Bitcoin
Bitcoin Futures Funding Rates Show Traders Still Bullish Despite Defeat
Despite the recent market rout, Bitcoin and Ethereum funding rates in perpetual futures contracts are still bullish, according to data from the CoinGlass.
Financing fees are periodic payments made between traders who are long (bullish) and short (bearish) on perpetual futures contracts. Unlike standard futures contracts, which have an expiration date, perpetual contracts do not have an expiration date. And so financing helps keep the price of a perpetual futures contract close to the spot price of its underlying asset.
When funding rates are positive, as they are at the time of writing, long traders pay a fee to short traders to keep their contracts open. As of Tuesday morning, Bitcoin open interest-weighted funding rates were 0.0024%, according to CoinGlass.
Why is this optimistic? It is an indicator that there are more traders opening long positions than short positions.
Therefore, current market sentiment – measured by Bitcoin derivatives activity – is still slightly more positive than negative. It is also a sign that traders holding long positions already open are confident that their gains will eventually outweigh their funding costs.
There are other signs that plunging prices have not completely erased bullish sentiment among Bitcoiners.
Philip Swift, founder of analytics platform Look Into Bitcoin, noted on twitter that BTC’s recent drop has dropped it to its 128-day moving average. It is a technical analysis metric that became popular during the 2017 bull runwhen the Bitcoin price often bounced back after touching the line, He explained.
If the BTC price were to follow the same pattern as then, then the 128DMA “usually, but not always, acts as good support in Bitcoin bull markets,” he wrote.
At the time of writing, Bitcoin was trading at just over $65,000 after falling to $64,548.57 – its lowest value in the past month.
There are other tepidly optimistic signals outside of the crypto markets as well.
Algorithmic crypto trading firm Wintermute recently highlighted in a note that the tide may be turning at the Federal Reserve, which is responsible for setting interest rates in the U.S.
Historically speaking, lower interest rates on Treasury bonds encourage traders to allocate more assets to riskier assets like stocks and cryptocurrencies.
This is why the market recently sank when new comments from Minneapolis Federal Reserve President Neel Kashkari indicated that the Fed might not cut rates until December. Until recently, investors held out hope for a rate cut in September.
But perhaps the Fed will give in to peer pressure from other major central banks, Wintermute argued.
“The current bearish sentiment may be short-lived as global central banks such as the Bank of Canada and the European Central Bank have already initiated rate cuts, suggesting a global shift towards monetary easing,” the firm wrote.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
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‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
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Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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