Ethereum
Bitcoin and Ethereum stable in Asia as traders ‘unable to turn definitively bullish or bearish’
Bitcoin (BTC) and ether (ETH)crypto market leaders, continue to trade in tight ranges as traders reassess macroeconomic conditions after halving.
“After the halving, market volatility was somewhat muted,” Jun-Young Heo, a trader at Presto, 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.”
Liquidation data from CoinGlass shows that in the last 12 hours, $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 surge in volume crossing the $1 billion mark – as well as $1.83 million dollars in PEPE liquidations.
Keyrock’s Justin d’Anethan, a crypto market maker, said in a Telegram interview with CoinDesk that traders are indecisive and can’t make up their minds on what position to take.
“It’s an interesting – although not very dynamic – market to watch, both on the cryptocurrency and traditional sides; traders seem incapable of becoming decisively bullish or bearish, as evidenced by the holding of prices,” he said. he told CoinDesk.
“There is a wave of negative news weighing on the markets,” d’Anethan continued, highlighting the SEC’s clear desire to delay ETF enforcement, President Joe Biden said. crypto mining reviewsand continued releases of crypto investment products.
“On the other hand, and perhaps a more bullish side, the pullback we saw last week, which was largely caused by some leveraged long sell-offs, has probably dissipated some of the froth and left us at a respectable level with some capital committed.” he said.
Coin Data According to him, over 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, crypto investors are unwilling to part with their coins and are likely bracing themselves for higher prices in the long term.”
CORRECTION (April 25, 2024, 04:35 UTC): Corrects the merchant name at Presto.