Reasons Why Bitcoin Price Is Dropping Despite Fed Rate Cut Odds?

Quick Summary:

The crypto market braces for impact as Bitcoin and Ethereum options worth $1.4 billion are set to expire today, CME BTC futures close, and PPI data.

Traders look for cues of market recovery as CPI inflation falls to a year low, anticipating Fed rate cuts to start in September.

Moreover, the max pain is at $58,500 strike price, with put options more than call options at the strike price.

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Article Details

Author / Journalist: Varinder Singh

Category: Crypto

Markets: India

Topics: Bitcoin (BTC) Price Bitcoin options expiry 24/7 Cryptocurrency News Ethereum Altcoin News Bitcoin News US Inflation

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-12 @ 11:25:17 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 541 words

Reading Time: 4 minutes read

Sentences: 54 lines

Sentence Length: 11 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 21584062

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About CoinGape

Main Topics: Crypto

Official Website: coingape.com

Update Frequency: 31 posts per day

Year Established: 2017

Headquarters: India

News Last Updated: 10 hours ago

Coverage Areas: India

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