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.
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