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Bitcoin price eyes $28K as Binance legal battle spurs bullish momentum

Discover how margin and option metrics hint at Bitcoin’s path to $28,000 amid the Binance legal battle.
The ongoing legal battle between…

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Discover how margin and option metrics hint at Bitcoin's path to $28,000 amid the Binance legal battle.

The ongoing legal battle between the Binance cryptocurrency exchange and the U.S. Securities and Exchange Commission (SEC) took a surprising turn on Sep. 18.

Magistrate Judge Zia M. Faruqui rejected the SEC's request for access to Binance.US's systems. Instead, the Federal Magistrate suggested that the SEC should formulate specific discovery requests.

While this decision only temporarily postponed the need for Binance to demonstrate the separation between Binance.US's custody solution and Binance International, the market responded positively.

Bitcoin (BTC) surged to its highest level in three weeks, breaking above the $27,000 resistance. Traders are now wondering whether the rally has been supported by leverage or genuine spot buying demand.

This is where metrics related to Bitcoin derivatives could potentially provide the solution.

Investors must wait three weeks for further rulings

Judge Faruqui scheduled a follow-up hearing for Oct. 12 and called upon the involved parties to submit a status report before the event, as reported by Yahoo Finance. What might have seemed like a setback for the SEC, at least for the time being, could potentially increase the risks for Binance.

Binance's founder and CEO, Changpeng “CZ” Zhao, remains steadfast in asserting that Binance.US has never utilized Binance International's custody solutions, despite a document from Binance.US on Sep. 15 suggesting otherwise. Nevertheless, the SEC has yet to produce clear evidence of Binance attempting to mislead the court.

Regardless of the current evidence, or more accurately, the absence of reliable information provided by Binance, the outlook for Bitcoin bulls has significantly improved for the next three weeks, with no anticipated changes until the upcoming court hearing.

To gauge the increasing optimism among professional traders, let's examine Bitcoin's margin and derivatives metrics.

Bitcoin margin, options show clear path toward $28,000

Margin markets offer valuable insights into the positioning of professional traders as they enable investors to increase their exposure through stablecoin borrowing.

Conversely, Bitcoin borrowers can speculate on a cryptocurrency's price decline. A declining indicator suggests that traders are becoming less bullish, while a ratio exceeding 30 typically indicates excessive confidence.

OKX stablecoin/BTC margin-lending ratio. Source: OKX

Recent data reveals that the margin-lending ratio for OKX traders has dropped to its lowest point in three months, standing at 19x, down from 27x just a week ago. These findings suggest that the overwhelming dominance of leverage long positions has diminished, although the current ratio still favors the bulls.

Market sentiment can also be assessed by analyzing whether more activity is occurring through call (buy) options or put (sell) options.

A put-to-call ratio of 0.70 indicates that put option open interest lags behind the more bullish calls, implying a bullish momentum. Conversely, a 1.40 indicator favors put options, signifying bearish sentiment.

BTC options volume put-to-call ratio. Source: Laevitas.ch

The put-to-call ratio for Bitcoin options volume has recently shifted from favoring put options at 1.50 to a balanced 1.04 level on Sep. 20, indicating a reduced interest in protective puts.

Notably, since Sep. 18, BTC options volume has either been neutral or slightly favored put options, suggesting that professional traders were caught off-guard by the price rally above $27,000.

Related: Binance CEO refutes report on $250M loan to BAM Management

Both Bitcoin margin and options markets indicate a balanced demand between long and short positions. From a bullish perspective, this suggests that excessive leverage hasn't been utilized as Bitcoin's price climbed from $26,500 to $27,500 on Sep. 19.

However, bears may find solace in the fact that even as Bitcoin's price reached its highest level in three weeks, there was limited enthusiasm from buyers in the margin and options markets.

Nonetheless, the data does hint at buying support from spot orders, possibly indicating that big entities, or so-called whales, are accumulating regardless of price.

Now, BTC and other crypto bulls have a window of three more weeks, until Oct. 12, when the Federal Judge will convene another hearing and potentially issue orders that could pose challenges for Binance.US. In the meantime, a Bitcoin price rally above $28,000 is certainly on the table.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Another airline is making lounge fees more expensive

Qantas Airways is increasing the price of accessing its network of lounges by as much as 17%.

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March 19, 2024

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Over the last two years, multiple airlines have dealt with crowding in their lounges. While they are designed as a luxury experience for a small subset of travelers, high numbers of people taking a trip post-pandemic as well as the different ways they are able to gain access through status or certain credit cards made it difficult for some airlines to keep up with keeping foods stocked, common areas clean and having enough staff to serve bar drinks at the rate that customers expect them.

