SEC Chair Gary Gensler announced he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration.

The S&P 500 rose 0.53% as investors shifted toward cyclical stocks expected to benefit from a strengthening economy, while technology shares lagged. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.79%, with Bitcoin and Ether rising by  4.19% and 8.75%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 24.3% following the partnership between Ripple and MCSocialVenture to boost financial resilience and access in emerging markets.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. 

, focused on investing in emerging market entrepreneurs. The initiative will pilot financial resilience and humanitarian solutions built on the XRPL, aiming to advance equitable access to finance.

Check Out the Latest Prices, Charts, and Data of 

 he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration. Gensler, whose term runs until 2026, faced pressure from the crypto lobby due to the SEC’s strict regulatory actions against the industry, including high-profile cases against Coinbase and Binance. Gensler’s departure is seen as a victory for crypto advocates, who hope the next SEC chair will be more crypto-friendly. Trump has hinted at firing Gensler on his first day in office and is expected to appoint a chair with expertise in crypto, such as Mark Uyeda, Hester Peirce, or Chris Giancarlo.

Yesterday, BTC Spot ETF data revealed a net inflow of $396.7 million, driven by $404.5 million from non-GBTC sources, partially offset by a $7.8 million outflow from GBTC..

 for those who participated. To claim, visit 

 using code B0FKOP. Additionally, Morph Zoo Season 2 has launched on mainnet, allowing users to earn points by bridging ETH or executing transactions on Morph. The Bitget Wallet offers a 1.2x multiplier on points to maximize rewards.

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SEC Chair Gary Gensler to Resign on Inauguration Day, Marking a Win for Crypto Lobby

Traders seem to expect BTC’s momentum could slow down a bit after the price hit over $97,000.

Positive sentiment has continued to fuel the cryptocurrency market as the expectation of further institutional adoption of 

 keeps growing. Options trading of BlackRock’s Spot Bitcoin ETF IBIT 

 with a bang, attracting almost $2 billion on the first day of trading. The hope of more spot ETF derivatives to change the market structure with additional institutional money onboarding crypto is high.

, we explored the possibility of the market being overleveraged, which could be painful if the current leverage unwinds. Data from CryptoQuant shows that the estimated leverage of the current BTC markets has reached another YTD high.

Derivatives data on Bybit shows that traders seem to expect that BTC’s momentum could slow down a bit after the price hit over $97,000, and are focusing more on downside protection.

Figure 1: Bitcoin estimated leverage ratio at 0.23. Source: CryptoQuant

BTC Options Open Interest Returns to Previous High While Perps Are Catching Up

Derivatives traders have been actively participating in BTC markets as 

 on Bybit has surged to over $3 billion, on par with the previous high on Nov 14, 2024. Although the options OI has increased, it still hasn’t surged above the previous high. At the time, BTC’s price had already jumped to over $97,000. If the OI doesn’t follow suit and break above the previous high in the coming days, this could be a sign that the market could become a bit exhausted — something for all market participants to be aware of.

Figure 2: Daily open interest for BTC options on Bybit. Source: Bybit

 have also seen increased open interest in recent days. Perpetuals have been among the most favorable products for day traders and short-term speculators. Rising open interest could indicate that more traders are looking for short-term profit, which could bring additional volatility to the market. 

Figure 3: Daily open interest for BTCUSDT Perpetuals on Bybit. Source: Bybit

Dec 27, 2024 remains the most popular expiration date for BTC Options on Bybit, with most of the open interest there. Within that expiration, $120,000 calls had the most OI, and $100,000 calls accumulated the second-largest OI. 

Figure 4: Open interest by strike for BTC Options with a Dec 27, 2024 expiration. Source: Bybit

Meanwhile, the market’s optimism that BTC will hit $100,000 by the end of the year seems to support the current price momentum. Shorter-dated options could show that traders are also looking for downside protection. The Bybit 

 page shows that BTC Options with a Nov 29, 2024 expiration have a strong 24-hour inflow to $90,000 puts. This could indicate that some traders are also anticipating some degree of price correction by the end of the month. 

Figure 5: 24-hour volume by strike for BTC Options with a Nov 29, 2024 expiration on Bybit. Source: Bybit

 for BTC Options on Bybit also indicates a possible downside protection in play among options traders. A smirk skew, or left skew, is a skew curve that’s steeper on one side (the left side) than the other. Traditionally, a smirk skew curve could mean that traders have been protecting their portfolios against a possible declining market. At the time of this writing (Nov 21, 2024), BTC Options contracts on Bybit with Nov 29, 2024 and Dec 27, 2024 expirations have both shown a smirk skew. However, this doesn’t necessarily mean traders are bearish on the price, and could just be part of the trading strategy. For example, traders could set up collars by buying out-of-the-money (OTM) puts and selling OTM calls simultaneously, so that they can profit in case BTC’s price drops, gain upside exposure and potentially offset the cost of buying the puts. 

