Bitcoin traders see Friday's end as a key catalyst for Thursday's rise, amid general expectations of higher volatility around CME expiration.
According to data released by Skew, more than $68 million of contracts were liquidated at BitMEX on Thursday morning as open interest on futures contracts continues to recover from a 50 percent decline at the end of the first quarter of 2020.
Bitcoin's performance during the current period of instability can be confusing for some investors. But Thursday's price movement represents a recovery of more than 100 percent from bitcoin's decline at the end of the first quarter of 2020.
Moreover, the total cryptocurrency market capitalization increased from $201.4 billion on Tuesday to $216.2 billion today, while the trading volume increased from $114.4 billion to $153.8 billion, according to CoinMarketCap.
The Bitcoin advanced 6.45 percent to trade at $7,530, Ethereum saw a 3.88 percent surge to $188 and Ripple ascended 4.38 percent to $0.20.
Separately, Bitcoin's trading volume against the Argentine peso has risen dramatically, surpassing the volume it has traded since the 2018 cryptocurrency crash, as Argentina faces a potential default of up to $65 billion in foreign debt.
According to data released by Arcane Research on April 23, the data showed that the volume of purchases of Bitcoin in the currency of the Argentine peso increased by 1,028% during the period from January 2018 to date, while the volume of BTC and the US dollar also showed significant increases by 407% and 139% respectively.
The rise is the result of an increased likelihood that Argentina will default on its debt with the peso suffering from inflation, the report predicts.
With the Argentine
government not offering a way for the country to restructure nearly 65 billion
dollars of foreign debt so far, and with it defaulting on scheduled payments
totaling 500 million dollars on three foreign bonds on April 22, Argentina's
official default appears to be closer than ever.