Spot bitcoin price was up 1 percent as the U.S. futures recovered sharply on Sunday evening.
The S&P 500 mini had opened lower amid uncertainty about the effect of riots in major U.S. cities.
Bitcoin laggingly tailed the futures to fall below $9,400 but rebounded as risk-sentiment restored. Its next price target is $10,000.
Bitcoin and the S&P 500 mini fell and recovered in sync on Sunday evening – with a minor lag between their moves.
The benchmark cryptocurrency slipped to $9,369 a token as of 1905 ET. The southward move came as a part of a broader correction from bitcoin’s weekend session top near $9,764. So it appears, day traders sold the local high to secure short-term profit, which caused the $300 blip.
Just an hour before bitcoin fell below $9,400, futures linked to the S&P 500 opened lower by 1.38 percent.
S&P 500 futures maintain May gains despite opening lower on Sunday evening | Source: CNBC Pre Markets
Macro analysts blamed the ongoing demonstrations in the U.S. for the fall in an otherwise bullish benchmark index, with Art Hogan, the chief market strategist at National Securities, fearing that the massive disruptions are doubling up the risks in the U.S. equities.
“When you think about clearly we’re beginning to take U.S.-China tensions seriously, and you add on to that the massive amount of disruption going on in almost every major city in the country right now, none of that could be seen as a market positive,” he told CNBC.
Recovery
The S&P 500 futures later recovered from its earlier slip, rising from 3,011 to as much as 3,048.25. Bitcoin laggingly tailed the stock market indicator, rebounding by 2.08 percent to $9,567.13.
BTCUSD maintains intraday gains as S&P 500 futures recover | Source: TradingView.com
The latest price actions served as a reminder of an erratic yet positive correlation between Bitcoin and the S&P 500. Traders in the cryptocurrency community have been watching the U.S. benchmark as a barometer to realize the investors’ sentiment since February and March’s global market rout.
Bitcoin and the S&P 500 had both fallen to their record yearly lows in March.
The latest round of anti-police protests has further raised investors’ concerns about the second wave of infections. The Wall Street Journal quoted Peter Chin-Hong, an infectious disease specialist, who feared a spike in cases amid demonstrations and reopening of the U.S. economy.
That could stall the S&P 500 recovery.
A $10K Bitcoin Price Target Intact
Despite the weak fundamentals, Bitcoin traders could still keep an eye on $10,000, a price level they have attempted to break multiple times since May 7, 2020, but to no avail.
BTCUSD eyes $10 retest amid global market recovery | Source: TradingView.com
The reason why traders have failed so far appears more technical. There is a significant descending trendline that has capped Bitcoin’s upside attempts from flourishing since December 2017. So it seems, traders could retest a move above it for a potential breakout as lower bond yields raise investors’ risk appetite.
A rising U.S. stock market further increases Bitcoin’s probability of hitting $10,000 this week over its short-term correlation with the S&P 500.
Nevertheless, if a macro pullback appears, it could leave Bitcoin under a similar downside spell. It is because of investors who liquidate their crypto positions to cover their losses elsewhere, a pattern noted by analysts during the March sell-off. origin »
Bitcoin cooled off after its latest rally, but Futures demand soared to levels last seen over a year ago
Market is now embracing caution amid growing levels of uncertainty over major event
BThe post Bitcoin - Unpacking the ripple effects of surging Futures demand for traders appeared first on AMBCrypto.
Onchain Highlights DEFINITION: Bitcoin futures open interest (OI) is the total amount of funds allocated in open futures contracts. Bitcoin futures OI has seen a further rebound recently. As Bitcoin’s price approached $70,000 earlier this year, futures OI reached unprecedented levels, signaling renewed investor interest and market engagement.
Bitcoin's recent price correction is closely tied to futures contracts, with record liquidations and shifts in market open interest
The post Bitcoin’s sharp downturn linked to futures liquidations: Bitfinex appeared first on Crypto Briefing.
When it comes to trading Bitcoin futures, investors have options across different exchanges. However, the two primary exchanges offering Bitcoin futures contracts are the Chicago Mercantile Exchange (CME) and ICE/US.
Bitcoin futures open interest on CME, a derivatives exchange approved by the Commodity Futures Trading Commission (CFTC), jumped to an all-time high of 118,540 BTC, worth over $4. 42 billion, according to data from CoinGlass on November 27.
Bitcoin futures have become an integral part of the cryptocurrency market. Futures are a financial instrument that allows investors to buy or sell Bitcoin at a predetermined price at a specified future date.
Quick Take The recent data analysis indicates a critical shift in Bitcoin futures contracts, particularly in the wake of the Grayscale lawsuit. Bitcoin open interest, the total number of outstanding futures contracts, has suffered a significant reduction, with a rough estimate of 400,000 Bitcoin in futures contracts representing one of the lowest readings year-to-date.
Argentina approves a Bitcoin futures index, but it does not come without high expenses and significant risks for investors.
The post Regulated Bitcoin Futures: A Faustian Bargain? appeared first on BeInCrypto.
The CME now accounts for a majority of activity in the standard futures market tied to bitcoin, one observer said, while explaining a relatively higher premium in futures listed on the Chicago-based exchange.
The United States Commodity Futures Trading Commission (CFTC) has filed charges against Gemini alleging that the exchange filed false or misleading statements relating to its bitcoin futures product.
