The open interest for Bitcoin has reached the same level before March sell-off, and currently, it is showing a great growth on the CME.
After suffering a crash in March, Bitcoin futures are again booming back in the market.
Open Interest Gets Affected With Market Loss
In March 2020, the open interest for the cryptocurrencies went down because the whole of its market suffered a loss of 50 percent in a single day.
It is being assumed that in recent time, the cryptocurrency market has started stabilizing because of which the Bitcoin futures exchanges are growing.
A crypto blogger, Unfolded, tweeted that the open interest has started growing in the market and in just a few days it spiked.
Before the outbreak of COVID-19, the open interest was increasing rapidly, but then the situation change.
A report states that in mid-April the open interest again started growing and currently, is showing a great performance in the market. This rebound reflects the growth of mainstream US financial markets.
It has been reported that in April 2020, the futures value has also shown progress in the market.
Binance And Houbi Leads market In Trading Volume
In March 2020, the market leader for Bitcoin futures was reshuffled because of the huge cryptocurrency sell-off. Currently, the trading volume of Binance and Huobi is high that is the reason they have been ruling the crypto market for now. But the BitMEX which earlier grabbed the first position in trading volume has slumped down to the fouth.
On March 12, 2020, after the market crashed, the crypto community started believing that BitMEX was responsible for it because as soon as it went down for maintenance the sell-off was ceased.
Now, the price of Bitcoin has increased to $7,700. It is to be noted that the trading volume of Bitcoin did not get affected with the market turbulence, in fact, its trading volume is still high as compared to the year 2019.
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