The value of Bitcoin and Ether went up by 4% in the last day because people are hopeful that the U. S may approve an exchange-traded fund (ETF) for them. Also, the high prices of gold are helping them go up in value.
BTC reached over $41,000 on Monday morning, which means it has gained more than 152% so far this year.
According to CoinGlass, exchanges sold $220 million worth of cryptocurrency futures over the weekend. Most people thought prices would go up, making up nearly 85% of the total count.
More than $120 million worth of bets against the price of bitcoin going up have been closed since Friday. In other places, the amount of money traders are willing to bet on future changes in the market went up by 6% on Monday.
At the same time, experts at Coinanlyze informed CoinDesk that the amount of money people were betting on BitMEX went up by 90% to $420 million from $200 million in just a few hours. This suggests that a big player made very large bets on the platform.
Liquidation happens when a trading platform closes a trader’s position because they lost too much money. This happens when a trader doesn’t have enough money to keep a trade open.
Big sell-offs or purchases can show when the price is at its highest or lowest point, which can help traders make the right moves.
This information is helpful for traders because it shows when the power of popular futures contracts is reduced, which can be a sign that prices will become less changeable in the near future.