Bitcoin Faces Downward Pressure as Open Interest Plummets Amid Macroeconomic Concerns
Bitcoin’s open interest has seen a sharp decline of nearly 20%, signaling a mass exodus of speculators following a dramatic $10,000 price drop linked to geopolitical tensions. With rising fears of inflation, stagflation, and a global economic slowdown, investors may shift toward safer assets like bonds and cash, further pressuring crypto markets. The brief rally on April 7 failed to sustain momentum, reinforcing bearish sentiment and potentially paving the way for deeper losses.
Bitcoin Open Interest Drops Nearly 20%, Speculators Flushed Out
Bitcoin open interest dropped nearly 20% as speculators exited amid a $10,000 price crash from the Trump tariff war. Concerns about rising inflation, stagflation, and a general slowdown in the global economy could lead to a risk-on environment, forcing more capital into bonds and cash. After a temporary push higher on April 7, prices edged lower, confirming losses from last week and perhaps setting the stage for even lower prices in the coming days. The momentary rebound to around $80,200 on April 8 could be a positive signal, but the turbulence in current market conditions could quickly erase it as broader macroeconomic pressures remain tense.
China Raises Tariffs on US Imports, Bitcoin Unaffected
China has announced a significant increase in tariffs on selected US imports from 34% to 84%, effective April 10. This move is a direct response to Washington’s recent decision to hike tariffs on Chinese goods. The Chinese government criticized the US’s action, stating it seriously infringes on China’s legitimate rights and interests and damages the multilateral trading system. Despite the escalating trade tensions, Bitcoin, which has been trading at $76,298, saw little impact, with a 4% decline in the past 24 hours. The question arises whether China might dump US dollars for Bitcoin as it makes quiet moves in the financial sector.
Bitcoin Dumps Below $75K Again Amid Selloff Rumors
After a brief touch of $80,200 on Tuesday, Bitcoin (BTC) has fallen back to $76,900, down more than 9% since the Trump’s Liberation Day announcement. Earlier today, prices dipped as low as $74,250, wiping out nearly 3% of the cryptocurrency’s market cap in just 24 hours. The 24-hour volatility stands at 2.0%, with a market cap of $1.54 trillion and a 24-hour volume of $58.11 billion.
5 Best Play to Earn Crypto Games: Get Free Bitcoin No Deposit
Cryptocurrency and gaming have merged with the rise of Play-to-Earn (P2E) games, allowing players to earn digital assets like Bitcoin through gameplay. Some games allow you to start earning without needing to make a deposit. Casino.Bet offers 30 daily free spins no deposit, but Super Slots requires a $100 deposit for 100 free spins. P2E games are a new way to interact with cryptocurrencies and NFTs.
Why Bitcoin’s Recent Crash May Be More Than It Seems
10 January 2024 marked a historic moment for Bitcoin (BTC) as the SEC approved the listing of 11 Spot Bitcoin ETFs, led by key financial players like Grayscale, BlackRock, and Vanguard. This launch signaled the integration of cryptocurrencies into mainstream finance. However, recent crashes in Bitcoin’s value have raised questions about institutional investors’ strategies beyond the traditional HODL approach.
