Summary of Bitcoin’s weekend rally fizzles under $64K — Pro traders take neutral positions
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Despite a 6.2% price gain, Bitcoin derivatives traders are cautious due to lingering skepticism about the sustainability of the trend. Market participants attribute the crypto market's behavior to ongoing macroeconomic factors, including the US Federal Reserve's decision on interest rates in September. The yield on the US Treasury 2-year note is nearing its lowest level since May 2023, indicating that buyers are becoming more aggressive, accepting lower returns. The market is seeking protection in assets considered safe while holding on to expectations of positive impacts from second-quarter corporate earnings. However, this scenario tends to be unfavorable for Bitcoin, primarily because most investors still perceive it as a risk-on asset.
cointelegraph.com11 / Cointelegraph by Layer3.news
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2024-08-26 18:31:24
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2024-08-26 18:31:24Event JSON
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