Figure 6: Implied volatility of BTC Options with Nov 29, 2024 and Dec 27, 2024 expirations. Source: Bybit

The current BTC leverage trading may be complex, but tells a revealing narrative about market sentiment. The divergence between high leverage and increased hedging activities also reminds us that market dynamics are rarely straightforward, and adopting a 

 seems increasingly important in this diverse market.

: Investing in cryptocurrencies and their derivatives involves substantial risk of loss, and isn’t suitable for every investor. This article provides facts for educational purposes only, and does not represent any financial advice. Prior to making any investment decisions, please ensure you fully understand the risks involved and seek independent advice if necessary. Our customer support team is available to assist you with any inquiries.

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Learn From Smart Money: BTC’s Leverage Remains High as Traders Hedge Against Downside Risks

Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.

Spot prices have jumped significantly in the two weeks following the November 5, 2024 U.S. elections, propelling Bitcoin to new all-time highs, while Ethereum hasn’t kept pace. The implied volatility term structure has inverted again in tandem with these spot price movements, although longer-dated tenors remain relatively stable. Derivatives market indicators reflect strong positive sentiment: perpetual funding rates are consistently positive, open interest in futures contracts is rapidly increasing and options skew remains firmly positive.

Open interest in futures has surged, indicating heightened market participation and a growing interest in leveraged exposure due to recent price movements. Similarly, open interest in perpetual contracts has sharply increased, fueled by rising trader confidence and a growing demand for leveraged positions in light of recent market rallies. Meanwhile, the implied volatility term structure continues to invert in alignment with spot price increases, demonstrating a sustained correlation between spot prices and volatility.

Please check out the report’s highlights.

Futures Open Interest Reaches ATH Along With Price

Perpetual swap open interest has been increasing alongside futures, with a consistent rise in open positions over the past week reaching all-time high activity levels. This trend suggests that traders are actively pursuing leveraged exposure in response to the ongoing spot rallies, aiming to capitalize on the rising spot prices. Notably, there’s been renewed interest in Ethereum (ETH), reflected in rising trading volumes. 

Perpetual swap funding rates have reached exceptionally positive levels, indicating that long positions are confident enough to pay these rates to sustain their leveraged exposure. This trend has consistently been observed across all tokens, with a noticeable rise in funding rates since Nov 10, 2024. The persistently high funding rates highlight the strength of the bullish sentiment, which is also evident in the increasing open interest in futures contracts. This aligns with the recent spot price action, demonstrating significant upward momentum.

Option Volatility Term Structure Inverts 

The implied volatility term structure for Bitcoin has inverted amid the recent spot rallies over the past few weeks, indicating heightened market uncertainty and expectations of imminent price movements. However, levels haven’t exceeded the highs seen before the elections, and longer-dated tenors remain firmly range-bound. Concurrently, open interest in Bitcoin options has risen significantly, with a notable increase in put trading volumes. Open interest in puts has slightly surpassed calls, despite the persistently bullish market outlook indicated by the volatility smile skew.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 20, 2024): Market Becomes Extremely Positive About Bitcoin as Volatility Curve Turns Invert

Learn how to join Bybit's VIP Program, where you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades up to $10M.

With the Bybit VIP Program, you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades, Bybit Card cashback and more. Joining the ranks of the very best traders on the platform will boost your profitability, raise your limits and offer access to VIP-only perks.

 and guides you through the steps to become a VIP trader and unlock exclusive benefits. Let's get started!

 is an exclusive club for the most esteemed traders in the crypto market. It’s designed to provide members an enhanced Bybit experience with numerous VIP-only benefits and perks. The program aims to reward avid traders who have high volumes, account equity levels and borrowing activities.

The Bybit VIP Program offers a multitude of benefits for members. These range from discounted trading fees and high limits for withdrawals and application programming interface (API) trades to priority Bybit customer support access, relationship managers and exclusive VIP events and meetups. You can find the full list of VIP exclusive benefits 

Requirements to Become a Bybit VIP Trader

You’ll need to fulfill a specific level for one of the criteria below to become a VIP trader on Bybit:

Bybit's VIP Program features six distinct tiers: 

. Each successively higher tier offers greater rewards, and also comes with more stringent qualification requirements. For instance, as a 

 trader, you’ll enjoy reduced trading fees, such as 0.03% for makers and 0.045% for takers in the spot market. To qualify for this exclusive tier, you must meet at least one of the following criteria:

Once you become a VIP trader, you must continuously meet the above criteria to maintain your Bybit VIP status and keep enjoying the benefits. 

