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
What factors have contributed to the stability of the cryptocurrency market above the $30K mark for Bitcoin, despite the quiet weekend
Despite being a long weekend in the U.S., the cryptocurrency markets have remained relatively quiet. As Asia begins its Wednesday trading day, Bitcoin has seen a 1.1% decrease to $30,807, while ether has dipped 0.8% to $1,939. The CoinDesk Market Index (CMI), which measures crypto market performance, is down 0.9% to 1,262.
CoinGlass data indicates that while open interest in the market remains steady at $14.38 billion, trading volume across major exchanges has seen declines of 15-20%. This decrease is also reflected in liquidation volumes, as only $148,000 in positions were liquidated in the last four hours, and $7.2 million liquidated in the last 24 hours. Despite the quiet weekend, the crypto market continues to maintain stability above the $30K mark for Bitcoin.
Despite the long weekend in the U.S., the market remains calm, reflecting stability amidst ongoing uncertainties. It’s encouraging to see Bitcoin maintaining its position above $30K, indicating the currency’s resilience in the face of volatility.