The latest edition of Cointelegraph’s The Market Report has an analysis of Bitcoin’s recent decline to $26,000 by expert Marcel Pechman. While it doesn’t ensure a speedy rebound to the $29,000 support, the lack of professional traders’ bearish signals in the Bitcoin BTC$26,022 options and futures measures lessens the likelihood of a lengthy correction.
The liquidity and volatility of Bitcoin have dramatically dropped since the FTX collapse in November 2022, according to a Kaiko data graphic that Pechman presents. Did the 11.4% price decline in the middle of August worsen conditions because of the greatest futures liquidations since November 2022, despite no signs of increased volatility or liquidity problems?
After the latest $26,000 drop, the premium on bitcoin futures reached a neutral 6% level, indicating that there was equal demand from leveraged longs and shorts. This is consistent with a neutral BTC options skew of -7% to 7%, indicating fair downside protection prices.
Pechman analyses the viewpoint of macroeconomic analyst Lyn Alden on the idea of a shared currency for the BRICS (Brazil, Russia, India, China, and South Africa) countries in another article. Alden and Pechman both believe that it won’t be successful. Alden offers odd counsel to cryptocurrency investors, pointing to a weaker US dollar if the BRICS use their own currencies for international trade.
Please visit cryptured.com to see the latest market predictions, prices, and all about crypto and the decentralised economy. Cryptured has been serving crypto geeks and providing the latest news to its audience base. We recommend you subscribe to our newsletter or download our Android app named Cryptured to get the latest crypto news directly on your Android smartphone.
