Qume Market Updates - 29th December, 2020

Welcome to Qume Market Updates

Bitcoin

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Bitcoin has continued being bullish since our last Market Mondays. It crossed the $28k mark the late week reaching an all-time high of $28,395 on Sunday. The asset is currently changing hands at $27,192. This bitcoin rally has been mainly backed by the rising institutional interest in crypto assets. Various hedge funds such as MicroStrategy have recently increased their bitcoin holdings. The firm currently holds over 70k bitcoins. SkyBridge capital also launched its Bitcoin fund which will open to investors on January 4, 2021.

Futures Markets

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Options trading volumes of Bitcoin and Ether have been rising to give strong momentum to this bull run. BTC options registered a record $6B+ in open interest on late Thursday. Similar trends followed in the Ether markets.

CME Group announced launching case-settled Ether futures on February 8th, 2021. This will be important for institutional investors to broaden their crypto portfolio.

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Over the weekend XBTUSD liquidations on BitMEX have fueled the bull run. Over $100M worth of contracts has been liquidated in this time clearing out $64M worth of leveraged shorts. The market predictions remain the same, rising institutional interest in bitcoin is driving the price higher which feeds FOMO to retail investors. Markets are signaling towards the $30k price mark soon.

Bitcoin Mining

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As expected, with bitcoin prices rising, mining profitability has increased significantly in November and December. November ended with a 48% increase in miners’ profitability and it has increased by 28% in December. This also feeds the bull run.

Coinbase

Coinbase which is eager to become the first SEC-registered crypto exchange has dropped XRP pairs from its exchange. SEC last week said the XRP is security which is being sold by Ripple without getting registered for over 7 years. The legal battle has just started. SEC has charged ripple for offering $13B unregistered securities. Following this, Coinbase dropped the pair as it will only hinder their way into becoming a listed public company.

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