Criticism toward Bitcoin is harsher than ever, but even after the FTX crash it still sells in the $16K line. What can we expect next?
It's kind of annoying me that Bitcoin is still selling for $16k-ish, even in the wake of all of this FTX news. I mean I assume the volume is low, but what on earth will it take to properly crush this zombie "currency" back to its rightful value of nearly zero?For example, Daniel Knowles, a correspondent at The Economist, says the 26th largest tradable asset in the world with a $322 billion market capitalization is “astonishingly useless and wasteful.
It is worth highlighting that Bitcoin has been trying to break above $17,000 for the past seven days, so there is certainly a lack of appetite from buyers above that level. The most likely reason is that investors fear contagion risks, similar to what was seen with Genesis Block, theto halt service due to liquidity concerns. According to recent reports, the company announced plans to cease trading and shutter operations.
In healthy markets, futures should trade at a 4% to 8% annualized premium, which is enough to compensate for the risks plus the cost of capital.Considering the data above, it is evident that derivatives traders flipped bearish on Nov. 9, as the Bitcoin futures premium entered backwardation, meaning the demand for shorts — bearish bets — is extremely high. This data reflects professional traders’ unwillingness to add leveraged long positions despite the inverted cost.
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