Share this article
Market Wrap: Bitcoin Clings to $11,000 as Ether Futures Top $1B
Bitcoin is holding onto price gains this week as the number of ether derivatives increases.
Updated Apr 10, 2024, 2:58 a.m. Published Jul 30, 2020, 8:31 p.m.
Bitcoin was little changed at around $11,000 with lower spot volumes as traders eye growth in the market for ether futures.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Bitcoin trading around $11,142 as of 20:00 UTC (4 p.m. ET). Slipping 0.90% over the previous 24 hours.
- Bitcoin’s 24-hour range: $10,811-$11,348
- BTC above 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin was little changed at around $11,000 Thursday as traders digested reports the U.S. economy shrank during the second quarter at the fastest pace on record, and that President Donald Trump is wondering if the Constitutionally mandated November presidential election could be delayed.
Trading was light, with volume of about $113 million on the Coinbase exchange, after a price rally earlier this week led to a surge in volumes.
“Bitcoin’s push has been fueled by the drive towards safe-haven assets,” said Micah Erstling, trader at digital-asset trading firm GSR. “Markets are being driven by ongoing coronavirus concerns as well as U.S.-China trade tensions, which also helps to explain gold’s meteoric rise.”
Gold is up 28% for the year, while bitcoin has gained 53%.
“In the last couple of weeks, the majority of assets are up – stocks, commodities, crypto – so despite fundamental weaknesses, there’s a seemingly positive risk environment,” said Matt Ficke, head of capital markets for cryptocurrency exchange OKCoin.
Read More: Circle Gets $25M From DCG to Drive USDC Mainstream
Ether futures open interest over $1 billion
The second-largest cryptocurrency by market capitalization, ether , was up Thursday, trading around $334 after climbing 3.5% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
“Ethereum has been propelled by a new wave of DeFi and stablecoin activity,” said GSR’s Erstling. “The bullish sentiment has been great for market involvement but it has come at a cost as ETH fees are at an all-time high, highlighting how scalability issues are still present,” he added.
Read More: Ether Addresses in Profit Have Soared 132% in a Year
Open interest, or the number of outstanding contracts, in ether futures is at a 2020 high, at over $1.1 billion, according to data aggregator Skew.
The cryptocurrency exchange OKEx is the top ether futures platform, with $307 million in open interest, followed by Huobi at $253 million, BitMEX at $208 million, Binance at $118 million and FTX at $117 million.
Other markets
Digital assets on the CoinDesk 20 are mixed Thursday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
Read More: Dharma Adds Uniswap Trading in Bid to Become ‘the Robinhood of DeFi’
Notable losers as of 20:00 UTC (4:00 p.m. ET):
Read More: A Crypto Derivatives Exchange Is Getting a Nasdaq Listing in Q3
Equities:
- Asia’s Nikkei 225 closed in the red 0.26% as new coronavirus infections passed 1,000 in Tokyo and the government cut back operating hours for bars and restaurants.
- Europe’s FTSE 100 ended the day down 2.31% as the German economy reported a double-digit drop amid rising coronavirus cases.
- The United States’ S&P 500 slipped 0.40% as gross domestic product dropped a record 32.9%. in the second quarter.
Read More: Sleepy Fed Meeting Belies Tense Economic Reality That May Buoy Bitcoin
Commodities:
- Gold is in the red 0.75% at $1,955 as of press time.
- Oil is down 2.8%. Price per barrel of West Texas Intermediate crude: $40.17
Read More: Privacy-Focused Smart Contract Forges Ahead After Settlement
Treasurys:
- U.S. Treasury bonds all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the two-year, in the red 12.5%.
Read More: Bank of England Building Network to Support a Potential Digital Pound
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
IMF Flags Stablecoins as Source of Risk to Emerging Markets, Experts Say We Aren't There Yet
The IMF warns that USD-pegged stablecoins could undermine local currencies in emerging markets by facilitating currency substitution and capital outflows.
What to know:
- The IMF warns that USD-pegged stablecoins could undermine local currencies in emerging markets by facilitating currency substitution and capital outflows.
- Despite concerns, experts argue that the stablecoin market is still too small to have a significant macroeconomic impact.
- Stablecoins are primarily used for crypto trading, and their market size remains small compared to global currency flows.
Top Stories
