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Institutions Bet Big On $100,000 Bitcoin Call Options
Published
2 months agoon
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QCP Capital recently provided a comprehensive overview of the current state and institutional sentiment surrounding Bitcoin (BTC) price. Despite a backdrop of significant Bitcoin payout from the Mt. Gox creditors and substantial selling pressure from the German government, the cryptocurrency has shown remarkable resilience. Hence, this has sparked notable institutional interest in high-value call options. Institutional interest particularly concerns the $100,000 strike price by the end of the year.
QCP Capital Analysis On BTC Price
The Bitcoin market has demonstrated a robust performance despite several supply pressures. Recently, the German government dumped $2.88 billion worth of Bitcoin, totaling nearly 50,000 BTC, into the market. Additionally, the Mt. Gox repayment process, which involved shifting over $6 billion worth of Bitcoin to over 13,000 creditors, added to the supply surplus.
Despite these substantial supply additions, the BTC price has remained resilient, trading within a range of $61,000 to $71,000. According to QCP Capital, there is significant institutional interest in Bitcoin, particularly in December $100,000 call options. This interest signals a strong conviction among institutional investors for a potential year-end rally.
The call options are a bet that Bitcoin will surge past $100,000 by December. Thus, it reflects optimism about a significant price breakout. This optimism is further fueled by the upcoming US elections. Due to the recent changes in the political landscape, market participants are betting on increased volatility and potential price surges.
With the market’s current structure, where perpetual funding rates have returned to neutral and volatility has been drifting lower, Bitcoin has settled into a familiar trading range. Hence, QCP Capital noted that dealers are particularly long on the $67,000 strike options expiring on July 26. Therefore, market participants are bracing for BTC price’s rebound to the $67,000 level.
Also Read: Donald Trump’s Fund Raise From Bitcoin Conference Is Bullish For Crypto
Strategic Trade Ideas By QCP
As of writing, the Bitcoin price traded at $64,170.20, losing 1.24% on Friday, July 19. Despite the decline, the crypto has shown exceptional resilience to volatility owing to political changes and other factors. Moreover, BTC has gained over 12% over the last seven days, rebounding from a low of $57,000.
QCP Capital has recommended a Principal Protected Range Accrual (PPRA) strategy as an optimal short-term approach before the anticipated breakout. This strategy involves receiving a 27% annual coupon in USD if Bitcoin trades between $61,000 and $71,000 during the observation period. The PPRA matures on October 11, 2024, with weekly coupons starting from July 26.
However, traders and investors are encouraged to always conduct their own research before following any strategies. Meanwhile, Binance CEO Richard Teng also weighed in on the current market conditions. He emphasized the cyclical nature of markets and the importance of a long-term investment horizon.
![](https://coingape.com/wp-content/uploads/2024/07/20240719_182335-1224x566.jpg)
![](https://coingape.com/wp-content/uploads/2024/07/20240719_182335-1224x566.jpg)
In addition, Teng highlighted that it has only been three months since the recent Bitcoin Halving event. The Halving, historically known to precede substantial BTC price increases, could play a major catalyst in coming months.
He referenced past Bitcoin Halving events where BTC saw significant gains a year later: 7,043% in 2013, 289% in 2017, and 559% in 2021. Hence, he expects a similar surge to follow once the crypto market exits the summer lull. Furthermore, Bitcoin maximalists like Robert Kiyosaki have also offered a $100,000 target for BTC price by 2024.
Also Read: Fed To Mirror ECB Rate Pause? Here’s What It Means For Bitcoin
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Is SEC Planning More Crypto Crackdowns In September? Legal Officer Warns
Published
8 hours agoon
September 4, 2024By
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Jake Chervinsky, the Chief Legal Officer of VariantFund hinted at the possibility of the market recording increased SEC enforcement actions towards the end of September. United States regulators continue their bottleneck approach on the crypto market despite criticisms from executives. Stakeholders bemoan these actions described as impeding innovation in the market coupled with low sentiments.
SEC Might Increase Crypto Scrutiny
Jake Chervinsky noted that the market might witness an increase in enforcement actions this month. He pointed to the fact that most regulatory bodies like the SEC and Commodity Futures Trading Commission (CFTC) will end the fiscal year on Sept 30. The effect of this can be seen as teams begin to increase enforcement actions to bolster performance reports ahead of future budgetary requests.
“Reminder that the SEC, CFTC, and other regulators have their fiscal year end on September 30. It’s typical in September to see a flurry of enforcement actions as they shore up their performance reports and budget requests for Congress. It could be a busy month.”
This might seem the case as regulators take pride in ramping up actions and scoring points for the number of cases won or at least pending judgment. However, some crypto users differ from this analysis stating that the opposite might occur with the SEC looking for out-of-court wins and settlements.
Yes, settlements are just as likely as adversarial enforcement actions filed in court. Look at yesterday (Galois) and today (Uniswap) as examples, two settlements with small monetary penalties that SEC and CFTC can call wins.
— Jake Chervinsky (@jchervinsky) September 4, 2024
The CFTC slapped a $175,000 settlement fine on decentralized crypto exchange Uniswap for illegal digital assets derivatives trading.
