“Open Interest Leverage Ratio” Hits All-Time Highs For BTC & ETH – August 30

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $19,820

Bitcoin price erased its weekend gains yesterday, finding itself below the crucial $20,000 level once again.

Top-20 altcoins are mostly down, as BNB falls 1%, Solana drops 2% and Ethereum stays afloat with a 1% gain.

Top Stories for August 30, 2022 πŸ”₯

πŸ‘‰ “Open Interest Leverage Ratio” Hits All-Time Highs For BTC & ETH

Bitcoin and Ethereum may be in for an increase in volatility, as the open interest leverage ratio reaches all-time highs for both coins.

The ratio represents the relative amount of leverage on an asset, compared to the size of the market of that asset. According to Decentral Park Capital and Glassnode, the ratio is already above all-time highs, and is continuing to rise.

Decentral researcher Lewis Harland says the current position of the metric opens the gates to large short-squeezes or long-squeezes, as leveraged traders are forced to liquidate positions.

πŸ‘‰ CME Group Launches Euro-Denominated Crypto Futures

CME Group has launched euro-denominated futures contracts for Bitcoin and Ether, after first announcing the products earlier this month.

The contracts will be sized identically to existing US-denominated contracts, at five BTC and 50 ETH per contract, respectively. Both contracts will be cash-settled based on CME reference rates.

Data from CryptoCompare shows that derivatives continue to capture a large proportion of crypto trading volumes, accounting for 69% of all crypto volume in July.

πŸ‘‰ UAE Business Lender Virtuzone Partners With Binance Pay

United Arab Emirates (UAE) business lender Virtuzone has partnered with Binance Pay to accept cryptocurrencies, enabling entrepreneurs to repay loans in crypto.

The company hopes to reduce barriers to entrepreneurship through the partnership, as well as improve Web3 adoption in the Middle East. Binance also believes the Middle East and North Africa region will benefit from strong demographic growth over the next 30 years.