What Monday Blues? — April 19

Chart of the Day

Here at Bybit, Sunday Funday just took on a whole new meaning. Bitcoin Futures Open Interests on our platform topped major global exchanges at around $4.5 billion, amid the weekend market tumult. Despite panic and fear rapidly swaying market directions, our platform facilitated a smooth trading experience for our valued users; our 24-hour transaction volume pushed to $40 billion. 

Talk of the Town

1. Take an unconfirmed tweet (claiming that U.S. financial watchdogs are tightening their leash on crypto-related money laundering activities)

2. Mix it with a pinch of other unfounded tweets (insinuating that the CEO of Coinbase is cashing out on his stocks) 

3. Blend well with sprinkles of “old” news (on government-initiated crypto crackdowns)

This cocktail mix of sentiment scares was enough to spook many crypto investors off, leading to an $8.46 billion long liquidation on April 17. On the bright side, institutional investors rushed in to buy the dip, signaling a potential renewed rally. Now who needs a Monday pick-me-up?