Volume Sink for Bitcoin Futures, BTC Holds Above $6,000
The volatility and price fluctuation of cryptos often puts lines on the foreheads of investors. Recently, the prices of the world’s largest cryptocurrency, Bitcoin, was above $6000 up until the early hours of Thursday- but a steep fall after the current selloff can lead to falling of prices for the digital currency.
Can Bitcoin Regain Momentum?
The month of September has already witnessed a roller coaster ride as the Bitcoin price stumbled to 14%. From Monday evening, the price started to fall by 0.7%, but by Tuesday morning, the cost of an individual BTC/USD was at $6,258.02. As of Thursday morning, BTC held at just above $6,400.
Amidst this realm of volatility, there has been an enormous upsurge in trading of bitcoin futures as volumes have sunk. For nearly a month, exchange rates have been affected. It was 72.2% in the month prior, which went down to 28.7% on Friday. Monday experienced trading with almost 2,000 contracts, which were transacted on the Chicago Mercantile Ex Group.
Seeing the global market scenario, the head lecturer of the Options Institute remarked that the drop past $6,000 could reinspect the currency;s lows in 2018, and this can eventually set low records for bitcoin’s future contracts. It was in the same month when the crypto market had faced the XBT bounce off. It is anticipated that if BTC fails to withhold the $6,000, then it will add woes of the traders who can face low futures contract.
Ether Will Not be Spared
It's not just Bitcoin that is facing the turmoil; Ether holders are also confronting similar woes. The crypto market witnesses a low trade on the ethereum network. Ethereum was witnessing a price of $189.42 down 3.5%, but there has a steep fall when the market capital went from $20 billion to just under $19.5 billion. Besides, showing other cryptocurrencies and altcoins are in red zones as well. There was a downfall in the price of Bitcoin cash which went down from 0.7% to $461.60, while Litecoin was reaching a price of just aboe $53 at 1.2%. The prices for Ripple XRP was down by 1.25 and was reported to be at 26 cents.
The prices of bitcoin futures have gone down marginally after the early trading on Tuesday. According to the Cboe Global Market Group Inc, in their contract for September, the BTCU8 has initially held 0.32% but went down to 0.3% at $6,245