, the 16% correction that followed Bitcoin....
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This year crypto derivatives traders faced some tough times, but the current situation seems much more favorable to Bitcoin bulls. Bitcoin (BTC) might be struggling to break the $36,000 resistance for the past three weeks, but bulls now have one less thing to worry about: cascading futures contracts liquidations.One might be under the impression that a $1 billion liquidation is usual for Bitcoin. Still, traders tend to remember the most recent exaggerated movements more than any other price shifts, especially when the price crashes and people lose money.This negativity bias means that even....
While we haven’t achieved the elusive $20,000 spot price all-time high yet, these other metrics show where bitcoin has grown far beyond previous peaks.
Bitcoin inched towards $18,500 on Tuesday night. A sell-off occurred, and the cryptocurrency lost its support base of $18,000 in the early Wednesday hours. But ahead of the US session, it managed to secure the $18,000-support all over again. The seesaw intraday price move in the Bitcoin market shows that bulls are in full control. […]
Decentralized exchange (dex) volumes have been dropping since December 2021 according to current statistics. However, last month dex trade volumes spiked 2.37% higher than the volumes recorded in February. Despite the brief spike and with only eight days left in April, metrics show this month’s dex volumes will likely be much lower than in March. Decentralized Exchange Volumes Slip Month After Month — April’s Dex Volumes Remain Lackluster In 12 months, dex platforms recorded over $1 trillion in trade volume as they have become prominent fixtures in the crypto....
DAI reached a price of $1.3 on Uniswap and Coinbase, the two exchanges used by Compound's oracles. The crypto market suffered a powerful crash on Thursday morning UTC, which sent prices of major currencies like Bitcoin (BTC) and Ether (ETH) tumbling in excess of 10%.When traders rush for the exits, the price of stablecoins generally increase as the demand for stability rises. In today’s crash, however, the effect became particularly pronounced on Dai (DAI), which briefly traded for $1.3 between 7 and 8 AM UTC.Dai/USD price on Coinbase, courtesy of TradingViewMost notably, DAI traded at....