Recent U.S. economic data, notably the Consumer Price Index (CPI), has sparked a wave of optimism in the crypto market. Bitcoin is at the forefront, showing a significant rise in Open Interest, with Binance playing a key role.
Economic Data Impact on Bitcoin
The recent announcement of controlled inflation in the U.S. brought new hopes to the crypto market. Following the CPI publication, Bitcoin saw a notable increase in Open Interest: on Binance, it rose by 3.30% to reach 10.96 billion dollars.
Binance's Role in Interest Surge
This wave of optimism is also reflected in the increase of Open Interest: on Binance, it went up by 500 million dollars in just two hours after the data release. The entire Bitcoin futures market now exceeds 63 billion dollars, indicating growing confidence.
Overall Crypto Market Optimism
Not only Bitcoin, but the entire crypto market is showing optimism as the BTC price nears $100,000. The Crypto Fear & Greed Index rose to 75, indicating "greed." Institutional investors are also showing interest, which could signal a new maturity phase for cryptocurrencies.
The positive U.S. economic outlook has become a catalyst for the crypto market, boosting significant interest in Bitcoin. Upcoming decisions from the Federal Reserve are expected to be key to further developments.
