After the Fed minutes announced yesterday in cryptocurrencies, the price increase affected the entire market and it was seen that the market in general, especially BTC, took on a positive outlook. During this period, investors To Bitcoin There are also data that show that there have been some developments that show that confidence in the market has increased. So what is happening in the market right now?
How Many Dollars is Bitcoin?
Bitcoin futures investors, The Fed’s In the hours following the July meeting minutes, Bitcoin Open Interest (OI) generated over a billion dollars in new inflows, causing attention to shift there. On August 22, Bitcoin futures OI increased by $1.26 billion compared to the previous 12 hours, reaching $31.92 billion. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
In short, OI indicates the total number of derivative contracts that have not yet been closed, such as options or futures. An increase in OI indicates that there is more confidence among investors in making predictions that Bitcoin could rise or fall. Recent data shows that the group is still undecided about whether Bitcoin’s price will rise or fall.
According to data from CoinGlass covering the last 12 hours, long investors seem to have 50.63% of total futures positions, while short investors have 49.37%. Bitcoin’s price has been hovering between $50,000 and $61,000 since the beginning of August, and as of today’s writing time, it has risen again to $60,738.
Bitcoin Latest Situation
Head of research at 10x Research Markus Thielen, In an August 22 report, he commented that the Fed minutes “make a September rate cut almost certain.”
Thielen made the following statement:
A ‘vast majority’ of FOMC members supported a rate cut in September, with a few members even considering a July cut as a reasonable option.
Cryptocurrency analyst Sycodelic He expressed his views with the following words:
Bitcoin looks set to rally. The Fed minutes were released a few hours ago with a very dovish tone.
When interest rates fall, investors often move away from safe assets like bonds and term deposits and toward assets perceived as riskier, such as Bitcoin.
Crypto commentator Nishant Bhardwaj, He warned investors that the Fed is unlikely to cut interest rates in the near future and that they should brace for one of the most explosive Q4s in history for both the US and Indian markets.
Thielen also said:
Powell’s speech on Friday is expected to reinforce this dovish outlook and boost risk assets such as stocks and Bitcoin as monetary policy provides a favorable backdrop.
Meanwhile, on August 15, about a week ago, Justin Elliot, portfolio manager at Caldwell Investment Management, said there was no evidence to support the “level of aggression” expected for the Fed to cut interest rates. data He stated that it was not and drew attention to it.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
