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Bitcoin Nears $64K as BTC Futures Attract Billions; BoJ's Hike Pause Bumps Risk Assets
The Bank of Japan won’t rush to repeat hikes of the yen, which triggered a market meltdown in July.
Updated Sep 20, 2024, 8:15 a.m. Published Sep 20, 2024, 6:30 a.m.
- Open interest data fromCoinGlass show a nearly $5 billion jump in bitcoin bets since Tuesday.
- Solana’s SOL and ether zoomed as much as 7% to lead gains in crypto majors.
Bitcoin extended one-week gains to 10% after a busy few days, including rate cuts by the U.S. Federal Reserve, a pause in cuts by the Bank of England, and a decision to hold rates by the Bank of Japan (BoJ) on Friday.
BTC briefly crossed $64,000 in Asian morning hours Friday, before paring gains, as BoJ kept policy unchanged in a move that avoided a repeat of July’s market meltdown which followed its decision to hike rates.
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Traders said macroeconomic data suggests optimism for riskier bets, such as bitcoin, in the coming months. “The US 2Y/10Y treasury spread, an indicator of recession, has been inverted since July 2022 but has recently steepened to +8bps,” QCP Capital traders said in a market broadcast Friday. “This reflects market optimism and a shift towards risk-on assets.”
Short-term debt instruments with higher yields than long-term ones can be a warning sign for risk assets and the economy - as it indicates that monetary and fiscal policies are restrictive and that the economy may contract in the future.
Open interest data fromCoinGlass show a nearly $5 billion jump in bitcoin bets since Tuesday, a sign of new money rapidly entering the market in expectations of volatility ahead. Traders are biased toward longs - or bets on higher prices - a ratio tracking the active buying volume to active selling volume shows.
Crypto markets jumped higher in the past 24 hours, with memes and layer-1 tokens leading gains. Solana’s SOL and ether zoomed as much as 7% to lead major gains, while Avalanche’s AVAX, Aptos’ APT, and Immutable’s IMX jumped as much as 12%.
Memecoins led by surged as much as 10%, CoinGecko data shows, showing a return of risk-on behavior.
The broad-based CoinDesk 20 (CD20), a liquid fund tracking the largest tokens by market capitalization, rose 3.5%.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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