The value of Bitcoin futures hit $1.17 billion on Binance as the coin trades over $19,000. Glassnode revealed the milestone on the 24th of June in a tweet. Before now, CME also reported that Bitcoin futures open interest (OI) exceeded $1 million.
As U.Today noted, CME, and CBOE started Bitcoin-based futures for institutional investors in 2017. Over time, institutional investors in BTC has grown and is on a constant rise.
In a recent letter, investment firm Pantera Capital said PayPal and Square’s Cash App are the reasons for the continuous rise in BTC’s price. In the letter, the company said that PayPal and Cash App have been buying and hoarding the digital asset. The hoarding has now led to a Bitcoin shortage, hence the spike in its price.
Also, PayPal’s announcement to enable Bitcoin and three altcoins on its payment platform added to BTC’s recent increases. Shortly after PayPal’s announcement, the digital asset recorded additional increases and has been surging since then.
At press time, Bitcoin is up 4.12% to $19,302.08, a new high not seen since 2017. With Bitcoin’s strong performance, analysts are confident that the king coin is poised to further gains. Bitcoin analyst and stock-to-flow model creator PlanB predicted that BTC would reach “100k-288k” before December 2021.
Similarly, altcoins are also recording additions. ETH hit $600, a new high since June 2018.
Image Credits: Pixabay
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