Apr.26th)BitcoinWeekly Report
#1. Weekly News Summary
Sunday Bitcoin Flash Crash Sees $10 Billion in Positions Liquidated
According to Bybt, the last twenty four hours saw a new record in liquidations. With over one million positions being wiped off the books. Totalling a mammoth $10 billion in positions that were liquidated.
Bitcoin Snaps 5-Day Losing Streak, Climbs Above $52K
Bitcoin rose for the first time in six days, climbing past $52,000 as bulls pushed prices higher in early Asia trading hours Monday.In a rally that appeared to start around 22:00 UTC (6 p.m. ET) on Sunday, bitcoin (BTC) bounced off a seven-week low around $47,655, subsequently printing some of its largest hourly gains in two days.
www.coindesk.com/bitcoin-above-50k-6-days
Turkish Ban May Be Bitcoin’s Marketing Boon
Google Trends data shows that Google searches for Bitcoin in Turkey skyrocketed after Turkey’s central bank on April 16 said it would ban the use of cryptocurrencies and crypto assets for purchases beginning April 30. The bank cited possible “irreparable” damage and transaction risks.
https://finance.yahoo.com/news/turkish-ban-may-bitcoins-marketing-191106042.html
#2. Bitcoin Open Interest at major exchanges
Binance: Maintaining at the value between $16 -17 billion dollars
BitMEX: During the weekend, it raised about $4,ooo dollars
bybit: Maintaining at the value between $19 -20 billion dollars
#3. Bitcoin Dominance
Bitcoin dominance dropped 2% and now remains around 50%. While Bitcoin is still the major and getting the focus among the coins, its market dominance has constantly dropped, and it reaches ~50.3% today (26, Apr). It shows that several altcoins are outperforming Bitcoin by a large proportion.
#4. Bitcoin Price and its correlations
Correlation
The value of correlation may vary from -1 to 1. The closer the value gets to 1, the higher the two assets are associated and moving in the same direction. When it is closer to -1, it is vice versa. Zero in value means there is no correlation at all.
