The market update says Bitcoin dropped under $74,000 for the first time since April, while CME Group (U.S. derivatives exchange) launched 24/7 crypto trading that may reduce the long-watched weekend price gap.
Bitcoin fell below $74,000 for the first time since April, according to the market update, with on-chain data (blockchain-based transaction and wallet metrics) indicating that momentum was losing strength. The update also highlighted the potential effect of CME Group’s 24/7 crypto trading launch on market structure. Around-the-clock trading on a major regulated derivatives venue may reduce the traditional Bitcoin weekend gap, a pattern in which price moves while some futures markets are closed and then adjusts when they reopen. The report says that if weekend gaps become less relevant, Monday trading could take on greater importance for price discovery.