Bitcoin Stabilise Near $26K As Futures Contracts OI Drop
By Laxmikant Khanvilkar
The leading virtual digital assets (VDA) have stabilised on Monday early Asia trade, absorbing after effect of the last week’s sharp sell off and hawkish Fed comment. Investors took a heart from analyst report that suggested the cryptocurrency market is likely to stabilize in the near term.
The JPMorgan Chase report attributes this outlook to a decline in open interest in CME Bitcoin futures contracts, which usually signals a weakening price trend.
Bitcoin (BTC), Ethereum (ETH), prices have reclaimed respective key levels.
BTC, the largest cryptocurrency by market capitalisation, was last trading 0.10% higher at $26,020. ETH, the second largest crypto in market value, was changing hands at $1,650.94, down 0.25%.
Elsewhere, altcoins such Binance, Cardano, Solana, and others are seen gaining traction. However, Ripples XRP continue to trend lower.
The global crypto market cap rose 0.22% lower to $1.05 tn, over the last 24-hours. Similarly, the total crypto market volume increased 9.10% to $16.45 bn. The total volume in DeFi is currently $1.49 bn and all stablecoins $15.18 bn, representing 9.10% and 92.24% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.04% to 48.23%.
IC15 index, the barometer of top fifteen tokens, edged up 0.14% to 34,209.51.
Meanwhile, last Friday, the U.S. Treasury Department proposed new cryptocurrency tax rules. Starting in 2026, crypto exchanges will submit annual reports on 1099 forms to the IRS and taxpayers showing gross proceeds from transactions. In 2027, the companies will be required to report how much customers paid for digital assets, or their cost basis.
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