Overview
• Bitcoin open interest grows $500M before SEC lawsuit with Binance, highest level since SVB collapse.
• Looming June FOMC meeting roils Bitcoin market.
• Bitcoin miner fees stay elevated, boosting daily revenue to $1.8M.
Growing Open Interest of Bitcoin
The open interest of Bitcoin has grown by $500 million before the Securities and Exchange Commission (SEC) launched a lawsuit against Binance, reaching its highest level since the collapse of SVB in May this year. This increase in open interest indicates that investors are increasingly hedging their risks or speculating on price changes through futures contracts.
Loomed June FOMC Meeting Impacting Market
The looming June Federal Open Market Committee (FOMC) meeting is causing some uncertainty for the cryptocurrency market as speculation builds around whether or not the U.S government will take any action regarding cryptocurrencies during the meeting. This could potentially have a significant impact on prices if any regulatory changes are announced during the meeting.
UBI Coming for UK?
Universal Basic Income (UBI) may be coming to the United Kingdom soon, which could potentially provide more financial stability and security to citizens who have been hit hard by the COVID-19 pandemic over the past year and a half. UBI has been gaining traction across Europe as governments look for ways to help those affected by economic downturns caused by lockdowns and restrictions due to coronavirus outbreaks.
Miners Sending Bitcoins To Exchanges?
There is speculation that miners may be sending their bitcoins to exchanges in anticipation of higher prices due to increased demand from institutional investors, but this cannot be confirmed at this time and requires further research into activity on the blockchain itself as well as trading volume data from major exchanges such as Coinbase and Binance. Additionally, miner fees remain elevated, providing an additional source of revenue for miners each day with total daily revenue estimated at $1.8 million USD currently according to Coingecko data analysis tools.
