{"id":549867,"date":"2023-09-03T11:50:22","date_gmt":"2023-09-03T11:50:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=549867"},"modified":"2024-06-11T08:07:37","modified_gmt":"2024-06-11T08:07:37","slug":"bitcoin-futures-frenzy-fizzles-out-as-price-plunges-below-26000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-futures-frenzy-fizzles-out-as-price-plunges-below-26000\/","title":{"rendered":"Bitcoin Futures Frenzy Fizzles Out As Price Plunges Below $26,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The crypto market has lost its sparkle lately, with bitcoin futures trading volume drying up as the flagship cryptocurrency struggles to stay afloat.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin futures open interest, which measures the buzz around upcoming contracts, has dropped to a 5-month low of $11.3 billion, according to data from <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Derivatives&amp;m=derivatives.FuturesOpenInterestSum\" target=\"_blank\" rel=\"noopener nofollow\">Glassnode<\/a>. This suggests traders are closing out positions and reducing exposure to volatile crypto assets.\u00a0<\/span><\/p>\n<h2><strong>Bitcoin&#8217;s Struggles Below $26K: Is The Crypto Craze Losing Steam?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">The disinterest comes as bitcoin prices dropped below $26,000 for the first time since August, dampening spirits across the crypto sphere.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cIt seems the market is running out of steam,\u201d said <\/span><a href=\"https:\/\/t.co\/fM216CfG2Z\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Lee Reiners<\/span><\/a><span style=\"font-weight: 400\">, professor of cryptocurrency law at Duke University. \u201cInvestors are realizing these assets don\u2019t just go up forever.\u201d<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/crypto-analysts-september-warning-bitcoin-faces-a-red-month\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst\u2019s September Warning: Bitcoin Faces A Red Month<\/a><\/div>\n<p><a href=\"https:\/\/twitter.com\/i\/status\/99770466\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Analysts<\/span><\/a><span style=\"font-weight: 400\"> said that the drop in open interest appears related to the expiration of monthly and quarterly futures contracts, which drained trading activity and liquidity.<\/span><\/p>\n<p><span style=\"font-weight: 400\">But the decline also signals fading confidence in Bitcoin\u2019s upside potential amid mounting regulatory scrutiny, environmental backlash, and competition from alternative cryptos like ether.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThe promise of quick riches that lured many retail investors now seems a distant dream,\u201d said Jamie Dimon, CEO at JP Morgan. \u201cThe crypto craze appears to be losing momentum fast.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Two days ago JPMorgan said: &#8221;the bottom of this <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> crash is nearing&#8221;<\/p>\n<p>Honestly, this only makes me bearish&#8230; <a href=\"https:\/\/t.co\/mIAjjatrDG\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/mIAjjatrDG<\/a><\/p>\n<p>\u2014 Crypto Rover (@rovercrc) <a href=\"https:\/\/twitter.com\/rovercrc\/status\/52745122?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">August 27, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Bitcoin has struggled to regain traction since its record high of nearly $69,000 in November 2021. Though some crypto bulls remain hopeful, continued lackluster performance could stall wider adoption.<\/span><\/p>\n<figure style=\"width: 881px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/odiTLNyf\/\" alt=\"BTCUSD\" width=\"881\" height=\"589\"><figcaption class=\"wp-caption-text\">Bitcoin&#8217;s price currently stands at $25,922 in the daily chart. | Source: BTCUSD price chart from <a href=\"https:\/\/www.tradingview.com\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2><strong>Exploring The Factors Behind Bitcoin&#8217;s Declining Fortunes<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">One significant factor is the regulatory scrutiny that has intensified worldwide. Governments and financial authorities are increasingly concerned about the potential risks associated with cryptocurrencies, including money laundering and tax evasion. This regulatory uncertainty has made some investors wary and hesitant to enter or remain in the market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin has faced backlash due to its environmental impact. Critics argue that the energy-intensive process of mining Bitcoin is unsustainable and contributes to carbon emissions. As environmental concerns take center stage, some investors and institutions may reevaluate their support for Bitcoin in favor of more environmentally friendly cryptocurrencies.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While Bitcoin pioneered, newer cryptocurrencies like Ethereum have gained traction, offering innovative features such as smart contracts and decentralized applications. These alternatives have attracted both developers and investors, diverting attention away from Bitcoin.<\/span><\/p>\n<h3><strong>Bitcoin&#8217;s Future: Crossroads For The Original Crypto<\/strong><\/h3>\n<p><span style=\"font-weight: 400\">For diehard believers, bitcoin\u2019s funk may present a buying opportunity if prices continue drifting lower. But others argue that \u201cdigital gold\u201d has lost its luster for good.