Bitcoin and Ethereum Remain Steady in Asia as Traders Hesitate to Commit to Bullish or Bearish Stance

Bitcoin
BTC
and Ethereum
ETH, as the leading digital currencies in the market, persist in fluctuating within narrow price bands, with investors reassessing their economic approaches post-halving.

“Post-halving market fluctuations have calmed,” remarked Thomas Kim from Presto during a CoinDesk discussion. “We observed that the actual three-day fluctuation in price was significantly less than the expected volatility in BTC option markets, suggesting investors are still adapting to overarching economic factors.”

According to
figures on liquidations on CoinGlass, in the past half-day alone, liquidations totaled roughly $52.46 million with Ethereum and BTC representing the substantial majority. Additionally, the data highlights liquidations in HBAR, totaling around $6.86 million as the token’s trade volume soared, surpassing the billion-dollar threshold, and $1.83 million worth of PEPE liquidations.

In a dialogue with CoinDesk on Telegram, Justin d’Anethan from Keyrock, an Asia-centric digital currency market-making firm, pointed out the current trader hesitation, with many unsure about taking a firm market stand.

“Presently, the market landscape, both in crypto and traditional realms, displays a fascinating yet static picture, with prices stagnating; this exemplifies trader indecision toward a bullish or bearish direction,” d’Anethan relayed to CoinDesk.

“We’re seeing a host of unfavorable news influencing the markets,” d’Anethan elaborated, mentioning the SEC’s preference for postponing ETF decisions, remarks on cryptocurrency mining by President Joe Biden, and ongoing withdrawals from crypto investment products.

“On a potentially brighter note, last week’s downturn, largely propelled by liquidation of leveraged longs, might have trimmed excess and established a robust price foundation backed by committed investment,” he added.

Data from Coinglass revealed that during the weekend of April 12-13, coinciding with Iran’s missile strike on Israel, over $1.4 billion in long positions faced liquidation.

Following the event of the halving, it appears that cryptocurrency investors are hesitant to release their coins, possibly positioning themselves for increased valuations in the long run.