- Coinglass data also reveals that the majority of tokens have negative financing rates.
- The price of Bitcoin has increased by 2.07% during the past day.
After falling to its lowest level in more than a month, Bitcoin (BTC) rose this week as investor optimism rebounded. However, there was a lack of optimism in the token’s future trading, signaling more losses.
Since its lows in April, BTC has gained roughly 7%, and it was the last trading at approximately $41,500. Big traders’ acquisition of additional BTC at lower prices accounted for most of the token’s gains. As a result of the token’s volatility, the futures market saw massive liquidations, especially in long holdings. As a result of these big liquidations, a substantial number of traders looked to be losing interest in the world’s most popular cryptocurrency.
Negative Financing Rates
The current price of #bitcoin is basically the average price it has been all year. A bit up, a bit down, but this is about the middle. Like watching paint dry. Been a good year to accumulate IMO.
— Lark Davis (@TheCryptoLark) April 20, 2022
According to well-known crypto expert Lark Davis, Bitcoin’s current price is the year’s average price. Even if it’s gone up and down, in the end, it’s in the middle. Financing rates from five derivatives markets were compared to develop an average for the company. In the last two months, the financing rates for BTC and ETH have dropped to two-month lows.
Coinglass data also reveals that the majority of tokens have negative financing rates. Traders who see a negative financing rate anticipate a decline in the cryptocurrency market. Indicators suggest that BTC’s recent rebound is merely a short-term phenomenon. The token may continue to fall after a slight uptick. According to CMC, the current Bitcoin price is $41,504.79 USD, with a trading volume of $25,212,291,338 USD in the last 24 hours. The price of Bitcoin has increased by 2.07% during the past day.