Several analysts have noted this ‘flippening,’ where CME has now claimed the largest share of Bitcoin futures open interest, surpassing the global cryptocurrency exchange, Binance.

Open interest is a crucial concept in futures and options markets, representing the total number of outstanding contracts held by traders at any given time. It is determined by the difference between the number of contracts held by buyers (longs) and sellers (shorts).

James Seyffart, a research analyst specializing in exchange-traded funds (ETFs) at Bloomberg Intelligence, echoed observations made by Will Clemente on X (formerly Twitter). Seyffart raised a pertinent question about whether the growing Bitcoin futures open interest on CME would address historical concerns of the United States Securities and Exchange Commission (SEC) regarding the depth of Bitcoin markets and the potential for market manipulation.

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Bitcoin’s price action reached $35,900 as it responded to the persistent elevated open interest (OI) on exchanges, according to data from Cointelegraph Markets Pro and TradingView.

Earlier, it was reported that the substantial OI of over $15 billion could potentially trigger a fresh round of market volatility. There were concerns that this surge in OI might lead to a decline in BTC prices, and the market’s ultimate direction was uncertain.

Ultimately, it was short sellers who found themselves under pressure as Bitcoin quickly surged, reaching just below the $35,900 mark.

Analysts and traders, including well-known trader Skew, had anticipated this move. Skew had suggested that momentum would pick up rapidly if Bitcoin approached the $34,800 level, a prediction that turned out to be accurate.

“Open interest is still increasing, and it appears that short positions are dominating the OI build-up here. $34,800 is a crucial price level for a short squeeze,” Skew communicated to subscribers.

While the market remains unpredictable, the consensus among traders and indicators suggested that Bitcoin was unlikely to surpass $36,000 before the weekly candle closed. This sentiment was based on the latest signals from Trend Precognition, one of its proprietary trading indicators.

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Bitwala is relaunching its services under its original name, thanks to a partnership with the banking infrastructure company Striga. The collaboration aims to rejuvenate Bitwala’s offerings, as revealed in a joint announcement to Cointelegraph on November 8th.

As part of this partnership, Striga is providing Bitwala with “Banking and Crypto-as-a-Service,” enabling the crypto banking app to leverage its trading and card-issuing capabilities, according to Bitwala CEO Dennis Daiber.

Bitwala underwent a rebranding in 2021 when it became known as Nuri. However, in August 2022, the company filed for insolvency, citing liquidity issues amidst a significant crypto market downturn triggered by the Terra crash. Ultimately, Bitwala ceased its operations in October 2022, requesting its 500,000 users to withdraw their assets before the year-end deadline.

Dennis Daiber explained the situation, saying, “We wanted to build a bank. We had all the documents, audits, applications, and approvals — the only thing missing was 50 million euros for liquidity coverage ratio and runway.”

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The decision to introduce a staking mechanism received approval through a governance vote early on Monday. Advocates of the move believe that these payouts will put the substantial Arbitrum treasury to productive use by rewarding long-term token holders. However, critics have expressed concerns that offering high yields could lead to selling pressure, and that the staking proposal might create the impression that ARB is a security.

According to the proposal, users will earn higher returns the longer they keep their tokens locked within the Arbitrum DAO. The maximum locking period will be one year.

It’s important to note that Arbitrum DAO’s “timelock” staking mechanism differs from proof-of-stake network staking because the committed funds are not used for network security purposes.

The proposal, presented by Plutus, argues that Arbitrum’s treasury, which is the largest among all DAOs at $3.9 billion and primarily denominated in ARB, should be shared with ARB holders. Plutus contends that in the long run, Arbitrum will benefit from token distribution.

Staking is seen as a way to “reward long-term aligned stakers with yield while penalizing mercenary capital and short-term actors,” according to Plutus.

However, not all members of the Arbitrum community are enthusiastic about staking in its current form. Some forum participants have raised concerns that releasing ARB from the treasury could lead to selling pressure on the token, while others have voiced regulatory worries.

One member, known as Cattin from SEED Latam, which voted against the proposal, expressed concerns that it could potentially raise questions from regulators about whether Arbitrum’s staking might be considered an investment contract and, consequently, a security.

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Following a recent jury verdict, the FTX founder was found guilty of seven charges, including wire fraud, conspiracy to commit fraud, and conspiracy to commit money laundering.

Bankman-Fried’s attorney, Mark Cohen, stated on November 2 that his client “maintains his innocence and will continue to vigorously fight the charges against him.” It’s possible that he may seek a review of the jury’s decision from the 2nd US Circuit Court of Appeals.

The sentencing hearing for Sam Bankman-Fried is scheduled for March 28.

