Bitcoin
Bitcoin, Ethereum Steady in Asia as Traders ‘Unable to Turn Decidedly Bullish or Bearish’
Bitcoin (BTC) and ether (ETH)crypto market leaders continue to trade in tight ranges as traders reassess macro conditions following the halving.
“After the halving, market volatility was somewhat mitigated,” Presto trader Thomas Kim told CoinDesk. “The recent three-day realized volatility was well below the implied volatility of BTC options, and investors may still need to evaluate macroeconomic variables.”
CoinGlass Settlement Data shows that in the last 12 hours US$52.46 million in positions were liquidated. Ether and BTC positions are the largest respectively, but there are also $6.86 million in HBAR liquidations – due to the token’s recent increase in volume surpassing the $1 billion mark – as well as $1.83 million in PEPE settlements.
Justin d’Anethan of Keyrock, an Asia-based crypto market maker, said in a Telegram interview with CoinDesk that traders are indecisive and cannot decide which position to take.
“It’s an interesting – although not very dynamic – market to look at, both on the crypto and traditional sides; traders seem unable to become decidedly bullish or bearish, as evidenced by prices remaining unchanged,” he told CoinDesk.
“There is a barrage of negative news weighing on the markets,” d’Anethan continued, pointing to the SEC’s clear desire to delay enforcement of the ETF, President Joe Biden said. crypto mining reviewsand continued outflows from crypto investment products.
“On the other hand, and perhaps on a more bullish side, the pullback we saw last week, which was intentionally caused by some leveraged long liquidations, probably eliminated some froth and left us sitting at a respectable level with some committed capital.” he said.
Coinglass Data says that during the weekend of April 12-13, when Iran launched its missile attack on Israel, more than $1.4 billion in long positions were liquidated.
“With the halving, cryptocurrency investors are not willing to dump their coins and are likely preparing for higher prices in the long term.”