Quiet Long Weekend Keeps Bitcoin Above $30K
As the U.S. has been off for an extended long weekend, markets are soft as Asia begins its Wednesday trading day.
Bitcoin is down 1.1% to $30,807, while ether is down 0.8% to $1,939. The CoinDesk Market Index (CMI), a measure of crypto markets performance, is down 0.9% to 1,262.
Data from CoinGlass shows that while open interest continues to sustain itself at the $14.38 billion market, trading volume across the board is down, with major exchanges reporting declines between 15-20%. Liquidation volumes reflect this, with only $148,000 in positions liquidated during the last four hours, and $7.2 million liquidated in the last
How does the decline in trading volume and liquidation volumes in the crypto market affect investor sentiment and market performance
During the extended long weekend in the U.S., the crypto markets have been relatively quiet. As Asia begins its Wednesday trading day, Bitcoin is down 1.1% to $30,807, and ether is down 0.8% to $1,939. The CoinDesk Market Index (CMI), which measures crypto markets performance, is down 0.9% to 1,262.
Data from CoinGlass shows that while open interest in the market remains at $14.38 billion, trading volume has experienced a decline across the board. Major exchanges have reported declines of 15-20%. This decrease in activity is reflected in liquidation volumes, with only $148,000 in positions liquidated in the last four hours and $7.2 million liquidated in the last 24 hours.
Bitcoin’s stability above $30K is a positive sign amidst a relatively quiet trading weekend. Hopes are high for a gradual upward trend in the coming week.
Bitcoin’s resilience above the $30K mark amidst a quieter market during the long weekend is a positive sign for crypto enthusiasts. The stability demonstrates the strength of Bitcoin, calming any concerns of a potential downturn.