Bitcoin plummeted suddenly at Wednesday night, falling in less than an hour by $ 500 - below $ 9,700. Earlier on Wednesday, market participants drew attention to the emergence of a massive wall of $ 120 million from bitcoin buyers between the levels of $ 10 120 and $ 10 150 on the largest crypto-derivative exchange BitMEX.
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The unusually large size of the application aroused the interest of traders who began building theories that someone might seek to try to raise the price of the cryptocurrency in this way or sell more bitcoins while maintaining a high rate. Along with the latest movement, the volume of open positions on BitMEX decreased from $ 921 million to $ 888 million, which is still a pretty high value for this exchange.
Recent Bitcoin movements have led to conflicting views on the short-term prospects of the cryptocurrency market. Many traders openly worry if demand is strong enough so that the market does not enter the next bearish phase.
Jeff Dorman, director of investment at Arca, says new money will come to the market through companies like Bakkt and Fidelity. According to him, in the current uncertainty in the global market, bitcoin looks like an attractive asset for significant hedge funds.
Besides, The Bakkt cryptocurrency platform from Intercontinental Exchange Corporation (ICE) has announced that as early as September 6, customers awaiting the launch of trading in Bitcoin deliverable futures will be able to make deposits.
The Chicago Mercantile Exchange (CME) reported a record in 2019 of average daily bitcoin futures trading volume $ 370 million, which indicates a renewed interest in the first cryptocurrency from investors.
According to the Block Journal, since 2010, bitcoin has bypassed leading IT companies millions of times in profitability. Bitcoin quotes have been available since March 2010, when the now-defunct BitcoinMarket.com trading platform was launched. Then BTC cost about $ 0.003. Thus, at the current exchange rate of about $ 10,000, growth amounted to more than 330 million percent.
The crypto market is in anticipation of the launch of futures from Bakkt, because of upcoming events of September 23, but the desired price spike may not happen. Although Bitcoin has shown impressive growth since April 2019, the trend for parabolic growth has broken, and so far, there are no signs of a clear desire to buy bitcoin at current prices. For some, $ 10K is already too high a price to buy, for others it is too low for sale, so we see a quite long lateral trend since both sides are waiting for catalysts.
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