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. 

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