BTC Futures Open Interest Hit 16-Month High

Derivatives of #BTC are showing a moderate uptrend, paving the way for fresh gains above $70,000.

Bitcoin price has been declining since testing $70,300 on May 27, and is currently near $67,500, a 4% drop in two days. However, support at $66,000 has been firm since May 17, providing some comfort to bulls who are not yet alarmed by this correction.

The potentially worrying data comes from the Bitcoin derivatives markets, as the number of BTC-equivalent leveraged bets, known as open interest, rose to a 16-month high on May 29.

This change was particularly notable after weak demand at a Treasury Department auction on May 28, which pushed the benchmark yield to levels that equity investors may find concerning.

On May 29, total Bitcoin futures open interest reached 516k BTC, the highest since January 2023 and an increase of 6% in the last week.

Chicago Mercantile Exchange (CME) leads the market with a 30% share, followed by Binance with 22%, and Bybit with 15%. This substantial open interest, equivalent to $34.8 billion, is a double-edged sword for the market.

High open interest may indicate bullish sentiment as it shows strong appetite for Bitcoin futures. However, if the bulls rely excessively on leverage, a typical 10% market correction could trigger cascading liquidations, exacerbating the price decline.

Ethereum Near New All-Time Peak As #ETH ETF Awaits

Ether will be the next cryptocurrency to surpass its current all-time high, according to a well-known cryptocurrency market analyst.

ETH could surprise cryptocurrency markets and hit new all-time highs before bitcoin has price discovery again.

In some of his latest market analysis, Michaël van de Poppe, founder and CEO of the trading firm MNTrading, predicted that a “likely” movement of the ETH/USD pair will occur.

Analyst believes focus on altcoins is driving ETH price

Ether is the next cryptocurrency in line to surpass its current all-time highs, according to new analysis.
As Cointelegraph reported, cryptocurrency traders anticipate strong bitcoin price action in response to another historic ETF moment: the launch of Ether spot ETF products in the United States.

These, although not yet fully approved to begin operating, have received the green light from regulators after a surprising 180-degree turn.

At the same time, the move could reduce bitcoin's share of the global cryptocurrency market, something some say would give altcoins more room to gain.

“Bitcoin dominance has likely peaked this cycle at 58%,” Van de Poppe argued over the weekend.
"Altcoin valuations are very low compared to bitcoin. The next all-time high will probably be Ether."

The puppy died peacefully, "as if she were sleeping," Sato wrote at the time in a poem-like farewell on his blog 'Walking with Kabo-chan'. He was 18 years old.

Born on November 2, 2005, Kabosu was about to be euthanized when she was adopted by an animal welfare organization. She was about 3 years old when Sato became her owner.

The Japanese woman had been uploading photographs of the dog on her blog for some time when she suddenly became an internet phenomenon for an iconic photograph, taken not long after her adoption, when she was still getting used to her new home, as Sato explained in interviews. with local media.

Netizens dubbed Kabosu '#DOGE: ', a play on words meaning 'dog', and turned her into a global meme.

His image would later be used to create the cryptocurrency #Dogecoin‬⁩ , in which American business magnate Elon Musk invested large amounts, further enhancing his fame.

The puppy even has a monument in a park in the city of Sakura where she lived, in Chiba prefecture (east of Tokyo), where she also has her own manhole cover.

The 4 cryptocurrencies with bullish potential in 2024
On the other hand, the report published by Criptonoticias has detailed which are the four cryptocurrencies that will have the most bullish potential during 2024.

In addition to #Bitcoin , the cryptocurrencies that will increase their price the most in 2024 are the following:

1. #Ethereum. : Research firm Stony Chambers stated that this altcoin will have a rebound period in 2024 and will continue to grow.

2. #TONCOİN : according to the aforementioned media, the crypto known as the Telegram currency will experience a rise in the market for decentralized applications that will boost its price.

3. #RenderToken : On the other hand, experts pointed out that cryptocurrencies related to artificial intelligence will have a boost in their price this year.

4. #RippleXRP : Fourthly, another of the cryptocurrencies that will increase according to experts is XRP.

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Over the past week, the $BTC market has been volatile. At first, it peaked around $72,000, but then fell below $68,000 due to regulatory news and mining energy concerns. However, there has been a rally since then, with the price currently in the region of $67,500.