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Bitcoin (BTC), a leading cryptocurrency, surpassed $71,000 in the Asian hours and set a new record. Last week, the leading cryptocurrency reached $70,000 for first time. On Monday, Ether crossed the $4,000 mark. The broader CoinDesk 20 Index ( CD20 ) also rose by nearly 1%. The rally has pushed the annualized premium for three-month contracts on major exchanges including Binance to over 25%. The premium increase could attract carry and cash traders to the market, increasing liquidity.

The rising bitcoin price has sparked a crypto-trading frenzy in South Korea. Trading volumes on South Korea’s crypto exchanges reached a record of 11.8 trillion won on Sunday. This is equivalent to $9 billion if you use the current USD-KRW rate. The volume was higher than the South Korean stock market’s trading volume on Friday, which was 11.47 trillion won or $8.7billion. This is the total amount of transactions on Korea’s largest five won markets: Upbit (8.8 billion won), Bithumb (2.75 trillion won), Coinone (176.4 million won), Gopax (55.2 billion won), and Coinone (32.6 billion won).

Edul Patel, the CEO and cofounder of Indian cryptocurrency investment platform, Mudrex, said that it plans to offer U.S. exchange-traded fund (ETF) for spot bitcoin to retail and institutional investors in India. Patel told CoinDesk in an interview, “This is more valuable for institutions because this was already offered to retailers.” Patel stated that retail clients could have access to spot-bitcoin exchange-traded funds through U.S. stocks investing companies. However, “as far we know”, we are the first to offer this service in India to institutions. Patel said that Mudrex is the first Indian crypto platform offering this service. In the initial phase, Mudrex plans to list four spot-bitcoin ETFs: BlackRock, Fidelity Franklin Templeton, and Vanguard.

Chart of the Day

  • The chart below shows the annualized funding rate in the Bitcoin perpetual futures market.
  • Deribit’s funding rates increased to 276% early Monday, as prices reached new records above $71,000.
  • Source: Velo Data

– Omkar Godbole

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Parikshit Miishra is the editor.