Monday , July 26 2021

The role of CME in Bitcoin's difficult fall



The price of Biggest Bit Chopper Bitcoin yesterday evening, 10% drop from 4100 to 3700 dollars fell.

Some were not surprised by the sudden fall in Crippoto money number one, while others were struck by the fact that the price was so low.

Crypto-Currency Analyst and Broker Josh Olshevich suggested that Bitcoin futures traded on the Chicago Mercantile Exchange (CME) could have a major impact on the downward movement in prices.

Before the sharp fall in Bitcoin's price last week, CME signed a record in daily Bitcoin futures contracts.

On February 19, more than 18,000 contracts were traded with CME. This figure is almost twice as high as the previous one. The previous record was just over 10,000.

Speaking to CCN, Olszewicz said the sudden increase in the volume of BTC's daily contracts in CME may have led to an increase in sales pressure on the asset.

Söz The opening and closing dates of CME BTC's futures contracts can have a significant impact on the price, Olshevits said. Most of the global derivatives contracts are traded on CME. CME futures contracts of BTC were first opened in December 2017, but volumes increased significantly in 2018. Last week, the highest record volume was discontinued on a daily basis

I think it has a great personal impact, "said the analyst, adding that given the trend in early 2018, BTC's futures market has pushed the asset.

Many analysts believe there is a link between CME futures and the cost of Bitcoin. Renowned CNBC financial commentator Brian Kelly is one of them.

Other possible factors

Alex Krueger, an economist and market analyst, said the short-term slump in the money-making market is a simple pause. Olarac Prices have risen vertically for 16 days without retiring. ETH, for example, has increased 38% without retreating. A long long position with leverage has accumulated. And people started to get to FOMO. BTC reached the first strong resistance ($ 4200) and then an adjustment came

The analyst stressed that the prolonged upward movement, like any other class or asset market, is often encountered with a great retreat and says, "It's just gravity."

News: CCN

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