©Reuters
GLOBAL MARKETS – Binance futures have entered a state of contango, where futures prices are higher than the spot price, with premiums exceeding $2,000. This market state reflects bullish sentiment among traders, suggesting expectations of the cryptocurrency’s price to rise. This optimism appears linked to the recent approval of exchange-traded funds (ETFs) for spot bitcoin.
Today, the bitcoin spot price saw a sharp rise, momentarily surpassing $45,800, marking the highest point it has reached this year. After this peak, the price adjusted slightly, stabilizing around $45k. The optimistic mood in the crypto market has not been limited to Bitcoin; major altcoins also benefited from the positive sentiment. Solana and Ether recorded notable increases, climbing 4% and 2%, respectively, amid favorable market conditions.
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