Bitcoin Rallies 10% Ahead of CME April Futures Expiration
Bitcoin prices spiked to a new monthly high of over $7,725 The rally comes on the day before the expiry for CME April bitcoin futures.
Over $68 million worth of contracts were liquidated on BitMEX Thursday morning, according to data from Skew, as futures open interest is still recovering from a 50 percent plunge at the end of Q1 2020.
Bitcoin’s performance during a period of macroeconomic instability may be underwhelming for some investors. But Thursday’s price action marks an over-100-percent recovery from bitcoin’s plunge at the end of Q1 2020.
Traditional markets also rallied Thursday morning, with the S&P 500 up almost 2 percent at the time of publication.
