Bitcoin passed the psychological limit of $ 30 thousand
The Alpha Report, published this week by the digital token trading platform Bitfinex, revealed the developments in the crypto world.One of the important headlines highlighted in the report was that there was a significant increase in Bitcoin's 24-hour volatility by 1200 percent in nine hours.Bitfinex-Alpha has been predicting that instability in the market would increase for more than two months, and with the latest developments, these predictions have been confirmed. After the price of Bitcoin on October 16 exceeded the psychological limit of 30 thousand dollars, there was a significant increase of 1200 percent in its 24-hour volatility within nine hours.
On-chain measurements such as Spent Output Age Bands (SOAB) also supported predictions that the imbalance would persist in the coming months. The rapid rise in Bitcoin's price on October 16, from $28,000 to $30,000, was further fueled by unconfirmed rumors that the SEC had approved BlackRock's iShares Bitcoin ETF application. However, this rise of Bitcoin was short-lived and it fell from its peak to the level of 28 thousand dollars. During this withdrawal, short liquidations of over $136 million occurred, the highest amount seen since August 17.
The rise in price was attributed to long-term market buying in the futures markets, with more than $5.5 billion purchased within an hour. While this upward movement was temporary, it caused a total of 187 million dollars of liquidation in long and short positions, along with fluctuations. It was observed that rapid changes in price were significantly affected not only by the short position squeeze, but also by the sudden reaction of the market to the Spot ETF news. This showed how sensitive the market is to important developments. After exceeding the $30,000 level and then falling below $28,000 again, Bitcoin made two attempts to climb back to this level and ultimately succeeded on Monday, October 23.
The Alpha Report, published this week by the digital token trading platform Bitfinex, revealed the developments in the crypto world.One of the important headlines highlighted in the report was that there was a significant increase in Bitcoin's 24-hour volatility by 1200 percent in nine hours.Bitfinex-Alpha has been predicting that instability in the market would increase for more than two months, and with the latest developments, these predictions have been confirmed. After the price of Bitcoin on October 16 exceeded the psychological limit of 30 thousand dollars, there was a significant increase of 1200 percent in its 24-hour volatility within nine hours.
On-chain measurements such as Spent Output Age Bands (SOAB) also supported predictions that the imbalance would persist in the coming months. The rapid rise in Bitcoin's price on October 16, from $28,000 to $30,000, was further fueled by unconfirmed rumors that the SEC had approved BlackRock's iShares Bitcoin ETF application. However, this rise of Bitcoin was short-lived and it fell from its peak to the level of 28 thousand dollars. During this withdrawal, short liquidations of over $136 million occurred, the highest amount seen since August 17.
The rise in price was attributed to long-term market buying in the futures markets, with more than $5.5 billion purchased within an hour. While this upward movement was temporary, it caused a total of 187 million dollars of liquidation in long and short positions, along with fluctuations. It was observed that rapid changes in price were significantly affected not only by the short position squeeze, but also by the sudden reaction of the market to the Spot ETF news. This showed how sensitive the market is to important developments. After exceeding the $30,000 level and then falling below $28,000 again, Bitcoin made two attempts to climb back to this level and ultimately succeeded on Monday, October 23.
