Thursday’s jump in bitcoin price, briefly as high as $7,800 on some spot exchanges, hurt short sellers in the crypto derivatives market. Those trades betting on crypto prices going downward have not returned to derivatives exchanges like BitMEX, said Vishal Shah, an options trader and founder of exchange platform Alpha5.
Since Thursday’s jolt in bitcoin prices, the cryptocurrency has traded in a tight range close to the $7,500 level. It has not only come back from the losses suffered in March, it’s also showing some upward momentum.
As bitcoin remains in sideways trading and price is flat, ether (ETH) has lost less than 1 percent in the past 24 hours.
Digital assets on CoinDesk’s big board had mixed performances Friday. The biggest winners Friday include cardano (ADA), up 4.2 percent, neo (NEO), higher by 3.9 percent, and tron (TRON) gaining 2.8 percent.
Losers Friday include zcash (ZEC) off 2.9 percent, stellar (XLM) slipping 1.8 percent and decred (DCR) in the red less by than a percent. All price changes are as of 20:00 UTC (4:00 p.m. EDT).
Oil was in the green Friday, up 1.3 percent as of 20:00 UTC (4:00 p.m. EDT) Friday after a historic week of lows in the spot and futures markets. For the past two months, the fossil fuel has actually been more volatilethan bitcoin.
Gold dipped sharply in trading Friday but recovered a bit but is still down less than a percent as of 20:00 UTC (4:00 p.m. EDT).
In the United States, the S&P 500 index climbed 1.3 percent as Federal Reserve data recently published shows its balance sheet has jumped sharply on stimulus.
U.S. Treasury yields are all down on the day as investors jump to the safety of bonds. Yields, which move opposite to price, on the two-year fell by the most on Friday, down 4.7 percent at market close.
The FTSE Eurotop 100 index of largest companies in Europe closed in the red 1.1 percent as hopes for a coronavirus treatment from Gilead Sciences were dashed on a failed clinical trial for the drug Remdesivir.
In Asia Nikkei 225 index closed down less than a percent on news that Japan’s manufacturing output dropped and business sentiment there is at its lowest in seven years.