Bitcoin’s $70K push sees $1.94B OI surge, rebounding from last week’s Tether FUD
The post Bitcoin’s $70K push sees $1.94B OI surge, rebounding from last week’s Tether FUD appeared on BitcoinEthereumNews.com.
Bitcoin’s open interest just exploded by $1.94 billion today, with its price rallying toward the $70,000 mark. Coinbase has been dumping Bitcoin on the spot market since US markets opened. BTC OI Chart. Source: ByzGeneral on X. It’s a stark difference from last week’s Tether chaos, where new FUD (fear, uncertainty, doubt) rumors of an investigation by the US government spooked traders, dragging Bitcoin briefly below $67,000. Paolo Ardoino, Tether’s CEO, brushed off the latest investigation as more FUD, but markets reacted nonetheless. But even a whiff of uncertainty surrounding Tether always sends prices tumbling. Oil and Middle East tensions drive crypto interest Bitcoin surged by 3.2% between October 27 and 28, testing the $69,200 level for the first time in a week. The push came as global oil prices dropped by 5.5%, following escalated tensions in the Middle East that failed to disrupt energy channels. Over the weekend, Israel launched strikes against Iran, but crucial oil or nuclear sites weren’t affected, according to CNBC. Traders initially turned to oil as a hedge against the conflict but are now reassessing, seeking alternative protective assets amid ongoing uncertainty. For over a year, Israel and Iran have reportedly been locked in a covert “shadow war,” with US officials cautioning against targeting Iran’s nuclear sites. This regional volatility is driving investors to consider assets like Bitcoin, especially as traditional hedges become riskier. The question is whether this uncertainty will continue to support Bitcoin’s price or merely create temporary market fluctuations. Meanwhile, on October 31, the US will release its latest inflation report, and a Federal Open Market Committee (FOMC) meeting is scheduled for November 7. Economists expect the Core Personal Consumption Expenditures (PCE) index, a favorite Fed metric, to rise by 0.3% for September, a jump from 0.1% in August. Higher inflation puts…
Filed under: News - @ October 28, 2024 9:21 pm