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/whales-amass-1-5-b-of-btc\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Whales Load Up With $1.5 Billion Worth Of BTC Amidst Price Uncertainty<\/a><\/div>\n<p><span style=\"font-weight: 400\">\u201cIt\u2019s yet to be seen whether Bitcoin can reclaim its role as the crypto market\u2019s flagship,\u201d said <\/span><a href=\"https:\/\/www.linkedin.com\/in\/aliciaachen\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Chen Alicia<\/span><\/a><span style=\"font-weight: 400\">, a student of blockchain studies at NYU.<\/span><\/p>\n<p><span style=\"font-weight: 400\">With futures interest shrinking, bitcoin is at a crossroads. Does the original crypto still have a bright future, or will up-and-comers displace it?<\/span><\/p>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Pixabay and chart from TadingView.com<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market has lost its sparkle lately, with bitcoin futures trading volume drying up as the flagship cryptocurrency struggles to stay afloat.\u00a0 Bitcoin futures open interest, which measures the buzz around upcoming contracts, has dropped to a 5-month low of $11.3 billion, according to data from Glassnode. This suggests traders are closing out positions and reducing exposure to volatile crypto assets.\u00a0 Bitcoin&#8217;s Struggles Below $26K: Is The Crypto Craze Losing Steam? The disinterest comes as bitcoin prices dropped below $26,000 for the first time since August, dampening spirits across the crypto sphere.\u00a0 \u201cIt seems the market is running out of steam,\u201d said Lee Reiners, professor of cryptocurrency law at Duke University. \u201cInvestors are realizing these assets don\u2019t just go up forever.\u201d Related Reading: Crypto Analyst\u2019s September Warning: Bitcoin Faces A Red Month Analysts said that the drop in open interest appears related to the expiration of monthly and quarterly futures contracts, which drained trading activity and liquidity. But the decline also signals fading confidence in Bitcoin\u2019s upside potential amid mounting regulatory scrutiny, environmental backlash, and competition from alternative cryptos like ether.\u00a0\u00a0 \u201cThe promise of quick riches that lured many retail investors now seems a distant dream,\u201d said Jamie Dimon, CEO at JP Morgan. \u201cThe crypto craze appears to be losing momentum fast.\u201d Two days ago JPMorgan said: &#8221;the bottom of this #Bitcoin crash is nearing&#8221; Honestly, this only makes me bearish&#8230; pic.twitter.com\/mIAjjatrDG \u2014 Crypto Rover (@rovercrc) August 27, 2023 Bitcoin has struggled to regain traction since its record high of nearly $69,000 in November 2021. Though some crypto bulls remain hopeful, continued lackluster performance could stall wider adoption. Exploring The Factors Behind Bitcoin&#8217;s Declining Fortunes One significant factor is the regulatory scrutiny that has intensified worldwide. Governments and financial authorities are increasingly concerned about the potential risks associated with cryptocurrencies, including money laundering and tax evasion. This regulatory uncertainty has made some investors wary and hesitant to enter or remain in the market. Bitcoin has faced backlash due to its environmental impact. Critics argue that the energy-intensive process of mining Bitcoin is unsustainable and contributes to carbon emissions. As environmental concerns take center stage, some investors and institutions may reevaluate their support for Bitcoin in favor of more environmentally friendly cryptocurrencies. While Bitcoin pioneered, newer cryptocurrencies like Ethereum have gained traction, offering innovative features such as smart contracts and decentralized applications. These alternatives have attracted both developers and investors, diverting attention away from Bitcoin. Bitcoin&#8217;s Future: Crossroads For The Original Crypto For diehard believers, bitcoin\u2019s funk may present a buying opportunity if prices continue drifting lower. But others argue that \u201cdigital gold\u201d has lost its luster for good. Related Reading: Bitcoin Whales Load Up With $1.5 Billion Worth Of BTC Amidst Price Uncertainty \u201cIt\u2019s yet to be seen whether Bitcoin can reclaim its role as the crypto market\u2019s flagship,\u201d said Chen Alicia, a student of blockchain studies at NYU. With futures interest shrinking, bitcoin is at a crossroads. Does the original crypto still have a bright future, or will up-and-comers displace it? Featured image from Pixabay and chart from TadingView.com<\/p>\n","protected":false},"author":568,"featured_media":549871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[15698,441,569,84667,679],"class_list":["post-549867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-btc","tag-bitcoin-analysis","tag-bitcoin-futures","tag-bitcoin-open-interest","tag-bitcoin-price"],"acf":[],"yoast_head":"\n<title>Bitcoin Futures Frenzy Fizzles Out As Price Plunges Below $40,000<\/title>\n<meta name=\"description\" content=\"The crypto market has lost its fizz lately, with bitcoin futures trading volume drying up as the flagship crypto struggles to stay afloat.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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