While Bitcoin Reaches 50 Thousand Dollars, The Reason Behind The Rise Has Been Explained

Bitfinex analyst stated that one of the reasons that pushed Bitcoin above 50 thousand dollars was aggressive spot purchases.

Recent rises in the cryptocurrency market Bitfinex Head of Derivatives Jag KoonerA remarkable comment came from. Kooner is visibly behind the rise in the market. Aggressive spot purchases while expressing that futures on the side the liquidations that took place to the rise fuel He noted that it was.

Especially after the US approved the spot Bitcoin ETF BlackRock And Fidelity Giant financial institutions such as supported the upward momentum in the price by purchasing large amounts of Bitcoin.

Spot direction overbought A clear indication of the expectation that the cryptocurrency market will rise Commenting as follows, the analyst included the following statements in the details of his speech:

Most of the buying came from spot buyers, i.e. market orders from aggressive buyers in the spot markets, As the price increased over the last seven days, it caused a large amount of short liquidation, which pushed the price even higher.

Bitcoin today, 50 thousand dollars for the first time since December 2021 saw the level.

source site-9