Market updates
Pro-Crypto Howard Lutnick Confirmed as U.S. Commerce Secretary
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2025-02-19 | 5m
Howard Lutnick, a known advocate for cryptocurrency, has been confirmed as the U.S. Secretary of Commerce by the Senate, with a vote of 51-45. Previously the chairman and CEO of Cantor Fitzgerald, a financial services firm that provides custody for Tether (USDT), Lutnick resigned from his role to comply with government ethics regulations.
In his new position, he will focus on job creation, economic growth, and trade policies, aligning with Trump’s agenda, which includes imposing tariffs on imports. During his confirmation hearing, Lutnick dismissed concerns that tariffs drive inflation and argued they could be used to pressure foreign nations to lower trade barriers.
A strong supporter of Bitcoin, Lutnick has publicly vouched for Tether’s legitimacy, stating that USDT is fully backed by reserves. He has also likened Bitcoin to gold, advocating for its free trade worldwide. His appointment has been praised by key Bitcoin proponents like Michael Saylor and Senator Cynthia Lummis.
Source:
The Block
Futures Market Updates
In the past 24 hours, BTC futures saw a rise in open interest (+0.42%) and a sharp increase in trading volume (+56.09%), while ETH futures experienced a decline in both open interest (-0.68%) and volume (-21.06%). BTC liquidations were significantly higher, especially on the long side ($81.16M vs. ETH’s $34.64M), suggesting stronger bullish activity and subsequent corrections. The long/short ratio for both assets remained close to balanced, with slightly more short positions. Funding rates for BTC (0.0072%) and ETH (0.0050%) remained positive but relatively low, indicating mild bullish sentiment.
BTC Futures Updates
Total BTC Open Interest: $61.40B (+0.42%)
BTC Volume (24H): $78.82B (+56.09%)
BTC Liquidations (24H): $81.16M (Long)/$19.20M (Short)
Long/Short Ratio: 49.07%/50.93%
Funding Rate: 0.0072%
ETH Futures Updates
Total ETH Open Interest: $24.13B (-0.68%)
ETH Volume (24H): $35.25B (-21.06%)
ETH Liquidations (24H): $34.64M (Long)/$13.81M (Short)
Long/Short Ratio: 48.64%/51.36%
Funding Rate: 0.0050%
Top 3 OI Surges
GNO: $35.59M (+14746.21%)
GPS: $26.72M (+183.20%)
1000RATS: $31.04M (+140.16%)
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