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BTC
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XAU
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ETH
/USDT
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Crypto
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Name
Last Price
24H Chg%
BTC

$69,398.10
-0.34%
ETH

$3,672.69
-0.90%
BCH

$465.90
-1.81%
ETC

$26.710
-0.96%
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$79.490
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News
Bitcoin’s Next Stop at $75,000? Option traders are betting heavily on
cryptocurrency prices reaching new highs
2024-06-06 17:01:06
Content: Options traders are ramping up bets that Bitcoin will reach a record
high by the end of this month as they are optimistic about U.S. interest rate
cuts and increased inflows into exchange-traded funds (ETFs), Zhitong Finance
has learned. Bitcoin call options with a strike price of $75,000 on expiration
have the largest open interest — the number of outstanding contracts. This was
followed by strike prices of $100,000 and $80,000, respectively, according to
data compiled by Deribit, the largest crypto options exchange. Bitcoin, which
climbed as high as $71,756 this week, was largely unchanged on Thursday, holding
steady near $70,738 after ending a five-day winning streak.

Luuk Strijers, CEO of Deribit, said: “Traders are optimistic and expect a new
all-time high. Bullish sentiment in the Bitcoin options market is supported by
strong Bitcoin ETF flows, expectations of US interest rate cuts, European
Central Bank rate cuts, and the approval of the Ethereum ETF push.



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Positive(1869)
Negative(114)
The expectation of interest rate cutting is heating up to Bitcoin to re -stand
to $ 70,000
2024-06-05 12:54:12
As the unexpected drop in the number of JOLTs job vacancies in the United States
in April boosted investor expectations for an interest rate cut this year,
Bitcoin once again broke through the $70,000 mark and rose for the fifth
consecutive trading day. This is Bitcoin’s longest winning streak since March.

U.S. Treasury yields were lower as traders made it more likely that the Federal
Reserve would cut interest rates as early as November after data showed slowing
U.S. inflation and a softening job market. Easing financial conditions is a boon
for speculative assets such as cryptocurrencies. Tom Couture, vice president of
digital asset strategy at Fundstrat Global Advisors, said: “Cryptoassets have
responded positively to falling interest rates.”

Optimists, meanwhile, are anticipating the spot Ethereum ETF to gain approval
from U.S. regulators and expecting the cryptocurrency to get a boost from the
U.S. government’s move toward a crypto regulatory framework. The short-term
30-day correlation between Bitcoin and the Nasdaq 100 is around its highest
level since early 2023, suggesting further gains in the stock index could
accompany higher Bitcoin.

Galaxy Digital founder and CEO Michael Novogratz said a more positive political
environment for digital assets in the United States could help push Bitcoin to a
record $100,000 by the end of the year, or even higher. He said in an interview:
"If the price of Bitcoin rises to $73,000 in the next few weeks or so, it will
rise to $100,000 or higher by the end of the year."

Various market sentiments suggest that memories of the 2022 cryptocurrency bear
market and subsequent industry scandals, including the collapse of
cryptocurrency exchange FTX, have faded, at least for now.

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Positive(2059)
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Ethereum (ETH) Developers Tease This Major Step Ahead of Deneb Release
2023-10-24 10:16:09
On Saturday, Bitcoin encountered resistance around the $30,000 mark while its
dominance index reached a two-year high. The BTC.D chart from Tradingview, which
represents Bitcoin's portion of the total cryptocurrency market value, currently
stands above 52%. This dominance rate peaked at 52.72% on October 21, marking a
record not witnessed since April 2021.

The BTC.D has seen a substantial rise from an early-year figure of 38%, in line
with an 81% increase in Bitcoin's price since January. Crypto analyst Rebecca
Steven attributes this surge in BTC.D to Bitcoin's resilience and consistent
top-tier performance in the current market. According to Steven, high inflation
rates, geopolitical unrest, and a fragmented US government are motivating
investors to adopt risk mitigation strategies.

Steven also underscored the impending approval of a spot Bitcoin ETF as a factor
enhancing Bitcoin's attractiveness. She suggests that Bitcoin is acting as an
ideological shield against global instability, thereby boosting its growing
dominance in the cryptocurrency market.

This rise in dominance reflects Bitcoin's stake in the total cryptocurrency
market value and indicates its supremacy over altcoins. However, it doesn't
entirely represent all cryptocurrency market dynamics. For example, a decrease
in Bitcoin dominance could signify investors diversifying their portfolios with
altcoins. On the other hand, an increase in Bitcoin dominance could point to
investors' growing confidence and resource allocation towards Bitcoin.

Therefore, investors and analysts utilize various market indicators to
understand comprehensively the health and trends of the cryptocurrency market.

This article was generated with the support of AI and reviewed by an editor. For
more information see our T&C.

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