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Bitcoin is settling down
Last Updated: November 15, 2023
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- 🔒 Bitcoin is settling down?
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Stock markets got a boost yesterday thanks to some unexpected good news about low inflation in the USA.
But what about our crypto pals, BTC and ETH? Well, they kind of hit pause on their exciting journey.
BTC took a dip, almost touching the $35,100 mark, but it's like a rollercoaster trying to climb back up.
In simpler terms, the stock market had a good day, but BTC and ETH decided to take a breather. BTC took a little tumble, but it's bouncing back, and more people are getting in on the action.
Trending
Crypto Futures Stabilize as Bitcoin Slips to $35.1K
Let's break down this down into pieces:
- Market Swings:
- Cryptocurrency futures experienced major swings.
- Open interest surged to $35 billion over the weekend as traders made highly leveraged bets.
- Fees and Sentiment:
- Traders paid hefty fees, up to 0.5% every eight hours, to maintain long positions.
- Shifting sentiment led to a market drop, with nearly 90% of bullish bets liquidated.
- Back to Normal:
- Liquidations signaled a possible market turning point.
- Funding rates have returned to typical levels, around 0.01% on most exchanges.
- Positive Signs:
- Despite the turbulence, crypto markets gained 6% last week.
- Expectations of a U.S. Bitcoin ETF approval and BlackRock's Ethereum (ETH) ETF filing added to the optimism.
At least some positive signs, right? Let's wait for more updates about Bitcoin ETF approval and big players like BlackRock showing interest in Ethereum.
News
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Experts
Expert Talk + Question For You 👇
In the last episode, Danielius (BitDegree Co-Founder) and Jong-Chan (Venture Manager at BFG) discussed an interesting topic on how to launch a Web3 startup with an Accelerator.
If you missed this one, I suggest to go and check this out 👆
Meme of the day 😂
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