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Thursday, March 23, 2023

Bitcoin Price Declines 17%, Filling The Big Gap In CME Futures

On 4th January 2020, Monday, Bitcoin price slid to their lowest in 2021. They declined from $33,800 which was their record all-time high that they had successfully managed to hit on Sunday. From there they dropped to a low of $27,734 within a matter of minutes at around 5 am.

The drop in BTC price filled the big futures gap in the CME Group following their regulated exchange that witnessed 6 consecutive gaps from the run-ups. In the meantime, several of the cryptocurrencies have experienced a considerable amount of gain. At the same time, their decline is much lesser in comparison to the largest cryptocurrency asset.

Bitcoin Price Drop Effects  

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On the morning of Monday, Bitcoin price received a huge blow that resulted in them losing almost -17.94%. From that drop, the Bitcoin price recovered by 15.38% and reached back to the $32,000 region.

This also led to a coincidence where the decline of BTC price has filled the futures gap in CME Group. For example, on 4th January, a particular BTC trader posted that the 6th succeeding gap of CME is formed.

The reason for the formation of these trading gaps in CME Group is owing to the regulated market which exclusively functions from Monday to Friday. In case BTC price surges or declines considerably, following the final price on Friday. Traders will be able to notice a gap that stops the futures market.

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According to the reports, a massive gap ranging from $23,790 and $26,525 had occurred. The futures gap occurred between the prices of the futures market and spot prices on BTC/USD for a long time.

Although Bitcoin prices dropped, Ethereum spiked 5% along with other cryptocurrencies rising up rapidly.

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