Bitcoin: Binance's Open Interest Skyrockets After Promising US Figures

What if Donald Trump’s next oath-taking were just a diversion? Cryptocurrencies, particularly Bitcoin, are clearly not waiting for major political events to make headlines. Indeed, the latest American economic data, notably a favorable Consumer Price Index (CPI), has triggered a wave of optimism in the market. Bitcoin, the champion of cryptos, is experiencing a spectacular rise in its Open Interest, and Binance plays a key role in this.

The surge of Bitcoin propelled by reassuring economic data

The recent announcement of an American inflation under control, softer than expected, has brought a breath of fresh air to the crypto market. In just two hours after the CPI publication, Binance saw Bitcoin’s Open Interest jump by 3.30%, reaching 10.96 billion dollars.

https://twitter.com/cryptoquant_com/status/1879627329011638563

This spike reflects a palpable increase in confidence.

To understand well:

• Increase in total Open Interest: +500 million dollars on Binance in two hours;
• Overall increase: the entire Bitcoin futures market surpasses 63 billion dollars;
• Growing positive sentiment: the Crypto Fear & Greed Index rises to 75, signaling outright “greed”.

This surge reflects a rush of investors towards derivative contracts, galvanized by more favorable economic prospects. According to analyst Burakkesmeci, “spot price increases must be supported by solid futures.”

Here, Binance seems to have taken the lead by meeting the expectations of a market hungry for rises.

The crypto market under the spotlight

Besides Bitcoin, the entire crypto market is riding a wave of optimism. As the BTC price flirts with 100,000 dollars, other indicators reveal a favorable climate for investments.

Institutional investors, often cautious, seem to be diving in. This shift could signal a new phase of maturity for cryptos. However, some experts are calling for caution:

“Buying at 90,000 dollars is still a good deal, but the market’s volatility requires keeping an eye open.“

https://twitter.com/VirtualBacon0x/status/1879675801458577732

The future of the market largely depends on macroeconomic factors and upcoming decisions from the American Federal Reserve. Until then, the enthusiasm for Bitcoin and its counterparts shows that the crypto sector still has bright days ahead.

In summary, there is no need to wait until January 20 to position oneself. The next verdict from the FOMC could well trigger a new rush towards Bitcoin, offering investors a significant opportunity to anticipate trends.