When February 2020 ends, it can be seen that Bitcoin performance in the market is a chaotic series. At the time of writing, BTC reports YTD profits of 22.99%. BTC started its journey in 2020 at $ 7,237 and tried to overcome resistance levels and hit $ 10k, an important psychological level. However, it has faced huge selling pressure and returned below $ 9k, with the current value of $ 8,574.
BTC / USD. Source: TradingView
Despite the sell-off, the Bitcoin market is still intriguing to investors. OI (open interest rate) has increased since the beginning of January 2020 and it peaked this year on February 18 with the aggregate interest rate marked on exchanges at $ 5.13 billion. However, the collapse took place on February 19, along with contract expiration, leading to OI reduction.
CME Bitcoin Futures is a better indicator of Bitcoin's 9% drop. Bitcoin Futures volume peaked above the CME at $ 1.1 billion on February 18, however, the incident caused the CME volume to plummet on February 19 and was reported to be $ 449 million. Despite the low volume, OI remained high until February 21, after that, even OI dropped. The CME market closed on Friday at $ 204 million, while OI reached $ 210 million.
Bakkt BTC Futures reported a similar story, with low volumes throughout the month. Bakkt OI peaked on February 14 and was reported to be $ 19 million, a much lower figure than CME. However, it plunged on February 19. OI Bakkt stood at $ 9 million while the volume remained low at $ 19.3 million on February 28.
On the other hand, the Ethereum Futures market reported growth, despite the presence of a bear, as its volume increased to near the ATH level on February 26. OI also reflected a decrease at the time of writing. , but that could also be due to contract expiration.
Bitcoin Magazine | Ambcrypto
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