Qume Market Updates -19th January, 2021
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This week bitcoin struggled to recover from the hit it took the week before which took its price to $30,000 price levels. Currently, the asset is trading at $37,200+ price levels.
The asset has recovered sufficiently in price by Monday, the quick recovery is credited to the continued accumulation of the asset by both and institutional markets as can be interpreted by rising open interest in bitcoin options markets.
Ether finally hit its all-time high market price of $1,440, beating its previous all-time high registered in December 2017. The asset is up 15% in the last 24 hours.
Ether trading volume in options markets is looking strong at the moment and DeFi markets have also recovered. DeFi markets have a total of $25.25B locked in assets. Maker Yields have increased to 10% in this ether rally.
We see a consolidated accumulation of bitcoin in January signaling towards greater participation of financial institutions and it could also be whale accumulation which is usually bearish for crypto markets.
We expect bitcoin to recover to $40,000 price levels this week.
Exchanges are running tight order books mostly.
Except for wallofcoins which is offering a spread of 10–12%.
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