• CME sees Bitcoin open interest grow by over 5K
• Miners are moving Bitcoin to exchanges en masse
• UK core inflation surges: A grim report for Bank of England
Growing Open Interest in Bitcoin
The Chicago Mercantile Exchange (CME) recently reported that the open interest in Bitcoin had grown by more than 5k. This indicates a renewed interest in the cryptocurrency as traders look to capitalize on its potential volatility and price fluctuations.
Mass Movement of Bitcoin to Exchanges
Miners have been transferring large amounts of Bitcoin to exchanges, signaling that they may be looking to capitalize on prices rises or offload some of their holdings. This could lead to increased market volatility as traders look to take advantage of these movements.
Return of Leverage Trading Signals Volatility
The return of leverage trading has also been seen as an indication that markets may become more volatile as investors seek higher returns through greater risk. Margin trading allows investors to leverage their positions and increase their exposure to a given asset without adding additional capital investments.
UK Core Inflation Surges
In other news, the UK saw core inflation surge beyond expectations this month, leading many economists and analysts to suggest it will result in a difficult situation for the Bank of England (BOE). The BOE is likely going to have its hands full dealing with this issue along with Brexit negotiations and other economic challenges faced by the country.
Kraken Sees Second Largest Outflow With $225 Million BTC Withdrawn
Kraken also experienced one of its largest outflows ever when $225 million worth of BTC was withdrawn from the platform, indicating that traders are cashing out on profits or taking funds elsewhere due to bearish sentiment. This could signal further market instability if more funds are moved off the exchange quickly.