Bitcoin Futures Open Interest Hits New Yearly High Of $12B – March 20

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$27,769

Bitcoin price traded as high as $28,534 over the last 24 hours, as price continues to rally off banking failures across the United States.

Top-20 altcoins are mostly down over the last day of trading, despite large net gains over the last week. Ethereum is down 3%, while BNB drops just 1%. Solana is the sole outlier with a 4% gain.

Top Stories for March 20, 2022 🔥

👉 Bitcoin Futures Open Interest Hits New Yearly High Of $12B

Open interest on Bitcoin futures contracts has reached a new yearly high of $12 billion, demonstrating a rise in speculation on the cryptocurrency amidst the recent US banking crisis.

Data analysis firm Coinglass shows a 7% gain in open interest for the month, as Bitcoin’s price has rallied 15% to its highest prices since June last year. Increased open interest indicates new money flowing into speculative bets, however does not reveal whether traders are betting on price to rise or fall.

👉 Flagstar Buys Signature Bank Deposits From FDIC, Minus Crypto Deposits

The FDIC has sold deposits from the collapsed Signature Bank to Flagstar bank, a subsidiary of New York Community Bancorp – however crypto-related deposits have been left behind.

The deal includes $38.4 billion worth of deposits and $12.9 billion in loans, via a “purchase and assumption agreement.”

$4 billion in crypto-related deposits have been entirely excluded from the business, instead to be transferred directly to customers holding those bank accounts. The move was a provision demanded by the FDIC in its sale of the bank, forcing potential buyers to exclude crypto business.

👉 Credit Suisse Becomes Latest Domino To Fall In Banking Crisis

Credit Suisse has become the latest casualty in the US banking crisis, as the notable name collapses and is acquired by UBS.

The acquisition comes at the price of $3.25 billion in UBS stock, with the Swiss government assisting in absorbing some of the write-downs on the bank’s books. Interestingly, UBS was saved by the Swiss government in the 2008 financial crisis.