The total open interest in the bitcoin futures market is down 59% from its $27.3 billion peak on April 13, and is now sitting at $11.3 billion, according to Arcane Research.

The cryptocurrency arm of the Intercontinental Exchange (ICE), Bakkt, has announced the launch of a new cryptocurrency Visa debit card dubbed “Bakkt Card.” It allows users to spend BTC and cash balances to purchase goods and services in stores where Apple Pay and Google Pay are accepted.

Norway’s Financial Supervisory Authority (FSA) has said there is a need for a legal framework if cryptocurrencies are to become a suitable form of investment for consumers.

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Top stories in the Crypto Roundup today:

• Bitcoin Futures Open Interest Dropped 59% From Its Peak
• Institutional Exchange Bakkt Launches Crypto Debit Card
• Norwegian Financial Regulator Calls for Legal Framework for Crypto
• Daily Movers – DOGE, CHZ, AAVE
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

Bitcoin Futures Open Interest Dropped 59% From Its Peak

The total open interest in the bitcoin futures market is down 59% from its $27.3 billion peak on April 13, and is now sitting at $11.3 billion, according to Arcane Research.

In a report, the firm said that the downward trend shows institutional investors are being “cautious” at the moment. The firm details that three-month futures in bitcoin are trading at a discount to current spot prices, which is generally perceived as a bearish signal.

Open interest on the Chicago Mercantile Exchange (CME) saw its share of total bitcoin futures climb at the end of last month, but it’s now moving downward. The CME’s open interest is now sitting at 12.2% of the BTC futures market, putting it in fourth place behind Binance, OKEx, and Bybit.

Nathan Cox, chief investment officer at Two Prime, said it’s “safe to say that institutional interest has waned.” Per Cox, while institutions are “hungry” for crypto, their ability to step in is limited by the market’s volatility.

CryptoCompare’s May 2021 Exchange Review showed that the crypto market crash saw open interest for bitcoin drop significantly, even as open interest for Ethereum surged.

Institutional Exchange Bakkt Launches Crypto Debit Card

The cryptocurrency arm of the Intercontinental Exchange (ICE), Bakkt, has announced the launch of a new cryptocurrency Visa debit card dubbed “Bakkt Card.” It allows users to spend BTC and cash balances to purchase goods and services in stores where Apple Pay and Google Pay are accepted.

Bakkt’s customers can now apply for the card using the platform’s app, and once approved they can start funding the Bakkt App. Gavin Michael, the firm’s CEO, commented:

“Imagine a Bitcoin user who sees a significant gain. Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing.”

Michael added the Bakkt Card “untethers Bitcoin owners from their online-only past into a world with countless options to leverage digital assets in their day-to-day lives.” The CEO hinted Bakkt could offer selected rewards “very soon” to customers. Sutton Bank issues the debit card.

Norwegian Financial Regulator Calls for Legal Framework for Crypto

Norway’s Financial Supervisory Authority (FSA) has said there is a need for a legal framework if cryptocurrencies are to become a suitable form of investment for consumers.

In a post, the regulator acknowledged cryptocurrencies have been receiving increasing attention recently, along with significant criminal activity. It also said that the high volatility associated with cryptoassets creates a high risk of loss and that the market remains largely unregulated.

The FSA noted that consumer protections are needed. The FSA said:

“Until such regulations are in place, anyone considering trading in cryptocurrency should think carefully and understand the significant risk that such investments entail.”

The regulator’s post also stressed that consumers who want to invest in the cryptocurrency space should not invest more than they can afford to lose.

Daily Movers – DOGE, CHZ, AAVE

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Dogecoin (DOGE) - Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

Chiliz (CHZ) - Chiliz is a fin-tech platform for tokenizing sports teams. Its currency and blockchain technology power products for casual, mainstream consumers. Socios.com - a tokenized fan engagement solution for sports - is the first platform powered by Chiliz.

Aave (AAVE) - Aave is a decentralized non-custodial money market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) fashion.

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