Wazzup Pilipinas News and Events: 2024-10-20

Bitcoin, as the largest cryptocurrency, continues to attract the interest of investors from various circles. One of the interesting aspects of Bitcoin is the futures market which allows traders to speculate on the price of Bitcoin without needing to buy or sell physical coins.

This article will discuss the increase in Bitcoin open interest along with an analysis of the Bitcoin futures market. Read to the end to understand the entire explanation.

Bitcoin Futures Market Analysis

Recent analysis suggests that the Bitcoin futures market may be heading into its second bullish phase. Data from CryptoQuant shows increased leverage in the BTC USDT futures market, which could be an indication of potential significant price movements.

Ki Young Ju, CEO of CryptoQuant, analyzed two important metrics: the ratio of BTC-USDT open interest to reserves and the ratio of BTC-USDT open interest to USDT market capitalization. These two metrics indicate a significant increase in leverage in the Bitcoin futures market.

Increased Open Interest

Bitcoin (BTC) open interest reached a staggering $19.8 billion at 574,680 BTC on October 15. Data from CryptoQuant reflects a significant increase in demand for the largest cryptocurrencies, indicating how much new money has entered the digital asset market in recent months.

The funding rate has surged to the highest level since August, indicating that most of those open positions are long positions expecting further appreciation.

While an increase in open interest is usually a positive indication for Bitcoin price action, some market observers have expressed concerns that increased volatility could be threatened.

The highly leveraged nature of the futures market will eventually pave the way for large-scale liquidations if and when sudden price swings occur.

According to data from Glassnode, a large number of Bitcoin futures contracts are cash-margined and not crypto-margined, meaning they are collateralized by US dollars or dollar-pegged stablecoins and not the cryptocurrency itself.

Bitcoin Price Increase Potential

At the moment, Bitcoin price in the Bitrue futures market it was at $67,764 with an increase of 0.78%. Previously, within 24 hours, Bitcoin reached its highest price in the futures market at $68,353.

It can be seen from the BTC price chart excerpt above that the RSI value is 63, which means a trend to buy Bitcoins is much more dominant than the selling trend. However, this dominance is still within reasonable limits, not overbought.

The MACD line appears to have a downward trend, but the position of the line which is still above the threshold indicates that the BTC position is currently strong in its bullish possibility.

An increase in open interest can be a positive indication of Bitcoin's potential price increase. However, keep in mind that the crypto market is highly volatile, and factors such as changes in regulatory policies and technological developments can affect the price of Bitcoin.

Risks to be Aware of

The crypto market is known for its high volatility, so the price of Bitcoin can experience sharp fluctuations. Changes in regulatory policies can also affect Bitcoin prices.

Using leverage can increase potential profits, but also increases the risk of loss. Apart from that, Bitcoin also faces competition from other cryptocurrencies.

Conclusion

The increase in Bitcoin open interest shows the high interest of investors in the futures market. However, keep in mind that high open interest can also increase the risk of volatility. If the market moves against a trader's position, massive liquidations can occur.

For those of you who are interested in investing in Bitcoin in the futures market, do not immediately invest without studying current market conditions. Do your own research (DYOR) by knowing price statistics, price conversions from BTC to USD, and how the project is progressing. Knowing the fundamentals of a token is also very good for knowing where you stand as an investor.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

This Press Release has also been published on VRITIMES

From left to right: Mr. Bertrand Seah, Senior Consultant at CBRE Singapore; Mr. Masaaki Hamada, Managing Director of Asuene APAC; Dr. Poh-Koon Koh, Senior Minister of State at the Singapore Ministry of Sustainability and the Environment, our Guest of Honor; and Dr. Bicky Bhangu, President of the UN Global Compact Network Singapore.

The Singapore Apex Corporate Sustainability Awards features three categories: "SustainableBusiness," "Sustainable Solutions," and "LowCarbonSG." In each category, 5 to 7 companies are nominated as finalists. Asuene APAC won the Singapore Apex Corporate Sustainability Award in the "Sustainable Solutions" category.

This award is given to solution providers that have contributed to advancing sustainability in society and businesses across the APAC region, particularly in Singapore. Asuene APAC has worked tirelessly to promote its cloud service "ASUENE," a carbon accounting platform, both domestically and regionally. The company’s efforts in promoting corporate decarbonization, along with its promising future potential, were key factors in receiving this honor.

At the award ceremony held at the One Farrer Hotel in Singapore, Masaaki Hamada, ManagingDirector of Asuene APAC, took the stage to receive the award from the Guest of Honor, Dr. Poh Koon Koh, Senior Minister of State for Sustainability and the Environment.

Asuene will continue to support global decarbonization and ESG management from our headquarters in Tokyo, our regional office in Singapore, and our base in the United States.

Together with the Senior Minister, we celebrate Asuene APAC as a finalist in the 'Sustainable Solutions' category

About the GCNS Summit

The GCNS Summit is an event organized by the Singapore chapter of UN Global Compact, focusing on corporate sustainability. This year marks the 16th edition of the summit, known as "GCNS Summit 2024."

Due to climate change and environmental degradation, there is a growing momentum for mandatory environmental, social, and governance (ESG) reporting, including the visualization of CO2 emissions. As a result, the role and responsibility of businesses are increasingly significant.

Achieving net-zero by 2050 requires a fair transition to more sustainable business models.

In this context, the GCNS Summit serves as a platform for meaningful dialogue, collaboration, and action to promote the United Nations Sustainable Development Goals (SDGs) in the Asia-Pacific region, emphasizing the urgency and commitment needed to achieve these goals.

Over the two-day event, influential figures in corporate sustainability from the APAC region, including the President of the UN Global Compact Network Singapore and other board members, delivered speeches and presentations. The summit also included the awarding ceremony for the "Singapore Apex Corporate Sustainability Awards," which Asuene APAC received.

GCNS Summit - Global Compact Network Singapore: https://summit.unglobalcompact.sg/

Comment from Masaaki Hamada, Managing Director of Asuene APAC

"This award represents a significant milestone for Asuene APAC. The UNGC is one of the most prestigious international organizations globally, and its Singapore chapter, GCNS, undertakes a wide range of activities related to promoting SDGs in society and business, including awareness initiatives and talent development. GCNS holds considerable influence over national policies and the business community. Receiving the esteemed 'Singapore Apex Corporate Sustainability Awards' from GCNS will further enhance the trust and recognition of the Asuene APAC brand both domestically and regionally. I would like to express my heartfelt gratitude to our employees, clients, and partner companies who have trusted us and contributed to our growth."