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Bitcoin Funding Rate Is In Red As Community Expects Volatile Weekend

source-logo  u.today 29 May 2021 09:56, UTC

Chart provided by Glassnode shows that Bitcoin futures perpetual funding rate across all crypto exchanges has started going negative.

As a rule, negative funding rates indicate that the market sentiment is negative since investors are now paying to be short.

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As reported by U.Today earlier, Chief Investment Officer of Guggenheim Partners, Scott Minerd, had warned investors that they should prepare for a volatile Memorial Day weekend.

At the time of writing, the flagship cryptocurrency is changing hands at $36,532 after seeing several major declines since the start of the month when it was holding above the $58,000 level.

Overall, Bitcoin’ losses in May constitute around 38 percent.

u.today