Bitcoin Open Interest Surges on Binance & Coinbase
Bitcoin’s Open Interest (OI) is experiencing a significant surge after the Federal Open Market Committee (FOMC) meeting, indicating increased activity on major crypto exchanges. This surge is particularly notable on platforms like Binance and Coinbase.
The latest data reveals that Bitcoin’s OI has risen by 0.70% in the last four hours, reaching $18.09 billion or 426.07K BTC. However, this surge is not uniform across all exchanges, with Binance and Coinbase standing out with substantial increases.
Binance has seen a 1.90% surge in the last 24 hours, reaching $4.16 billion or 98.03K BTC. On the other hand, Coinbase experienced a significant surge of 23.80%, reaching $3.62 million or 85.36 BTC.
This surge in Bitcoin OI comes after the FOMC meeting where investors gained confidence from major decisions about interest rates and economic policies.
Bitcoin Price To Hit $50,000?
The crypto market has been volatile this week as investors await the FOMC minutes and other key economic data before making further decisions.
Despite a recent 4% dip in Bitcoin price within seven days, it remains above the crucial $42,000 threshold, showing ongoing investor confidence. Additionally, prominent market analyst Michael van de Poppe’s analysis discussing Bitcoin’s potential to reach $50,000 adds fuel to speculation in the crypto landscape.
Hot Take: Bitcoin Open Interest Surges After FOMC Meeting
The recent FOMC meeting has had a notable impact on Bitcoin’s Open Interest (OI), with a significant surge observed on major crypto exchanges like Binance and Coinbase. This surge indicates increased activity and strategic positioning by traders in the market.
Furthermore, the discussion surrounding Bitcoin’s potential to hit $50,000 by Michael van de Poppe has sparked speculations among investors. Despite recent price fluctuations, Bitcoin remains resilient and above the pivotal $42,000 threshold, demonstrating ongoing investor confidence.
The dynamic nature of the crypto market calls for close monitoring of signals and cues to anticipate potential future developments in this volatile landscape.
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