Cryptocurrency market leaders Bitcoin (BTC) and Ether (ETH) continue to trade within a tight range as traders reassess the macro environment following the halving.
“After the halving, market volatility has calmed down somewhat,” Presto trader Thomas Kim told CoinDesk. “Recent three-day realized volatility has been well below the implied volatility of BTC options, and investors may still need to monitor macroeconomic variables.”
According to CoinGlass liquidation data, $52.46 million of positions were liquidated in the past 12 hours. While Ether and BTC have the largest positions each, HBAR liquidations amount to $6.86 million, which exceeds $1 billion due to the token's recent surge in trading volume, and PEPE liquidations amount to $1.83 million.
Justin Danesan of Asia-based crypto market maker Keylock said in a Telegram interview with CoinDesk that traders are indecisive and unable to decide which positions to take.
“It's an interesting market to watch, albeit not very dynamic, both on the crypto and traditional side,” he told CoinDesk. “It seems like we can't turn bullish or bearish.”
Danesan went on to say that there was “a spate of negative news weighing on the market,” including the SEC's clear intention to delay ETF filings, President Joe Biden's comments on crypto mining, and the continued availability of crypto investment products. pointed out the leakage.
“On the flip side, and perhaps on the more bullish side, the pullback we saw last week was intentionally caused by some leveraged long-term liquidations, but perhaps some of the froth has been removed and we see some commitment. “The company remains at a respectable level with its capital,” he said.
More than $1.4 billion in long positions were liquidated over the weekend of April 12-13, when Iran launched a missile attack on Israel, according to Coinglass data.
“Once the halving occurs, crypto investors will not be willing to part with their coins and will likely aim for higher prices in the long run.”
