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Analysis: The tug-of-war between bulls and bears intensifies, and the options market still bets on the $100,000 target by the end of June

ChainCatcher news, according to CoinDesk, the cryptocurrency market experienced a brief euphoria following the Federal Reserve's FOMC meeting, only to fall back into profit-taking. Bitcoin retreated from a high of $86,000 to below $84,000, with a 24-hour decline of over 3%, while Ethereum fell below the psychological level of $2,000. Despite the overall pressure on the market, options traders remain optimistic about the mid-term outlook, with the probability of Bitcoin breaking $100,000 by the end of June rising from 20% to nearly 30% within 24 hours.The Federal Reserve maintained interest rates and announced a reduction in quantitative tightening (QT) in April, interpreted as a signal of de facto easing, which pushed Bitcoin to briefly surpass $85,000. BNB rose 8% during the week, showing strength against the trend, while XRP's weekly increase narrowed to 4.8%. The options market showed divergence, with Ethereum call options accounting for 60%, indicating a rise in bottom-fishing sentiment; 34% of Bitcoin options volume was used for downside protection, intensifying the long-short battle. After a brief euphoria, the market returned to rationality, with $80,000 becoming a key short-term support level for Bitcoin, focusing the new round of long-short contention. The optimistic expectations in the options market and the cautious sentiment in the spot market create a delicate balance, with a breakout from the moving average pressure potentially becoming the key to a trend reversal.

Bloomberg: Indian regulators hint at strategy adjustment, cryptocurrency exchanges target Indian market

ChainCatcher news, according to Bloomberg, major cryptocurrency firms are returning to the Indian market, betting on a potential easing of regulatory policies. The U.S. exchange Coinbase has recently registered with the Indian Financial Intelligence Unit (FIU) and plans to launch a retail trading platform and expand its investments in India. Previously, platforms such as Binance, Bybit, and KuCoin have also completed their registrations, indicating a reconfiguration in the Indian market.India originally planned to release a cryptocurrency regulatory consultation document during its G20 presidency in 2023, but this has not yet been implemented. With the global policy environment shifting, particularly due to the pro-crypto agenda proposed by former U.S. President Trump, India is re-evaluating its regulatory strategy.Ajay Seth, Secretary of the Ministry of Economic Affairs of India, stated at a roundtable that several jurisdictions have significantly adjusted their positions over the past year. The risks of digital assets such as stablecoins, as well as the potential for cryptocurrencies to drive cross-border capital flows, could have profound impacts on emerging economies like India. He revealed that relevant discussion documents have been prepared but need to be revised according to the new circumstances.
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