- Bitcoin trading to the monday markets are back with a vengeance as demand hits bullish contracts across crypto exchanges.
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Where Does the Front Line Stand? The world s largest digital currency raised about 3% to more than $59,000 on Friday - after Bloomberg News reported that the U.S. Securities and Exchange Commission is poised to allow the country's first new futures-based ETF to raise over 35% -.
As institutional and retail demand grows for the $1.1 trillion asset, speculators are eying a return to April $64,870 record peak while premiums for derivatives betting on higher prices are rising.
The U.S. was always the big prize and signals further regulatory validation and acceptance of cryptocurrencies, said Antoni Trenchev, co-founder of crypto lender Nexo. Momentum is evident with Bitcoin right now and it is only a matter of time before the April high is taken out. All month long speculation of imminent ETF approval has driven up Bitcoin, helping it outperform smaller tokens to reclaim 46% of the crypto ecosystem's total market value. An exchange-traded fund is expected to attract more investors who prefer buying a familiar, regulated product over making an investment on exchanges.
In a sign of rising animal spirits, the nine-day average funding rate on Bitcoin futures rose to 5% in Binance. That compares with just 0.9% at the end of September in crypto-data compiled by The Block, a crypto information platform. On FTX, another popular exchange, the premium over the past 24 hours has shot up to 24% from 7% over the past month.
The value of outstanding Futures trading on crypto exchanges rebounded to $21.5 billion, compared with the $27 billion peak earlier this year, according to Bybt.
The curve has also steepened in CME futures, indicating an increasingly optimistic outlook for Bitcoin's trajectory. The gap between December contracts and this month s was widened to 945 basis points, the most since late April.
Ki Young Ju, chief executive officer of CryptoQuant, told Twitter the price was driven by whales buying large quantities of the cryptocurrency through derivatives.
It all marks a shift from recent months when Bitcoin bulls were left submerged after the May crash and attention turned to a host of other speculative manias like non-fungible tokens.
With a well integrated ETF strategy, crypto is poised to go mainstream, said Peter Rosenstreich, head of market strategy at Swissquote Bank. This could push Bitcoin to $60,000 handle due to expectation for broader investment adoption adoption. None Jane Fraser Has a plan to Reinvent Citigroup as Tormenting Rivals Then It Will Make Disruptions?
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