Bitcoin was little changed at approximately $11,000 with reduced place volumes as dealers eye increase in the marketplace for ether stocks.
Bitcoin was little changed at roughly $11,000 Thursday as traders digested reports that the U.S. economy shrank through the next quarter at the fastest rate on record, which President Donald Trump is questioning whether the Constitutionally mandated November presidential elections might be postponed.
Trading was mild, with quantity of roughly $113 million around the Coinbase exchange, following a price rally earlier this week resulted in a surge in volumes.
“Bitcoin’s push has been fueled by the drive towards safe-haven assets,” stated Micah Erstling, dealer at digital-asset trading company GSR. “Markets are being driven by ongoing coronavirus concerns as well as U.S.-China trade tensions, which also helps to explain gold’s meteoric rise.”
Gold is upward 28% for the entire year, whilst bitcoin has obtained 53%.
“In the last couple of weeks, the majority of assets are up – stocks, commodities, crypto – so despite fundamental weaknesses, there’s a seemingly positive risk environment,” said Matt Ficke, head of capital markets for cryptocurrency exchange OKCoin.
The second-largest cryptocurrency by market capitalization, ether (ETH), was up Thursday, trading around $334 after climbing 3. ) 5% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
“Ethereum has been propelled by a new wave of DeFi and stablecoin activity,” stated GSR’s Erstling. “The bullish sentiment has been great for market involvement but it has come at a cost as ETH fees are at an all-time high, highlighting how scalability issues are still present,” he added.
Open interest, or the number of outstanding contracts, in ether futures is at a 2020 high, at over $1.1 billion, according to data aggregator Skew.
The cryptocurrency exchange OKEx is the top ether futures platform, with $307 million in open interest, followed by Huobi at $253 million, BitMEX at $208 million, Binance at $118 million and FTX at $117 million.
Digital assets on the Fintech Zoom 20 are mixed Thursday. Notable winners of 20:00 UTC (4:00 p.m. ET):
Notable losers as of 20:00 UTC (4:00 p.m. ET):
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