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Americas, first to arrive: Bitcoin at $50,000. After that ? -CoinDesk

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Americas, first to arrive: Bitcoin at $50,000.  After that ?  -CoinDesk

SOIL of Solana directed gains among major cryptocurrencies as bitcoin (BTC) briefly crossed the $50,000 mark late Monday, sparking renewed bullish sentiment among traders. SOL jumped 8%, while ether (ETH) rose 6.6% as bitcoin came under buying pressure after the New York market opened on Monday. Ordinals (ORDI), the project enabling the creation of non-fungible tokens (NFTs) on Bitcoin, jumped 15% on Tuesday while Avalanche’s AVAX climbed 6%. The growth of major and alternative tokens has seemingly followed the rise of Bitcoin, which reached levels not seen since. end of 2021. Bitcoin’s rally has been primarily attributed to ETF approvals, but some analysts also point to the record rise in U.S. stocks as another source of the increased demand. LMAX Digital said in a morning note: “While we do not rule out this possibility, correlations between Bitcoin and traditional assets have been less relevant in recent months.” LMAX said it was now focused on retesting the 2021 record high, “Monday’s surge above the January high and above $50,000 set the stage for this next big rise towards the high.”

Franklin Templeton applied for a spot Ethereum exchange-traded fund (ETF), a filing with the Securities and Exchange Commission (SEC) shows. The asset manager joins BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, as well as Hashdex, all of which have submitted applications in recent months. The filing comes about four weeks after Franklin, among nine other issuers, launched a spot Bitcoin ETF. Asset management giant BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw the greatest demand. Franklin had a less successful start, with only about $70 million in revenue since its introduction.

Crypto traders are slam cheap, out-of-the-money (OTM) Bitcoin calls at levels near the cryptocurrency’s lifetime high of $69,000. Over the weekend, numerous call options at strike prices of $65,000, $70,000, and $75,000 changed hands on Deribit, the leading crypto options exchange by volume and price. open interest. On Deribit, an options contract represents one BTC. Call options give investors the right to buy the underlying asset at a specific price before a specified date, while puts grant the right to sell. A call buyer is implicitly optimistic about the market. The heavy buying of calls at higher strike prices reflects a bullish mood among sophisticated market participants. “We are seeing a concentration of open interest on $50,000 calls and have seen call flow of $50,000, $60,000 and $75,000 in listed options markets from April to June,” Kelly Greer, head of Americas sales at Galaxy, told CoinDesk. in an interview.

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