Bitcoin Stages Sudden Recovery as Funding Rates Turn Positive

Bitcoin Stages Sudden Recovery as Funding Rates Turn Positive

Bitcoin, the top cryptocurrency, has spiked by nearly 2.5 percent within an hour. It is currently trading at $48,454 on the Bitstamp exchange.The cryptocurrency has recovered from an intraday drop to $47,100 that seemed to spell trouble for bulls after a multi-week winning streak.

Bybt shows that $35.08 million worth of shorts have been liquidated over the past four hours.According to data provided by data analytics firm IntoTheBlock, Bitcoin's funding rate across major derivatives exchanges has turned positive.

#Bitcoin funding rates are once again positive across major exchanges.Positive funding rates means that when prices are at a premium charges long holders to pay out fees to those going short.https://t.co/udz34IuzS0 pic.twitter.com/ZloM4Z6RE6— IntoTheBlock (@intotheblock) August 25, 2021

Source