Bitcoin started trading at $59K line and eyed $60K in the early morning. However, BTC crashed as it almost breaks the coveted $60K mark at 6:30 a.m.(UTC) and then it sharply dipped to $56,838.16 just half an hour later. Then, $600 million worth of both long and short positions were liquidated. From the hourly chart, Bitcoin failed to regain the coveted $60K mark and crashed to below $57K. Fortunately, the dip was bought up quickly as BTC recovered some of the losses and is currently hovering around $58,000. With this said, the $60 line is a bit hard to break through today.
CME Group, one of the largest derivatives exchanges in the world, announced that its Micro Bitcoin Futures contracts will go live on May 3rd. The Micro futures contract will be worth 0.1 BTC, enabling more retail investors to hedge risks and gain exposure to Bitcoin. This is also good news to the market which led to the increase of the price and pushed BTC to the high $59,359 yesterday.
Analysts at Bexplus believed that though the price now meets a decrease, it will return to the uptrend again and challenge the ATH as looking at PayPal’s latest support for the cryptocurrency- its checkout will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to be seamlessly converted into U.S. dollars or other fiat currencies when making purchases.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.