Crypto News- As financial hubs observed Easter, Bitcoin and Ethereum saw little movement, maintaining stability as Bitcoin hovered at $70,000 and Ethereum traded near $3,600, as per CoinDesk Indices. The CoinDesk 20 (CD20), reflecting the top digital assets, showed a modest 1.9% rise, reaching 2,750.
Bitcoin Halving Prequel: 70K Dollars Stability Sets Crypto Market in Tranquil State
As Jun-Young Heo, a derivatives trader at Presto Labs in Singapore, mused over the events of the past week, he noted a sense of tranquility prevailing in the crypto markets. Both Bitcoin and Ethereum experienced a period of subdued trading, characterized by a realized volatility index dipping below the 50% mark. This calmness stood in stark contrast to the tumultuous fluctuations witnessed in the preceding weeks of March.
However, amidst this apparent stability, a palpable air of anticipation permeated the crypto sphere. All eyes were on the approaching Bitcoin halving event, slated to occur around April 20th. This impending milestone cast a shadow of uncertainty, reflected notably in the implied volatility of front-month options. With levels soaring beyond 75%, it underscored the market’s cautious yet expectant stance as this significant event loomed on the horizon.
Heo highlighted the persistent inflation in funding rates, noting 6bps to 8bps in large-cap perpetual futures across major exchanges and global open interest for BTC and ETH perpetual futures reaching $35 billion.
“With most major exchanges closed for Easter, the markets may soon brace for renewed volatility,” Heo concluded.
2 Comments