Although it is a cryptocurrency market that has been bullish since the beginning of April, ETH, which has split 20,000 yen starting from the downturn of November 16, returns the price to 20,000 yen for the first time in five months The
There is no major factor in the rise in ETH prices this time, but the fact is that the cryptocurrency market continues to be bullish.
Looking at the LS checker referring to the data of Bitfinex, the ratio of long (buy) to short (sell) of ETH gradually becomes larger with long, starting at 5:00 on April 8. The price is also expected to be boosted by the increase of 50,000 ETH positions at 10 o’clock.
Of course, the exchange is not limited to Bitfinex, so it is just a reference, but it is a fact that many purchases came in at the same time, and it continues to attract the attention of investors. ETH is still in the 20,000 yen range even today.
Also, the current bullish market is considered to be created by the very strong buying desire from China.
1 / Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing negligible $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = CNY. Pic.twitter.com/bd0n0DGFVU
— CnLedger (@cnLedger) April 8, 2019
According to the above-mentioned tweet, the demand for USDT in China’s cryptocurrency market is very high now, and there is a phenomenon that demand is distorted and the price of USDT rises.
Normally, despite the rate of 1USD = 6.7 CNY (CNY), the rate of 1 USDT = 7.0 CNY (CNY) is the premium price.
At present, in China, it is impossible to deposit the Chinese yuan and purchase a cryptocurrency without OTC . The fact that this rate is at a premium price is a sign that there is a high demand from China.
According to the data provided by Coinlib, the bull market could be generated by Chinese , as RMBs worth $ 127 million and $ 72.4 million in the past 24 hours are flowing into BTC and ETH As well as being highly sexual, attention must be drawn to how far this enthusiasm will continue, and we must consider the fear of future price declines.
Author: Arata-Source Post: https://crypto-times.jp/eth-over-20k/
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