Currency Traders Favoring Long Positions Over Short in Crypto by 70%-30%, Report Says
On 3/3/21 at 4:51 PM EST
The IG Client Sentiment Report said 70.78% of traders held long positions while 29.22% were short. A long position is a bet on future price appreciation while those going short see a price decline.
Bitcoin climbed above $50,000 in early trading Wednesday after dropping about 25% from its high as major institutions continued to support the cryptocurrency and investor sentiment turned bullish.
Bitcoin opened Wednesday at $47,462.83, rose to $52,636.22 and recently changed hands at $51,184.60, CoinDesk reported.
The cryptocurrency crossed $50,000 for the first time February 16 and fell as low as $45,041 February 23. The all-time high is $58,332.36 reached on February 21.
Illegal Use of Bitcoin Dropped By 50% in 2020, Citibank Reports
On 3/2/21 at 3:09 PM EST
Illegal use of Bitcoin fell from about $20 billion in 2019 to about $10 billion in 2020, according to a report released on Monday.
That total represented only a small fraction of the overall volume of Bitcoin transactions, the report said and that percentage decreased as well. In total, just over 2% of the activity in the cryptocurrency space was linked to illicit activity in 2019, and that total was down to only 0.3% in 2020, Citi Global Perspectives & Solutions (Citi GPS), a Citibank thought product, said in a 108-page research report. However, the extent of such activity can often seem overblown based on news headlines alone.
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