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In a dynamic turn of events, Bitcoin’s Open Interest (OI) is witnessing a notable surge, signaling heightened activity on major crypto exchanges after the Federal Open Market Committee (FOMC) meeting. The crypto market’s pulse is quickening, with traders positioning themselves strategically as Bitcoin’s OI shows a remarkable uptick, especially on platforms like Binance and Coinbase.
In addition, popular crypto analyst Michael van de Poppe discussing Bitcoin’s potential to hit $50,000 has also sparked speculations in the crypto market.
Bitcoin Open Interest Surges On Binance & Coinbase
Bitcoin’s Open Interest (OI) is a key metric reflecting traders’ positions in the market, and the latest data unveils an intriguing surge. Over the last four hours, Bitcoin’s OI has risen by 0.70% to reach $18.09 billion or 426.07K BTC. Notably, this surge, as reflected in Coinglass’s data, is not uniform across exchanges, with each platform portraying its unique dynamics.
Among the leading exchanges, Binance and Coinbase stand out with substantial increases in Bitcoin OI. Binance recorded an impressive surge of 1.90% in the last 24 hours, reaching $4.16 billion or 98.03K BTC.
On the other hand, Coinbase experienced a 23.80% surge in the last 24 hours, reaching $3.62 million or 85.36 BTC. These numbers underline the dynamic nature of market sentiments, with traders actively positioning themselves on these platforms after the FOMC announcements.
Notably, this surge in Bitcoin OI comes at a crucial juncture, after the FOMC meeting, where major decisions about interest rates and economic policies raised investors’ confidence. In the latest FOMC announcement, the Federal Reserve opted to retain current interest rates.
Meanwhile, the unanticipated rapid decline in year-long inflation prompted officials to reassess their forecasts. A consensus is emerging among officials, projecting three rate cuts in 2024 as a strategic move to realign inflation with the 2% target. This decision reflects the Fed’s commitment to navigating economic challenges and maintaining stability in the face of evolving financial landscapes.
Also Read: Crypto Market On Edge With FOMC Meeting In Focus, What To Expect?
Bitcoin Price To Hit $50,000?
The crypto market has witnessed volatile trading so far this week, as investors took a pause before the FOMC minutes and other key economic data before making further bets.
Meanwhile, despite a recent 4% dip in Bitcoin price within seven days, it remains above the pivotal $42,000 threshold, indicating ongoing investor confidence. Over the past month, Bitcoin has surged by over 16%, demonstrating resilience amid market fluctuations.
Notably, the recent analysis by prominent market analyst Michael van de Poppe discussing Bitcoin’s potential to hit $50,000 further fuels speculation. The crypto landscape remains dynamic, and investors closely watch for signals amid the price volatility, seeking cues for potential future developments.
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