However, this doesn't mean your account will immediately lose its VIP status and revert to standard after a single day in which you don’t meet the requirements. Bybit offers a 14-day grace during which you can continue enjoying VIP perks and benefits, even if you no longer meet the program's conditions. If the criteria are not met by the end of this period, your VIP status will automatically be revoked. However, if that occurs, you can regain your status by fulfilling the requirements for any VIP tier either during or after the grace period. When this happens, Bybit will grant you a new 14-day grace period.

How to Sign up to Become a Bybit VIP Trader

In the following section, you'll find a step-by-step guide that shows you how to join the Bybit VIP Program.

The first step to becoming a VIP trader is to open a Bybit account (if you haven't already done so). Simply 

 and fill out the form with your details. After registering, you’ll need to verify your account to enjoy the platform's full functionality.

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You can deposit cryptocurrencies by using the 

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Next, copy-and-paste the wallet address displayed on the page, or scan the QR code with your smartphone's camera, and initiate the deposit from your wallet. After a few confirmations, your cryptocurrencies will be credited to your Bybit account.

To fund your Bybit account with fiat currency, click on the 

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After you have a verified Bybit account funded with either crypto or fiat, perform eligible activity on the platform until you qualify for VIP status (see table below).

You can achieve VIP status by fulfilling a minimum level of VIP 1 in either of the following categories (

After becoming a VIP trader on Bybit, don't forget to maintain your VIP status to continue enjoying the exclusive perks and benefits.

If you have active VIP status at another crypto exchange, or your total MT5 trading volume meets Bybit's VIP criteria, you can apply for a VIP+2 upgrade. This upgrade will grant you VIP status on the platform — and instantly elevate it by two levels. (Please 

 that Bybit only considers 10% of any MT5 forex trading volume.)

 and submit your 30-day trading volume on your current exchange. Bybit’s VIP team will review your application, and a Relationship Manager will contact you if you're eligible for the VIP upgrade.

How to Get Started With a 20-Day Bybit VIP Trial

Another way to qualify for VIP status on Bybit is through a 20-day trial. Instead of fulfilling the requirements of the VIP 1 level, simply fund your account with $50,000 to enjoy the exclusive benefits of the program for 20 days with a VIP Trial Card (issued one day after your deposit). The VIP trial offer is available to users who haven't used a trial within the past two months.

To unlock the 20-day VIP trial, head to the 

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If you're eligible, you’ll see a pop-up window with VIP Level-Up Tasks after you log into your account. To claim your rewards, complete the specified trading volume requirement within 14 days of receiving the task, and click on the 

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Exclusive Trading Benefits Offered to Bybit VIPs

As a member of the Bybit VIP Program, you can unlock exclusive benefits to supercharge your trading experience. Among these are discounted trading fees (which can significantly boost your trading revenue), profitability and chances of winning trades.

In addition to discounted trading fees, you’ll also enjoy substantially higher API trading and withdrawal limits. While the former is restricted to 10 trades per second for non-VIP users, you can take advantage of up to 120 API trades per second as a VIP trader. Simultaneously, your daily withdrawal limit is increased from the basic 1 million USDT to as high as 12 million USDT.

 is an exclusive club that provides an enhanced service experience for the most esteemed traders. As a member, you can access a multitude of exclusive benefits and perks, such as the following:

Are you ready to supercharge your trading experience? 

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How to Become a Bybit VIP: Your Guide to Exclusive Benefits

Altcoins

Crypto

Bitcoin Cash may or may not be on top of your trading list. But it's still worth understanding what is it & how it works. Learn more.

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Pretty much the whole world by now has heard of or even used Bitcoin.  It is the beacon of cryptocurrency, and its incredible bull runs through the early stages of 2021 has made it shine brighter than ever. Of course, when Bitcoin Cash is listed, we can’t help but wonder if it’s associated with Bitcoin or a completely different cryptocurrency to Bitcoin. Well, the answer is actually yes to both of these questions. Let’s decipher what Bitcoin Cash is and if it’s a good investment.

Bitcoin Cash (BCH) was formed in August 2017 as a result of a 

 of the Bitcoin (BTC) blockchain. A hard fork is essentially a blockchain splitting into two, and with each existing remnant becoming its cryptocurrency with its unique blockchain. 

 upgrade where only one of the splitting blockchains remains valid. So, when the fork occurs, anybody holding BTC will receive the same amount of BCH.

These groups felt that although necessary (with the increased size of the BTC network struggling to keep up with the increased amounts of transactions), this proposed upgrade didn’t follow the decentralized philosophy of pseudonymous creator Satoshi Nakamoto. As a result, they agreed the only way to overcome the scalability issue was to increase the block size limit.

Therefore, a hard fork was proposed in which the BTC blockchain would be split into two. One of these would process more transactions, at a faster rate, than BTC. And it was from this that BCH was born. 

