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Market analysts weigh in on an intriguing ‘flippening’, as Bitcoin futures open interest on global derivatives marketplace CME overtakes Binance. Binance’s dominance of Bitcoin futures open interest has been toppled by traditional derivatives market place heavyweight Chicago Mercantile Exchange (CME), following Bitcoin’s first move past the $37,000 mark in over 18 months. A number of analysts highlighted the ‘flippening’ of Binance by CME, with the latter overtaking the global cryptocurrency exchange for the largest share of Bitcoin futures open interest. Wow, the real flippening that no one is talking about: CME just flipped Binance for the largest share of Bitcoin futures open interest . Bittersweet -- there will soon be more suits than hoodies here. (h/t @VidiellaLaura) pic.twitter.com/SIPRLMlFcy — Will (@WClementeIII) November 9, 2023 Open interest is a concept commonly used in futures and options markets to measure the total number of outstanding contracts. The metric repre...

Bitcoin price holding $26,000 could open up some bullish trading opportunities in TON, XMR, MNT and QNT. Bitcoin (BTC) has gone silent over the weekend. CryptoQuant CEO Ki Young Ju said in a recent post on X (formerly Twitter) that Bitcoin’s velocity has declined to a 3-year low. He said this could either be considered positive as whales were holding on to their positions or negative because the transfer to new investors was not happening. The range-bound action continues to perplex investors about the next possible trending move. In that regard, there was a positive commentary from JPMorgan analysts who said that Bitcoin’s downtrend could be ending. They believe that the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange suggests that the long liquidation is over. Crypto market data daily view. Source: Coin360 As Bitcoin decides its next move, select altcoins are showing signs of strength. These altcoins could turn negative if Bitcoin’s range res...

Bitcoin lacks major volatility catalysts, but a classic support bounce could spark the return of the highest BTC prices in over a year, analysis predicts. Bitcoin (BTC) may be weeks from a “sharo rally” toward $34,000, trading platform QCP Capital believes. In its latest market update released on Aug. 15, analysts said that the coming weeks include a key decision point for BTC price action. BTC price due September "termination point" With Bitcoin still rangebound after months of indecisive behavior, market observers are keen to predict the return of some sort of market trend. For QCP Capital, September is the key month in the calendar, thanks to BTC/USD completing a rising wedge construction which began during the end of the 2022 bear market. “On the charts, the wedge pattern that BTC has been trading in since its 15k lows reaches its first termination point at the start of Sep,” part of the update explained. QCP noted that the specific area of interest was $29,300 — exactl...

After purchasing $1.5 billion worth of Bitcoin in 2021, Tesla sold 75% of it in 2022 and is now hanging onto its remaining $184 million Bitcoin stash. For the fourth quarter in a row, Tesla hasn’t sold or added to its digital asset holdings with the electric vehicle manufacturer continuing to hold $184 million worth of its remaining Bitcoin (BTC). In Q2 2023 earnings released on July 19 the net value of Tesla’s Bitcoin holdings stood at $184 million which has held at the same value for the past two quarters. Tesla hasn’t bought or sold any Bitcoin since Q2 last year when it sold more than 30,000 Bitcoin — which accounted for roughly 75% of its total holdings — for $936 million. Tesla’s Bitcoin holdings totaled $184 million at the end of Q2. Source: Tesla Tesla first purchased $1.5 billion worth of Bitcoin in March 2021 with the company’s CEO Elon Musk promising to accept Bitcoin as payment for Tesla vehicles in the following days. Musk later halted Bitcoin payments for Tesla vehicl...

Bitcoin price has been showing weakness near the $30,000 level, but multiple data points highlight the fact that bears remain at a disadvantage. Bitcoin (BTC) price gave back some of its recent gains this week, but multiple data points suggest that $30,000 should hold as support going forward. Bitcoin remained within a narrow 4.3% range for the 15 days leading up to July 7. Despite the proximity of the $29,895 to $31,165 range, investors' sentiment was significantly impacted by an unsuccessful attempt to break above $31,400 on July 6. Trader’s tendency to overreact to short-term price movements rather than Bitcoin's year-to-date gains of 82% could be part of the reason for the short-term correction This same rationale applies to the events related to other cryptocurrencies. At the front of investors' minds are questions about whether the recent price gains were solely driven by multiple spot Bitcoin exchange-traded fund (ETF) requests. Other pressing developments inclu...

