![]() ![]() Open interest dropped to $317 million with most of it being in Binance, OKX, Bybit, Bitget, and dYdX. Meanwhile, data showed by Coinglass shows that open interest in the futures market has dropped by more than 1.45% in the past 24 hours. Therefore, another bearish rate hike will be a positive thing for cryptocurrencies. Inflation has been falling after peaking at 9.1% in 2021. It will also signal that this will be the final rate hike this year since inflation is falling at a faster pace than expected.ĭata published earlier this month showed that the American consumer price index (CPI) dropped from 4.1% in May to 3% in June. Economists believe that the bank will decide to hike interest rates by 0.25%. The next likely catalyst for Bitcoin Cash and other cryptocurrencies will be the upcoming interest rate decision by the Federal Reserve. It also mirrors the performance of other major cryptocurrencies like Bitcoin, Ethereum, and Litecoin. This trend started on June 30th when the coin soared to a high of $329. ![]() Fed interest rate decision aheadīitcoin Cash price has been in a strong downward trend in the past few weeks. This means that BCH has dropped by more than 27% from the highest point this year. The coin dropped to a low of $240 on Wednesday, much lower than the year-to-date high of $329. Bitcoin Cash price has formed a falling wedge pattern on the 4H chart.įocus shifts to the upcoming interest rate decision by the Fed.īitcoin Cash price has retreated in the past few weeks as the recent momentum in the crypto industry waned. ![]()
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