Oct 13, Bitcoin Weekly Report

3 min readOct 12, 2021

#1. Bitcoin Weekly News Summary

Bitcoin Makes Push for $57K as Fed Taper Fears Linger, Leveraged Funds Boost Shorts
Bitcoin jumped to a fresh five-month high early Monday, extending its two-week price rally even though Friday’s weak U.S. jobs report failed to damp expectations that the Federal Reserve will begin to scale back its bond-buying program in November.

JPMorgan’s Dimon blasts bitcoin as ‘worthless’, due for regulation
Jamie Dimon, JPMorgan Chase & Co (JPM.N) chief executive, said on Monday at a conference that cryptocurrencies will be regulated by governments and that he personally thinks bitcoin is “worthless.”

Google Partners With Bitcoin and Crypto Marketplace Bakkt
Today Bakkt, a Bitcoin and crypto marketplace and custodian, announced a partnership with Google to extend the “reach and usability of digital assets to meet rapidly evolving consumer demand.” https://www.nasdaq.com/articles/google-partners-with-bitcoin-and-crypto-marketplace-bakkt-2021-10-11

#2. Bitcoin Open Interest at major exchange

Binance: It rose by 300 million dollars to about 3.1 billion dollars.

BitMEX: It went up by 5,000 dollars to $650 million dollars.

Bybit: It rose $200 million to around $1.4 billion.

#3.Bitcoin Dominance

Bitcoin Dominance rose 2% to about 46%.

#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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