Bitcoin price rises above $27,000 mark as markets pause trading

Bitcoin price rises above $27,000 mark as markets pause trading

Bitcoin prices remained above the $27,000 mark Friday, even as the broader financial markets showed mixed moves. After a surge, global oil prices regained their value, with stocks in Asia and Europe inching upwards as of Asian afternoon hours.

Generally speaking, the cryptocurrencies market was buoyed mainly as participants expected increased demand in the short term as a formal ether futures exchange-traded fund was floated by financial giant VanEck. Some analysts warned of selling pressure on riskier assets like bitcoin, citing all-time highs in certain oil markets.

Some analysts priced in a 90% chance of the ETF getting approved in the first week of October, impacting bearish positions. The surge in crypto markets appears to have boosted majors, such as Solana's SOL and Cardano's ADA tokens, each adding as much as 4.5%.

Cryptocurrencies at Bitbank, a Japanese exchange, said in a daily note that they expect bitcoin prices to go up towards the $28,000 mark, indicating ETF optimism.

s bitcoin ETFs this week the market's hope for spot bitcoin ETF approval seems to have been revived following the Ether Futures ETF decision, a analyst Yuya Hasegawa said.

The Tellor's TRB tokens continued a multi-week rally to climb some 10% in the past 24 hours, extending monthly gains to over 250%, data from CoinGecko shows. High funding rates onTRB futures could explain some of the demand for these tokens, analysts at Coinalyze said in a message, amid the lack of fundamental catalysts.

The payments from one side of the trade to the other in perpetual futures markets are called funding rates. The traders will either pay or receive funding depending on their open positions. The payment ensures that there are always participants on both sides of the trade.