Source: Markets Insider
“Bitcoin extended one-week gains to 10% after a busy few days, including rate cuts by the U.S. Federal Reserve, a pause in cuts by the Bank of England, and a decision to hold rates by the Bank of Japan (BoJ) on Friday. BTC briefly crossed $64,000 in Asian morning hours Friday, before paring gains, as BoJ kept policy unchanged in a move that avoided a repeat of July’s market meltdown which followed its decision to hike rates. … Open interest data fromCoinGlass show a nearly $5 billion jump in bitcoin bets since Tuesday, a sign of new money rapidly entering the market in expectations of volatility ahead. Traders are biased toward longs — or bets on higher prices — a ratio tracking the active buying volume to active selling volume shows.” (09/20/24)