Bitcoin rate rose above $ 11 thousand, fully recovered after the March collapse
After a four-month recovery, the bitcoin price set a new 2020 high of $ 11,170,000, signaling a full recovery from the March crash.
Due to the introduction of a global quarantine in mid-March, cryptocurrency also collapsed after the stock markets. Over a short period, the bitcoin rate fell by almost 50% from $ 9150 to $ 4560. Over the next months, the coin gradually returned to its previous level.
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Yesterday the price of BTC successfully crossed the $ 11,000 mark, returning to the forecasted level. However, due to the conflicting indicators’ data, traders cannot say whether the growth will continue amid the current investor optimism or will give way to anxiety with a strong pullback. At the time of publication, bitcoin is trading at $ 11,040 with a daily gain of 1.3%.
Market uncertainty does not prevent institutional investors from making money on crypto derivatives. As trading revived, CME Group’s open interest in bitcoin futures hit an all-time high of $ 724 million. The Bakkt platform also reported reaching the highest daily trading volume ($ 114 million) in deliverable futures.
, Shutterstock, chart: TradingView