Matrixport Advises Caution in Bitcoin Trading
On March 3, Matrixport said in a research report released earlier Friday that it was not the time to be completely short of Bitcoin, but suggested that if the …
On March 3, Matrixport said in a research report released earlier Friday that it was not the time to be completely short of Bitcoin, but suggested that if the price of Bitcoin fell below $22800, it would reduce its exposure by 50%. According to the report, the US stock market has started selling again, and US bond yields are rising. The current yield of two-year US treasury bond is about 4.87%, higher than the peak of 4.8% in November 2022. The difference or interest rate difference between the yields of two-year and 10-year treasury bond is at an unhealthy level of -0.87%. The daily trading volume of cryptocurrency has dropped from about US $80 billion to US $60 billion, which indicates that traders’ interest in cryptocurrency market has declined, while the continuous outflow of BUSD stable currency has led to a decline of market value of less than US $10 billion.
Report: It is too early to bet against Bitcoin, but caution is still needed
Interpretation of the news:
Matrixport, a Singapore-based cryptocurrency trading platform, has advised traders to be cautious when it comes to Bitcoin trading. In a research report released on Friday, the platform suggested that while it may not be the time to be completely short of Bitcoin, traders should reduce their exposure by 50% if the price of Bitcoin falls below $22800.
The report cites several factors that have led to this cautious approach to Bitcoin trading. Firstly, the US stock market has started to sell again, which could lead to a decrease in investor confidence in cryptocurrency. Additionally, US bond yields are rising, which could also negatively impact the cryptocurrency market. The report notes that the yield of the two-year US treasury bond is currently about 4.87%, which is higher than the peak of 4.8% in November 2022.
Furthermore, the report highlights that the daily trading volume of cryptocurrency has dropped from about $80 billion to $60 billion, indicating a decline in traders’ interest in the cryptocurrency market. Additionally, the continuous outflow of BUSD stable currency has led to a decline in market value of less than $10 billion.
Overall, Matrixport’s report suggests that while Bitcoin trading may still be profitable, traders should exercise caution given the current economic climate. The platform’s advice to reduce exposure if Bitcoin falls below $22800 should not be taken lightly, as it is indicative of a larger trend towards a bearish cryptocurrency market.
In conclusion, traders should closely monitor the factors mentioned in Matrixport’s report, including US bond yields, the US stock market, and the daily trading volume of cryptocurrency. By doing so, they can make informed decisions about their Bitcoin trading and potentially avoid significant losses.
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