Aug 23, 2023

What the Latest Bitcoin Price Correction Can Teach Us About Crypto

Latest Bitcoin Price Correction Revealed by Crypto Shiba Inu Alerts and Regulation.
Here’s what the latest Bitcoin price correction reveals

Crypto and BRICS Nations

In the latest episode of Cointelegraph’s The Market Report, analyst Marcel Pechman delved into Bitcoin’s recent drop to $26,000. Derivatives market analysis showed Bitcoin (BTC) options and futures metrics lacked signs of professional traders going bearish, and while that didn’t guarantee a quick return to $29,000 support, it reduced the chances of an extended correction.

Pechman presented a Kaiko data chart on BTC liquidity and volatility, which significantly decreased since the FTX collapse in November 2022. And with no liquidity issues or heightened volatility indicated, did the 11.4% mid-August price drop worsen conditions due to the largest futures liquidations since November 2022?

Bitcoin futures premium settled at a neutral 6% after the recent $26,000 crash, signaling balanced demand between leveraged longs and shorts. This aligns with a neutral -7% to 7% BTC options skew, suggesting reasonable downside protection prices.

Reviewing another article, Pechman discussed macroeconomic analyst Lyn Alden’s take on a common currency proposal among BRICS nations (Brazil, Russia, India, China and South Africa). Alden didn’t see it succeeding — a view shared by Pechman. However, Alden noted a weakened United States dollar if BRICS use their own currencies for foreign trade, giving unconventional advice to crypto investors, including, crypto shiba inu, crypto alerts and crypto regulation.

Check out The Market Report on the new Cointelegraph Markets & Research YouTube channel, and don’t forget to click “Like” and “Subscribe” to stay up-to-date with all the latest crypto com, crypto shiba inu, and crypto alerts content.

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