Bitcoin's Rollercoaster Ride: Drops, Wipes Gains, and Wobbles in 2023
TL;DR
Bitcoin's 4% drop to $42,000 has cooled the overheated crypto perpetual futures market, as funding rates for major cryptocurrencies have receded to a healthy territory below 0.1%. The decline in futures open interest suggests that overleveraged traders have been shaken out of the market, causing a minor bullish/bearish hiccup.
Topics:businesscryptocurrency#bitcoin#cryptocurrency#funding-rates#market-correction#overleveraged-traders#perpetual-futures
- Bitcoin's 4% Drop Cools Overheated Funding Rates, Data Show CoinDesk
- Bitcoin wipes nearly a week of gains in 20 minutes, falling under $41K Cointelegraph
- Bitcoin’s (BTC) 2023 Rally Wobbles in Sudden 7.5% Drop Toward $40,000 Bloomberg
- BTC, ETH, SOL and Major Altcoins Begin Asia Business Day in Deep Red CoinDesk
- Bitcoin, Ethereum, Dogecoin Mixed Amid Profit-Taking Frenzy: Analyst Says King Crypto Prime For Parabolic Benzinga
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