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Bitcoin Price Recovers New 2020 High of $ 11,170K After Four Months Recovery Signaling Full Recovery After March Crash.
Due to the introduction of a global quarantine in mid-March following the stock markets cryptocurrency also collapsed. In a short period, the bitcoin rate fell by almost 50% from $ 9150 to $ 4560. Over the following months, the coin gradually returned to its previous level..
Yesterday, the price of BTC successfully crossed the $ 11,000 mark, returning to the forecasted level. Although, due to conflicting indicators’ data, traders cannot say whether the growth will continue amid the current investor optimism or will give way to anxiety with a strong pullback. At the time of publication, bitcoin is trading at $ 11,040 with a daily gain of 1.3%.
Market uncertainty does not prevent institutional investors from making money on crypto derivatives. Amid revival open interest trade to Bitcoin futures CME Group hit a record high of $ 724 million Bakkt platform also announced reaching the highest daily trading volume ($ 114 million) in deliverable futures.
text: Ivan Malichenko, photo: Shutterstock, chart: TradingView