The global derivatives marketplace, the Chicago Mercantile Exchange (CME) has experienced a significant shift in the Bitcoin futures open interest, surpassing Binance for the largest share. This change comes after Bitcoin’s price exceeded $37,000, the first time in over 18 months.
While this shift in open interest is significant, some experts remain skeptical. James Seyffart, a research analyst at Bloomberg Intelligence specializing in exchange-traded funds, raised concerns about whether the increasing open interest in Bitcoin futures on CME would address historical concerns of the United States Securities and Exchange Commission (SEC) regarding the depth of Bitcoin markets and the potential for market manipulation. Seyffart questioned whether this constitutes a ‘market of significant size’ now.
In another news story related to cryptocurrency, the former head of legal and compliance at OneCoin, Irinia Dilkinska, pleaded guilty to charges of wire fraud and money laundering in relation to the $4 billion cryptocurrency trading scheme. Dilkinska is facing a potential 10-year prison term for her involvement.
Additionally, bankrupt cryptocurrency lender Genesis has sought the court’s approval to reduce its settlement claim with the collapsed crypto hedge fund Three Arrows Capital from $1 billion to $33 million. This move is significant as it indicates efforts to resolve outstanding claims in Chapter 11 cases related to the collapse of the FTX exchange.
The CEO of SafeMoon, Braden John Karony’s bail release has been delayed by U.S. federal prosecutors who argue that he may try to leave the country due to his alleged access to funds and connections abroad. The delay comes after a New York District Judge decided to put a hold on the bail release order issued by a Utah Magistrate judge.
In a separate development, Binance has announced its plans to terminate Russian ruble deposits, signaling its complete exit from Russia.
As the week came to a close, Bitcoin (BTC) was valued at $37,249, Ether (ETH) at $2,078, and XRP (XRP) at $0.67. The total market cap was at $1.42 trillion.
The speculation around Bitcoin’s potential upward trajectory in the upcoming months and years has already begun, with analysts suggesting that the next BTC all-time high could be at least $110,000 based on the Terminal Price calculation.
However, amidst the positive developments, there have been reports of fraud and hacking in the cryptocurrency space. Taiwanese prosecutors are seeking to detain individuals related to the JPEX cryptocurrency exchange for alleged fraud, and Australian cryptocurrency exchange CoinSpot suffered a $2.4 million theft from its hot wallet, likely due to a “private key compromise.”
In conclusion, the cryptocurrency industry continues to experience shifts and challenges, with regulatory concerns and security issues continuing to be prevalent. As the market continues to evolve, addressing these issues will be crucial in ensuring the long-term sustainability and growth of the cryptocurrency sector.