March 27, 2024
Bitcoin Holds Steady at $27,000 Amidst Market Volatility: ETF Excitement and Oil Concerns
Bitcoin News

Bitcoin Holds Steady at $27,000 Amidst Market Volatility: ETF Excitement and Oil Concerns

On Friday, Bitcoin (BTC) prices remained constant at $27,000 despite erratic trading on other financial markets. While markets in Asia and Europe edged up as of Asian afternoon hours, the price of oil fell after a spike.

Market investors anticipated more demand soon after banking behemoth VanEck launched a formal ether (ETH) futures exchange-traded fund (ETF), which helped boost cryptocurrency prices. However, citing all-time highs in key oil markets, other experts cautioned against selling pressure on riskier assets like bitcoin.

A 90% possibility that the ETF would be authorized in the first week of October was factored in by certain experts, which affected bearish holdings. Majors, like Solana’s SOL and Cardano’s ADA tokens, each gaining as much as 4.5%, appeared to be boosted by the strength in the cryptocurrency markets.

In a daily statement, traders at the Japanese exchange Bitbank predicted that bitcoin prices would rise to the $28,000 mark because of ETF excitement.

“Even though the SEC postponed their decision to approve or disapprove Ark, BlackRock, and Valkyrie’s bitcoin ETFs this week, the market’s hope for spot bitcoin ETF approval seems to have been revitalized following the Ether Futures ETF decision,” analyst Yuya Hasegawa stated.

Data from CoinGecko reveals that Tellor’s TRB tokens, which have been on a multi-week uptrend, have increased by almost 10% in the last day, bringing their monthly gains to over 250%. Given the lack of fundamental triggers, high funding rates on TRB futures may help to explain part of the demand for these tokens, according to experts at Coinalyze.

On perpetual futures markets, funding rates are recurring payments made from one side of the deal to the other. Traders will either make a payment or get funds based on their open positions. The payments guarantee that parties on both sides of the trade are present at all times.

Participants use complex tactics to gain financing rates while hedging losses brought on by token fluctuations, which may eventually lead to market imbalances and volatility.

Image: Unsplash

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