Bitcoin Battles to Retain $50k with 2 More Hurdles Left in February. At the time of writing, Bitcoin is trading at $51,100 after recovering from the earlier mentioned dip to $44,800.
The news of Tether and Bitfinex settling with the NY Attorney General came at a much-needed time as yesterday’s Bitcoin’s freefall seemed not to have a floor for many crypto traders.
However, Bitcoin’s woes are not over as the King of Crypto faces the following two hurdles that could provide additional selling pressure for BTC.
- Bitcoin futures and options expiration on Friday, February 26th
- The monthly and weekly close on Sunday 28th February
Therefore, $50k is once again the psychological support zone to watch as Bitcoin attempts to close the month of February on a strong note.
- Bitcoin futures trade volume hit a new all-time high of $294.19 Billion as BTC fell below $45k
- The majority of the trade volume was witnessed on Binance followed by Huobi and OKEx
- Bitcoin is once again above $50k
- BTC still has two more hurdles this month in the form of the expiry of Bitcoin futures and options this Friday, and the monthly/weekly close on Sunday
The month of February continues to be a month of firsts for Bitcoin. To begin with, Bitcoin posted a new all-time high of $58,369 before dropping by the largest daily dip to date, of $10,750, to $47,619. The latter price area would hold for a while in what looked like a double only for Bitcoin to dip further to $44,800 – Binance rate.
Bitcoin Futures Trade Volume Hits All-time High of $294.19 Billion
Amidst all the price action, the total trade volume of Bitcoin futures contracts also hit a new all-time high of $294.19 Billion. This milestone was captured by the team at Bybt.com who shared it via the following statement breaking down the trade volume at individual exchanges, as well as a chart for demonstrating the new all-time high.
As the price of #Bitcoin fell below 45K, the volume of crypto futures reached a record high. A total of 294.19 billion US dollars.
1) Binance :$103.43B
2) Huobi :$75.89B
3) OKEx :$45.08B
4) Bybit :$28.79
5) FTX :$17.28B