Bitcoin Leads Crypto Rally, Climbing Above $30,000

Bitcoin, the largest cryptocurrency in the world, has topped $30,000 for the first time since June, reaching its highest level in 10 months. The cryptocurrency rose 4% to $30,264 as of 3:13 p.m. in New York on Tuesday after jumping by nearly as much on Monday, according to Messari. The recent move seems to be caused by CME derivatives traders’ bitcoin exposure following an Easter hiatus, according to crypto analytics provider K33 Research.

Increased Activity on CME Exchange

The CME exchange, one of the world’s largest derivatives exchanges, has seen an increase in open interest, which indicates that traders are taking long positions on Bitcoin. This has been the primary driver behind the recent surge in Bitcoin prices. The increased activity on the CME exchange before and during yesterday’s initial spike towards $29,000 suggests that CME traders were behind the initial push higher, according to K33 Research.

Binance Traders “Unwillingly” Follow

Binance, one of the world’s largest cryptocurrency exchanges, has also seen an increase in Bitcoin prices. However, the increase in prices on Binance is believed to be caused by a short squeeze rather than a deliberate decision by traders to take long positions. Binance traders “unwillingly”…