Qume Market Mondays — 4th January 2021
Welcome to another edition of Qume Market Mondays
Bitcoin
Bitcoin crossed the $34,000 mark as the bullish rally extends into New Year. With more and more global portfolios embracing bitcoin it is crossing its traditional boundaries of being the “New thing” for tech geeks and heavy speculators.
VanEck Associates Corporation is trying to launch ETFs tracking bitcoin. The move comes after the increasing bitcoin adoption rates.
Futures Markets
Futures markets are showing good trading volumes. Price in Futures markets went up to $34,896, around $100 above the price in spot markets, triggering leveraged shorts liquidations which dumped the price to $27k price levels. The asset is currently exchanging hands at $31,000 price levels.
Ether
Ether finally crossed the $1,000 price mark, it reached $1,100+ price levels in the rally. Ether is still around $300 short from its last time high.
DeFi
Total value locked in DeFi markets crossed the $17B mark today. DeFi markets are generating lucrative yields for investors opening up opportunities for retail investors to earn interest on their assets in holding who are staying off trading with spiked up volatility.
Crypto Markets
AUM of Bitwise rose to more than $500M. MicroStrategy and SkyBridge capital are likely to fuel more money in the bitcoin markets, we expect a push following the new institutional investments.
Looking at the open interest in futures and options markets more investments are to follow. The aggregated open interest in options markets reached $8B the late Sunday.
Traders are keeping their bullish expectations for bitcoin, some claiming it to reach $50k price levels by January end. This week we expect bitcoin to recover to the $34,000 price level.
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