Bitcoin futures open interest witnessed a significant surge today, with CME's Bitcoin futures open interest rising by 6.14% to $3.89 billion. This contributed to a total open interest of 466.98k BTC across platforms, led by Binance with an open interest of 113.10k BTC. The total CME BTC open interest exceeded the 100,000 mark, reflecting positive market sentiment amid anticipation surrounding the leading cryptocurrency.
The U.S. Securities and Exchange Commission's anticipated approval of spot Bitcoin ETFs is expected to attract billions into the Bitcoin market. Analysts predict that initial rate cuts in March 2024 could trigger a rally in cryptocurrencies, coinciding with the expected Bitcoin halving in April 2024.
Today, Bitcoin's price increased by 1.77% to $35,337.98, with trading volumes soaring by 27.62%. This upward trend follows the Federal Reserve's dovish stance, which has been interpreted positively by the market. Analysts have set a target price for Bitcoin at $50,000 given the bullish sentiment.
In other news related to digital assets, whales received 300 million MEME tokens today, indicating significant activity in the altcoin market. Meanwhile, HSBC has announced plans for providing digital asset custodial services, marking another step towards mainstream adoption of cryptocurrencies by traditional financial institutions.
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