BitRss.com latest Crypto World News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

Traders Fleeing from Bears, Bitcoin (BTC) Open Interest Shrinks 7% at BitMex

Traders Fleeing from Bears, Bitcoin (BTC) Open Interest Shrinks 7% at BitMex
The total number of Bitcoin open interest at leading derivatives trading platforms including BitMex is dropping. It is now at $1.37 billion at the time of going to press.
With this, it is likely that traders are exiting their longs position, possibly for stable coins like the USDT or fiat.
Bitcoin Futures Open Interest
Bitcoin Futures Open Interest Rose above $1.5 billion
In late January and through the better part of February 2020—when the market was trending and Bitcoin testing highs of $10,500, the number of open interests, according to stats from Skew, soared past the $1.5 billion mark.
At one point, it looked to be edging closer to $2 billion at the biggest derivatives trading platform in the world, BitMex.
Now, it seems the table is turning and bears are in a pole position.
At $1.37 billion, a 7% decline from the $1.5 billion mark, traders appear to be risk aversive, preferring safety over aggressiveness.
Bears in Charge
In line with this decrease, BTC prices are on a downtrend. The last 24 hours have seen a 3.5% drop, pushing weekly gains to 7%.
Bitcoin BTC Market Performance
Concurrently, Bitcoin’s dominance remains low.
However, this drop could be attributed to the stellar performance of altcoins over the last few days.
Outperforming Bitcoin by several orders, coins like Tezos and at some stage Ethereum rallied, posting double digit gains against BTC.
This price expansion led market participants to speculate, swapping their BTC holdings for alts, reducing dominance.
Coronavirus and central banks easing supportive of bulls
With BTC and the crypto market falling, the number of open interests for BTC products across exchanges including OKEx and BitMex will most likely continue to drop even though fundamental factors are supportive of bulls.
Although recent news reveal that the SEC failed to approve a Bitcoin ETF , global events including halving could pump the coin in the immediate term.
Notably, the effect of coronavirus cannot be underestimated . The flue-like disease is wreaking havoc in parts of China and new cases continue to be reported elsewhere.
As the stock market wobbles and central banks slash interest rates to shore economies, the impact of inflation will force investors to safe havens of which Bitcoin, though volatile, is prominent.

BitRss.com shares this Contents with License.

Thank you for Share!

   

Search Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, from up to 70 Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

  • BlockChain Knowledge Base

  • Cryptocurrency Knowledge Base

  • Bitcoin Knowledge Base


    BITRSS | Submit Your Crypto NEWS

    BitRss.com not only Update the Sources several time a day and allow Visitors to follow and comment on the latest News; We accept submissions of your own Bitcoin and related Crypto stories.

    Our Team will evaluate in depth, human touch, if the Rss and Feeds Sources, will be in line with our policy.

    Protected by Copyscape

    Please support BitRss.com: if you like it, share your favorite News to your Socials!


24h Most Popular News