Fun

Bitcoin Open Interest Soars As Top Crypto Breaks $76,000 – Details

News Feed - 2024-11-09 02:11:44

Este artículo también está disponible en español.


Bitcoin has achieved new highs, surpassing $76,000 for the first time in history. This spike follows Donald Trump’s victory in the US presidential election, which many investors believe will create a more favorable atmosphere for cryptocurrencies. Related Reading Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks 2 days ago


Bitcoin’s price reached $76,152 on TradingView, translating to a 2% increase in the last 24 hours, and a 10% increase in the weekly timeframe. Bitcoin barrels past $76k. Source: Coinbase Election Euphoria Fuels Bitcoin’s Surge


The cryptocurrency market is brimming with hope. Investors have long predicted that a Trump presidency would be good for digital assets. Trump’s past pessimism toward cryptocurrencies has altered considerably, and he now sees himself as a pro-crypto candidate.


His campaign has even accepted cryptocurrency payments and suggested establishing America as the “crypto capital of the world.” What was the result? A rise in Bitcoin’s value has boosted shares of associated companies such as Coinbase and MicroStrategy. BTCUSD trading at $76,152 on the 24-hour chart: TradingView.com


This rally goes beyond speculation. Bitcoin has grown due to institutional investment. More than $50 billion has gone into Bitcoin ETFs, indicating that traditional financial institutions are accepting cryptocurrencies. Analysts expect Bitcoin to hit $150,000 by 2025 if present trends continue. Record Open Interest Signals Confidence


The Open Interest (OI) of Bitcoin, which is the aggregate number of outstanding futures and options contracts, has increased in tandem with its price. In the span of two days, OI experienced a significant increase of 13.29%, resulting in a remarkable $45.41 billion. Bitcoin Open Interest hits over $45 billion on Nov. 6. Source: CoinGlass


The current surge suggests that traders are not merely passive observers; rather, they are actively taking measures to prepare for potential price increases. Although there are always hazards, the increase in OI is generally considered a sign of confidence in the market’s upward trend. Due to this, it is imperative to evaluate the market’s dynamics by taking into account a variety of factors. Related Reading Binance Coin Breaks $600! Is There More Upside Ahead For BNB? 1 day ago


Market participants are increasingly optimistic about the future of Bitcoin, with many predicting that institutional interest will only rise as regulatory clarity improves under Trump’s administration. A potent combination of market forces and political circumstances has the potential to further elevate Bitcoin. What Are The Future Prospects For Bitcoin?


Volatility in the crypto markets is expected to persist as the results of the US election unfold. Early signs show that Trump’s actions may result in increased acceptance and support for cryptocurrencies. As investors consider these developments, many are wondering how high Bitcoin may go.


The present market attitude mirrors a bigger trend: Bitcoin has demonstrated resiliency in previous election cycles, frequently reaching new highs following the election. As institutional investors stay optimistic and retail interest soars, the question isn’t whether Bitcoin will rise—but how quickly it will grow in this new political scenario.


Featured image from DALL-E, chart from TradingView

News Feed

Crypto miners stole $723M of electricity in Malaysia since 2018: Report
Brayden Lindrea8 hours agoCrypto miners stole $723M of electricity in Malaysia since 2018: ReportMalaysia’s Deputy Minister of Energy Transition and Water Transformation revealed the number during an event where they d
Germany Takes Over FATF Presidency With New Guidance to Help Countries Apply Crypto Standards
Germany Takes Over FATF Presidency With New Guidance to Help Countries Apply Crypto StandardsThe Financial Action Task Force (FATF) has a new president as Germany took over the pres
Ghana Central Bank Working to Make CBDC Available to Offline Users
Ghana Central Bank Working to Make CBDC Available to Offline Users The Ghanaian central bank is seeking to make its digital currency, the e-cedi, available to offline users, an off
DePIN platform peaq secures $15M in pre-launch round
Ana Paula Pereira7 hours agoDePIN platform peaq secures $15M in pre-launch roundGerman-based blockchain startup peaq has secured $15 million in a Series A round led by Generative Ventures and Borderless Capital.1107 Tota
Gareth Jenkinson12 hours agoEthereum NFT royalties hit 2-year low as Bored Ape floor price falls below 30 ETHNFT royalties are an important gauge of incoming revenues to fund the ongoing development of various projects i
Brazil and China Deepen Trade Integration to Move Away From US Dollar, as First Yuan-Based Settlement Is Processed
Brazil and China Deepen Trade Integration to Move Away From US Dollar, as First Yuan-Based Settlement Is Processed Brazil and China have reached a milestone in their economic integ
Rap Star Snoop Dogg Believes Crypto Industry Will Bounce Back — Crash ‘Weeded’ Out Bad Apples
Rap Star Snoop Dogg Believes Crypto Industry Will Bounce Back — Crash "Weeded’ Out Bad Apples This week, the rapper Snoop Dogg spoke about the crypto crash in an interview with
Chainlink Holds Strong At $15.29 Support – Is A New Breakout Imminent?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Best Crypto to Buy as OpenAI and Musk’s Battle Escalates & OpenAI Tests New AI Agent
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Australia’s Bitcoin sentiment jumps after US spot Bitcoin ETF approvals
Brayden Lindrea2 hours agoAustralia’s Bitcoin sentiment jumps after US spot Bitcoin ETF approvalsThe rise in positive sentiment was skewed heavily by those aged 55 and above, where Bitcoin sentiment increased by 100%.8
Nvidia is now the world’s most valuable publicly traded company
Vince Quill1 hour agoNvidia is now the world’s most valuable publicly traded companyGraphics processing and AI giant Nvidia provides roughly 80% of the artificial intelligence chips used in high-end data centers.257 To
Tom Mitchelhill3 hours agoKraken co-founder slams ‘decel’ SEC, warns others should flee USJesse Powell didn’t mince words when he criticized the SEC for suing his exchange, calling it the country’s “top decel.