Speculators get a 'little more bullish' on bitcoin and ether
May 24, 2022 1:50 PM ETBitcoin USD (BTC-USD), ETH-USDMSTR, RIOT, HIVE, MARA, COIN, HIVE:CABy: Liz Kiesche, SA News Editor12 Comments
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- While bitcoin (BTC-USD) has lingered in the $28K-31K band for the past two weeks, there's a sign that the world's largest cryptocurrency may be poised to rise. Speculators are getting a "little more bullish" on both bitcoin (BTC-USD) and ethereum (ETH-USD), according to Bespoke Investment.
- Bitcoin open interest has risen 6.92%, its highest level since November 2019, before the pandemic and at the time when BTC was trading below $10K. The number indicates a higher share of open interest that is long the future than is short.
- Ether (ETH-USD) showed a net 7.93% of ether futures were long, down slightly from the week before but still one of the strongest readings since the data started about a year ago, Bespoke said.
- In Tuesday afternoon trading, bitcoin (BTC-USD) is down 2.8% over the past 24 hours to $29.2K, while ether (ETH-USD) drops 5.2% to $1.94K.
- Crypto-related stocks are falling dramatically. Riot Blockchain (RIOT) -9.8%, Marathon Digital (MARA) -10%, HIVE Blockchain (HIVE) -8.0%, MicroStrategy (MSTR) -7.9%, and Coinbase (COIN) -7.3%.
- In related news, Coinbase (COIN) becomes the first crypto company to join the Fortune 500