SOTM February 16-24, 2021
Another week means another all time high price. Bitcoin continued to push to higher price levels on further momentum and a positive news cycle. Significant events this week included news that Microstrategy had purchased roughly $1B of additional Bitcoin following a senior debt offering and that Square had also added roughly $170M of Bitcoin to their balance sheet. Weekend trading marked a new high of $58,367 on spot exchanges, however the following Monday’s selloff brought with it a cascade of liquidations and exchange issues ultimately bringing a drawdown to a low of roughly $44,800. Open interest has not quite recovered and elevated funding rates have come in, suggesting some market participants may have had their confidence shaken by the recent move.
The post SOTM February 16-24, 2021 appeared first on Coin Metrics .
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