Lighting the flame
Crypto interest opens
The bullish camp gained further ground and the open interest (OI) surged back to within a touching distance of record highs, while the futures term structure was stretched even more in the wake of the broad-based risk on sentiment. As a result, Bitcoin traded briefly above the $19,500 level, before falling back into the $19,100 level.
Elsewhere, the rampant surge in the OI on XRP has steadied somewhat following the developments over the weekend, but the OI on Litecoin witnessed another surge higher on Monday, with the OI rising to recent highs.
Sushiswap, which recently saw its total value locked cross the key $1 billion mark also saw healthy OI growth and while the total notional amount is still small, it is still larger than that of its heavyweight counterpart Uniswap.
In the Markets
Positive sentiment
Overall, the growing interest to trade futures/perp contracts across assets other than Bitcoin and Ethereum is a positive development and in turn should help foster better liquidity profile across the rest of the market, although the widespread fragmentation issues are unlikely to go away anytime soon.
CoinDesk writes citing JPMorgan analysts who said the recent bitcoin purchases by Massachusetts Mutual Life Insurance Co are a sign of growing mainstream acceptance for the cryptocurrency. According to JPMorgan, bitcoin may find an additional demand of $600 billion if pensions insurance firms in the US, European Union, UK and Japan allocate 1% of assets to the top cryptocurrency. Regulatory hurdles, however, may complicate matters for such firms, limiting their participation in the bitcoin market, the strategists said.
Crypto AM: Longer Reads
Crypto AM: In conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal in association with INX
Crypto AM: Inside Blockchain with Troy Norcross
Crypto AM: A Trader’s View with TMG
Crypto AM: Definitively DeFi
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM shines its Spotlight on Coinrule