Bitcoin open interest grows $500M in 24 hours, highest level since SVB collapse

Quick Take A futures contract is an agreement between two parties to buy or sell an asset (in this case Bitcoin) at a predetermined price at a specific future date. These are used for hedging risk or speculating on price changes.

Timeline of Bitcoin

More than 92% of the total amount of Bitcoin (BTC) has been mined as of today. But ChatGPT is predicting what will happen when the halving cycles end and supply is eventually exhausted.

Continued enthusiasm for Bitcoin (CRYPTO: BTC) from individual investors is expected to persist over the upcoming year, leading up to the cryptocurrency's next halving event, according to a recent research paper published by JPMorgan Chase & Co (NYSE: JPM). The research report credits the recent surge in retail interest in part to the emergence of Bitcoin Ordinals and BRC-20 tokens, Coindesk reported.

Bitcoin (BTC) has dropped about 2% over the last 24 hours and is once again below $27,000 as investors continue to consider the effects of the U.S. debt ceiling agreement and last Friday's strong jobs report.

BTC/USD Tests 26676 Target: Sally Ho's Technical Analysis – 6 June 2023 Bitcoin (BTC/USD) retained its bearish outlook early in the Asian session as the pair depreciated from the 27466.83 level and reached the 26674.83 area, representing a test of a downside price objective around the 26676 area. Related downside price objectives include the 26120, 25565, 24878, and 23767 levels.

Coinbase derivatives exchange is set to launch its institutional-sized bitcoin (BTC) and ether (ETH) futures contracts. The company says the financial instruments will come with enhanced risk management features and lower fees.

Speculation is mounting over which Central Asian country has added Bitcoin to its treasury. On June 4, Crypto Lawyer Irina Heaver said a country in Central Asia would soon announce holding BTC as a treasury asset.

According to Google Trends, worldwide interest surrounding the term “bitcoin” has plummeted to its lowest point since October 2022, registering a mere 17 out of 100. The active interest for the term has taken a nosedive since June 2022, when the search query for bitcoin reached a score of 64 out of 100.

JPMorgan has partnered with Indian banks to settle dollar transactions using the blockchain. Meanwhile, the bank also believes there will be a surge in Bitcoin (BTC) demand as the halving event is less than a year away.

TradeZing CEO Jordan Edelson spoke with Benzinga at Bitcoin 2023, a major cryptocurrency event at the Miami Beach Convention Center. Edelson, who was in the pre-launch phase last year, has since rolled out a mobile app as a closed beta in September.

With the majority of assets in the cryptocurrency market opening the week on a bearish note, Bitcoin (BTC) is no exception, dropping below the critical psychological level of $27,000. However, optimism still remains as the flagship cryptocurrency closed another week above the 200-week moving average (MA).