Pushing the Heights
Upward Trajectory
The reports that the Ethereum blockchain network suffered issues Wednesday morning, with knock-on effects at related service providers, were timely brushed off by market participants and the bullish camp regained upside momentum yet again.
Bitcoin made another push towards the $16000 level as the total aggregate open interest (OI) hit another record high. At the same time, BitMEX OI remained well contained within the recent lows and shows no evidence of recovering after suffering capital exodus in the wake of the CFTC investigation announcement.
In the Markets
Bullish upside?
The bullish bias continues to ensure steep and favourable term structure for spread traders. The bulls were also in full force in the options market where the skew and the implied vol smile continues to show bullish market positioning, helped on by the contained nature of volatility.
Also of note, after undergoing dramatic correction lower, the estimated number of terahashes per second the bitcoin network is performing in the last 24 hours continued its recovery, helped on by a huge adjustment lower in the mining difficulty.
As it stands, it is expected that the mining difficulty will adjust lower once again, albeit at a more measured pace of -6%. However, this may change as there are just over 4 days left until the next adjustment.
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