The Road To Clear Rules
As the SEC and CFTC ramp up regulatory actions, crypto enthusiasts push for clear rules in the United States. The argument for clear rules is to improve innovation and drive market investment in the space. Most commentators opine that the forthcoming elections would be the game changer as candidates from both parties move towards the sectors. On one hand is Trump who has become pro-Bitcoin driving up sentiments. On the other hand, his rival’s unknown crypto stance, Kamala Harris campaign received crypto donations from Coinbase.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pepe Coin Whale Bags 9 Tln Coins, PEPE Price Breakout Ahead?
Published
12 hours agoon
September 4, 2024By
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A recent Pepe Coin whale transaction has caught the eyes of investors today, with the PEPE price rising around 1% during writing. According to reports, a whale has purchased a massive amount of the crypto, signaling increasing confidence toward the leading meme coin. This move has sparked speculations over a potential breakout for the crypto, considering the growing market interest.
Pepe Coin Whale Buys 9 Trillion Coins
The leading on-chain transaction tracking platform, Whale Alert reported that an unknown whale moved 9 trillion PEPE from Bybit, one of the top crypto exchanges. The wallet address “0x88a…3Ade3” conducts the transaction, valued at over $64.55 million, showcasing robust confidence in the meme coin.
This substantial accumulation has caught the eyes of crypto market enthusiasts, fueling speculations over a potential price breakout. In addition, the bold move by the whale suggests growing optimism in the market, with many seeing it as a sign of renewed investors’ confidence in the leading meme coin’s potential.
Meanwhile, with this massive move, market analysts are keeping a close watch on the crypto’s price action. In addition, a flurry of market watchers are considering this significant whale move as a catalyst for a potential price breakout.
PEPE Price Breakout Ahead?
The sentiment on the leading meme coin appears to have faded lately, especially since May end of this year, when the crypto touched an all-time high of $0.00001718. In addition, the latest volatile scenario in the broader financial sector as well as in the crypto market also weighed on the meme coin’s performance.
As of writing, the PEPE price was up 0.93% to $0.000007298, with its trading volume soaring 45% to $521.55 million. Over the last 24 hours, the crypto has touched a high of $0.000007512 and a low of $0.000006896, indicating a highly volatile trading scenario. Besides, CoinGlass data showed that crypto’s Futures Open Interest dropped 6.46% to $81.14 million, indicating a still-bearish sentiment hovering in the market.
However, the latest Pepe Coin price analysis showed that recently a bullish signal flashed on the crypto’s weekly chart, which could trigger a rally of 260% in its price. In addition, it also showed that the last time the signal was spotted, the leading meme coin had rocketed 1600% in 98 days. Notably, according to the analysis, the meme coin could rally to a new high of $0.00001872 if it breaks a key resistance.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Will Nigerian Court Grant Bail To Detained Binance Executive?
Published
16 hours agoon
September 4, 2024By
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Nigerian Court in Abuja is currently in the spotlight as it reviews the bail application of Tigran Gambaryan, a Binance Holdings Ltd. executive. Gambaryan, the head of financial crime compliance at Binance, has been detained in Nigeria for over six months.
The court proceedings on Wednesday extended for several hours, after which the judge announced that a decision on the bail would be made later next month.
Nigerian Court Delays Bail For Binance Executive To October 9
The Nigerian Court heard extensive arguments concerning the bail request of Tigran Gambaryan. During the session, the crypto exchange executive’s legal representation emphasized his deteriorating health condition, underscoring the urgent need for surgical intervention.
The legal team claimed his health could not be adequately addressed within the medical facilities available to him in detention. The defense further argued that these circumstances justify the granting of bail on medical grounds.
In contrast, the state prosecutor countered these claims by insisting that Gambaryan has received appropriate medical care, including services at a well-equipped hospital in Abuja.
Further, the prosecutor’s stance highlights the government’s position that Gambaryan’s health needs are being met. This challenges the necessity of bail on the grounds presented by the defense. The judge finally stated that a decision on the bail would be made on October 9.
Binance Legal Battle and International Concerns
The case has attracted significant international attention due to the circumstances surrounding the Binance executive arrest and detention. In February, the executive was detained along with a colleague during a visit to discuss compliance issues.
More so, the situation escalated following the colleague’s escape and subsequent charges against Gambaryan. Nigeria Economic and Financial Crimes Commission brought the charges, which include currency manipulation and money laundering.
This incident has strained relations and led to accusations from Binance. The exchange claims that Nigerian authorities demanded a clandestine payment to resolve the company’s legal troubles, a claim Nigeria denies.
In addition, just last week, Binance CEO Richard Teng denied Nigeria’s claim of $26 billion made in revenue in 2023 as reported by the courts. He also called for the humanitarian release of the detained executive.
Moreover, this dispute has drawn scrutiny from international observers and prompted intervention from US lawmakers, who have urged the US government to assist in resolving his detainment. The outcome remains uncertain as the Nigerian Court deliberates on the bail application.
Binance continues to face legal challenges even as its co-founder, Changpeng Zhao, expects release on September 29. The court sentenced him to four months for violations of anti-money laundering laws. Recently, a judge issued a minor order as ten attorneys representing Changpeng withdrew from the lawsuit.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience. He has worked extensively with various media outlets on cryptocurrency trends and technologies. When he’s not analyzing the latest crypto developments, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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