Saturday, May 18, 2024

Blockchain Weekly Roundup: Kennedy’s Support for Bitcoin, CME’s Increased Institutional Participation, and DeFi’s Resurgence

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Welcome to our weekly blockchain roundup, where we bring you the latest developments and trends shaping the blockchain and cryptocurrency space. In this edition, we delve into Robert Kennedy Jr.’s vocal support for Bitcoin, the surge in institutional participation in Bitcoin and Ether futures on the CME, and the recent performance of the DeFi sector. Join us as we explore these fascinating developments in the world of blockchain.

Kennedy Jr.’s Support for Bitcoin:
Democratic presidential candidate Robert Kennedy Jr. recently revealed his support for Bitcoin, having purchased 14 Bitcoin last May. In an interview, he termed Bitcoin as the currency of freedom and explained how he became a crypto investor after facing criticism for promoting Bitcoin without owning any. Kennedy even bought two Bitcoin for each of his seven children. He emphasized the importance of Bitcoin as an alternative to traditional banking, citing a recent incident where a prominent figure had their bank account closed. Kennedy’s campaign has confirmed his significant Bitcoin holdings but assures that it is not a conflict of interest. Moreover, his campaign is accepting Bitcoin donations, further highlighting his belief in the cryptocurrency.

CME’s Increased Institutional Participation:
The Chicago Mercantile Exchange (CME) recently reported a significant increase in large traders’ participation in their regulated Bitcoin and Ether futures during the second quarter. The average number of large open interest holders for Bitcoin futures reached a record high of 107, while Ether futures averaged 62 holders. The CME attributes this surge to institutional investors seeking regulated platforms to hedge market volatility and manage risk. The demand for hedging tools has also contributed to record trading volumes and open interest in Bitcoin and Ether futures and options. As a response, the CME plans to introduce futures tied to the ether-bitcoin ratio and has expanded its options product suite, catering to the growing needs of institutional investors.

DeFi Sector’s Resurgence:
The decentralized finance (DeFi) sector has witnessed a strong performance this week, with Maker and Chainlink leading the way. Maker’s price has doubled since late June, driven by a token buyback program that has instilled investor confidence. Additionally, Dogecoin experienced a price jump following Twitter’s rebranding as the X platform. Ripple’s price, on the other hand, has been fluctuating, while Bitcoin broke its trading pattern and is forming a bear flag pattern. The potential approval of a Bitcoin spot ETF could lead to increased market activity and heightened interest in the cryptocurrency space.

Macro Outlook and Bitcoin’s Support Levels:
In terms of the macro picture, the US labor market appears strong, but major developed countries are facing economic slowdowns. The Federal Reserve recently raised interest rates by 25 basis points, and their future decisions will be data-driven. Bitcoin faced a drop below the $30k support level earlier this week but found support at $29k, indicating the significance of these levels for traders and investors. Furthermore, the Convert Portal volume shows an influx of capital into the crypto market this week, highlighting sustained interest and confidence in blockchain and its associated assets.

As blockchain technology continues to revolutionize various industries, we witness influential figures like Robert Kennedy Jr. lending their support to cryptocurrencies like Bitcoin. Simultaneously, institutional investors flock to regulated platforms, contributing to the growth of these digital assets’ futures and options markets. The resurgence of the DeFi sector and the macroeconomic factors affecting Bitcoin’s performance further add to the excitement and intrigue surrounding the blockchain space. Stay tuned for more updates on the ever-evolving world of blockchain and cryptocurrency.

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