In a significant shift in market dynamics, while offshore perpetual open interest (OI) declined by 26,735 BTC, CME’s OI surged by 4,380 BTC. Now, CME’s market share stands at a record 25%, swiftly closing in on Binance’s combined perpetuals and futures.
Notably, in the realm of traditional expiry futures, CME dominates with a staggering 80% market share. The takeaway? Offshore basis is losing its relevance as a market signal, with most offshore movements now focused on perpetuals.
Bitcoin’s (BTC) market moves this week pushed the asset into fresh local highs as the world’s largest digital asset further cemented its lead against other major blue-chip cryptos.
The asset rose above $30,000 early Monday morning before driving higher, blowing past several resistance levels not seen since the collapse of Terra in May of last year.
Bitcoin is now trading around $34,100, down slightly, after climbing more than 14% and reaching a peak of just over $35,100 in early Tuesday trading. The activity has sent the asset’s dominance, or total share of the market, to a two-and-a-half-year high, of around 54%.
Aditya Jalan, trading manager for APAC at FalconX told Blockworks…
Read more on https://Blockworks
After a months-long back-and-forth, Coinbase is taking one final shot at dismissing a lawsuit from the US Securities and Exchange Commission.
The US crypto exchange will issue its final plea on Tuesday to a federal judge to dismiss the lawsuit, which was filed in June.
According to a person familiar with the matter, Coinbase’s reply brief will focus on the exchange’s case — that the SEC is violating the major questions doctrine, which prevents agencies from engaging in issues Congress has not yet ruled on.
Judge Katherine Polk Failla could rule immediately and dismiss the case on Tuesday. A more likely outcome: opt to bring both parties in to present oral arguments. From…
Read more on https://Blockworks
Bitcoin BTC/USD traded higher, with the cryptocurrency prices trading above the $34,000 level on Tuesday.
Ethereum ETH/USD also moved higher, trading above the key $1,800 mark this morning.
The S&P Global Manufacturing PMI for the US increased to 50 in October from 49.8 in the prior month and topping market expectations of 49.5. The S&P Global services PMI rose to 50.9 in October versus 50.1 a month ago.
Mina MINA/USD was the top gainer over the prior 24 hours, while PAX Gold PAXG/USD turned out to be the biggest loser.
At the time of writing, the global crypto market cap rose to $1.27 trillion, recording a 24-hour gain of 9.8%. BTC was trading higher by 12.3% at $34,376 while ETH rose by…
Read more on Benzinga
The United States government may be losing regulatory oversight of the stablecoin market, according to a new report by the blockchain research firm Chainalysis.
Stablecoin activity has been increasingly occurring through entities that aren’t licensed in the United States, Chainalysis stated in its latest North America cryptocurrency report released on Oct. 23.
According to Chainalysis’ findings, the majority of stablecoin inflows to the 50 biggest cryptocurrency services have shifted from U.S. licensed services to non-U.S. licensed services since spring of 2023.
As of June 2023, about 55% of stablecoin inflows to top 50 services were going to non-U.S. licensed exchanges, the report…
Read more on Cointelegraph
Crypto mining stocks including Marathon Digital Holdings Inc MARA and Riot Platforms Inc RIOT are trading higher Tuesday as the price of Bitcoin BTC/USD continues to move higher on spot ETF optimism.
What To Know: Bitcoin is up more than 12% over the last 24 hours and approximately 21.5% over the last week on continued momentum surrounding a potential spot ETF, which is expected to increase demand and liquidity in the crypto space.
BlackRock and several other large financial firms recently made changes to their submissions for spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust is now featured on the Depository Trust and Clearing Corporation (DTCC) website and…
Read more on Benzinga
The Bitcoin (BTC) price surge on Monday has now catapulted Bitcoin-related stocks to surge to new highs with the likes of Coinbase and Microstrategy posting new multi-week highs.
Bitcoin mining stocks saw significant gains amid the BTC price momentum with the likes of United States-listed Riot Blockchain recording an 11.69% surge followed by Marathon Digital Holdings at a 14.6% increase. Another factor that played a key role in the mining stocks surge is the upcoming halving event that will cut the Bitcoin mining reward from 6.25 BTC to 3.125 BTC per block.
Marathon Digital stock price chart. Source: TradingView
Bitcoin mining stocks not only outperformed Bitcoin in terms of daily price…
Read more on Cointelegraph
Mexican billionaire Ricardo Salinas, chairman of Grupo Salinas, highlighted the benefits of bitcoin as a safeguard against the “inflation tax” in a recent interview with Bitcoin Magazine. Salinas emphasized that bitcoin, which is immune to debasement, can be instrumental in shielding people’s savings from inflation, especially in hyperinflationary economies prevalent in Latin America. On the topic of a bitcoin ETF, he remarked that while it’s a beneficial advancement, authorities might resist it to maintain their fiscal control. Salinas also criticized government monetary policies, equating them to fraud that robs citizens.
Crypto-related stocks including Coinbase Global Inc COIN and MicroStrategy Inc MSTR are trading higher Tuesday as Bitcoin BTC/USD continues to rise on spot ETF optimism.
What To Know: Bitcoin is up nearly 13% over the last 24 hours and more than 22% over the last week, as the world’s largest cryptocurrency rides momentum surrounding a potential spot ETF. A spot ETF is expected to fuel demand and increase liquidity and is seen as bullish for the broader crypto space.
BlackRock and multiple other major U.S. financial firms recently made changes to their pending applications for spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust is now featured on the Depository Trust and…
Read more on Benzinga