May,17th) Bitcoin Weekly Report
#1. Weekly News Summary
Bitcoin price drops sharply after Musk teases selling
A potential sale comes just days after Musk said the company planned to hold rather than sell the bitcoin it already has.
https://www.nbcnews.com/tech/tech-news/bitcoin-price-drops-sharply-musk-teases-selling-rcna930Inflation Fears and Crypto: How Long Will It Last?
The big question on everyone’s mind is whether this is temporary — brought on by vast government spending and enthusiasm over vaccines — or something more permanent, lasting for months. And second, how will this affect stocks? And crypto?
https://www.bloomberg.com/news/newsletters/2021-05-13/bloomberg-wealth-inflation-fears-and-crypto-how-long-will-it-lastBitcoin Dominance (BTCD) Drops to Lowest Levels Since 2018
The bitcoin dominance rate (BTCD) has fallen below numerous long-term support levels, reaching its lowest value since 2018.
https://finance.yahoo.com/news/bitcoin-dominance-btcd-drops-lowest-102446511.html
#2. Bitcoin Open Interest at major exchanges
Binance: Open Interest dropped from 21 billion dollars to 17 billion dollars
BitMEX: There is a decreasing trend and it is around 7.6 billion dollars
bybit: It was about 23 billion dollars last week and dropped to the level of 18 billion dollars
#3.Bitcoin Dominance
Bitcoin dominance continued to show a downtrend over the past week and it is about 40–41%.
#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.
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