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