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Bitcoin’s price has been heavily influenced by futures contract liquidations, leading to over $1.8 billion in liquidations amid geopolitical tensions. According to a report from Bitfinex, the market’s response may be more subdued this time, with the neutralization of funding rates and a decrease in open interest pointing towards a healthier market correction and potentially reduced volatility ahead.
As the Bitcoin halving approaches, miners are grappling with the potential need to shut down less efficient mining rigs due to reduced block rewards. While some believe that larger mining outfits will adapt and thrive, others predict a wave of consolidation and defaults across the space. Blockwork’s analysis revisits the financial history that has troubled Bitcoin miners and the current state of public mining companies, highlighting strategies to help them survive the halving.
Meanwhile, the Hong Kong Securities and Futures Commission (SFC) has approved Bitcoin and Ethereum spot exchange-traded funds (ETFs) for several prominent asset management companies. The approval marks a critical point for adoption, signaling the growing acceptance and legitimization of crypto as an asset class.
- Bitcoin’s sharp downturn linked to futures liquidations: Bitfinex
- Financial trouble for bitcoin miners: A look back, and ahead as the halving looms
- Hong Kong SFC approves Bitcoin and Ethereum spot ETFs
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Data powered by CoinGecko.
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Bitcoin’s sharp downturn linked to futures liquidations: Bitfinex
Bitcoin’s recent price crash, which saw the alpha crypto oscillate between $71,300 and $63,500, has been significantly influenced by futures contract liquidations, according to the “Bitfinex Alpha” report.
The market witnessed over $1.8 billion in liquidations amid geopolitical tensions, with a single day seeing liquidations…
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