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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Almost Taps $16,000 as Price Explodes 15% in 24 Hours

Nick Chong
Nick Chong
1 year ago
2 mins read

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Bitcoin has continued to explode higher in the face of a further drop in the U.S. dollar. The price of the leading cryptocurrency has almost reached $16,000, as it currently trades for $15,970 on leading spot exchanges.

This price surge is resulting in a number of interesting trends in the Bitcoin market, namely a dislocation of prices between the futures market and the spot market. Futures markets are now lagging the spot market, though there are also some spot markets that are strongly lagging other spot markets. The last time the market was this dislocated as at the highs of 2019, or potentially even earlier.

This dislocation may be a byproduct of OKEx shutting down withdrawals, which has forced the platform’s investors into coins like stablecoins or Wrapped Bitcoin.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Rally Shocks Investors

The Bitcoin rally has shocked investors across the board. Many investors going into this rally were actually short, as evidenced by the negative funding rates seen earlier this week and on the weekend.

As a result of the strong move higher, dozens of millions worth of long positions have been liquidated in the past day alone. There were some that were shorting the rally in hopes of finding the parabolic top, though failed to do so as the coin kept on mounting to the upside.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Signs of a preliminary top, though, have begun to shine through. For one, the Fear and Greed Index for Bitcoin has hit multi-year highs, showing that profits may be taken soon.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Almost Taps $16,000 as Price Explodes 15% in 24 Hours
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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