Bitcoin Down to $21.9k, ETH Slips by 7%

December 22, 2020

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Bitcoin is currently exchanging near $22,843, sliding down by 5.3% in the last 24 hours as of 21:00 UTC. BTC’s 24-hour price range is $21,960-$24,081. After the last week’s high record of BTC volume for 2020, the price reached a lower volume. Bitcoin’s value rode a roller coaster up and down in the last 24 hours. Bitcoin is near its 10-hour moving midpoints, but below its 50-hour on the hourly chart, indicating a sideways signal by the market technicians.


After a speedy run above $23,800 in early exchanging hours, the world’s largest cryptographic money declined to as low as $21,960, as per the CoinDesk20 data. However, the value recovered to somewhat, $22,763 at the time of writing.


The second biggest cryptographic money in the market, Ethereum was also down on Monday, exchanging near $609, sliding down by 7% in the past 24 hours as of 21:00 UTC. The amount of ETH locked in November reached as low as 6.7M before recovering back to 7.2M ETH in December. However, November’s decline in ETH assets locked in decentralized finance can at least partially be attributed to the ETH network’s latest 2.0 update.


After December 17, combined volume record of $4.7B a day across leading trades Coinbase, Bitfinex, Gemini, BitFlyer, ItBit, Bitstamp, Poloniex, and Kraken, that amount was very low, down to $2.5B at the time of writing. In fact, big-time buyers in the OTC (over the counter) market has supported the BTC to stay above the $20,000 price level, first breached back on Dec.16. 


On derivatives exchange BitMEX, almost $44M in sell liquidations, the cryptocurrency equivalent to the margin call, happened, which added pressure on the market for BTC to reach lower. However, as per the data from aggregator Skew, open interest is loaded up in the bitcoin options market for December 25 expiration.


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