Bitcoin bulls are stampeding past the top of the range, but there is already a risk that BTC price is forming a "predatory range." Bitcoin (BTC) reached new 2023 highs on July 6 as a fresh bounce off key support buoyed bulls. BTC/USD 1-day chart. Source: TradingView Bitcoin analyst warns of "predatory range" Data from Cointelegraph Markets Pro and TradingView showed BTC price action surging through the top of its recent trading range. Analysts had previously reckoned on the largest cryptocurrency dropping further, potentially reaching $28,000 to offer a classic “buy the dip” opportunity. With momentum headed back upward, Michaël van de Poppe, founder and CEO of trading firm Eight, was optimistic. “I hope your long entries are filled on Bitcoin. Looks quite decent here, and I think we'll slowly continue grinding to the upside,” he told Twitter followers. “- Breaking & Flipping $30.8K shall result into fast upwards momentum. - Retesting $30.3K would be equa...

Want some worthless "paper" Bitcoin? With the rise of Bitcoin ETFs, you might soon have the chance to invest in something as worthless as the U.S. dollar. Recent weeks have seen a surge in interest from traditional finance for crypto -based exchange -traded funds (ETFs). After the Securities and Exchange Commission took issue with its initial filing, BlackRock submitted a fresh application for a Bitcoin ETF on July 3. A week earlier, Fidelity led a crop of investment firms in lodging applications with the SEC for Bitcoin-based ETFs. Meanwhile, HSBC has become the first bank to offer Bitcoin (BTC) and Ether (ETH) ETFs to customers in Hong Kong. In the context of Bitcoin, it is often the seemingly positive news that is harmful over the longer term; and vice versa, short-term negative news often serves to strengthen the ongoing case for Bitcoin. A good example of the latter is the 2017 “Blocksize War,” when the Bitcoin community split into the big block camp that launched the B...

Bitcoin begins an "important" week for BTC price performance with $30,000 still intact at the weekly close. Bitcoin (BTC) starts a new week in a solid position above $30,000 after its latest rapid gains. BTC price action continues to deliver on bulls’ expectations after weeks of sideways trading offered little relief. Can it continue? That is the question on every trader’s mind this week — $30,000 held into the weekly close and beyond, but in a volatile crypto market, anything can and does happen. The macroeconomic climate is somewhat “standard” for the final week of June, offering some potential risk asset price catalysts but avoiding several major data releases at once. The weekend’s news out of Russia appears to have had little impact on market performance elsewhere, having mostly concluded before the start of the week’s trading. Turning to Bitcoin itself, a phase of taking stock appears to be here, with fundamentals conversely primed to shift down from all-time highs. S...

Data suggests that investors are better off buying spot Bitcoin then attempting to mine it, unless the market is in a mega bull run. While intuitively, mining Bitcoin may appear like a highly profitable endeavor, research suggests otherwise.  After discovering Bitcoin, most users go down the rabbit hole and consider whether it is better to mine or buy Bitcoin directly. They usually give up due to the cost and rigor of running ASIC miners, regulatory uncertainty, and the lack of technical expertise. Hypothetically, if one overcomes the above challenges, they could enjoy advantages such as full autonomy over their operations and diversification of their crypto investment via physical hardware instead of directly purchasing Bitcoin, but the entire venture can be risky and labor intensive. To mine, or not to mine BTC? Analysis by Bitcoin (BTC) mining data firm, Hashrate Index, suggested that “buying bitcoin is preferable to mining it in most circumstances.” Jaran Mellurad, a Bitcoin minin...

Bitcoin price continues to explore the lower regions of its trading range, but a drop to $25,000 seems nearly inevitable according to derivatives data. Bitcoin (BTC) has been trading in a narrow 3.4% range for the past three days after successfully defending the $25,500 support on June 10. In this time, investors’ attention has shifted to the macroeconomic area as the U.S. Federal Reserve will announce its interest rate decision on June 14. Cryptocurrencies might work independently from the traditional finance markets, but the cost of capital impacts almost every investor. Back in May, the Fed raised its benchmark interest rate to 5%–5.25%, the highest since 2007. All eyes will be on Fed’s Chair Jerome Powell media speech 30 minutes after the rate announcement as markets are pricing in 94% odds of a pause at the June meeting, based on the CME FedWatch tool. Crypto fears more than just a FOMC meeting The upcoming FOMC meeting isn’t the only concern for the economy, as the U.S. Treasu...

