The Bitcoin-buying interest continues to increase. It is currently at the level of before the sale in March.
The Bitcoin Futures return after a significant decline in March. In the past month, the Open Interest fell after a historic sell-out, in which the whole of the market for crypto-currencies in a single day, about 50% is gone.
Open Interest refers to the sum of all open positions in a futures or option contract.
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Open Interest is back to normal
The Bitcoin futures exchanges are back in a big way, suggesting that the market may show some strength. How recently Unfolded (@crypto unfolded) reported increases in the Open Interest steadily, and yesterday reached peak values.
The Open Interest increased in February, quickly, before COVID-19 displaced the markets in panic. It began to rise in mid-April and has increased further since then.
The recovery seems to be on the rise in the US Mainstream financial markets reflect. The volume for Futures is on the rise in this month also, with the biggest daily volume jump in the weeks was previously reported in April.
A vibration on the Bitcoin Futures markets
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Due to the drastic sell-off in March, the market leader for Bitcoin Futures were changed. From now on, Binance and Huobi leads the market in Trading volume. BitMEX, once the number 1, is now fallen to the fourth largest market for Futures Trading volume.
Whether these breaks are to continue, it remains to be seen, however, the reputation of BitMEX has suffered the most. The stock market was to crash on the 12. March made responsible; a lot of users comment that the historical clearance work after the failure of the exchange due to maintenance “” has been set.
At the time of writing, Bitcoin has held its Position on the price point of 7,700 $ and shows relatively stable. The Trading volume remained the same compared to last year, despite the market turbulence is high.
Traders, however, should observe the macro-economic indicators to better assess what holds in the short term. Many are concerned that the world economy may not recover as strongly as expected – although the International monetary Fund (IMF) claims that a “V-shaped recovery” was still possible.
Remains to be seen how all this will affect the upcoming halving of Bitcoin.
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