FOMC

Bitcoin

<ul>
 <li>The open interest in Bitcoin futures reached $31.92 billion on August 22.</li>
 <li>The OI is the sum of all unsettled derivative contracts, including futures and options.</li>
</ul>
Some have taken the release of the US <a href="https://thenewscrypto.com/federal-reserve-ends-enforcement-actions-against-silvergate-bank/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve’s</a> meeting minutes from July as more confirmation of a rate decrease in September. However in the hours after the release, Bitcoin futures traders added over a billion dollars to Bitcoin Open Interest (OI). With a gain of $1.26 billion in the last 24 hours, the open interest in Bitcoin futures reached $31.92 billion on August 22.
The open interest (OI) is the sum of all unsettled derivative contracts, including futures and options. Traders’ optimism about the future of Bitcoin’s price, up or down, is reflected in an increasing OI. The data, however, demonstrates that the cohort is not unanimous. Especially, on the matter of whether the price of <a href="https://thenewscrypto.com/is-bitcoin-price-going-to-climb-higher-to-65k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) will go up or down.
<h3 class="wp-block-heading" id="h-high-volatility-anticipated">High Volatility Anticipated</h3>
During the 24-hour period, the data from <a href="https://www.coinglass.com/" target="_blank" rel="noopener noreferrer nofollow">CoinGlass</a> shows that long traders had a little lead with 50.63 percent of the total future holdings. While shorts had 49.37 percent. The price of Bitcoin has stayed relatively stable around the $60,000 mark since August 9th, according to statistics from <a href="http://coinmarketcap.com" target="_blank" rel="noopener noreferrer nofollow">CMC</a>.
According to a study by 10x Research’s director of research, Markus Thielen, the Federal Reserve’s minutes “makes a rate cut in September almost a certainty”. Thielen said that a rate reduction in September was supported by a “vast majority” of FOMC members. And that some members were even thinking about cutting in July.
When interest rates fall, investors often shift their money from bonds and term deposits. Which are considered secure investments, to Bitcoin and other assets that are seen as riskier. The dovish stance is anticipated to be further reinforced in Powell’s Friday address. Which might lead to an increase in risk assets such as Bitcoin and equities due to the supportive monetary policy environment.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/crypto-giants-contributed-119m-towards-us-elections/" target="_blank" rel="noopener noreferrer nofollow">Crypto Giants Contributed $119M Towards US Elections</a>

Bitcoin Open Interest Surges $1.26B as Fed Rate Cut Speculation Grows

Table of Contents

TheNewsCrypto

Other articles published on Aug 22, 2024

Stocks dip as dollar gains and crypto stays stuck ahead of Fed rate cuts

Will Bitcoin Hit $68,000 in September?

Shiba Inu (SHIB) Above Two Trillion in 24 Hours: What's Going On?

Republicans criticize Democrats for neglecting cryptocurrency

Hackers Steal $700,000 After Hacking McDonald’s Instagram Account

Best Bitcoin ETF: Top Picks for 2024 Investment Opportunities

Join our free newsletter for daily crypto updates!