Both BTC price and the total crypto market cap line up a retest of the 200-week moving average — a key bear market support line. Bitcoin (BTC) fell sharply after the May 24 Wall Street open as a “long awaited retest” of key trend lines materialized. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Bitcoin abandons uptick to retest moving averages Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $26,154 on Bitstamp — its lowest since May 12. The latest action was a world away from just the day prior, when upside formed the main story for the market and Bitcoin was aiming for $27,500. Rangebound volatility was thus the name of the game on the day, while traders eyed key levels for bulls to protect going forward. These came in the form of the 100-day and 200-week moving averages (MAs), both already a topic of conversation in recent weeks. “We are getting a long awaited retest of the 200-Week Moving Average. IMO, this is the MOST important level for B...

Bitcoin may be up 7.5% since Friday, but BTC price action is not giving everyone cause for positivity. Bitcoin (BTC) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price gains over 7% in two days Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $27,200 on Bitstamp. Its highest in several days, the performance reflected gains of around 7.5% versus local lows from the week’s final Wall Street trading session. “Strong movements on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K,” an optimistic Michaël van de Poppe, founder and CEO of trading firm Eight, reacted. “Patience, as flipping $27.2K is the first serious trigger for continuation upwards. In that case, close to a temporary bottom & potentially new highs to $36-42K still possible.” BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter Popular trader Daa...

Commodities rallied as the U.S. Treasury struggled with the banking crisis, but Bitcoin bulls also overplayed their hand in this week’s options expiry. Bitcoin's (BTC) 43% rally between March 10 and March 20 surprised options traders and this is proven by the minimal14% of the $1.12 billion open interest set to expire on April 7 being placed at $28,000 and higher.  The positive price movement can be partially attributed to an increase in commodity demand, as investors perceive risks in the central bank's emergency funding programs, as injecting liquidity causes inflationary upward pressure. According to Urban Angehrn, CEO of the Swiss Financial Market Supervisory Authority (FINMA), if Credit Suisse had not been rescued, "many other Swiss banks would probably have faced a run on deposits." Angehrn added that, "there was a high probability that the resolution of a global systemically important bank would have led to contagion effects and jeopardized financial stab...

Bitcoin's price surged to surpass the $28,000 zone, marking a 16% boost in value in the past 7-days At the time of writing, the leading cryptocurrency is trading at $28,063, a 2.4% increase in the past 24 hours. The price reached $28,459 at its highest point during the day, before trading at $26,877 during the day's low. Overall this week, Bitcoin has gained over 37% against the U.S. dollar. Bitcoin's market capitalization added $194 billion in 2023, representing a 66% gain year-to-date, outperforming Wall Street banks stocks especially as fears of a global banking crisis are rising. United States bank valuations have slid amid the ongoing fear surrounding regional banks in the country following last week's developments, including the shut down of Silvergate, followed by regulators' subsequent takeover of Signature Bank and Silicon Valley Bank. Bitcoin's (BTC) price surged on March 19 to surpass the $28,000 zone, marking a 16% boost in value in the past 7-day...

BTC’s market cap has climbed to the 11th spot amongst top assets by market cap and now sits behind electric vehicle maker Tesla. Despite a turbulent week for crypto following the downfall of Silicon Valley Bank (SVB) and Signature Bank, Bitcoin (BTC) market cap has managed to flip that of tech giant Meta. At the time of writing, data from Companies Market Cap shows Bitcoin's market cap has reached $471.86 billion, surpassing that of Meta’s market cap of $469 billion. Companies Market Cap provides real-time monitoring and ranking of market caps for cryptocurrencies, public companies, precious metals, and ETFs. Bitcoin's market cap standing compared to other assets. Source: Companies Market Cap Only 24 hours earlier, BTC’s market cap was nearly $37 billion below Meta’s market cap, sitting at $433.49 billion compared to Meta’s market cap of $469 billion. However, Bitcoin’s market cap rose 9.7% in the past 24 hours, pushing the cryptocurrency to sit in the 11th spot among top...

Strong U.S. jobs data for January could not pull Bitcoin and select altcoins lower, indicating a strong bullish undercurrent. Bitcoin’s (BTC) rally in 2023 has been boosted by expectations that the United States Federal Reserve will slow down the pace of its rate hikes as inflation has started cooling down. Some even anticipate a rate cut by the end of the year. That assumption received a jolt on Feb.3 when the U.S. employment data for January beat expectations and unemployment hit its lowest level since May 1969. If markets do not react negatively to news perceived as bearish, it’s a sign that the sentiment has turned positive. Traders may then shift their focus to the next important economic data release. Trading firm QCP Capital said in its latest market update that the Consumer Price Index print on Feb. 14 could move markets. They believe the risks to the data are to the upside. Daily cryptocurrency market performance. Source: Coin360 The current crypto bear market seems to have ...