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Bitcoin (BTC) prices held steady above the $27,000 level Friday even as broader financial markets showed mixed movements. Global oil prices retreated after a surge, while stocks in Asia and Europe inched higher as of Asian afternoon hours.
Crypto markets were buoyed mainly as participants expected increased demand in the short term as a formal ether (ETH) futures exchange-traded fund (ETF) was floated by financial giant VanEck. However, some analysts warned of selling pressure on riskier assets such as bitcoin, citing all-time highs in certain oil market.
Some analysts priced in a 90% chance of the ETF getting approved in the first week of October, impacting bearish positions. Strength in crypto markets seemed to bump majors, such as Solana’s SOL and Cardano’s ADA tokens – each adding as much as 4.5%.
Traders at Japanese exchange Bitbank said in a daily note that they expect bitcoin prices to move towards the $28,000 level, citing ETF optimism.“Despite the fact that the SEC postponed their decision to approve or disapprove Ark, BlackRock, and Valkyrie’s bitcoin ETFs this week, the market’s hope for spot bitcoin ETF approval seems to have been revitalized following the Ether Futures ETF decision,” analyst Yuya Hasegawa shared.
Meanwhile, Tellor’s TRB tokens continued a multi-week rally to rise some 10% in the past 24 hours, extending monthly gains to over 250%, data from CoinGecko shows. High funding rates on TRB futures could explain some of the demand for these tokens, analysts at Coinalyze said in a message, amid the lack of fundamental catalysts.
Funding rates are periodic payments that traders on perpetual futures markets pay from one side of the trade to the other. Depending on their open positions, traders will either pay or receive funding. The payments ensure there are always participants on both sides of the trade.
First Mover Americas: Binance Sells Russian Unit
Binance has sold its Russian unit as it looks for a complete exit from the market. The buyer CommEx is a crypto exchange that appeared to only launch yesterday, while it seemingly listed BTC/USDT and ETH/USDT trading pairs for spot trading in July. It was reported in May earlier this year that Binance was facing a Department of Justice inquiry into whether Russian customers were able to access the exchange in violation of U.S. sanctions related to Russia's invasion of Ukraine. The firm subsequently said in August that it was cutting ties with sanctioned Russian banks. CommEX said it will not onboard customers from the U.S, EU and some other jurisdictions.
Bitcoin (BTC) and ether (ETH) were little changed in the last 24 hours, amid signs that major cryptos are correlating with U.S. equities. The threat of higher rates for a longer period took hold throughout financial markets, which generally negatively impacts riskier assets. “The positive correlation between cryptocurrencies and the stock market is temporarily back on track,” shared Alex Kuptsikevich, the FxPro senior market analyst, in a note to CoinDesk. “Despite the storm in the equity markets, the crypto market remains subdued, losing only 0.3% in 24 hours to $1.045 trillion.” Crypto markets slumped 0.5%, the CoinDesk Markets Index (CMI), a broad-based tracker of hundreds of tokens, shows. This mirrored a drop in the U.S. markets on Tuesday – with the S&P 500 losing 1.5%, the Dow Jones Index falling 1.1% and the tech-heavy Nasdaq 100 ending the day 1.4% lower.