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30 September 2020

3 reasons Bitcoin price just hit $11,000 despite altcoin stagnance

3 reasons Bitcoin price just hit $11,000 despite altcoin stagnance


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Within the last hour, the price of Bitcoin (BTC) surpassed $11,000 across major exchanges, including Coinbase and Binance.

Funding is a mechanism used by Bitcoin futures exchanges to ensure balance in the market.

Bitcoin funding rates on Skew show that the funding rates still remain mostly negative across major exchanges and this indicates that traders are continuing to short BTC despite its upward movement.

The data suggests three possible trends: shorts are being squeezed, the spot market leading the rally, or futures are having a minimal effect on BTC price.

Various data points also hint at the spot market leading the current rally.

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cointelegraph.com
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