Bitcoin BTC$84,218.42 extended its break above the top of its September range on Monday, trading at $84,984 in the late European morning, a gain of 5.4% over 24 hours that leaves it well clear of the $82,284 high of Sept. 4.
The move is being driven by forced buying more than fresh conviction, with $746 million of positions liquidated over 24 hours, of which $647.9 million were shorts, and a further $159.9 million in the past hour alone, 95% of that on the short side. Bitcoin shorts accounted for $277.5 million of the 24-hour total and ether shorts $122.8 million, on Coinglass figures.
Open interest across the market has risen 7.59% to $156 billion even as those shorts were closed out, and 24-hour volume is up 39% at $224 billion, a combination that suggests traders are replacing the positions being liquidated rather than stepping back.
A total of 95 of the 100 CoinDesk 100 (CD100) constituents are higher on the day and the index up 3.0%, though the composition has flipped from Friday, when small caps and decentralized finance (DeFi) tokens did the running. Macro has steadied rather than turned, Brent crude at $101.97 and flat on the day after touching $108 in mid-September, while gold slipped 0.65% to $4,350 and silver 0.32% to $66.24.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Source
This article is syndicated for educational reading. For the latest updates, visit the original publisher.
Read on coindesk.com