Jack Sharman, a partner at the law firm Lightfoot, Franklin & White, remarked, “Sam Bankman-Fried’s sentence will be significant, but it won’t be a life sentence.” Despite facing a potential 110-year sentence, this figure represents the total of the maximum statutory penalties available, which Sharman emphasized is not the sole determinant.

He further explained that the court will consider various factors under the federal sentencing guidelines, and while these guidelines are no longer mandatory, most federal judges still view them as highly influential in their decision-making.

Kathryn Haun, the founder and CEO of Haun Ventures and a member of Coinbase’s board of directors, noted in a post on Friday that the recommended prison term under the guidelines is determined by “combining a defendant’s prior criminal history with a total numerical offense level.”

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Numerous factors are aligning to set the stage for a substantial bull run, including global inflation, geopolitical tensions, the Bitcoin halving, and more than ten institutions, including BlackRock, awaiting approval for a Bitcoin ETF. With this renewed hype and interest in Bitcoin, here are some of the top BTC price predictions for 2024 and the years beyond.

One of the most eye-catching BTC price predictions suggests a value of $3 million. Luke Broyles, a renowned analyst and Bitcoin advocate, believes in the possibility of such a surge. Broyles argues that if only 10% of the global population were to adopt Bitcoin, it could potentially skyrocket to $3 million.

Broyles asserts that innovative and disruptive technologies hold inherent value and draws a parallel between Bitcoin and the early expansion of the internet. He notes that the internet began as a niche industry with low adoption rates but eventually evolved into an everyday necessity.

Furthermore, Broyles categorizes Bitcoin as the world’s first triple-point asset, as it serves as a store of value, a medium of exchange, and a unit of account for its users.

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The pseudonymous analyst, known as Kaleo, shared insights with his 601,300 followers on the social media platform X. He pointed out that Ethereum is currently on the verge of surpassing its diagonal resistance level at $1,900.

As of the time of writing, Ethereum is trading at $1,854.

Kaleo is also closely monitoring the Ethereum scaling solution Arbitrum (ARB). He noted that ARB has successfully converted a key diagonal resistance into support, potentially paving the way for a rally to as high as $1.30.

“ARB also appears ready for new all-time highs after breaking out and retesting a high-time-frame resistance. I’m anticipating a move back to the mid-August breakdown level (~$1.15), followed by reaching the July highs in the $1.30s.”

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Despite the intraday price fluctuations, which included a 4.67% drawdown, several analysts maintain a bullish outlook on Bitcoin. Some even anticipate another “gamma squeeze” if the BTC price manages to surpass the $36,300 threshold.

Prominent Bitcoin advocate Michael Saylor, the CEO of MicroStrategy, doesn’t seem perturbed by the price volatility. On November 1st, MicroStrategy announced its purchase of 155 BTC for $5.3 million, demonstrating Saylor’s continued faith in the cryptocurrency.

Bitcoin has gained 114% in value to date, with 30% of that increase occurring in the past month. However, the price still remains nearly 50% below its all-time high, and many individuals may recall the FTX exchange’s troubles and other cryptocurrency scandals before assessing Bitcoin’s performance in 2023.

When questioned about whether he believed that the reputation of institutional investor interest had been tainted by negative incidents and figures like Sam Bankman-Fried, Saylor responded.

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In a conversation with Blockworks on the Lightspeed podcast (available on Spotify and Apple), Tushar Jain, the Managing Partner at Multicoin Capital, argues that TVL can be misleading and easily manipulated. He points out that TVL is often double, triple, or even quadruple-counted in many cases. This happens when assets are deposited into one smart contract, and then the receipt token from that contract is deposited into another, creating a chain of inflated statistics.

Jain emphasizes that TVL fails to consider the liquidity of assets, allowing for the creation of projects with “high TVL” that lack the necessary liquidity. He warns that relying on TVL can give investors a false sense of precision, which may lead to misguided investment decisions.

In conclusion, Jain urges serious investors to stop using TVL as a meaningful metric and emphasizes the need for a more accurate and comprehensive approach to assessing the success and potential of blockchain and DeFi projects.

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Pseudonymous analyst Pentoshi, who has a substantial following of 706,900 on the social media platform X, suggests that XRP is exhibiting a bullish outlook after breaking through a significant resistance level at $0.548.

As of the latest data, XRP is trading at $0.59, marking a roughly 3% increase in the past 24 hours.

Additionally, Pentoshi provides an updated assessment of the layer-1 protocol Solana (SOL). He notes that the recent strong rallies in SOL have drawn significant attention from bulls, indicating a potential pullback in the near future.