In the fall of 2023, Delta Air Lines  (DAL)  caught serious traveler outcry after announcing that it was cracking down on crowding by raising how much one needs to spend for lounge access and limiting the number of times one can enter those lounges.

Related: Competitors pushed Delta to backtrack on its lounge and loyalty program changes

Some airlines saw the outcry with Delta as their chance to reassure customers that they would not raise their fees while others waited for the storm to pass to quietly implement their own increases.

A photograph captures a Qantas Airways lounge in Sydney, Australia.

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This is how much more you'll have to pay for Qantas lounge access

Australia's flagship carrier Qantas Airways  (QUBSF)  is the latest airline to announce that it would raise the cost accessing the 24 lounges across the country as well as the 600 international lounges available at airports across the world through partner airlines.

More Travel:

Unlike other airlines which grant access primarily after reaching frequent flyer status, Qantas also sells it through a membership — starting from April 18, 2024, prices will rise from $600 Australian dollars ($392 USD)  to $699 AUD ($456 USD) for one year, $1,100 ($718 USD) to $1,299 ($848 USD) for two years and $2,000 AUD ($1,304) to lock in the rate for four years.

Those signing up for lounge access for the first time also currently pay a joining fee of $99 AUD ($65 USD) that will rise to $129 AUD ($85 USD).

The airline also allows customers to purchase their membership with Qantas Points they collect through frequent travel; the membership fees are also being raised by the equivalent amount in points in what adds up to as much as 17% — from 308,000 to 399,900 to lock in access for four years.

Airline says hikes will 'cover cost increases passed on from suppliers'

"This is the first time the Qantas Club membership fees have increased in seven years and will help cover cost increases passed on from a range of suppliers over that time," a Qantas spokesperson confirmed to Simple Flying. "This follows a reduction in the membership fees for several years during the pandemic."

The spokesperson said the gains from the increases will go both towards making up for inflation-related costs and keeping existing lounges looking modern by updating features like furniture and décor.

While the price increases also do not apply for those who earned lounge access through frequent flyer status or change what it takes to earn that status, Qantas is also introducing even steeper increases for those renewing a membership or adding additional features such as spouse and partner memberships.

In some cases, the cost of these features will nearly double from what members are paying now.

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PR55α-controlled PP2A Inhibits p16 Expression and Blocks Cellular Senescence Induction

“Our results show that PR55α specifically reduces p16 expression […]” Credit: 2024 Palanivel et al. “Our results show that PR55α specifically…

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March 19, 2024

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“Our results show that PR55α specifically reduces p16 expression […]”

Credit: 2024 Palanivel et al.

“Our results show that PR55α specifically reduces p16 expression […]”

BUFFALO, NY- March 19, 2024 – A new research paper was published in Aging (listed by MEDLINE/PubMed as “Aging (Albany NY)” and “Aging-US” by Web of Science) Volume 16, Issue 5, entitled, “PR55α-controlled protein phosphatase 2A inhibits p16 expression and blocks cellular senescence induction by γ-irradiation.”

Cellular senescence is a permanent cell cycle arrest that can be triggered by both internal and external genotoxic stressors, such as telomere dysfunction and DNA damage. The execution of senescence is mainly by two pathways, p16/RB and p53/p21, which lead to CDK4/6 inhibition and RB activation to block cell cycle progression. While the regulation of p53/p21 signaling in response to DNA damage and other insults is well-defined, the regulation of the p16/RB pathway in response to various stressors remains poorly understood. 

In this new study, researchers Chitra Palanivel, Lepakshe S. V. Madduri, Ashley L. Hein, Christopher B. Jenkins, Brendan T. Graff, Alison L. Camero, Sumin Zhou, Charles A. Enke, Michel M. Ouellette, and Ying Yan from the University of Nebraska Medical Center report a novel function of PR55α, a regulatory subunit of PP2A Ser/Thr phosphatase, as a potent inhibitor of p16 expression and senescence induction by ionizing radiation (IR), such as γ-rays. 

“During natural aging, there is a gradual accumulation of p16-expressing senescent cells in tissues [76]. To investigate the significance of PR55α in this up-regulation of p16, we compared levels of the p16 and PR55α proteins in a panel of normal tissue specimens derived from young (≤43 y/o) and old (≥68 y/o) donors.”

