Cryptocurrencies today: Bitcoin shows resilience as Bitcoin exchange reserves hit a 7-year low: The cryptocurrency market is witnessing a tepid recovery across the board, with the price of Bitcoin (BTC) hovering around $105,455 at the time of writing this report on Wednesday. Meanwhile, Ethereum (ETH), the largest smart contract currency, continues its stability, with an upward trend supported by ongoing inflows from exchange-traded funds (ETFs). - Market Overview: Bitcoin's recovery stalls as altcoins consolidate. Bitcoin's value rose more than 2% from its recent low of around $103,068, which was recorded on Saturday, although Tuesday's recovery stalled at around $106,800. The surprise rise comes amid a decline in (OI) open interest on Bitcoin futures, which fell to $70.89 billion, from $80.16 billion recorded on May 23. A subsequent decline in trading volume from $203.21 billion to $77.40 billion indicates a decrease in traders' interest in Bitcoin. This suggests a decline in market participation, indicating hesitation in decision-making.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
#June Market Forecast
Cryptocurrencies today: Bitcoin shows resilience as Bitcoin exchange reserves hit a 7-year low:
The cryptocurrency market is witnessing a tepid recovery across the board, with the price of Bitcoin (BTC) hovering around $105,455 at the time of writing this report on Wednesday. Meanwhile, Ethereum (ETH), the largest smart contract currency, continues its stability, with an upward trend supported by ongoing inflows from exchange-traded funds (ETFs).
- Market Overview: Bitcoin's recovery stalls as altcoins consolidate.
Bitcoin's value rose more than 2% from its recent low of around $103,068, which was recorded on Saturday, although Tuesday's recovery stalled at around $106,800. The surprise rise comes amid a decline in (OI) open interest on Bitcoin futures, which fell to $70.89 billion, from $80.16 billion recorded on May 23.
A subsequent decline in trading volume from $203.21 billion to $77.40 billion indicates a decrease in traders' interest in Bitcoin. This suggests a decline in market participation, indicating hesitation in decision-making.