{"id":138082,"date":"2021-09-08T00:01:58","date_gmt":"2021-09-08T00:01:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=138082"},"modified":"2021-09-08T00:01:58","modified_gmt":"2021-09-08T00:01:58","slug":"bitcoin-suffers-10-pull-back-on-el-salvadors-debut-funding-rates-dip","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-suffers-10-pull-back-on-el-salvadors-debut-funding-rates-dip\/","title":{"rendered":"Bitcoin Suffers 10% Pull Back On El Salvador\u2019s Debut, Funding Rates Dip"},"content":{"rendered":"<p><span>Bitcoin\u2019s price plummeted over 10% on early Tuesday, as El Salvador announced that it would officially accept the major cryptocurrency as the nation\u2019s legal tender.\u00a0<\/span><\/p>\n<p><span>According to CoinMarketCap, Bitcoin\u2019s slump from Monday accelerated as the crypto failed to hold its $50,000 price level &#8212; sliding from $51,000 to $44,700 within a single hour. The sudden sell-off resulted in $1.44 billion in futures liquidations of Bitcoin trades in the past 24 hours, according to data from ByBt.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/09\/bybt_chart-2.png\"><\/p>\n<p><span>The single largest reported liquidation occurred on Huobi-BTC &#8212; worth $43.7 million at the time. As expected, the vast majority of the liquidations were longs, representing about 88% of the total liquidations.\u00a0<\/span><\/p>\n<p><span>Since dropping to weekly lows, the price of Bitcoin rebounded up to as high as $47,500. At press time, BTC is hovering at $46,500 across major exchanges Binance, Coinbase, and Huobi.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/09\/BTCUSD_2021-09-07_14-53-19.png\"><\/p>\n<p><em><strong>Related Reading | New to Bitcoin? Learn to Trade Crypto With the NewsBTC Trading Course\u00a0<\/strong><\/em><\/p>\n<p><span>Following the brunt of the pullback, El Salvador president Nayib Bukele tweeted that he is \u201c[b]uying the dip,\u201d purchasing another 150 BTC worth about $6.9 million, adding on top of the 400 BTC position. The average cost of the purchase appears to be around the $46,000 price range.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Buying the dip \ud83d\ude09<\/p>\n<p>150 new coins added.<a href=\"https:\/\/twitter.com\/hashtag\/BitcoinDay?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinDay<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a>\ud83c\uddf8\ud83c\uddfb<\/p>\n<p>&mdash; Nayib Bukele \ud83c\uddf8\ud83c\uddfb (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1435260422110732300?ref_src=twsrc%5Etfw\">September 7, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span>Is This the \u201cReset\u201d Bitcoin Needed to Trend Higher?\u00a0<\/span><\/h2>\n<p><span>Data from Glassnode shows that the mean Bitcoin funding rate (average across all exchanges) had steadily increased throughout August.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/09\/glassnode-studio_bitcoin-futures-perpetual-funding-rate-all-exchanges-2.png\"><\/p>\n<p><span> Funding rates rose from 0.015% in early August to as high as 0.03% at the start of September. <\/span><\/p>\n<p><span>Derivatives exchange ByBit saw its funding rate rise to as high as 0.085% in late August. <\/span><\/p>\n<p><span>Relatively high funding rates can indicate that the market is overheating, with too many traders being overleveraged. More often than not, high funding rates will lead to a pullback &#8212; which was the case earlier this May.\u00a0<\/span><\/p>\n<p><span>More specifically, funding rates on major exchanges Binance and Huobi dropped to 0.023% and 0.021% at the peak of the sell-off. OKEx, on the other hand, reverted to a negative funding rate of -0.009%, per Bybt.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/09\/bybt_chart-1.png\"><\/p>\n<p><span>As Bitcoin and the broader crypto market slightly recovered from the sell-off, funding rates have stabilized at 0.01% for Binance, Huobi, and ByBit. Funding rate on OKEx remains at a negative of -0.0005%. <\/span><\/p>\n<p><span>With the futures market cooling down, it&#8217;s likely that price levels will begin to stabilize once again.\u00a0<\/span><\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/news\/bitcoin\/bitcoin-suffers-10-pullback-on-el-salvadors-debut-funding-rates-dip\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s price plummeted over 10% on early<\/p>\n","protected":false},"author":3,"featured_media":138081,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Suffers 10% Pull Back On El Salvador\u2019s Debut, Funding Rates Dip - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-suffers-10-pull-back-on-el-salvadors-debut-funding-rates-dip\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Suffers 10% Pull Back On El Salvador\u2019s Debut, Funding Rates Dip - 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