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Bitcoin Drops Below $60,000 Once More, Open Interest Reaches $365 Million Amid Market Speculation
Bitcoin (BTC), the foremost cryptocurrency globally, fell beneath the $60,000 threshold following a brief surge, reaching an intra-day low of $58,730.
As of this writing, it was trading at approximately $59,000. The total global cryptocurrency market capitalization is $2.1 trillion, reflecting a 1.97% decrease over the last 24 hours.
Notably, Bitcoin’s open interest rose to $365 million in anticipation of the U.S. presidential election on November 4, indicating considerable speculation regarding its effect on the future performance of the digital asset.
gm and a thriving tuesday!
Time for your daily bitcoin update: orderbook, heatmaps & futures data!
1) BTC has pumped nearly 3.3% since last night, with strong spot buys initially driving the move. However, open interest (OI) has since surged significantly, rising by over 7%,… pic.twitter.com/wtfFdJiJup— alpha dōjō (@alphadojo_net) August 20, 2024
Bitcoin’s Market Dominance Rises to 56.2% as Altcoins Decline
Bitcoin’s market dominance has increased from 38.7% in November 2022 to 56.2% in August 2024, indicating a growing inclination among investors to view Bitcoin as a safer investment during uncertain periods.
This rise in Bitcoin’s dominance has resulted in a reduction in the market shares of other cryptocurrencies:
- Ethereum’s share decreased from 16.8% to 15.2%
- Stablecoins plummeted from 17.3% to 7.4%
- Altcoins fell from 27.2% to 21.3%
BREAKING: Bitcoin Gains Dominance in the Cryptocurrency Market#Bitcoin #BTC $BTC
— Crypto Chiefs News (@CryptoChiefNews) August 21, 2024
This trend suggests that investors are increasingly reallocating their funds from riskier assets, such as altcoins and stablecoins, towards Bitcoin, which is perceived as more stable and secure.
The increase in Bitcoin’s market dominance underscores its growing attractiveness as a safe-haven asset, particularly in turbulent markets, while other cryptocurrencies struggle to retain their market share.
Bitcoin ETF Inflows Increase by 42%, While Ether ETFs Experience Continued Outflows
Spot Bitcoin ETFs experienced a significant rise in inflows, reaching $88.06 million on August 21, marking their second consecutive day of positive activity.
This signifies a 42% increase from the previous day’s inflows. BlackRock’s IBIT led the inflow with $55.4 million, bringing its total inflow to $20.53 billion.
ARK 21Shares’s ARKB followed with $51.9 million. Conversely, Grayscale’s GBTC and Biwise’s BITB encountered outflows of $12.8 million and $6.5 million, respectively.
Overall, Bitcoin ETF trading volume surged to $1.35 billion, and institutional ownership rose to 24% by the conclusion of Q2 2024.
US #ETF 20 AUG:
$88M to $BTC and
$6.5M to $ETH
BTC ETF UPDATE (final): +$88M
• The net flow has been positive and increasing for 4 consecutive days.
• #BlackRock (IBIT) continued to lead the inflow, followed by #21Shares, each with a $50M+ inflow.
• #Grayscale… pic.twitter.com/VGXFsz7GEH— Spot On Chain (@spotonchain) August 21, 2024
$88M to $BTC and 
BTC ETF UPDATE (final): +$88MIn contrast, Ether ETFs faced ongoing outflows, totaling $6.49 million on August 21. This marked the fourth consecutive day of negative flows, with Grayscale’s ETHE experiencing the largest outflow of $37 million.
Despite some inflows into BlackRock’s ETHA and Biwise’s ETHW, cumulative Ether ETF outflows reached $440.11 million.
The increase in Bitcoin ETF inflows and rising institutional interest indicate robust investor confidence, supporting Bitcoin’s price stability and potential growth.
US Treasury’s Crypto Regulations: Enhancing Bitcoin’s Legitimacy but Raising Privacy Concerns
The US Treasury Department intends to redefine “money” to encompass cryptocurrencies like Bitcoin, potentially subjecting crypto transactions to the same reporting requirements as traditional currency.
This would require banks and businesses dealing with cryptocurrencies to report transactions exceeding $10,000 to the government, aiming to enhance transparency and combat illicit activities.
However, this initiative raises significant privacy issues, as it could provide tax authorities and law enforcement with easier access to crypto transaction data.
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This proposal aligns with the Financial Action Task Force’s “Travel Rule,” which mandates the sharing of transaction details for financial transparency.
US Paves the Way for Bitcoin’s Integration into Financial System https://t.co/Wqs6mWvrgl#Bitcoin #BTChttps://t.co/Wqs6mWvrgl
— ETHNews (@ETHNews_com) August 21, 2024
While this regulatory measure could bolster Bitcoin’s legitimacy by aligning it with traditional financial systems, it faces criticism from the crypto community for potentially infringing on privacy.
The final decision is anticipated in 2025, and its effects on cryptocurrency adoption and privacy remain uncertain.
The proposed regulation could heighten institutional interest in Bitcoin by enhancing its legitimacy, but privacy concerns might lead to market volatility, potentially impacting Bitcoin’s price stability and investor sentiment in the short term.
Bitcoin Surpasses $60,000, Targets $61,818 Amid Bullish Momentum
Bitcoin (BTC/USD) is currently consolidating within an ascending triangle pattern, with support around $59,250.
This formation typically indicates a potential upward trend, particularly if BTC can break above the $60,000 level.
However, failing to exceed this psychological barrier could restrict buying interest and sustain the current sideways movement.
Bitcoin Price Chart – Source: Tradingview
The Relative Strength Index (RSI) is approximately 51, suggesting neutral momentum. The 50-day Exponential Moving Average (EMA) at $59,370 is closely aligned with the current price, providing additional support.
If BTC remains below $60,000, a bearish outlook may be warranted. A sustained break above this level could rejuvenate bullish momentum.
You might also like Bitcoin Price Prediction 2024 – 2034
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We’ve just hit $9M!
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