Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Is Bitcoin on the brink of a price breakout? Open interest reaching an all-time high suggest this may be the case. Over $1.5 billion worth of crypto tokens are set to be unlocked in August, with a large amount made up of a huge XRP unlock. Meanwhile, the failed California bank Silvergate is no longer under the scrutiny of the Federal Reserve Board.
Record $39.4 billion Bitcoin open interest suggests imminent price breakout
Bitcoin futures’ open interest has reached a new all-time high, suggesting that investor demand for the world’s largest cryptocurrency is increasing. Could a price breakout be imminent?
Bitcoin BTC$68,039 open interest, a metric monitoring the total number of open positions in the underlying asset, has reached an all-time high of $39.46 billion across all exchanges.
The current figure surpasses the previous all-time high of $39.03 billion reached on March 29, 2024, according to CoinGlass data.
Bitcoin’s open interest is used by traders to gauge the interest and liquidity behind the asset. The current $39.46 billion peak shows increased investor interest in Bitcoin, which may precede a breakout toward new record highs.
Crypto unlocks to reach over $1.5 billion in August
Nearly $1.5 billion in tokens from major crypto projects are set to be unlocked in August, with 1 billion XRP tokens — worth $609 million at current prices — making up a massive part of the month’s total on Aug 1.
Ripple, the firm behind the XRP Ledger and the native token XRP, has unlocked up to 1 billion tokens on the first day of every month since 2017.
However, Ripple may look to re-lock much of the newly-released XRP. In June, Ripple relocked 800 million XRP from its June 1 unlock, however it still made moves to sell around 300 million XRP — worth $182 million at the time — according to data from TradingView.
Other than XRP, another three projects, including layer-1 network Sui, decentralized exchange dYdX, and “universal” blockchain ZetaChain will also unlock significant portions of their supply on the first day of August.
Other major unlocks in August include those from layer-1 network Avalanche and cross-chain bridging platform Wormhole, releasing a combined $449 million worth of tokens, per Token Unlocks data.
Federal Reserve Board drops enforcement actions against Silvergate
Silvergate, founded in 1988, was among the first banks associated with the cryptocurrency community. In March of 2023, its parent company announced it would wind down operations after the market collapse of 2022.
According to an announcement from the Federal Reserve Board, Silvergate fulfilled the conditions set out for its wind down, including reimbursing customers and ceasing all banking operations. The now defunct bank no longer faces regulatory action enforcement.
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