After two months of bearish action on the cryptocurrency markets, Bitcoin was able to post a three-week high in a single day with exchange prices touching the $41,000 level before going into the usual pullback mode. Even though BTC is still far from its $65,000 high back in April, what took place on June 14 is very interesting because it showed that even professional traders can miss market basics such as positive fundamental news developments.
Betting pools that operate outside the digital currency markets are posting very unfavorable odds for the world's leading cryptocurrency token; in fact, wagers on BTC pulling all the way back to $10K, a former psychological pricing level, have become quite popular. It seems as if traders of BTC derivatives were paying more attention to these pools than to the recent news about Bitcoin becoming legal tender in El Salvador.
Other Latin American nations are contemplating passing Bitcoin legislation similar to that of El Salvador, and this explains the June 14 recovery, but this was not what happened on the Chicago Mercantile Exchange with BTC futures, which were overwhelmingly bearish. Other BTC derivatives on cryptocurrency exchange platforms were also short-selling, and these are the instruments preferred by active traders as well as hedge funds.
BTC is a new asset class that makes the difference for many investors that are struggling to understand how market events or even crypto-trends operate in terms of the currency's history and market-closing movements. Bitcoin is in the crosshairs of a massive global conspiracy that is keeping it on its downward spiral; however, the current Bitcoin price is not just a consequence of this worldwide attack but also due to the way that the cryptocurrency's market prices are structured to minimize negative impact for the public.
For example, the BTC volume on Bitfinex was over 10 million US dollars on June 14 (the largest of all the largest cryptocurrencies and trading pairs on the platform). To put this number into perspective, USD is over 5.5 trillion at present. This number is larger than the size of each of the 50 countries combined.