Bitcoin recovers to $110,000, market surges following remarks from SEC Chairman Atkins.

*This report is an article contributed to CoinPost by virtual NISHI (@Nishi8maru), a crypto analyst at X-Bank.

Cryptocurrency Market Report (6/4 8 AM)

Crypto Market Report (Written on June 10th at 8 AM)

Bitcoin has surged, recovering the significant level of $110,000 for the first time in about two weeks. In yen terms, this represents an increase of about 700,000 yen over the past 24 hours, and a strong upward sentiment is once again spreading across the entire market.

The main reason for this price increase lies in the comments made by Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC).

He expressed his support for the "self-custody rights" in cryptocurrency, demonstrating a stance that differentiates itself from the traditional regulation-focused approach. This favorable statement had a positive impact on the cryptocurrency market. Additionally, the declining trend of long-term interest rates in the United States also acted as a factor supporting the market.

Market conditions from June 3 to June 4

Looking at the derivatives market, both active OI and the funding rate are increasing (red and blue boxes in the image below), and it is assessed to be somewhat overheated. This suggests that in the ultra-short term, there is a possibility of increased volatility in the market.

On the other hand, looking at the options market, the put-call ratio (PCR) has decreased (yellow line in the image below), indicating a strengthening risk appetite. Notably, the price of the maximum open interest has reached $140,000 (red box in the image below), suggesting that market participants have a significantly bullish outlook in the short to medium term.

Current Situation Analysis (June 10th, 8 AM)

As some progress is expected in the U.S.-China trade negotiations, the remarks of Paul Atkins, who is said to have a more flexible stance compared to former SEC Chairman Gary Gensler, who has shown an overall critical attitude toward the cryptocurrency industry, have brought a clear shift in investor sentiment.

While it cannot be denied that high volatility may continue in the short term across the market as a whole, the attitude of participants reflected in the options market is very positive, indicating a scenario where new all-time highs may be within reach.

Important Dates Ahead

• 6/11 U.S. CPI
• June 13th Consumer Confidence Index
• June 17th - U.S. Retail Sales

Here is the list of market reports published in the past.

Contributor: Virtual NISHI Virtual NISHIX-Bank Crypto Analyst. Also involved in the production of BTC Status Alert and planning and supervision of DECOCHART, providing necessary investment-related information in the Japanese industry.