Is A Spike In Bitcoin Open Interest Forecasting A 2021 Like Bullrun To $69,000?
Bitcoin is losing steam on low timeframes as the price is rejected from the $20,000 and seems poised to re-test previous support levels. The cryptocurrency enjoys a short-lived bullish price action, but buyers have been unable to push further. Related Reading: ImmutableX Breaks Out Of Downtrend, Can Price Rally To $1? At the time of writing, Bitcoin (BTC) trades at $20,000 moving sideways in the last 24 hours and with a 5% profit in the last 7 days. Other cryptocurrencies in the top 10 by market cap record negative performance and steeper losses than BTC’s price except for Dogecoin and....
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Bitcoin’s recent gains appear to have been driven by leverage-fuelled speculation, with open interest in futures and Binance’s leverage ratio pushing into new highs. On Nov. 4, crypto data market aggregator CryptoQuant published a chart indicating Binance’s Estimated Leverage Ratio — open interest divided by Bitcoin (BTC) reserves — has pushed into new all-time highs.The record was set on Nov. 3 after a spike in open interest pushed Binance’s ELR above 0.18 for the first time. The spike in ELR came shortly before Bitcoin established a double-bottom at roughly $13,400. New data suggests....
PRESS RELEASE. With Round 1 Fully Sold Out, Investors scramble to get on board of Securypto IEO. In a world where datahacks have become the norm rather than the exception, anonymity has become a necessity. Securypto project is making headlines across major news media for its remarkable innovative approach to encrypted messaging. As the security expert and the Lead Dev of Securypto pointing out: “It’s not just WhatsApp, almost everything connected to the internet is at risk of cyberattacks. That’s what easily can be concluded following continuation news about the....
PRESS RELEASE. Securypto focuses on safe and truly anonymous exchange of data. In a world where datahacks have become the norm rather than the exception, anonymity has become a necessity. Acknowledging the massive support from their community, Securypto lead developer Sam Nokati expressed his appreciation: “To all who believe in Securypto and continue to express your amazing support for the SCU token sale, as a show of our tremendous appreciation, we are going ahead of schedule with our token listing. Bilaxy is a world-class digital asset trading platform and we are proud to be....
Bitcoin has recorded significant losses in just the first week of December. The digital asset has taken some of the largest hits for the year in just last week alone following liquidations over the weekend. This has expectedly had a huge impact on the amount of open interest in bitcoin. Following the dump, BTC denominated open interest took a nosedive. The dip in open interest was significant enough to near-record levels for 2021. With bitcoin losing more than $10,000 in value, open interest had declined rapidly. This is worrying given that open interest had dropped not too long ago and....
Bitcoin’s new all-time high this month has led to a number of interesting developments in the crypto space. The success of the first Bitcoin ETF contributed greatly to the price of BTC finally bursting through the $67K price point and with it has come to a spike in funding rates in the market. The ProShares ETF saw over $1 billion in trading volume in its first day, signaling increased inflows into the market. The spike in funding rates moved along with the price movements of BTC in the month of October. This spike maintained momentum along with BTC movements. However, as the price....