Ether followed suit, rallying to about $2,600 before retracing. “BTC’s ability to rally over the weekend despite a risk-off tone in equities following the Moody’s US credit rating downgrade” particularly stands out, said trading firm QCP Capital in a May 19 Telegram note to investors, adding: “This reinforces BTC’s positioning as a legitimate store of value, a narrative that continues to gather momentum and may serve as a long-term catalyst.”The firm pointed to consistent inflows into crypto investment products and institutional demand as catalysts, even as derivatives markets saw increased investor interest.
Ether (ETH) price rose by over 5% in the last 24 hours to around $2,520 on May 20 amid increasing futures open interest. Data from Cointelegraph Markets Pro and TradingView shows ETH gained as much as 10%, rising to an intraday high of $2,590 on May 20 from a low of $2,350 on May 19. ETHUSD daily chart.
Ether short squeeze and record OI boost ETH priceEther’s bullishness on May 20 is accompanied by significant liquidations in the derivatives market, signaling strong upward pressure.Over $57.2 million worth of short ETH positions have been liquidated over the last 24 hours, compared to $22 million in long liquidations.Total ETH liquidations.
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