Pentoshi’s analysis implies that SOL may encounter resistance around the $38.70 mark. At the time of writing, SOL is valued at $38.59.

The analyst also has his sights set on the governance token of Aave (AAVE), a decentralized finance lending protocol based on Ethereum (ETH). Pentoshi suggests that AAVE could experience a substantial breakout rally if it manages to breach the resistance level at $90.

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A pseudonymous analyst known as Bluntz, with a substantial following of 226,000 on the social media platform X, attributes the recent strong performance of altcoins to Bitcoin’s sideways trading within a defined range for the past eight days.

Bluntz emphasizes that it’s crucial to recognize that once BTC breaks out of this range, it may divert attention and investment away from altcoins, leading traders to refocus on Bitcoin.

Applying the Elliott Wave theory in his technical analysis, Bluntz believes that Bitcoin is currently in the fourth wave before a potential breakout. The Elliott Wave theory posits that the price of an asset’s main trend follows a five-wave pattern.

According to Bluntz’s analysis, Bitcoin is set to complete one more leg in the ongoing bullish trend that began last month. This fifth wave could propel Bitcoin to reach levels as high as $42,000 and potentially beyond.

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In an online discussion, Broyles asserted that Bitcoin has managed to maintain a market capitalization of $500 billion throughout 2023. While it has outperformed the majority of cryptocurrencies and various asset classes, this market capitalization is still comparatively small in comparison to the world’s largest asset categories.

To support his prediction, Broyles cited the ongoing adoption rate of Bitcoin, which currently stands at 0.05% to 0.5%. If this rate were to increase to 10%, it would result in a 100x surge in the cryptocurrency’s value. Even if only 4% of the global population were to demand one million satoshis to the point of depleting the supply, it could propel Bitcoin to astronomical price levels.

Broyles emphasized that Bitcoin represents the first-ever triple-point asset in history, offering users a store of value, medium of exchange, and unit of account.

Throughout 2023, Bitcoin has managed to reclaim at least 50% of its all-time high price achieved in November 2021 and is currently trading at $34,501. Over the past week, the cryptocurrency has mostly consolidated its price, with much of the market activity driven by developments surrounding a spot ETF, which have somewhat diminished in significance.

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PlanB emphasized that the six months leading up to the halving and the year-and-a-half following the halving are pivotal time frames for both buyers and sellers. As a result, the impact of these halvings is not expected to materialize until late 2025.

The analyst pointed out that the Stock-to-Flow (S2F) model’s fundamental principle is that scarcity drives the price of an asset, and each halving marks a significant reduction in the issuance of BTC, contributing to its scarcity.

The most recent BTC halving occurred in May 2020, a year that saw the global financial and economic system facing unprecedented challenges. Eighteen months later, in November 2021, BTC reached its peak at approximately $69,000. PlanB contends that this pattern has persisted over the years and is not mere speculation.

Prominent figures in the cryptocurrency space, including Binance’s CEO Changpeng Zhao (CZ), share the belief that halvings have a substantial impact on BTC’s price. As CryptoPotato previously reported, CZ has suggested that BTC achieves multiple all-time highs in the year following a halving, contrary to the common misconception of an immediate price surge.

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According to Axios’ report on Monday, a16z intends to kickstart its fundraising endeavors by the end of this year, with the goal of concluding them during the first half of 2024.

Blockworks reached out to a16z for comment but has not received an immediate response.

While a16z is renowned for its focus on technology, the emerging artificial intelligence (AI) sector, and social media platform investments, the firm’s portfolio also includes investments in various cryptocurrency projects and businesses.

Some of a16z’s prominent crypto investments encompass Coinbase, Aptos, Avalanche, Dapper Labs, Layer Zero, OpenSea, and Worldcoin, among others.

The report suggests that crypto investments will remain a central focus, with new investment opportunities expected to emerge in 2025.

One of the firm’s recent crypto investments was smlXL, which successfully raised $13.4 million in late October.

In September 2022, a16z Crypto led a $16.8 million seed round for NFT-focused startup IYK, alongside investors such as Collab Currency, Lattice Capital, 1kx, Synergis Capital, and others.

Andreessen Horowitz has also exhibited a growing interest in the UK market. In May, the firm corresponded with the UK government in response to a February consultation on crypto regulation. a16z advised the country to steer clear of a “one-size-fits-all” approach and criticized U.S. regulators for relying on the “difficult to enforce” Howey test in their securities regulation framework.

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Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs, clarifies that the proposal is not a bill but rather a set of rules put forth by the regulatory agency. These rules are designed to combat money laundering and tackle the obscuring of illicit fund flows through crypto mixing mechanisms.

