Bitcoin has been trading sharply higher this weekend, underpinned by heightened activity in the futures market for digital currencies. The price of the biggest cryptocurrency was trading at $20,692 at 6:35 a.m. ET, according to data from TradingView.
Elsewhere, Solana was trading up more than 30% over the last 24 hours, while ether was trading up 7.7%. The move upward triggered $449 million in short liquidations on Jan. 14 — the highest level in months, according to data provided by Coinglass.
As noted by Crypto Quant’s Ki Young Jun, buyers entered the market early Saturday morning, purchasing ~$4 billion worth of bitcoin futures. Cryptocurrencies have been trading higher since new data released Thursday by the U.S. Department of Labor indicated a cooldown in inflation.
Source: https://www.theblock.co/post/202387/heightened-activity-in-futures-market-underpins-crypto-rally?utm_source=rss&utm_medium=rss