Thursday, April 18, 2024

Bitcoin Holds Steady at $70K as Crypto Market Awaits Halving Event.

As a result of the fact that many major financial centres across the world were closed for the long Easter weekend, Bitcoin (BTC) and Ethereum (ETH) started the trading week with relatively little movement between them.

According to information provided by CoinDesk Indices, the price of bitcoin remained unchanged at $70,000 at the time of this writing, while the price of ether was trading close to $3600. The CoinDesk 20 (CD20), which is a measurement of the digital assets that are the largest and most liquid, was trading at 2,750, representing a 1.9% increase.

According to Jun-Young Heo, a futures trader at Presto Labs, which is based in Singapore, “BTC and ETH showed relatively calm movement last week compared to other weeks in March,” with weekly realized volatility dropping below 50%. This was said in an email interview. The implied volatility of front-month options, on the other hand, continues to be elevated by around 75%, regardless of the fact that the Bitcoin halving event is anticipated to take place around April 20.

In addition to this, he mentioned that funding rates continue to be inflated, with the majority of large-cap perpetual futures on key exchanges recording funding rates ranging from 6bps to 8bps and the worldwide open interest for Bitcoin and Ethereum perpetual futures reaching 35 billion dollars.

As he continued, he stated, “The markets may once again return to a regime that is more volatile.”

In the meantime, QCP Capital noted in a telegraph note that bitcoin was gaining momentum before the long weekend as a result of favourable inflows on bitcoin exchange-traded funds (ETFs) amounting to 243.5 million dollars earlier this month. Furthermore, according to the data provided by Coinglass, this inflow continued on March 28 with an additional influx of $182 million.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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