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    BTC & ETH: 28 February Price Digest

    ETH and BTC Price Digest

    BTC 

    On Sunday, the rapid recovery of the crypto market was rudely interrupted by a negative correction. As a result, BTC fell below the $37k mark, after which it somewhat bounced back and remained within the $37k limit. At the time of writing, the largest cryptocurrency by market capitalization fell by 1.65% and hovered around the $40k level. If macroeconomic conditions continue to worsen, an even more active sale of risky assets may begin, which will force BTC to retest support somewhere in the $35-37k range.

    BTC price changes

    The amount of open positions in Bitcoin futures has embarked on a course of further decline. On Sunday, the SOP on all major exchanges reached a new monthly low. Funding rates also eased, hinting at a pessimistic future for financial markets in the face of an impending rate hike from the US Fed. In the options market, the interest rate structure of induced volatility has also reacted to today's situation. Sharp fluctuations indicate that the market is immersed in backwardation, which means that the extreme values of volatility will continue to persist.

    ETH 

    ETH has lost 1.46% of the market price over the past 24 hours and is now holding at $2,800.

    Most of the major altcoins have also turned red. Even LUNA, which recorded an impressive 40% growth last week, is now losing (9.86% in 24 hours) amid the market fall on Sunday. Most of the coins flowing from exchanges to cold wallets are priced between $33K-49K, which creates multiple levels of support that will add confusion to further BTC pricing.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.

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