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Adnan_Virtual
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Day 5: No more madness! 🙅
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Bitcoin's Price Rally to $61K: Why Derivatives Traders Remain Skeptical
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Bitcoin slipped below $60,000 for the first time since late June, resulting in the liquidation of $8.4 million worth of long contracts within just the past hour. Ethereum derivatives traders were also affected, with approximately $8.8 million worth of long ETH contracts wiped out during the same period. The sudden drop occurred after five days of net inflows into Bitcoin spot ETFs in the U.S. Additionally, markets have been anticipating the impact of repayments to creditors from the Mt. Gox trustee, which oversees the defunct exchange's bankruptcy process. Furthermore, inflation and federal interest rates in the U.S. have significantly influenced crypto markets, leading investors to adopt a risk-off approach by favoring treasury bonds over riskier assets like stocks and cryptocurrencies. As of now, the Bitcoin price has rebounded above $60,000, currently tr ading at $60,215.46 (down 3.8% compared to the same time yesterday). Meanwhile, Ethereum's price has been more sluggish, standing at $3,308.61 (down 4% over the past 24 hours) according to Coingecko data¹. Keep an eye on these developments as the crypto landscape continues to evolve! 😊#adnanvirtual #BinanceTournament #ETH_ETFs_Approval_Predictions #IntroToCopytrading #Megadrop $BTC
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