Bitcoin Drops Below $52K; OI Scale Peak Level
By Laxmikant Khanvilkar
Virtual digital assets (VDA) were consolidating in the last 24-hours as the recent buying frenzy led strong build up in futures open interest, similar to the level seen during 2021. That triggered discussions among market participants, whether the futures market has become overheated.
Bitcoin (BTC) recently topped $53K as net inflows in the spot BTC exchange traded funds (ETFs) reached record highs. Last week, the ETF issuers collectively received over $2.4 billion. The trend demonstrates investor interest for such products. This also reflects in price action.
However, rising OI levels promoted traders step back a bit. As such, price of
the largest cryptocurrency by market capitalisation, has dropped $52,000 mark. It is currently trading at $51,675 down 0.78%.
According to data from Coinglass, the Bitcoin open interest has risen to more than $24 billion, the level seen in 2021.
On the other hand, the broader market are largely trending higher led by the Ethereum (ETH), Binance token Solana and others.
Ethereum has broken beyond the $2,900. The second largest cryptocurrency, continue to eye $3,000 mark. It traded at $2,939 up 2.5%. Ripple’s XRP, Binance BNB, Dogecoin are among gainers.
The global crypto market cap increased 0.38% to $1.98 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 5.7% to $68.3 billion. Total volume in DeFi is currently $6.6 billion, and all stablecoins are $61.2 billion, representing 9.7% and 89.5%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.4%, down 0.58% over the day.
The IC15 index, the barometer of the top fifteen tokens, eased 0.4% to 66,578.
Meanwhile, the UK has become a major player in the holding and trading of bitcoin. Recent data reveals a persuasive fact: the UK now ranks third globally in terms of the total value of bitcoins held by investors.
Analysts expect Bitcoin to revisit $69,000 before Bitcoin Blockchain’s fourth mining reward halving due on April 19.
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