Jun,14th) Bitcoin Weekly Report

#1. Weekly News Summary

Bitcoin jumps after El Salvador says it’ll start accepting it as legal tender
Bitcoin’s value shot up after El Salvador became the world’s first country to accept it as legal tender.

Bitcoin to get a network upgrade after 4 years
Taproot, the most significant improvement to Bitcoin’s protocol in years, now has enough mining support for an upgrade.

Musk says Tesla will accept bitcoin again as crypto miners use more clean energy
Tesla CEO Elon Musk on Sunday said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners.

#2. Bitcoin Open Interest at major exchange

Binance: When bitcoin price surged, open interest also followed the trend and surged by $400 and currently at the level of $2 billion.

Bybit: It was once down to $940 million and then bounced back and at the level of $1 billion.

BitMEX: It fell to $500 million overnight, but it rose again, now maintains at $520 million.

#3.Bitcoin Dominance

Bitcoin dominance shows the rising trend bit by bit and is now around 44%.

#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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