Why Bitcoin bears are trying to keep BTC price below $62K for Friday’s options expiry

Nov 5, 2021

Lead Stories

Why Bitcoin bears are trying to keep BTC price below $62K for Friday’s options expiry
Marcel Pechman – CoinTelegraph
Bitcoin’s (BTC) 90% year-to-date gain was largely fueled by the United States Securities and Exchange Commission’s (SEC) recent exchange-traded fund (ETF) approval and in the first 48-hours of listing, ProShares’ Bitcoin Strategy ETF (BITO) was able to amass $1.1 billion in assets under management.
On Nov. 1, the U.S. Treasury released its stablecoins report, which basically urged Congress to regulate the industry. In short, the working group expects government agencies to require stablecoin issuers to meet the same standards as insured depository institutions.

Chart analysts are watching market’s big rally since mid-October for signs of exhaustion
Bob Pisani – CNBC
Even the bulls are exhausted.
The S&P 500 is up 14 of the last 16 days. It’s moved over 300 points (about 7%) since Oct. 13.
Improved revenues, strong earnings due to companies’ move to cut costs (which allows more profit to flow to the bottom line), seasonal strength and the Federal Reserve’s quantitative easing tailwind have all combined to create a market juggernaut.
When will it end, and what should we look for as a sign of market exhaustion?
When will it stop? It depends on who you ask, but there are already warning signs.

Bond Markets Flash Turmoil, and No One Else Much Cares
James Mackintosh – WSJ
Investors have jolted government bond markets in the past month as they reassess what will happen to the basic cost of money that underpins the financial system.
Yet, other markets don’t seem to care. Stocks have hit new highs, currencies have if anything moved the opposite way to what would normally be expected and corporate bonds remained impassive.

Futures standards body seen as first step to utility; FIA project could usher in new hub to connect trading parties and guard against derivatives logjams, experts say
Luke Clancy – Risk.net
An industry utility to ease futures trading and clearing bottlenecks inched closer this week with an initiative from a trade body to set standards for processing listed derivatives, say senior figures in derivatives clearing. The Futures Industry Association issued on November 2 a blueprint for overhauling the way that firms trade futures and options. As part of its proposals, the FIA recommends creating an independent standards body that would develop and oversee a universal set of procedures

Goldman Says OPEC+ and U.S. Tension to Boost Oil Volatility
Devika Krishna Kumar – Bloomberg
Goldman Sachs Group Inc. said global oil markets remain undersupplied and to expect oil-price volatility to rise in coming weeks amid an open disagreement between OPEC+ and the U.S. around crude production.
“Net, our bullish view remains unchanged: the oil deficit remains unresolved, the current strength in oil demand remains a near-term tailwind and the increasingly structural nature of the deficits will require much higher long-dated oil prices,” Goldman analysts including Damien Courvalin wrote in a note on Thursday.

White House says Opec risks imperilling economic recovery
David Sheppard, Tom Wilson, Derek Brower and Myles McCormick – Financial Times
The White House has said Opec+ risks imperilling the global economic recovery by refusing to speed up oil production increases and warned the US was prepared to use “all tools” necessary to lower fuel prices.
The move came after Saudi Arabia-led Opec and its allies such as Russia rejected US calls to help tame rising oil prices, insisting they would stick with a plan of only gradually increasing output, even as demand roars back from the depths of the pandemic.

Exchanges and Clearing

Micro WTI Crude Oil Futures Surpass 5 Million Contracts Traded
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that Micro WTI Crude Oil futures volume surpassed 5 million contracts on Thursday, November 4, 2021. On the same day, Micro WTI Crude Oil futures reached a record 151,131 contracts traded, breaking its previous single day volume total of 100,725 contracts set on Wednesday, November 3, 2021.


Stable named FIA Innovator of the Year; X-Margin is the runner-up and Databento wins the People’s Choice Awards
FIA announced today the results of its annual pitch competition for fintech startups. Stable has been named the FIA Innovator of the Year, X-Margin was named the runner-up, and Databento won the People’s Choice Award.
These three companies were among the eight startups participating in the annual Innovators Pavilion at the FIA Expo, an award-winning showcase for fintech startups that is designed to support innovation in the derivatives industry. More than two dozen applications for places in the Pavilion were reviewed by a selection committee comprised of experts from banks, trading firms and venture capital firms.


The Delta wave wasn’t as bad for the economy as we thought
Juliana Kaplan and Andy Kiersz – Markets Insider
October marked what looks like another turning point in America’s economy, as recovery roared back and the country added 531,000 jobs.
“The top line takeaway is that as Delta abates, the recovery reaccelerates,” Daniel Zhao, a senior economist at Glassdoor, told Insider.

The Great Resignation Marks the Beginning of a Post-Work World
Marie-Christine Nizzi – Business Insider
Over 70% of workers want remote work options to continue. Close to 8 million Americans left their jobs in April and June alone, seeking more fulfilling positions. Anthony Klotz, professor at Texas A&M University, calls it the “Great Resignation.”
The place of work in our lives is rapidly changing, but don’t let the current “help wanted” signs fool you: this is only the tremor before a much bigger quake to come.

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