{"id":524167,"date":"2023-03-22T19:30:51","date_gmt":"2023-03-22T19:30:51","guid":{"rendered":"https:\/\/wncen.com\/?p=524167"},"modified":"2024-06-11T14:34:31","modified_gmt":"2024-06-11T14:34:31","slug":"bitcoin-rally-driven-by-record-open-interest-in-derivatives-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rally-driven-by-record-open-interest-in-derivatives-market\/","title":{"rendered":"Bitcoin Rally Driven By Record Open Interest In Derivatives Market"},"content":{"rendered":"
Bitcoin (BTC), the largest cryptocurrency in the market, had been trading within a narrow range of $27,800 and $28,300. However, it has now broken out of this range and is regaining strength, even as investors await the outcome of the Federal Open Market Committee (FOMC) meeting.<\/span><\/p>\n
Regardless of how the FOMC meeting may impact Bitcoin, the options market has been crucial in driving the positive price action during the current rally. The surge in demand for Bitcoin options has created a strong market sentiment, fueling the uptrend that has seen BTC’s price rise by over 30% since mid-March.<\/span><\/p>\n
The notable rise in open interest in Bitcoin options, representing the total number of options contracts, has indicated a rising demand for BTC option products since the beginning of the rally.\u00a0<\/span><\/p>\n