Bitcoin futures open interest saw a significant increase today, with CME bitcoin futures open interest rising 6.14% to $3.89 billion. This contributed to total cross-platform open interest of 466.98k BTC, led by Binance with open interest of 113.10k BTC. Total CME BTC open interest surpassed the 100,000 mark, reflecting positive market sentiment amid anticipation surrounding the leading cryptocurrency.
The expected approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission is expected to draw billions of dollars into the bitcoin market. Analysts predict that the first interest rate cuts in March 2024 could trigger a rally in cryptocurrencies, coinciding with the expected halving of bitcoin in April 2024.
Today, the price of bitcoin rose 1.77% to $35,337.98 on a 27.62% increase in trading volume. This upward trend follows the dovish stance of the Federal Reserve, which was interpreted positively by the market. Analysts have set a price target of $50,000 for bitcoin amid the bullish sentiment.
In other digital asset news, Whales received 300 million MEME tokens today, indicating significant activity in the altcoin market. Meanwhile, HSBC has announced plans to offer digital asset custody services, marking another step towards mainstream adoption of cryptocurrencies by traditional financial institutions.
