Analytics
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CryptoQuant CEO Ki Yong Joo added to a Twitter post he left back in 2021. There, he described the habits of South Korean traders and noted that they were actively pumping cryptocurrency assets.
According to the expert, this is due to the fact that South Korea has rather strict capital controls, within which arbitrage opportunities between exchanges are blocked. Ki Yong Joo stressed that the local government could make things worse.
Today, the expert added that South Korean traders now prefer to pump and dump altcoins. In support of his words, he added several video clips. Over the past day, the capitalization of the cryptocurrency market has increased by 0.42% and is located near the $1.19 trillion mark. Bitcoin dominance is estimated at 46.6%, up 0.51% from the previous day.
It is noteworthy that of all the digital assets included in the top 10 by capitalization, only Bitcoin is traded in the black. Over the past 24 hours, the coin has risen by more than 1%.
Earlier, analysts from CryptoQuant reported that open interest in BTC futures contracts continues to grow steadily. This suggests that traders have begun to open new short positions more actively. It is possible that this dynamics may cause increased volatility in the price of bitcoin in the near future.
It was emphasized that the BTC refinancing rate is in a bullish range. Such dynamics indicates that long positions now prevail over short ones. Experts believe that this state of affairs may indicate that bitcoin is technically overbought. It is noteworthy that over the past week, the flagship of the crypto market has added more than 4% in price, and the capitalization of the digital asset segment is consistently above $1 trillion.
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