CDS Crypto News Bitcoin Halving Prequel: 70K Dollars Stability Sets Crypto Market in Tranquil State
Crypto News

Bitcoin Halving Prequel: 70K Dollars Stability Sets Crypto Market in Tranquil State

The looming Bitcoin halving event has everyone's attention.

67
Bitcoin Halving Prequel: 70K Dollars Stability Sets Crypto Market in Tranquil State

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.

Bitcoin Halving Prequel: 70K Dollars Stability Sets Crypto Market in Tranquil State

Related Articles

Bitcoin Mining CEOs Stay ‘Optimistic’ Ahead of Halving, Reports Bernstein

None of the publicly traded mining companies have managed to outperform Bitcoin...

SLERF and MEW Crypto Led the Rise of Solana Meme Coins Due to Whale Movements

SLERF and MEW crypto were notable for their rises.

Geopolitical Tensions Sank the Sector, but Solana Spearheaded the Recovery

Solana spearheaded the recovery, and the cryptocurrency market recovered a bit.

Crypto Market’s Potential Rebound: Awaiting This Week’s Economic Data and Earnings

In the upcoming week, the US economic calendar brims with anticipation, featuring...