Bitcoin-based products reached an all-time high of $40.5 billion this October.
A report released by CoinGlass pointed to a new reality for the market. Especially in relation to Bitcoin-related products. According to the company, BTC futures, for example, saw a considerable increase after the market heated up again. Open interest (OI) reached an all-time high, setting the mark of US$ 40.5 billion in October.
#Bitcoin open interest exceeds $40 billion for the first time.🧐🧐🧐
👉https://t.co/b1RbJ1A35P https://t.co/O2On2tpEQj pic.twitter.com/hS0p3ZBE0o
— CoinGlass (@coinglass_com) October 20, 2024
The CoinGlass report also shows who holds the largest market share. According to the data, the Chicago Mercantile Exchange (CME) covers at least 29.75% of the customers in this niche. The company is followed by Binance and Bybit, which each have 20.57% and 15.04% respectively.
This information shows that the current BTC scenario could be quite attractive for investors. This tends to boost other cryptocurrencies as well, especially if the factors impacting the market continue to be favorable.
Bitcoin value rises again after FED interest rate cut
Bitcoin’s value has once again become the focus of analysis by market experts. This is because the token has started to grow again after some measures were taken by the US government. The country has been going through a very intense economic crisis since the middle of the year.
As a control measure, the FED decided to cut the interest rate by 50 points. The result was a decrease in inflation and a partial recovery of the market. As a result, the main tokens increased their prices, especially BTC, which reached resistance levels closer to 70 USD thousand.
At the moment, the Bitcoin token is being sold for just over 67,000 USD. The accumulated growth over the last 15 days is around 7%. This indicates that the asset may continue to increase and set higher levels in the coming days.
This is the perfect scenario for other BTC-based assets to also see good returns, including Bitcoin futures, ETFs, and other related products.
Interest in Bitcoin derivatives increases with the latest polls on voting intentions in the United States
The digital asset market is always subject to internal and external factors. The movements that impact cryptocurrencies are not always economic. An example of this is the US presidential election. Due to the two-party system, only two candidates are considered to have a chance of winning: Donald Trump and Kamala Harris.
The instability is due to the candidates’ positions. Trump is openly enthusiastic about the market. Kamala, on the other hand, has barely taken a position during the campaign. Analysts have concluded that she could adopt the same positions as Joe Biden, the current president. Harris is currently the country’s vice president, which corroborates this suspicion. However, there has been a significant change in the campaign. Some time ago, the Democratic candidate began accepting donations in cryptocurrencies for her campaign. Some experts did not ignore this fact and began to believe in the potential support of the digital market.
On the other hand, Trump has stated several times that he wants to transform the United States into the capital of cryptocurrencies. In addition, he has made very harsh criticisms of the current government’s stance, especially the SEC’s decisions. Among the promises made by the candidate are greater flexibility in regulations, aiming to further boost the adoption of digital assets.
With the release of the latest polls, interest in BTC and its products has increased. This is because, although the situation is still being defined, the numbers point to a greater possibility that Trump will win. According to the company Polymarket, investors can decisively influence the outcome of the election. This is because 61% of them say they prefer Trump as president over Kamala.
The release of the data had an almost immediate effect on the price of assets. Proof of this is the current movement of BTC. In addition, experts have also started to bet even more on the growth of the token for the next year.
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