Market Wrap: Bitcoin Bounces to $54K as Ether Fees Drop Below Average in Past Week

Based on CoinDesk 20 data, bitcoin has only been able to close above $60,000 on seven days in the entirety of its 12-year existence.

In the derivatives market, funding rates had turned negative, generally seen as sign that traders aren’t hungry for long leverage.

It works out to an 18% reduction in the average cost of using the network, the primary ecosystem for decentralized finance , consisting of programmable blockchain applications for trading, lending and derivatives.

However, Peter Chan, lead trader at quantitative firm OneBit Quant, says the fee improvement is a result of some traders building “bots,” or automatic systems, working directly with Ethereum miners.

He suggested that people need to be cautious some more-advanced traders are getting information faster than others as a result of this cooperation with Ethereum miners.

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