Institutional investor demand and US fiscal uncertainty drive Bitcoin futures to record highs. Will BTC price follow? Key takeaways: Bitcoin futures open interest hit a record $72 billion, signaling rising use of leverage among institutional investors. $1.2 billion in shorts at $107,000 to $108,000 are at risk of liquidation, boosting BTC’s breakout odds. Read more
Ethereum could rally above $3,600 if this unique ETH price indicator holds its current trend. Key Takeaways: Ethereum is forming a bull flag on the daily chart, with a potential breakout above $3,600. If ETH reclaims the 2-week Gaussian Channel mid-line, a 90% rally could occur. Read more
Decentralized exchange Bancor is seeking damages for Uniswap's alleged infringement of its patented technology. Bancor, the creator of a smart contract-based automated market maker, is suing Uniswap for patent infringement, alleging the decentralized finance exchange has used its technology without permission and profited significantly from it. According to the May 20 announcement of the lawsuit, Bancor designed the technology in 2016 and patented it in January 2017. The technology underpins the “constant product automated market maker,” which involves using mathematics to add or withdraw resources from a liquidity pool. The application subsequently led to two issued patents. Bancor alleges that Uniswap used the invention to create its protocol, launched in November 2018. The two organizations are considered competitors in the sector of decentralized finance (DeFi). Read more
One Bitcoin trader says “price discovery” will be “inches away” if BTC bulls manage to liquidate $3 billion in short positions. Key takeaways: An end-of-month Bitcoin price close above $102,400 would set the highest monthly close ever, proving the bull market continues at a rapid pace. Over $3 billion in Bitcoin short positions are vulnerable above $107,000, creating a “liquidation magnet” that could send BTC price to new highs. Read more