The latest moves in crypto markets, in context
By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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It's Tuesday! Here’s what you need to know in crypto today. |
- Bitcoin rose to over $71,200.
- DOGE futures interest is nearing record levels from April.
- Crypto.com overtakes Coinbase in North American trading volumes.
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CoinDesk 20 Index: 2,144.30 +3.12%
Bitcoin (BTC): $71,248.64 +3.76%
Ether (ETH): $2,625.97 +3.89%
S&P 500: 5,823.52 +0.27%
Gold: $2,747.55 +0.17%
Nikkei 225: 38,903.68 +0.77% |
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Bitcoin rose to over $71,200 early European morning on Tuesday amid a significant uptick in trading activity. BTC broke through the $70,000 barrier for the first time since June on Monday, prompting $48 billion in trading volume and over $143 million in shorts being liquidated across the crypto market. Bitcoin is around 4% higher in the last 24 hours, while the broader digital asset market, as measured by the CoinDesk 20 Index, is up by over 3.2%. DOGE led the gains, jumping over 14% to around $0.165, while ETH rose above $2,600 on the back of a 3.9% rise.
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DOGE futures interest is nearing record levels, thanks to increasing confidence of Donald Trump winning next week's presidential election. Traders view DOGE as an election play thanks to Elon Musk's endorsement of the Republican candidate, and by extension the possibility of Musk running a "Department of Government Efficiency," abbreviated as D.O.G.E. DOGE-denominated futures have risen 33% since Sunday to 8 billion tokens as of European morning hours Tuesday. “Elon is memeing the idea of a 'Department of Government Efficiency' into reality and is able to tie it to DOGE somehow,” influential X account @theunipcs told CoinDesk. A Trump victory next week would bring "an even more parabolic move in dogecoin," @theunipcs added.
Trading on Crypto.com has exploded this year, pushing the crypto exchange’s volumes in North America ahead of Coinbase. Crypto.com’s monthly spot trading volume soared to $134 billion in September from $34 billion in July, according to data from The Block. Overall trading volumes on North American crypto exchanges was $183 billion in September, in which Coinbase handled $46 billion. Kraken, the third-largest exchange, was way behind in October with just under $10 billion in trading activity. A key reason for its popularity could be the wide range of tokens on offer. Crypto.com lists over 378, compared to Coinbase and Kraken which offer fewer than 290 tokens each.
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Market Insight: Here’s Why Bitcoin Futures Set Record Highs Amid Price Surge to $71K |
Bitcoin-tracked futures set a record high open interest (OI) in U.S. dollar terms early Tuesday as the asset broke past $71,000. Contracts offered on the Chicago Mercantile Exchange (CME) have seen a 9% surge in 24 hours, taking their open interest to 171,700 BTC, worth over $12.22 billion, which gives CME a 30% dominance in the futures open interest market.
In mid-October, bitcoin was trading around $67,000 and the OI on CME hit all-time highs in both notional open interest ($12.4 billion) which is the dollar value of the futures contracts and bitcoin denominated futures contracts (179,930 BTC), per Glassnode data.
Second, the funding rate in perpetual markets has also soared in the past 24 hours to 15%, according to Coinglass data, one of the highest recorded levels in the past few months, showing an extreme bias for bullish long trades. A third reason can be attributed to the strong inflows from the U.S. listed spot ETFs, which in recent weeks has seen a slight evolution from the institutional basis trade at the start of the year to now more bullish long directional plays.
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The chart shows Donald Trump's chances of victory in next week's presidential election, as per Polymarket, against the U.S. dollar index.
- The possibility of higher tariffs imposed by a Trump presidency is seen as unfavorable for emerging markets, with capital flows favoring the dollar and leading to a short-term increase in USD's value.
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"With Trump's stance on imposing high tariffs, enacting tax cuts, and expanding fiscal spending, inflation is likely to increase," MacroMicro added "This could lead to a higher volume of bond issuance, driving up Treasury yields."
- Source: MacroMicro
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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