Now that OKEx has figured out how to stop Bitcoin balances held their on exchange from falling, an interesting observation has presented itself: this has done wonders for their futures open interest levels! This week, open interest across all the major exchanges has increased from $4B to $4.4B. Strangely, Huobi is the only top tier exchange to show a decline…
As Bitcoin continues its march back to the highs of 2020, the correlation between the price of Bitcoin and the S&P is showing signs of breaking down.
It’s definitely too early to be calling an end to what has been a consistent trend of 2020, but as the breakdown between Gold and Bitcoin shows, things can change as quick as the wind.
Bitcoin is up 11% this quarter, and stocks, 1.9%. As the bullish momentum builds, it’s probably a good time to remind you of Bitcoin’s performance during its most famous Q4. In 2017, Bitcoin hit a record with a staggering gain of 200% and propelled itself into the public eye.
Fast forward 3 years and a lot has changed. Switch on any news channel today, and the Bitcoin price is now along side more traditional currency pairs, such as USD/GBP.
Will Bitcoin ever again display the type of parabolic move that propelled it to fame in 2017?
I wouldn’t bet against it. If we break the 2020 highs, there will be only one thing left to do.
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