“The trend has most definitely not been your friend this week as dips get bought and rallies get sold.”, — write: www.coindesk.com
In mid-afternoon US trading, bitcoin BTC$110,578.34 was up 2.7% over the past 24 hours to $110,700, down a hair from the day’s high of $111,100. The action came following Wednesday’s strong decline which had pushed the price below $107,000. The Wednesday drop came following Tuesday’s sharp rise which had brought BTC as high as $114,000.
The back and forth action is commonly known as a whipsaw pattern and usually results in the emptying of the pockets of those who try and trade with the trend.
The broader crypto sector is rallying as well, with ether ETH$3,878.74, DOGE$0.1963 and ADA$0.6478 all ahead in the 2%-3% range. Notable outperformers include solana SOL$191.73 and BNB BNB$1,121.57 with advances of more than 5% — BNB getting a boost after President Trump pardoned Binance founder Changpeng “CZ” Zhao.
Crypto-related stocks, which suffered big losses across the board in Wednesday’s selloff, are bouncing today. Bitcoin miner Hut 8 (HUT) is climbing 7.3% after tumbling 17% the previous session. Coinbase (COIN) and Strategy (MSTR) are each higher by about 2%.
The better tone Thursday comes amid the aforementioned pardon of CZ — which suggests a continuing friendly regulatory environment in the US — and gains in US stocks, which had also dipped on Wednesday. A bit more than an hour before the close, the Nasdaq is higher by 1%.
Looking ahead, the US government — despite the ongoing shutdown — is still set to release the September Consumer Price Index (CPI) report on Friday morning. This is likely the last piece of important economic data the Federal Reserve will see prior to its rate-setting meeting next week.
At the moment, markets are in full expectation that the Fed will trim its benchmark fed funds rate another 25 basis points at this meeting and another 25 basis points at its final meeting of the year in December.
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Open interest across CME’s regulated markets jumped 27% since Oct. 10, signaling growing conviction among large traders.
- CME Group’s crypto futures and options markets are seeing record-breaking growth as institutional investors shift from offshore platforms.
- Open interest in ether, solana and XRP futures hit all-time highs this week, alongside a $9B milestone in crypto options.
- The surge follows a wave of liquidations in offshore markets and points to rising demand for regulated crypto derivatives.
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