Expect volatility: Bitcoin futures open interest surges to new all-time highBTC $11,389 (-3.3%) • ETH $383 (-5.2%) • XRP $0.27 (-4%)
Bitcoin has been seeing relatively quiet price action throughout the past few weeks, with the cryptocurrency primarily trading within the upper-$11,000 region as its bulls and bears reach an impasse. During this consolidation phase, futures traders have been opening up a significant quantity of positions, signaling that they anticipate the benchmark crypto to make a large movement in the near-term. This has driven Bitcoin futures open interest to a fresh all-time high of over $5 billion, marking a full recovery from the massive hit that it took following the mid-March meltdown. Typically, when futures open interest sees growth of this magnitude, it means that volatility is imminent for the underlying asset. As for which side this volatility will favor, Bitcoin’s strong weekly close posted yesterday seems to indicate that bulls will ultimately prevail over bears. 📈 Trending … DeFi Tokens • Oracle Tokens • Biggest Gainers • Stablecoins More news ⏬Full-page Bitcoin ad graces the front page of massive Hong Kong paper
Wouldn’t it be weird if the first thing you saw in your morning newspaper was a massive Bitcoin logo? Well, that’s what happened on August 24, when readers of the popular Hong Kong newspaper the Apple Daily were treated to a full-page advertisement promoting the leading cryptocurrency. Thanks to our premium sponsors⭐️ CryptoAltum - CryptoAltum is a leading trading platform with a special leaning towards digital assets. Its mission is to make crypto trading easy and accessible to everyone. ⭐️ Paradox Group - Paradox is the Official Advertising Partners of CryptoSlate and specialises in Marketing and Blockchain Advertising. Akoin co-founder Lynn Liss on building the financial tools for Africa to become a crypto powerhouse
CryptoSlate recently had the opportunity to chat with Lynn Liss, the Chief Operating Officer and co-founder of Akoin. DeFi mania continues as crypto exchange FTX launches “Uniswap Index”
The DeFi sector’s growth trajectory isn’t showing any signs of slowing down, as demand for the crypto assets relating to this sector is still quite high. Ethereum’s on-chain data suggests the worst is to come after 10% correction
Even counting the recent bounce, Ethereum hasn’t performed well over the past week. Crypto market dataFor more pertinent market data, please see: Connect with usDisclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to content within this article.
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