Bitcoin And Ethereum Volumes In Futures Trading Skyrocket In July, Crypto Market Again Set To Rise?

Bitcoin dan Ethereum. (Quantitatives)

JAKARTA – After experiencing a decline in several months, the two leading cryptocurrencies namely Bitcoin and Ethereum have experienced an increase in trading volume of futures or futures contracts last July. Regardless of the price drop experienced by both.

Last week, crypto prices did experience a decline as the world's largest cryptocurrency Bitcoin (BTC) moved closer to the level of 24,000 US dollars per coin. While the number two crypto, Ethereum (ETH) is trading at a price of 1,700 US dollars per ETH.

The activity of Bitcoin and Ether is heating up, the volume of futures trading for these two crypto assets is also increasing. Crypto futures volume basically shows the value of all unsettled contracts. Open interest Bitcoin futures for the month of August are currently at 1.54 billion US dollars. In the first week itself, it has moved past the July figure of 1.47 billion US dollars.

A number of important events occurred last week, one of which was the announcement of the resignation of MicroStrategy founder and CEO Michael Saylor from his position. Despite resigning from CEO, Saylor now occupies a new position as executive chairman of MicroStrategy who will focus on Bitcoin buying strategies going forward. This is important, because MicroStrategy is one of the companies that owns the largest Bitcoin, amounting to 129,699 BTC.

In its financial report in the 2nd quarter of this year, MicroStrategy reported a loss of 1 billion US dollars. Most of the losses were due to the fall in the price of Bitcoin in recent months.

Meanwhile, another important event is the entry of investment giant BlackRock into the crypto industry by cooperating with the largest crypto trading company in the US, Coinbase, which is experiencing financial difficulties.

The entry of BlackRock is considered to have saved Coinbase. However, the result of this collaboration is aimed at providing crypto exposure to BlackRock's institutional clients.

On the other hand, the event that needs to be anticipated on a macro scale is the announcement from the Federal Open Market Committee (FOMC) regarding inflation data on August 10 tomorrow. Analysts believe the period of peak inflation has passed. This condition means the Fed and other central banks will reduce the rate of price declines or hawkish the global market. Therefore, the Fed will act quickly to tame inflation by raising interest rates.

Launching Coinspeaker, Singapore-based market maker QCP Capital said that global economic data is showing signs of slowing growth. The company also noted that there are clear signs of an impending global recession. As such, he expects the market to trade sideways in the coming weeks.

In addition, QCP also sees increasing concerns in The Merge Ethereum project due to the possibility of a smooth transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Many predict that the process will bring about a new fork of the Ethereum network, namely ETH PoW and ETH PoS.