Plenty for Everyone
Bitcoin traded a touch softer, although there was also plenty of dip buying interest. In the early European trade, Bitcoin was trading in the mid-$17,000 area. The growth in the open interest (OI) has abated somewhat, where stablecoin margined venues have gained market share relative to Bitcoin margined venues. That being said, the volume surged close to $60bln, with Huobi accounting for $13bln and Binance $16bln.
In the Markets
Future of Finance
Elsewhere, JPMorgan Chase CEO Jamie Dimon said blockchain will have a pivotal role in the future of finance even if bitcoin, the market-leading cryptocurrency that made blockchain famous, is not his “cup of tea.” Speaking at the New York Times’ DealBook Conference Wednesday, Dimon reiterated JPMorgan’s support for blockchain technology as a potentially transformative financial mechanism.
Time for a rally?
Of note, OKB, the in-house token for crypto exchange OKEx, rallied more than 13% Wednesday on rumors that the firm’s founder, Mingxing “Star” Xu, had been released from police custody.
After more than a month of zero completed withdrawals, Xu’s rumored release could mean a return to normal for the exchange. OKB’s primary uses are for discounts on trading fees and collateral for margin trading at OKEx, so its utility depends on the exchange’s viability.
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