Bitcoin breaks out to $87,270.44, sparking reactions across AI, memecoins, and hedge funds as market volatility surges.
The crypto market is experiencing a significant surge in prices, with Bitcoin (BTC) breaking out above the $87,000 resistance level. The current price of BTC stands at $87,270.44 , up 3.19% from the previous close.
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries.
Created in 2009 by an anonymous individual using the pseudonym Satoshi Nakamoto, Bitcoin operates on a decentralized network of computers that verify and record transactions through cryptography.
The total supply of Bitcoin is capped at 21 million, and new coins are created through a process called mining, which involves solving complex mathematical equations to validate transactions.
Deribit’s Risk Reversals for Short- and Near-Dated Expiries Have Flattened Out
The risk reversals for short- and near-dated expiries on Deribit have flattened out, recovering from the recent persistent negative prints that represented bias for protective put options. This suggests a shift in market sentiment towards more bullish positions.
Futures Open Interest Climbs to $37.22 Billion
The market-wide futures open interest has climbed to $37.22 billion , the highest since March 24. The figure represents open interest in all coins listed on Binance, Bybit, OKX, Deribit, and Hyperliquid. ETH is the best-performing major token in terms of futures open interest growth.
Bitcoin’s Breakout Signals Potential Rally to $90K-$92K
Bitcoin’s price surge past $87,000 has set the stage for a potential rally to $90K-$92K. However, trading volume has dipped, suggesting low participation in the price recovery. A low-volume rally often ends up being short-lived.
Crypto Equities: Strategy (MSTR) Sees 3.13% Gain
Strategy (MSTR), a crypto equities fund, saw a $3.13% gain in pre-market trading, bringing its closing price to $317.20.
ETF Flows: U.S. Equity Markets Closed on Friday
U.S. equity markets were closed on Friday, resulting in overnight flows of $1.4 billion.
Chart of the Day: XRP Options Risk Reversals
XRP’s short- and near-dated risk reversals continue to be priced negative, a sign of persistent demand for put options.
Stablecoin Giant Circle Launches New Payments and Remittance Network
Circle, a stablecoin giant, will unveil a new payments and cross-border remittance product on Tuesday.
Over $380M Worth of Crypto Stolen During Bybit’s $1.4B Hack Has Gone Dark
The exchange’s CEO said that 27.6% of the funds stolen by the North Korean Lazarus Group ‘_flowed into mixers then through bridges to P2P and OTC platforms.’
The Lazarus Group is a highly sophisticated and elusive cyber threat actor linked to the North Korean government.
They are responsible for numerous high-profile cyberattacks, including the 2014 Sony Pictures hack and the 2016 Bangladesh Central Bank heist.
The group's attacks often involve 'spear phishing,' malware, and other advanced tactics.
According to a report by the cybersecurity firm, 'Symantec,' the Lazarus Group has been active since at least 2009 and is believed to have ties to the North Korean Reconnaissance General Bureau.
Their operations are thought to be financially motivated, with the goal of stealing millions of dollars in cryptocurrency.
