Bitcoin decline may be due to hedging before the Fed meeting
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The almost 4% decline in the price of bitcoin on January 30 is due to a reduction in risk appetite ahead of the upcoming Fed meeting on Wednesday. There is no significant activity in the context of position insurance through options, Blofin Academy noted. 1/6. BTC was dipping at $22.7k before the upcoming FOMC meeting on Thursday, down more than 4% over the past 24 hours and well off its high Sunday near $24,000. The rise in investor risk aversion is one of the important reasons for the price drop. pic.twitter.com/dcGvNdxwer — Blofin Academy (@Blofin_Official) January 31, 2023 Analysts pointed
Cryptocurrency analytics company GreeksLive assessed current market expectations and their potential impact on Bitcoin ahead of the Fed’s interest rate decision tomorrow. According to the company’s analysis, futures markets are almost certain that the Fed will not change interest rates at its March meeting. Based on current pricing, there is…
Fundstrat Global Advisors Research Director Tom Lee suggested that the recent pullback in cryptocurrency markets may be due to a “mechanical error” rather than market dynamics. The renowned market strategist appeared on CNBC’s “The Exchange” program to assess the recent sharp declines in cryptocurrency markets. Lee stated that the market…
10xResearch analysts who had correctly predicted the Bitcoin price run-up to a new all-time high earlier in the year have turned bullish once again. In a recent report by 10xResearch Head of Research, Markus Thielen, the analysts point out a number of factors that have seen the BTC price turn…