RATE Group | Bitcoin Rallies 10% Ahead of CME April Futures Expiration
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Bitcoin Rallies 10% Ahead of CME April Futures Expiration

23 Apr Bitcoin Rallies 10% Ahead of CME April Futures Expiration

Posted at 20:22h in Bitcoin News by

Bitcoin prices spiked to a new monthly high of over $7,725, according to the CoinDesk Bitcoin Price Index. The rally comes on the day before the expiry for CME April bitcoin futures. 

According to comments shared with CoinDesk, bitcoin traders view Friday’s expiry as a primary catalyst for Thursday’s rally. There’s a “general expectation for a pickup in volatility” around CME expiry, said Kevin Kelly, former equities strategist at Bloomberg and co-founder of Delphi Digital. But bitcoin was “primed for a move given the recent consolidation,” said Kelly.

Over $68 million worth of contracts were liquidated on BitMEX Thursday morning, according to data from Skew, as futures open interest is still recovering from a 50 percent plunge at the end of Q1 2020.

Bitcoin’s performance during a period of macroeconomic instability may be underwhelming for some investors. But Thursday’s price action marks an over-100-percent recovery from bitcoin’s plunge at the end of Q1 2020. 

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