Bitcoin price on Tuesday night reached a level not seen since September 6, 2019, at $11,417 (Bitstamp). One of the catalysts for the rally was the mass closing of short positions in Bitcoin derivatives, with total volumes exceeding $500 million.
Over 500,000,000$ #bitcoin shorts liquidated today across derivatives:
Binance: 126 Million
Bitmex: 124 Million
Huobi: 102 Million
OKEx: 95 Million
Bybit: 52 Million
Deribit: 13 Million— CL (@CL207) July 27, 2020
On Bakkt-regulated Bitcoin futures, a new all-time daily-volume high was recorded. The number of contracts traded stood at 8,619, equivalent to $97.4 million.
Monday’s Bakkt Bitcoin Monthly Futures:
📈 Traded contracts: 8619 ($97.42 million, +236%) (New ATH 🚀)
🚀 All time high: 8619 (7/27/2020)
💰 Open interest: $7.88 million (-1%)Did I help you by crunching data? Send me some sats: https://t.co/TF6sNUwWpO pic.twitter.com/tGic8GlfbY
— Bakkt Volume Bot (@BakktBot) July 28, 2020
The price of the leading cryptocurrency rose by 11.1% over the past 24 hours. For the first time since June 1, it crossed the psychological threshold of $10,000, followed by the milestone of $11,000. The rally coincided with a softer dollar against reserve currencies and gold reaching a new all-time high of $1,981 per troy ounce (the previous record was set in September 2011).
Bullish sentiment across the crypto market also extended to altcoins. Ethereum rose to $334, a high not seen since June 2019. The move came amid volumes that doubled. Over the week, the asset rose more than 30%.
All eyes on #Ethereum: trading volumes rose +200% as its price soared past $300, hitting a yearly high of $322, with weekly returns at +30.14%, see a detailed market analysis on @KaikoData‘s latest research factsheet https://t.co/DVRE6VJyMi pic.twitter.com/mZmsKdhnf5
— Ambre Soubiran (@ambresoub) July 27, 2020
Earlier, ForkLog reported that the market revival has been accompanied by a three-month high inflow of bitcoins onto exchanges.
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