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Cryptocurrency News Articles
Cryptocurrency Markets Rebound, Bitcoin Open Interest Sinks
May 03, 2024 at 04:09 am
Cryptocurrency markets showed signs of recovery on Thursday, with major coins gaining value after earlier losses. Bitcoin's open interest dropped to its lowest level in two months, standing at $28.19 billion. Despite positive movements in altcoins, analysts caution that Bitcoin needs to demonstrate more strength and break the $60,000 mark for sustained growth.
Cryptocurrency Market Regains Footing After Steep Decline, Bitcoin Open Interest Plummets
New York, NY - November 17, 2023 - Cryptocurrency markets exhibited a modest recovery on Thursday, clawing back some of the significant losses incurred earlier in the week. The positive movement follows a sharp downturn that sent prices tumbling.
Key Cryptocurrencies Post Gains
At the time of writing, major cryptocurrencies showed moderate gains:
- Bitcoin (BTC): +4%, trading at $59,335
- Ethereum (ETH): +2.3%, trading at $2,999
- Solana (SOL): +6.3%, trading at $138.5
- Dogecoin (DOGE): +4.4%, trading at $0.133
- Shiba Inu (SHIB): +5%, trading at $0.00002311
Open Interest Hits Two-Month Low
Notably, Bitcoin's open interest has sunk to its lowest level in two months, standing at $28.19 billion. This metric represents the total value of outstanding Bitcoin futures contracts and indicates a decline in market activity.
Liquidations Surge Amid Market Volatility
In the past 24 hours, 48,914 traders were liquidated, resulting in a total of $155.29 million in losses. Short liquidations ($90.36 million) surpassed long liquidations ($64.88 million).
Bitcoin Holders Remain Profitable
Despite the recent market turbulence, 86% of Bitcoin holders are still in profit, indicating that the long-term prospects remain positive for the digital asset.
Bitcoin Spot ETFs Experience Outflows
Bitcoin spot ETFs, which track the price of the underlying asset, recorded substantial net outflows on Wednesday, totaling $564 million. This suggests that some investors are moving away from the digital asset in the short term.
Notable Developments
- PayPal users in the United States can now purchase cryptocurrencies through MoonPay, a leading cryptocurrency payment processor.
- MicroStrategy, a prominent Bitcoin investor, has unveiled a decentralized identity service based on the Bitcoin Ordinals protocol, providing users with greater control over their personal data.
- BlackRock, the world's largest asset manager, expects renewed institutional interest in Bitcoin ETFs, underscoring the growing recognition of digital assets within traditional finance.
Top Gainers
- Arweave (AR): +19.8%, trading at $34.64
- Pepe (PEPE): +10.9%, trading at $0.000007638
- Axelar (AXL): +9.3%, trading at $1.25
Analyst Commentary
Rekt Capital: "Bitcoin is +2% away from reclaiming the re-accumulation range low."
Altcoin Sherpa: "Bitcoin needs to show more strength before going all in."
CrediBULLCrypto: "Bitcoin is making progress off its local lows, but the choppy rise is not ideal."
Outlook
The future of cryptocurrency markets remains uncertain, with potential for further volatility. However, the recent recovery indicates resilience and suggests that the long-term trend may still be positive.
Upcoming Events
Benzinga's upcoming "Future of Digital Assets" event on November 19th will explore the growing influence of Bitcoin as an institutional asset class.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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