Bitcoin traded at around $49,000 on Monday. Traders were hurt after a weekend storm when the world’s most popular digital currency lost a fifth of its value. Stackfunds Chief Operating Officer Matt Dibb said the rest of the fourth quarter would be a tough month; The leverage markets are entirely overloaded.
Based on Coinglass, the full total of futures deals traded by market members was $16.5 billion at the term of full exchanges. After $23.5 billion on Thursday. Traders said the weekend storm was linked to their escape from more risky assets in traditional markets. This was due to concerns about the Omicron option with low trading liquidity.
After prices drop more, traders who bought BTC on the margins mentioned the exchanges end their area, top to a sales deluge. According to updates, an aspect of retail-oriented deals closed further than $2 billion worth of BTC positions on Saturday. Some exchanges grant traders to put bets 20 times or further on their investment. This means that short actions in the false direction can root exchanges to convert client positions when the basic investment disappears.
Bitcoin rival Ether, the world’s second-largest cryptocurrency, also suffered on Saturday, albeit less severely. Ether traded for $4,112 recently. However, it is worth noting that one ether recently bought 0.086 bitcoins. This has been the top since May 2018.
El Salvador Advances to Buy the Dip
Bitcoin lost a fifth of its value on December 4 and fell to $42,000. The president of El Salvador took advantage of the market status and bought 150 BTC when the cryptocurrency was priced at $48,670. This is the second time that Bukele has purchased a large portion of Bitcoin at a discounted price in the last two weeks.
On November 29, Salvador added 100 bitcoins to the treasury. The country now has about 1,500 bitcoins in reserve. The cryptocurrency became legal and the official currency of El Salvador in September 2021. At the current exchange rate of Bitcoin, El Salvador holds $72 million worth of tokens.
At the same time, Buckle is stepping up efforts to facilitate the adoption of cryptocurrencies among citizens. Last month, the president of El Salvador unveiled his plans to build a bitcoin city; This is to provide bitcoin mining with renewable energy.
Recently, the IMF warned El Salvador to suspend bitcoin as a legal means of payment. Last week, the BoE governor expressed concern about the legalization of Bitcoin in El Salvador. He said this is the most significant risk to finances.
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