Is Bitcoin mirroring its previous market recoveries? VanEck thinks so…

Analysts cited strong network activity and a decline in funding costs in BTC Futures, the world’s largest digital asset has shown remarkable resilience lately. It is, in fact, now mirroring its earlier market recoveries, it said.that BTC’s strong network activity and a drop in future funding costs could be signs of a likely strong recovery.

“Over the past 30 days, the 7 DMA annualized cost of funding Bitcoin futures has dropped from ~11.6% to ~8.8% for a relative decline of ~24%. These levels indicate a risk appetite similar to those seen during market recoveries following 20%+ BTC price drops in early May and July of this year.” However, the analysts noted that the recent drawdowns were normal retracements during BTC bull markets.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

VanEck CEO: ‘Bitcoin will be half of gold market cap,’ can hit $350KBitcoin could hit $350k per coin if it hit a half of gold's total market cap, according to VanEck CEO projection.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Crypto whale scoops up 84,000 BTC in July: Bullish market shift?Crypto whales have significantly increased their Bitcoin holdings in the past month, accumulating over 84,000 BTC.
Source: CryptoAmb - 🏆 22. / 68 Read more »