Bitcoin reached a fresh everyday high on Friday as investors continued to pick up on their limited supply. The ethermeter futures market also set records as derivatives traded the second largest cryptocurrency by market capitalization.
- Bitcoin (BTC) trades around $ 39,304 from 21:00 UTC (16:00 ET). Increased 0.64% in the last 24 hours.
- Bitcoin 24-Hour Series: $ 36,579- $ 41,962 (CoinDesk 20)
- BTC below the 10-hour, but above the 50-hour moving average on the hourly chart, is a sideways signal for market technicians.
New highs of all time are again the topic of the day on Friday, the third consecutive day that the price of bitcoin reached a record level. Around 15:00 UTC (10:00 ET), the price of bitcoin changed from $ 41,962, according to CoinDesk 20 data. The price has since dropped to $ 39,304 since press time.
Read more: More than $ 41,000: Bitcoin continues to bring new highs
“BTC is currently engaged in price discovery with high demand and limited supply,” said Joel Edgerton, chief operating officer of Bitflyer USA. “Everyone who owns bitcoin thinks it’s going to go higher, so keep it.”
According to data collector Glassnode, the current circulating stock of bitcoin is at 18,594,037 BTC – and investors are apparently unable to get enough of the world’s oldest cryptocurrency.
“The continued relentless flow of money to BTC from institutional and some retail buyers offers a significant positive variance,” said Chad Steinglass, head of derivatives trading at CrossTower. “As more and more coins are locked up in long-term investments and are essentially removed from circulation, the available stock is increasingly tightened.”
“Everyone without BTC is afraid of missing out and wants to buy,” Bitgler’s Edgerton added. ‘Lend [U.S. dollar] steel coins to buy BTC is the crypto trade. ”
The top three stable currencies – tether (USDT), US dollar (USDC) and dai (DAI) – have a market capitalization of $ 28 billion, much of which, according to CoinGecko, is $ 22,916,992,958.
“The doors are completely open and buying pressure has grown a lot throughout the year due to macrocycles, COVID-19, the US election and a sense of general anxiety,” said Henrik Kugelberg, an over-the-counter bitcoin- dealer, said. . “In the short term, I expect a setback of maybe 15%, but that will only be a blow to the massive battle – $ 100,000 is entirely possible this year!”
Read more: Why Joe Biden’s $ 3T Stimulus Package Can Add Fuel to the Bitcoin Rally
The action in the bitcoin-derived market was also heavy. Jason Lau, chief operating officer of the OKCoin Stock Exchange in San Francisco, noted that nearly $ 1 billion in liquidations had taken place. “Most of these liquidations were long and it was the third highest amount since November.”
At BitMEX alone, more than $ 100 million worth of liquidations have taken place in the bitcoin market over the past three days, with $ 65 million worth of liquidations indicating that short-term traders were squeezed against $ 42 million in the crypto equivalent of a margin call for long positions.
In the options market, Denis Vinokourov, head of research at broker Bequant, noted that traders like the $ 36,000 strike price for bitcoin.
“Given the extraordinary focus on bitcoin’s $ 36,000 strike of options for the end of January, the option expires, so to speak, on a series of optional plays and risks,” Vinokourov told CoinDesk. “It will be interesting to see if the market will be able to split this bitcoin risk from the rest of the market.”
Ether futures contract at $ 3.7 billion in interest
Ether (ETH) was lower on Friday, trading around $ 1,159 and slipping 6.5% in 21 hours from 21:00 UTC (16:00 ET).
Read more: Ethereum 2.0 explained in 4 easy statistics
As of January 1, ether futures, or OIs, in large derivatives are worth $ 2 billion. According to Oggler Skew, OI rose 85% Thursday to a record $ 3.7 billion. Binance was the forerunner with $ 820 million in OI, more than 20% of the total ether mine market.
“ETH has not yet reached its previous high of more than $ 1,400,” noted Brian Mosoff, CEO of investment firm Ether Capital. ‘Until now, there has been less access to invest in ether versus bitcoin. While we await the pending launch of the CME [ether] future, community members who are more crypto-indigenous and have fewer restrictions on how to hold ETH are likely to want to carry out the launch in advance. ”
Other markets
Digital assets on the CoinDesk 20 are in the red Friday. Notable losers from 21:00 UTC (16:00 ET):
- Oil rose by 3%. Price per barrel West Texas Intermediate Crude Oil: $ 52.48.
- Gold was in the red 3.4% and at press time at $ 1,848.
- U.S. Treasury yields for ten years climbed Friday and jumped to 1,110 and in the green 2.5%.