The results show that ectopic PR55α expression in normal pancreatic cells inhibits p16 transcription, increases RB phosphorylation, and blocks IR-induced senescence. Conversely, PR55α-knockdown by shRNA in pancreatic cancer cells elevates p16 transcription, reduces RB phosphorylation, and triggers senescence induction after IR. Furthermore, this PR55α function in the regulation of p16 and senescence is p53-independent because it was unaffected by the mutational status of p53. Moreover, PR55α only affects p16 expression but not p14 (ARF) expression, which is also transcribed from the same CDKN2A locus but from an alternative promoter. In normal human tissues, levels of p16 and PR55α proteins were inversely correlated and mutually exclusive. 

“Collectively, these results describe a novel function of PR55α/PP2A in blocking p16/RB signaling and IR-induced cellular senescence.”
 

Read the full paper: DOI: https://doi.org/10.18632/aging.205619 

Corresponding Authors: Michel M. Ouellette, Ying Yan

Corresponding Emails: mouellet@unmc.edu, yyan@unmc.edu

Keywords: p16, p14, CDKN2A locus, p53, RB, PR55α, PP2A, γ-irradiation

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About Aging:

Aging publishes research papers in all fields of aging research including but not limited, aging from yeast to mammals, cellular senescence, age-related diseases such as cancer and Alzheimer’s diseases and their prevention and treatment, anti-aging strategies and drug development and especially the role of signal transduction pathways such as mTOR in aging and potential approaches to modulate these signaling pathways to extend lifespan. The journal aims to promote treatment of age-related diseases by slowing down aging, validation of anti-aging drugs by treating age-related diseases, prevention of cancer by inhibiting aging. Cancer and COVID-19 are age-related diseases.

Aging is indexed by PubMed/Medline (abbreviated as “Aging (Albany NY)”), PubMed Central, Web of Science: Science Citation Index Expanded (abbreviated as “Aging‐US” and listed in the Cell Biology and Geriatrics & Gerontology categories), Scopus (abbreviated as “Aging” and listed in the Cell Biology and Aging categories), Biological Abstracts, BIOSIS Previews, EMBASE, META (Chan Zuckerberg Initiative) (2018-2022), and Dimensions (Digital Science).

Please visit our website at www.Aging-US.com​​ and connect with us:

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For media inquiries, please contact media@impactjournals.com.

 

Aging (Aging-US) Journal Office

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Journal

Aging-US

DOI

10.18632/aging.205619

Method of Research

Experimental study

Subject of Research

Cells

Article Title

PR55α-controlled protein phosphatase 2A inhibits p16 expression and blocks cellular senescence induction by γ-irradiation

Article Publication Date

4-Mar-2024

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Wall Street Bonuses Fall For Second Year To 2019 Lows Amid Capital Markets Freeze

Wall Street Bonuses Fall For Second Year To 2019 Lows Amid Capital Markets Freeze

Wall Street bonuses have declined for two consecutive years,…

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March 19, 2024

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Wall Street Bonuses Fall For Second Year To 2019 Lows Amid Capital Markets Freeze

Wall Street bonuses have declined for two consecutive years, falling to levels last seen in 2019, according to the latest yearly figures released by New York State Comptroller Thomas P. DiNapoli. This trend is occurring amidst a multi-year downturn in capital markets due to the Federal Reserve's interest rate hiking cycle.

According to the report, the average Wall Street cash bonus fell 2% to $176,500 in 2023, the lowest level since 2019. The drop was far less than the 25% plunge in 2022. Last year's bonus pool was $33.8 billion, unchanged from the previous year but far less than the $42.7 billion during the stock market mania in 2021. 

Source: Bloomberg 

"Wall Street's average cash bonuses dipped slightly from last year, with continued market volatility and more people joining the securities workforce," DiNapoli said in a news release on Tuesday. 

He continued: "While these bonuses affect income tax revenues for the state and city, both budgeted for larger declines so the impact on projected revenues should be limited." 

"The securities industry's continued strength should not overshadow the broader economic picture in New York, where we need all sectors to enjoy full recovery from the pandemic," he added.

Despite the slump, the report said Wall Street's profits rose 1.8% last year, "but firms have taken a more cautious approach to compensation, and more employees have joined the securities industry, which accounts for the slight decline in the average bonus." 

The report showed the industry employed 198,500 people in 2023, up from 191,600 the prior year. This expansion occurred during a period when US banks laid off 23,000 jobs. 

Given that swaps traders and economists at Goldman Sachs Group are forecasting fewer Fed interest-rate cuts this year, a higher-for-longer rates environment will continue to discourage capital-market activity. 

There's about a 50% chance of a June cut. Over the last several months, the Fed's interest-rate target implied by overnight index swaps and SOFR futures went from 700bps of cuts to currently 292bps of cuts for the full year. 

Any delay in the easing cycle will only mean another year of depressed bonuses for Wall Street. 

Tyler Durden Tue, 03/19/2024 - 10:00

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