BITO Pushes Limits

CME Takes Over as Largest Bitcoin Futures Exchange

CME Takes Over as Largest Bitcoin Futures Exchange as BITO Pushes Limits

Technician's Take

by Omkar Godbole

Bitcoin Bull Market in Early Stages

Bitcoin's Mayer Multiple, which measures the spread between bitcoin's price and the 200-day moving average (MA), suggests the cryptocurrency has plenty scope to extend its current rally. 

Bitcoin's daily chart with the Mayer Multiple (Source: TradingView)

While the Mayer Multiple has risen to a five-month high of 1.39, it is well below the 2.4 threshold, hat has historically marked the final leg of the bull market.

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BOLO

Be on the lookout for the following events today:

 

  • 13:45 UTC (09:45 a.m. ET):
    • U.S. Market Manufacturing PMI (Oct) EST: 60.3
  • 15:00 UTC (11:00 a.m. ET):
    • Fed's Powell Speech

 

ICYMI

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

 

Ex-CFTC Chairman Chris Giancarlo on Bitcoin Futures ETFs in the US, Bitcoin Holds Steady Above $64K While Ethereum Eyes Record High

 

"First Mover" hosts discuss the top stories moving the crypto markets: more bitcoin futures ETFs are set to start trading today and Monday. Ex-U.S. Commodity Futures Trading Commission Chairman Chris Giancarlo shares insights into bitcoin ETF regulation. Jacobi Asset Management wins approval to launch a physically backed bitcoin ETF in Guernsey. Jacobi Asset Management CEO Jamie Khurshid shares his insights behind the approval and his analysis on crypto markets in general. Plus, Clinique is expanding into Metaverse with its first NFT collection available for rewards members. Clinique Head of Metaverse Projects Cathy Hackl joins the discussion.

 

 A Message from CoinDesk

What will 2022 bring? Crypto 2022 is CoinDesk's ambitious effort to scope out what's next. This week it's Policy Week, a week devoted to exploring the complex ways governments are interacting with the cryptocurrency ecosystem, and how policy decisions or lack thereof will affect the year ahead. Read more here.

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. 

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