Ether’s Price Rally Above $3.2K Appears Spot-Driven, Boding Well for Further Gains

SourceYahoo News
SectorTechnology
CountryMiddle east

Oops!Something went wrong.Please try again later.Omkar GodboleMay 3, 2021, 3:22 AM·5 min readOops!Something went wrong.Please try again later.

The derivatives market likely played a role in pushing bitcoin’s spot market price to a level not seen in almost two weeks. Meanwhile, the ether market seems to be decoupling from bitcoin, for now.

Bitcoin (BTC) trading around $56,996 as of 21:00 UTC (4 p.m. ET).

Gaining 7.5% over the previous 24 hours.

Bitcoin’s 24-hour range: $52,604-$57,219 (CoinDesk 20)

BTC above the 10-hour and the 50-hour moving averages on the hourly chart, a bullish signal for market technicians.

Bitcoin’s price made gains Friday. At around 17:00 UTC (12 p.m. ET), the world’s oldest cryptocurrency hit $57,219, according to CoinDesk 20 data. Bitcoin’s price Friday jumped over $4,600 within a 24-hour period, settling a bit as of press time, at $56,996. 

“One reason we may be seeing the upswing in bitcoin’s price is because of the expiration of $4.2 billion in bitcoin options contracts today,” noted Steve Ehrlich, chief...read more...