Trading activity on Bitcoin (BTC) exchanges spiked massively even as its price was suffering a major correction. According to data from crypto research firm Messari, Bitcoin’s real 24-hour trading volume is about $22.3 billion. To put this figure in context, Cointelegraph previously reported that Bitcoin’s real seven-day trading volume set a new all-time high of $60 billion. In only one day, exchanges have processed over a third of that sum, likely pointing to a new all-time high by the end of the week if the current momentum is sustained. Despite suffering service disruptions amid the price decline, Coinbase recorded about …

The euphoria in the cryptocurrency market was quelled on Jan.11 as the majority of altcoins saw their prices decline by more than 20% as Bitcoin price sold off sharply. After falling below the $40,000 support level on Jan. 10, selling pressure for Bitcoin (BTC) increased overnight and pushed the price of the top cryptocurrency as low as $30,229 before a soft support level was reached. The rapid decline in price led to more than $2.7 billion worth of futures contracts being liquidated and the long candles on the Bitcoin price chart show that the cascade of liquidations occurred quickly as …

After Bitcoin (BTC) price flirted with a $42,000 all-time high on Jan. 8, it stabilized in a tightening range between $39,000 to $41,500 for two days and the pennant structure on the shorter-term timeframes hinted that a breakout to $45,000 was a possibility. This all changed quite suddenly Jan. 10 as the $39,000 support failed to hold and Bitcoin price entered a steep correction. A swirling and cruel 26.6% drop took BTC down to $30,100 over the next 30 hours and $1.5 billion in cascading liquidations at derivatives exchanges boosted the correction. Interestingly, this occurred just as the open interest …

Over $2.7 billion worth of futures contracts were liquidated in the last 24 hours, based on data from Bybt. This caused the price of Bitcoin (BTC) to see a large drop in a short time frame as it plunged from over $41,000 to under $32,600. Why would mass liquidations cause Bitcoin to drop? In the futures market, liquidations of positions occur because traders are borrowing additional capital to trade with larger positions. For example, exchanges in the Bitcoin futures market typically offer up to 100-times leverage. This allows traders to borrow 100 times their initial capital to trade BTC. The …

Bakkt, a cryptocurrency trading platform majority-owned by Intercontinental Exchange, is rumored to be deep in discussions to go public through a merger with VPC Impact Acquisition Holdings. On Jan. 7, Bloomberg published a story citing anonymous sources “with knowledge of the matter” who claimed Bakkt is already in advanced talks regarding the merger, predicting that an official announcement on the matter could be published as soon as next week. The sources estimate the combined entity could be valued at more than $2 billion, should the merger be completed. VPC is a special purpose acquisition company closely affiliated with Victory Park …

Equos, a Singapore-based digital currency exchange operated by Diginex, has announced the launch of a new Bitcoin (BTC) futures product without any settlement dates, marking a substantial leap in the BTC derivatives market. The firm introduced the BTC Perpetual Futures Contract on Thursday, a product it says is “well suited to the current trading environment.” The perpetual contract is geared toward professional traders with various risk profiles, with prices and liquidity provided by independent market makers. The exchange claims that its new BTC contract is backstopped by its liquidity reserves, which are partially funded through fees and trading revenue. Unlike …

Bitcoin (BTC) recently reclaimed $35,000, but top traders at Huobi, OKEx and Binance are not buying the breakout. Unlike the savvy institutional investors who may be desperate for protection against the debasement of fiat, the more crypto-focused investors seem to be waiting for dips. Institutional investors might also be celebrating the Jan. 4 announcement that the Office of the Comptroller of the Currency will allow banks to include stablecoins in bank-permissible functions. This further validates the crypto sector and may result in a rise in institutional participation in the space. Typically, after a new all-time high is achieved, Bitcoin price …

Bitcoin (BTC) is continuing to rise to new heights above $35,000 on Wednesday as U.S. buyers on Coinbase further drive up the price. But the BTC futures market’s funding rate is also surging alongside futures open interest. The combination of a high funding rate, whales in Asia selling and a record-high futures market open interest raises the chances of a short-term correction. What’s more likely, a correction or a continuation of the Bitcoin rally? Currently, as Mechanism Capital’s Andrew Kang noted, the aggregated open interest of the Bitcoin futures market is at a new record high. He said: “Aggregated Open …

Two weeks ago, few investors would have expected Bitcoin (BTC) price to rally any higher than $20,000. In fact, most had forecast a $30,000 BTC price by mid-2022 or late 2023 at best. This means that many holders were likely caught by surprise as BTC price surged to $34,800 just 17 days after crossing the $20,000 mark. Generally, analysts expect a sharp correction to follow Bitcoin’s 150% gain since November, but currently, there are no fundamental indicators that support this point of view. Despite the recent bullish euphoria surrouning Bitcoin’s price action, the digital asset faced a significant drop as …

The daily volume of the CME Bitcoin futures market and LMAX achieved a new all-time high on Monday. The data shows that institutional demand for Bitcoin (BTC) is rapidly surging as major public funds continue to accumulate. Institutional appetite for Bitcoin is accelerating According to analysts at Arcane Research, the daily volume of LMAX Digital reached a record-high at $2.62 billion. LMAX is a trading platform that tailors to institutional and accredited investors, unlike retail-focused platforms such as Coinbase and Binance. Arcane Research’s head of research, Bendik Norheim Schei, wrote: “Want another ‘Institutional investors are here’ chart? Here's the daily …

Bitcoin (BTC) crashing to $27,700 and rebounding seconds later was a shock for some and financial ruin for others, data shows. According to on-chain analytics resource Glassnode, futures traders with long positions lost a total of $190 million on Binance alone in a single hour — the most in history. One exchange, 60 minutes, $190 million The figures underscore the current face of Bitcoin as it circles new all-time highs and together with Ether (ETH) becomes the hottest ticket of 2021. Longs had seen almost unbridled success throughout much of December 2020 and into the new year, with upside seeing …

As Bitcoin (BTC) price tested the $17,580 low on Dec. 11, investors remained relatively calm despite some analysts issuing bearish estimates. Last week’s trading may have finished at the same level where it started, but the fundamentals for Bitcoin have become even stronger. Each time Bitcoin makes a new high, investors expect some form of correction. Despite failing to break through the $24,000 resistance, the price quickly bounced from its sub- $22,000 dip on Dec. 21. This event might have given sellers some hope, but looking under the hood, there is not a single sign of weakness sign. In the …