The post As Bitcoin Price Rises, Surprising Data Observed in Open Position Amount! appeared on BitcoinEthereumNews.com.

– Advertisement – This week started on a highly positive note as Bitcoin’s price surpassed $42,000 on Monday, December 4th. Bitcoin’s 150% surge this year in 2023 helped break its strong correlation with stocks. Analysts like Sean Farrell highlighted that this is a sign of Bitcoin’s current low correlation with traditional macro assets. After the Bitcoin price reached 42K dollars on December 4, a significant increase in open positions was observed: What is the significance of this? Bitcoin Price Reached $42,000 This week started on a highly positive note as Bitcoin’s price surpassed $42,000 on Monday, December 4th. However, Bitcoin entered into a partial consolidation and is currently trading at $41,660 with a market capitalization of $817 billion. Bitcoin’s 150% surge this year in 2023 helped break its strong correlation with stocks. The correlation of BTC with stocks has decreased this year. Bitcoin showed its resilience by rising 5.8% on Monday, reaching above $42,000, demonstrating its resistance and upward trend. In contrast, traditional indicators like global stocks and bonds faced losses at the beginning of the week. Analysts like Sean Farrell highlighted that this is a sign of Bitcoin’s current low correlation with traditional macro assets. Throughout 2023, Bitcoin’s correlations with stocks and gold decreased. The 90-day correlation coefficient between Bitcoin and MSCI Inc.’s global stock index dropped from 0.60 to 0.18 at the beginning of the year. Similarly, the correlation between Bitcoin and spot gold also dropped from 0.36 to nearly zero. This change indicates a diminishing alignment in movements, emphasizing that Bitcoin has evolved as a more distinct and less correlated asset within the financial landscape. Bitcoin Open Positions at a Two-Year High The open position amount of Bitcoin perpetual futures contracts on the Deribit derivative exchange reached a yearly high, reaching $740 million. This level coincides with…

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Filed under: News - @ December 5, 2023 7:20 pm