Bitcoin rises to $10,000, and Paul Tudor Jones calls BTC a means of protection against inflation
Bitcoin rises above $10,000
On the night of May 8, for the first time since February this year, BTC price exceeded $10,000 on most major exchanges. Now the average weighted rate of the coin is $9,850.
The first cryptocurrency strengthened by 6% in 24 hours. The majority of digital currencies show positive dynamics: XMR (+ 8.97%), BCH (+ 3.23%) and ETH (+ 2.45%) grew the highest in price.
The price of bitcoin is rising on the verge of the halving which is expected to take place on May 12.
CME bitcoin futures break open interest record
Open interest in BTC futures on the Chicago Mercantile Exchange (CME) set a new record of $399 million, Arcane Research reports.
In March, the indicator fell to $150 million amid bitcoin prices falling below $4,000. The previous record of $392 million has been held since the summer of 2019.
“Professional traders just pushed the Open Interest on CME to $399 million yesterday, a new all-time high. Still, the daily trading volume is not seeing the same growth, indicating less trading-driven and more exposure-driven activity on CME,” was Arcane Research’s comment on the news.
Paul Tudor Jones: Bitcoin is an inflation hedge
Paul Tudor Jones, billionaire and founder of the Tudor Investment hedge fund, said he sees bitcoin as a tool to protect savings from inflation — in a situation where central banks are printing currency to overcome the crisis.
He recommended that clients include bitcoin futures in their portfolio, but their share should not exceed several percent.
“The best profit-maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin, ” Tudor Jones said.
According to him, BTC has become a means of accumulation, as it passed a strength test by four criteria: purchasing power, liquidity, portability and reliability.