March 28, 2024

Bitcoin rate rose above $ 11 thousand, fully recovered after the March collapse

Bitcoin rate rose above $ 11 thousand, fully recovered after the March collapse

After a four-month recovery, the bitcoin price set a new 2020 high of $ 11,170,000, signaling a full recovery from the March crash.

Due to the introduction of a global quarantine in the middleIn March, following the stock markets, the cryptocurrency market also collapsed. In a short period, the Bitcoin rate fell by almost 50% from $9,150 to $4,560. Over the following months, the coin gradually returned to its previous level.

Yesterday, the price of BTC successfully surpassed the $11 thousand mark, returning to the predicted level. Although due to conflicting dataindicators traders cannot tellwhether the growth will continue amid the current investor optimism or will it give way to anxiety with a strong pullback. At the time of publication, bitcoin is trading at $ 11,040 with a daily gain of 1.3%.

Bitcoin rate rose above $ 11 thousand, fully recovered after the March collapse

Market uncertainty does not interfereinstitutional investors make money on crypto derivatives. Amid the rebound in trading, open interest in CME Group's Bitcoin futures reached an all-time high of $724 million. Bakkt also reported its highest daily trading volume ($114 million) for deliverable futures.  

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