Bitcoin's Rollercoaster Ride: Drops, Wipes Gains, and Wobbles in 2023
TL;DR Summary
Bitcoin's 4% drop to $42,000 has cooled the overheated crypto perpetual futures market, as funding rates for major cryptocurrencies have receded to a healthy territory below 0.1%. The decline in futures open interest suggests that overleveraged traders have been shaken out of the market, causing a minor bullish/bearish hiccup.
Topics:business#bitcoin#cryptocurrency#funding-rates#market-correction#overleveraged-traders#perpetual-futures
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