Dec 6, Bitcoin Weekly Report

2 min readDec 6, 2021

#1. Bitcoin Weekly News Summary

Bitcoin holds steady below $50,000 in volatile weekend trading
Bitcoin prices bounced around on Sunday but remained below $50,000, with the volatility continuing a weekend of wild trading that sent the cryptocurrency tumbling more than 17% in just 24 hours.

Jack Dorsey dials in on his dream job — bitcoin missionary
While Elon Musk has shitposted his way to crypto sainthood, Jack Dorsey has been spreading the blockchain gospel far more earnestly than most.

Omicron Risk Unlocks Profit For Retail Traders Shorting Bitcoin
The latest Commitments of Traders (COT) report issued Monday night by the Commodity Futures Trading Commission (CFTC) for the week ending Nov 23 revealed a three-fold increase in the number of short bitcoin futures contracts held by retail investors compared to the previous week.

#2. Bitcoin Open Interest at major exchange

Binance: It plunged about 20% over the weekend to about $1.96 billion.

BitMEX: Over the weekend, it plummeted by 15% to about $400 million.

Bybit: It plunged about 20% over the weekend to about $830 million.

#3.Bitcoin Dominance

Bitcoin Dominance has fallen slightly to 40.9%.

#4. Bitcoin Price and its correlations

The value of correlation may vary from -1 to 1. The closer the value gets to 1, the higher the two assets are associated and moving in the same direction. When it is closer to -1, it is vice versa. Zero in value means there is no correlation at all.

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