However, Rettig raises concerns that the risks associated with the proposal may outweigh the potential benefits. She notes that the Treasury Department is now actively seeking feedback on the proposal.

“They will consider all the comments,” she explains. “They’ll need to weigh them carefully, taking into account the trade-off between benefits and risks.”

The proposed rules require U.S.-based financial institutions and agencies to implement record-keeping and reporting requirements for crypto transactions involving mixing.

“On the surface, that may not seem unreasonable,” Rettig acknowledges.

The primary issue, according to Rettig, lies in the broad definition of “mixing” within the proposal. As it currently stands, this definition could encompass “all smart contract-based applications, particularly DeFi apps, and potentially even those extending beyond the DeFi space.”

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Van de Poppe, with a substantial following of 669,500 users on the social media platform X, believes that Solana, often considered a competitor to Ethereum (ETH), is currently in the midst of a robust uptrend that may propel the altcoin towards the $40 mark. As of the time of writing, SOL is trading at $31.70.

Next on his list is Chainlink, a decentralized oracle network. Van de Poppe notes that Chainlink is finally performing well after several months of consolidation. He stated, “It broke out of the multi-month range and continues to exhibit strength. I wouldn’t be surprised if we see a rally towards $12.50–13.00. In the event of a deeper correction, consider buying at $9.60–10.00 before a potential continuation.”

Another altcoin that has caught the trader’s attention is Arbitrum (ARB), a layer-2 scaling solution. Van de Poppe anticipates additional rallies for ARB, although he also expects a modest pullback in the near future.

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In the video clip, which has recently gained traction on social media, Gensler, before taking on his role at the SEC, discussed blockchain regulation at the 2019 MIT Bitcoin Expo in a fireside chat with SEC commissioner Hester Peirce.

Gensler expressed his viewpoint, saying, “Bitcoin futures, and I think Ethereum futures and so forth, will exist, and Bitcoin ETFs have not, and that feels a little inconsistent to me […] It feels a little inconsistent,” adding, “Even though the laws aren’t exactly the same, they’re quite similar.”

Since 2017, the SEC has consistently rejected applications for spot Bitcoin ETFs, a trend that has continued under Gensler’s leadership. Gensler has often denied, delayed, or deferred recent spot Bitcoin ETF applications, citing concerns about insufficient protections against market manipulation.

Notably, Gensler’s SEC faced a lawsuit from asset manager Grayscale for rejecting its request to convert its existing Bitcoin trust into a spot ETF.

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This figure nearly matches the previous peak recorded on November 9, 2021, when Bitcoin was trading above $66,000, which was around 90% higher than the current market price of $34,170. In other words, the current open interest, in contract terms, significantly surpasses the levels seen in November 2021.

Luuk Strijers, the Chief Commercial Officer at Deribit, stated, “The milestone has been achieved with nearly double the number of outstanding contracts, representing not just a significant triumph for Deribit but also a clear sign of the overall market growth and the increasing interest in options among our clients.” Deribit holds a dominant 90% share of the global crypto options market.

Options are derivative contracts that grant the purchaser the right (but not the obligation) to buy or sell the underlying asset at a predetermined price on or before a specific date. A call option provides the right to buy, while a put option grants the right to sell. A call buyer expresses bullish sentiment on the market, while a put buyer holds bearish views.

This surge in options activity implies that the flows within the options market, involving investors and market makers, will wield more influence in determining spot market prices.

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Yung-Chang Chiang, a member of the Legislative Yuan who co-proposed this special act, stated, “After the first reading of the bill, discussions on the regulatory framework for the virtual asset industry have progressed to the next stage. We hope that the Financial Supervisory Commission can also submit their version of a draft bill to the legislature, allowing various sectors of society to further consolidate consensus during the process.”

While Taiwan’s Financial Supervisory Commission (FSC) had released guidelines for the crypto sector last month, encouraging the formation of self-supervisory rules through a potential industry association, these measures lacked legal enforceability. Chiang explained that this special law empowers regulatory authorities to impose administrative penalties on operators who violate self-regulation rules, enhancing their regulatory capacity.

This legislative development marks an important milestone in Taiwan’s efforts to establish a clear regulatory framework for the cryptocurrency industry.

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Previously, community members had the opportunity to engage in various activities to join a waitlist that granted them access to the token sale. Notably, the tokens associated with Memeland are described as having “No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.”

The team behind Memeland consists of the creators of 9GAG, a well-known meme-sharing and news website that received early support from influential investors, including YCombinator. Memeland focuses on various non-fungible token (NFT) offerings and has developed applications that bridge the realms of metaverses, gaming, and NFTs.

Metaverses represent virtual worlds that function on a blockchain, typically using tokens for transactions.

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