$1.3 Billion Added to Bitcoin Market After Fed Minutes Were Released
After the Federal Reserve released the minutes of its July meeting, there was a $1 billion increase in open interest in Bitcoin.
Bitcoin open interest in derivatives markets increased by $1.26 billion in 12 hours to $31.92 billion. Open interest includes positions that have not yet expired or been closed.
Clues to BTC's direction
The increase in open interest could mean that investors are starting to get a clearer idea of which way Bitcoin will go.
Market data shows that investors are divided on whether Bitcoin will rise or fall. 50.04 percent of open interest is long; 49.96 percent is short.
FED rate cut expectation
According to Markus Thielen, research director at 10x Research, the FED meeting minutes mean that “a rate cut in September is almost certain.”
“The vast majority of FOMC members supported a rate cut in September, with some members even thinking a cut in July was possible,” Thielen said.
Anonymous crypto trader Sykodelic said that “Bitcoin looks set to move higher” and that the FED minutes have a “dovish tone.”
Important Note: Friends, Binance has launched a reward event worth 50,000$ . You can now benefit from the reward by clicking on the Artificial Intelligence AI account and scoring from the “Vote” option.
The event ends on August 29. You can benefit from rewards worth 50,000$ by voting every day until August 29.
