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Bitcoin Surging 9% Causes Sharp Increase in Open Interest on Major Crypto Exchanges

Fri, 09/09/2022 - 12:56
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Gamza Khanzadaev
Today's growth of main cryptocurrency spurred surge of open interest on Binance and FTX
Bitcoin Surging 9% Causes Sharp Increase in Open Interest on Major Crypto Exchanges
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Open interest in Bitcoin on major global platforms like Binance and FTX is growing sharply, according to data provided by a researcher from crypto analytics agency Kaiko. The same data is confirmed by statistics from Coinglass. According to the portal, the growth of open interest in BTC futures was 18.8% on Binance and 14.35% on FTX.

The surge in open interest in Bitcoin is the result of the major cryptocurrency rising nearly 9% today. After strong swings in the face of the Fed, ECB and SEC, Bitcoin survived the "shakeout" and broke through the resistance to both $19,500 and $20,500.

What's the next step?

At this point, it is important for Bitcoin to get a foothold above $21,000 to continue its growth. The main resistance so far is the block of $21,000-$21,500. If buyers continue in the same vein, it seems that the levels of $22,400-$23,000 are not far off.

The U.S. stock market is also doing well, which is important given the tight correlation between the traditional and crypto markets. The S&P 500 is targeting the $4,100-$4,160 level, from where it is worth watching for a further reaction.

It is not unreasonable to say that one should not succumb to the fear of missing out. The market is now reacting anxiously to any news: from the release of news reports that are worse than expected, to other data from the respected agency on energy, food and, especially, geopolitical issues.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.