Roger Ver, a prominent early investor in BTC known as ‘Bitcoin Jesus’ who invested $25,000 when they were worth $1 each in 2011, became a co-creator of BCH, and to this day, promotes the cryptocurrency over BTC. 

However, despite the technology being the same, there are some fundamental differences between the two cryptocurrencies. 

So what are the main differences between BTC and its hard fork younger sibling, BCH?

The bigger block sizes of BCH means that by definition, more computing power is needed to mine them – which will, in turn, mean more cost. On the other hand, this means more opportunities for miners to get transaction fees. However, perhaps the most significant difference between the two is the massive gulf in price.

At the time of writing (March 30, 2021), BTC stood at around $58,000, while BCH stood at about $520. Therefore, to attract miners to the network, the network difficulty of BCH has to be kept at a lower level than BTC. But how does it work? Through something called Emergency Difficulty Adjustment (EDA). This is an algorithm built into the BCH blockchain that automatically comes into force when there is a dramatic change in the number of miners. 

Another source of division within the BTC community has been that it has been treated more of a store of value than an actual currency. Indeed, even today, this is an understandable frustration. Lots of media coverage still focuses on how BTC is ‘digital gold’ with a limited supply. So, if you’re hoping that its price appreciates in the future, why would you use it to buy something else? So with its low fees and quick processing times, its creators’ vision expects BCH to overtake BTC in being used as an actual currency – in theory, anyway. But has it turned out that way?

As we’ve looked at it, BCH was marketed as Bitcoin plus upon its launch. “Bitcoin…but better!” So, has it been the resounding success that its creators hoped it would be? Well…not quite. Its developers have had to deal with several issues that have ultimately affected its price and the cryptocurrency’s success throughout its short life.

Believe it or not, BCH has also had a hard fork! In fact, more than once. The first one took place in November 2018, when its blockchain split, with a new cryptocurrency, Bitcoin SV, also being formed. The ‘SV’ stands for ‘Satoshi’s vision.’ (Satoshi being Bitcoin’s creator, Satoshi Nakamoto). 

Similar to the initial BTC fork, the BCH fork came about due to the dispute between developers over the blockchain’s direction, described as a ‘civil war’ between different factions of the BCH community. It essentially came down to block size. On one side, Roger Ver and the company wanted to keep the block size of 8MB. On the other end, there was Craig Steven Wright and company, who wanted to increase the block size to 128MB.

has raised questions about the security of the BCH blockchain. Such an event occurs when groups of miners can acquire more than half of a blockchain’s hashing power and thus take majority control of the network. When looking at the BTC network, it is rather unlikely to happen because of the sheer amount of hashing power and costs involved to undertake such an attack. However, the 51% attack has happened to other blockchains in the past, including Bitcoin Gold in 2018, when attackers stole $18million worth of the cryptocurrency. 

We’ve been a little cynical so far in evaluating whether BCH has been a success, so has it been successful in any area?

BCH launched in August 2017 for $240. This was a time that coincided with the famous crypto bull run. As such, it quickly rose in price and peaked on December 20, 2017, at $4,355. In early 2018, in line with many other cryptocurrencies, it saw a significant correction. By February, it had fallen back to below $800. By May, however, it had recovered to above the $1,600 mark. However, as in-fighting in the BCH community took hold (culminating in the hard fork with Bitcoin SV), its price tanked. That resulted in an all-time low of $75 in December 2018.

Since then, its price has remained relatively stable. Between January 2019 and January 2021, it didn’t go below $100 nor above $500. Even the halving didn’t seem to have much impact on its price. However, it did see a price surge in January 2021, buoyed by the remarkable surge in the price of BTC. On January 10, its price rocketed past the $600 mark, its highest price for over two years. It then peaked at its highest price in the current bull run of $716 in mid-February 2021 (at the time of writing – late March 2021) Since then, it has consolidated at around the $500 – $550 mark.

When asking this question, what you want to know is, if realistically, you’re going to see some healthy profit for the money you invest. So, what do some crypto analysts think would happen to the price of BCH in the coming years?

As you can see, predictions for the price prospects of BCH seem somewhat mixed, but what’s our view?

That’s where the lion’s share of interest and institutional investment is and likely always will be. The factional divides within the BCH community haven’t helped its cause either. However, as an actual cryptocurrency to spend, its shorter transaction times and more significant block sizes undoubtedly make it better than BTC. So, as adoption becomes more widespread, and more people hopefully begin to use cryptocurrency for payments rather than see it as a store of value, then this could bode well for its prospects. Therefore, we are quite bullish on BCH as a long-term investment. 

What Is Bitcoin Cash and Is It a Good Investment? (2022)

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