Bitcoin
Bitcoin derivatives suggest peaks above US$73,000, next all-time high
Bitcoin derivatives suggest peaks above US$73,000, next all-time high
Bitcoin (BTC) experienced a significant increase of 13.80% in the last 7 days, reaching $71,926 on May 21st. This puts the cryptocurrency just 2.5% away from its all-time high. The rise in BTC price appears to be driven by two main factors: growing optimism surrounding the approval of a US spot Ethereum exchange-traded fund (ETF) and a general market trend toward inflation protection, which it also pushed gold and the S&P 500 to new all-time highs.
The approval odds for an Ethereum spot ETF were raised from 25% to 75% by senior ETF analysts at Bloomberg on May 20. This adjustment came after the US Senate rejected SEC Bulletin 121 on May 16, which imposed strict capital requirements on banks holding customer digital assets. The Senate’s decision led to a strategic reassessment at the White House, signaling a change in the regulatory stance towards cryptocurrencies.
SEC Chairman Gary Gensler, who had previously shown reluctance to classify Ethereum as a non-security or approve its spot ETF, requested updates to Ethereum’s spot ETF filings on May 20. subject your amended 19b filings to the SEC.
Bitcoin derivatives are displaying bullish sentiment moderated, with increased demand for long BTC positions via monthly futures. BTC futures premium rose to 14%, the highest in five weeks, indicating moderately bullish market sentiment. The options market also reflects healthy sentiment, with a current skew of -8%, suggesting a market that is not overly optimistic despite the recent rise in prices.