The ebb and flow of the Bitcoin futures market on Tuesday seemed to suggest a significant dip in interest among traders. With the smallest recorded liquidations since April, standing at just under $9 million, the fervor of the once buzzing futures market appeared to have considerably faded.
Contributing to almost a third of the total $28 million crypto-based liquidations, Bitcoin continued its reign of dominance. However, this figure stands as one of the most dismal so far this year, indicating a slump in trader interest.
Further cementing this perspective was the 21% drop in futures trading volumes observed on Wednesday when compared to Monday. Even as the open interest or unsettled contracts rose by 1.16%, it’s clear that traders were significantly more cautious, opting for lesser leverage and thus indicating a reduced risk-on sentiment.
Despite this drop in trader interest, Bitcoin, at the time of writing, had a standing value of $30,692, still holding strong above the $30k mark. A few optimistic perspectives were given by notable figures in the financial world.
Robert Kiyosaki, the famous entrepreneur, and author of Rich Dad Poor Dad, has predicted a significant rise for the cryptocurrency, suggesting a potential value of $120,000 by next year.
Such lofty expectations are shared by the investment bank, Standard Chartered, who according to a Bloomberg report, foresee Bitcoin hitting the $50,000 mark by the end of 2023 and skyrocketing to a staggering $120,000 in 2024. Such a scenario would imply a fourfold increase in Bitcoin’s value within the upcoming year.
As the crypto community eagerly awaits the next Bitcoin halving event in 2024, another significant market event looms this year. The trustee for the compromised Bitcoin exchange, Mt. Gox, is reportedly set to repay the exchange’s creditors by the end of October 2023.
This development could potentially affect Bitcoin’s price in a negative way, a sentiment echoed by several industry observers. Only time can tell where Bitcoin goes next.
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