Daily Market Update - May 28, 2020- Open Interest on Futures Up, Signals Bullish Trend for BTC

$BTC 24 Hour High $9,476.15 USD $BTC 24 Hour Low $9,084.45 USD $BTC +3.04%

It seems all the very intelligence people from the banking and financial services industry are moving into Cryptocurrency and Digital assets, realizing the obvious need for decentralization and disintermediation of hypocritical legacy platforms like Goldman Sachs. Bitcoin market sentiment was completely unmoved in response to Goldman Sachs call yesterday. In fact the currency has been up two days in a row, and remained above $9000 in the last 24 hour period.

Open Interest on Bitcoin Futures is up signalling increasing bullish sentiment from investors. BitMex open interest is almost double of that of Binance reports Bybit.

Third place is Bybit itself, followed by Huobi and FTX. Open Interest for BitMEX was in excess of $587 million at press time, with Binance somewhat lower at $314 million. 

The Open Interest took a significant hit on BitMEX, in particular, in March — falling from over $1 billion to current levels of around half of that — when the Bitcoin price crashed to lows of $3,600, before beginning a recovery soon after.

Figures for the other three in the top five exchanges were $217 million for Bybit, while Huobi and FTX were on an equal footing at $114 million. CME Group’s contracts hit a record of $399 million earlier this month, while options volumes have grown 1,000% this month.

Gemini Trust Co announced is partnering with Samsung according to Bloomberg today. The partnership will allow users to more easily trade and store digital assets from their phone. Gemini's app will integrate with the blockchain wallet on the Samsung Galaxy S20 Series and Galaxy Z Flip.

“Crypto is not just a technology, it is a movement," said Tyler Winklevoss, CEO of Gemini. "We are proud to be working with Samsung to bring crypto’s promise of greater choice, independence, and opportunity to more individuals around the world.” 

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