Thunder Bay – TECH – Bitcoin has climbed in price this morning. The cryptocurrency has topped $US 63,122. This represents an increase of $1130 so far in trading on November 2nd, 2021.
Bitcoin has been trading between $59,000 and $63,000 over the past few days.
Investors are, after Bitcoin reached an all-time high of almost $67,000 two weeks ago are seeing the price increase again. Likely at the peak the numbers of investors selling off Bitcoin to realize a profit resulted in the market drop.
Looming for traders are hopes for a strong November.
The recent volatility of more of a bear market has some experts concerned
“[Rising open interest] is typically a bearish signal as it means there is more leverage in the system – this increases the chance of a liquidation event where traders are forced to sell and the price cascades lower,” according Marcus Sotiriou, a sales trader at U.K.-based digital asset broker GlobalBlock, wrote in an email to CoinDesk and widely reported.
Today’s climb however is likely to fuel more of a bull market for many traders.