Gemini, a leading crypto exchange, has been sued by the CFTC over statements regarding its earliest Bitcoin futures contracts. Lawsuit Concerns Bitcoin Futures Contract According to the U.S. Commodity Futures...
Bitcoin is edging above $37,000 today after dropping to $36,200 midday with it seemingly recovering from a Monday low of just under $33,000. The January futures expired this Friday at...
Data shows the Bitcoin crash from a few days ago flushed out $5.4 billion from futures open interest within the matter of hours. Cascade Of Long Liquidations Lead To 24.5% Reduction In Futures Open Interest As per the latest weekly report from Glassnode, when the price of Bitcoin crashed down to $42k a few days […]
Bitnomial, a U. S. -based cryptocurrency derivatives exchange company, today announced the launch of physically-settled Bitcoin futures with up to 35% margin. Initially, Bitnomial will offer trading in two quarterly contracts, Bitcoin US Dollar Futures, and Deci Bitcoin US Dollar Futures, sized for both institutions and individuals, and does not charge for market data or trading access.
The first US Bitcoin (BTC) exchange-traded fund is rapidly getting close to breaching a limit on the number of futures contracts it is permitted to hold, Bloomberg reported.
The post Bitcoin Futures ETF is so popular that it’s breaching futures limits set by TradFi appeared first on CryptoSlate.
All gas, no brakes. That’s the SEC’s sentiment regarding the potential launch of initial Bitcoin futures ETFs that could hit the market as early as next week. After fielding nearly a decade’s worth of crypto ETF applications, it’s without question a landmark moment.
According to the bank’s spokesman on Tuesday, Wall Street giant Citigroup (NYSE: C) is eager as they await regulatory approval to start offering bitcoin (BTC, -3. 59%) futures trading contracts on the Chicago Mercantile Exchange (CME).
Citigroup is now considering whether to offer its biggest clients the option to trade in Bitcoin futures, citing increased demand in the cryptocurrency space. According to the reports, the banking giant is currently awaiting approval to begin trading CME Bitcoin futures.
The Chicago-based derivatives market launched its Micro Bitcoin futures product in early May, providing investors with smaller positioning opportunities.
Goldman Sachs continues to move towards adopting cryptocurrencies and offering crypto products to its clients. The bank’s most recent move towards achieving this is its partnership with Mike Novogratz’s Galaxy Digital, which will allow the company to start offering Bitcoin futures.
Galaxy Digital’s co-president Damien Vanderwilt announced today that his firm has partnered with Goldman Sachs to help provide bitcoin futures products. The partnership marks one of the first occasions where an American multinational investment bank has partnered with a crypto asset service provider.
The agency also “strongly” advised the investors of mutual funds with Bitcoin futures to beware of risks as the crypto asset is volatile and a “highly speculative investment.”
The post SEC to Weigh Whether Bitcoin Futures Market could Accommodate ETFs first appeared on BitcoinExchangeGuide.
The world's largest asset manager will allow two of its funds to get into bitcoin futures, as Guggenheim speculates a market pullback in the near term.
The mammoth asset manager with some $8 trillion in investments is seemingly planning to start investing in bitcoin futures. “Certain Funds may engage in futures contracts based on bitcoin,” they...
Bakkt’s cash-settled Bitcoin futures were launched in December 2019 on popular demand. Physically settled Bitcoin futures exposed traders to the risk of holding the asset and didn’t exactly fly amThe post Why has Bakkt's cash-settled Bitcoin Futures' volume doubled? appeared first on AMBCrypto.
On Binance, bitcoin quarterly futures hit a high just shy of $100,000 - $99,964. While sudden moves like these aren't new, it had been forgotten due to the slow, sideways moving price devoid of volatiThe post Bitcoin hits $100,000 on Binance futures appeared first on AMBCrypto.
Bitcoin is holding its intraday gains above $9,100 on Thursday. But the cryptocurrency risks downside correction as the U.S. futures hint at a shaky start after New York opening bell Thursday. The unsteadiness surfaced as China approved a proposal for a national security law in Hong Kong, raising possibilities of a new geopolitical conflict with...
The open interest in Bitcoin futures has almost doubled in the past two weeks, jumping from just under 6,000 open contracts to nearly 10,000. The activity represents an all-time high for Bitcoin futures since their inception.
Bitcoin futures platforms have recently attracted all-time high open interest. However, of the large numbers trading the contracts at various exchanges, one demographic is prohibited from contributing to the figures.
Open interest for Bitcoin futures markets has broken an all-time high. However, the last two times this happened, the BTC price crashed soon after. With this in mind, traders are nervous. Bitcoin (BTC) futures are roaring back after a bloody March and an April rebound.
In one fell swoop, the Bitcoin Futures market has been turned on its head with the leader board not only seeing a shuffle, but volume movements disappearing in one and reappearing in the other. Among The post Binance breaks Bitcoin Futures ATH as BitMEX looks barren appeared first on AMBCrypto.
According to TokenInsight's latest derivatives exchange report, the Futures market recorded the highest growth in trading volume across the digital asset ecosystem.
That's not all, however. The repThe post Bitcoin Futures hog the limelight, but Options could be the next big thing appeared first on AMBCrypto.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average.
Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and might struggle to recover above the $95,800 level. Bitcoin started a recovery wave from the $91,150 zone.
