For some time Bitcoin price is traded at a tight range. Even, the few surges that happened from time to time, had for the biggest cryptocurrency the result of falling in the current range, over and over again. It seems as BitMEX Open interest is still responsible for the market volatility so let’s find out more in the coming altcoin news.
It is likely that the asset remains in this range until the open interest on BitMEX reaches above 100,000 Bitcoin (BTC), which looks like it is the trigger for the most powerful and biggest price movements on the coin’s daily charts.
It is not rational to deny that the BitMEX open interest is one of the most mighty entities in the cryptocurrency sector and that the movements on the margin trading platform could make trends when he most important price action occurs. According to one important crypto analyst, every moment open interest on BitMEX makes 100,000 Bitcoin (BTC) or more, the result is an extremely tough price movement in both up or down direction, making the trend for weeks to come.
The previous time this happened the price of Bitcoin has fallen from about $9,000 to as low as $6,500 before recovering to current levels. At this time open interest is growing again, but there is still a long way to go before it comes to the key trigger level of 100,000 Bitcoin (BTC). It is expected by the analyst that, the first crypto asset in the world, Bitcoin (BTC) will continue to move until open interest rushes in a return of volatility.
The mere fact that BitMEX is having such a big influence over the cryptocurrency sector in continuation is confusing and concerning. Besides the fact that there are many platforms of the same kind that offer the same or similar services, like Deribit, PrimeXBT, and the recently debuted DueDEX – a platform that is not a DEX- BitMEX was blamed for many violence’s, from counter trading against its clients to serving customers outside their jurisdiction.
BitMEX is also the main focus of an investigation by the CFTC of the United States, and in the last half of October scared investors on Halloween when the exchange sent a notice to its clients without the much necessary blind-carbon-copying their client’s email addresses, jeopardizing them for potential cybercrimes.
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