Altcoin
Reasons Why Bitcoin Price Is Dropping Despite Fed Rate Cut Odds?
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. Let’s check details about reasons why Bitcoin price is dropping despite higher odds of a Fed rate cuts starting in September.
Bitcoin And Ethereum Options Worth $1.4 Billion to Expire
Almost $1.4 billion in Bitcoin and Ethereum options will expire on July 12, according to data from the largest crypto derivatives exchange Deribit. BTC price has dropped to a 24-hour low of $56,561, with no support from trading volumes for Bitcoin price recovery.
Over 23,722 BTC options with a notional value of $1.36 billion expire today on Deribit. The put-call ratio is extremely high at 1.08 as put open interests are 12,328.50 against 11,393.50 call open interests, raising skepticism over recovery in the coming days.
Moreover, the max pain is at $58,500 strike price, with put options more than call options at the strike price. Currently, the max pain point is higher than Bitcoin price. It indicates bearishness among traders continues to persist and Bitcoin remains under selling pressure.
Historical Volatility has continued to surge while BTC Volatility Index (DVOL) shows signs of drop. Options traders continue to remain cautious amid German government Bitcoin selloff.
Meanwhile, ETH options of notional value $0.48 billion are set expire. The put-call ratio is 0.37 and the max pain price is $3,100. ETH price is currently trading below the max pain point, implying that traders still have some room to recover amid the spot Ether ETF sentiment.
PPI Inflation Data Looms
Producer prices index (PPI) annual inflation data in the US is expected to come in at 2.3%, higher than 2.2% in May. The monthly reading is expected at 0.1% against -0.2% last month.
Meanwhile, economists expect Core PPI YoY for June at 2.5%, a 0.2% increase as compared to last month. Also, Core PPI MoM is expected to come in at 0.2%, higher than the previous month’s core PPI data.
Recently, US CPI cooled to 3%, causing odds of Fed rate cuts to increase above 90%. Bitcoin also rebounded above $58,000 amid market optimism. However, the price has dropped amid negative sentiment.
Also Read: Crypto Market Crash Fails To Dent VanEck CEO’s Bullish Outlook
Bitcoin Price Falls As CME Futures Closes
Traders sold BTC futures as CME closed futures trading for the week, causing Bicoin price to fall below $57,000. CME BTC futures trading will open on Sunday.
The crypto market rebounded slightly this week, with volatility falling sharply to a new low since March. The quarterly delivery and large fluctuations created a perfect entry opportunity for sellers. This week, option sellers opened large number of positions, which also became a driving force to lower the IV of major maturities.
Coinglass data indicates CME BTC futures open interest fell over 1% in the last 24 hours. The BTC futures OI has dropped to $8.26 billion.
Also Read: Bitcoin Enters Extreme Fear Zone For The First Time In 18 Months: Market To Crash?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a shocking incident, the Hong Kong government has unveiled a sophisticated crypto scam, involving a fake social media account impersonating the city’s Chief Executive. The scammers used the account to promote a fake cryptocurrency called “National Hong Kong Coin”, prompting a swift warning from the government.
Notably, the scammers announced the launch of the fraudulent coin on Solana, garnering widespread attention. However, Hong Kong Legislative Council member Ng Kit Chuang clarified that the government hasn’t issued the cryptocurrency.
Fake National Hong Kong Coin: What to Know
Earlier today, a fake X account impersonating Hong Kong’s Chief Executive John Lee Ka-chiu announced the launch of the National Hong Kong Coin on Solana. In an attempt to legitimize the deceptive claim, the scammers used a photograph of the Chief Executive. In addition, the scammers wrote on X, “This strategic step marks a new era in digital innovation and economic growth for Hong Kong”.
Subsequently, Legislative Council member Ng Kit Chuang has reassured the public that the government has made no official announcement regarding the issuance of a cryptocurrency. He warned investors to be cautious and not fall victim to such scams, emphasizing the importance of verifying information through official channels before making any investment decisions.
Government Warns Against Fake National Hong Kong Coin
Following the scammers’ false announcement on the Hong Kong Coin, the government issued a warning. In an official statement, the SAR government clarified that the Chief Executive’s account is fake and the shared information about the crypto launch is completely false.
Legislative Council member Ng Kit Chuang’s clarification comes amidst growing concerns and queries from citizens and Web3 industry experts about a fake social media post claiming the launch of the National Hong Kong Coin. The government has firmly debunked the claims as fraudulent, and Ng has urged the public to remain cautious and vigilant.
The Rise of Government Crypto Scams
It is noteworthy that the fake Hong Kong Coin incident is part of a broader trend of crypto scams that involve impersonating celebrities and government officials to dupe investors.
Recently, scammers promoted a fake meme coin impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman. Scammers created a fake account, “SaudiLawConf”, to promote a fraudulent crypto called “Saudi Arabia Meme Coin”. However, the legitimate Saudi Law Conference soon discovered that their X account had been hacked and issued a warning about the crypto scam.
Similarly, the launch of Libra token, promoted by Argentinian President Javier Milei, has also created controversy. The token, which jumped by 3000% to an ATH of $4.5, soon reached its low, when the pulled $87M worth of LIBRA, leaving investors with significant losses.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Renowned crypto analysts took the stage on Thursday, projecting a highly bullish outlook for TRX price ahead. Analyst ‘Ali Martinez’ spotlighted a remarkable spike in TRON network activity as it scales new highs, whilst ‘Crypto Patel’ revealed that a $1 price target is potentially achievable this bull cycle. As a result, traders and investors optimistically eye the Justin Sun-backed token amid a broader market recovery.
Analyst Forecasts TRX Price To $1
At the time of reporting, TRX price witnessed a 2% uptick and exchanged hands at $0.2458. The coin bottomed and peaked at $0.2407 and $0.2465 intraday. Notably, the rising trajectory aligns with the broader crypto market’s recent recovery-like trend.
Simultaneously, analyst Crypto Patel took to X, revealing that TRON is showcasing a strong momentum and a $1 price target potentially looms. According to the price chart shared by the analyst, the coin’s price holds strong support at $0.140. A sustained hold above this level remains bullish.
The best ‘buy zone’ lies at $0.160 – $0.180, given the opportunity presents itself, per the analyst. Notably, the current price levels are considerably above the mentioned support zone, whilst sustained demand could propel new highs.
Can The Analyst’s Prediction Come True?
Intriguingly, it’s noteworthy that the analyst predicted a 200-300% surge in TRX price during October last year. Back then, the coin’s price traded around the $0.16 level, per CoinMarketCap data.
Subsequently, the price hit a $0.426 level as of early December 2024. This past chronicle is worth considering, although the price soon fell amid broader market trends.
TRON Network Activity Surge Bolsters Bullish Prediction
On the other hand, TRON network activity rose substantially, reaching a 2-month-high as of March 4.
According to analyst Ali Martinez, 2.94 million active addresses were recorded on the network recently. This data suggested rising market interest in the Justin Sun-led crypto project, paving a bullish road ahead.
Crypto Market Recovery Bolsters Hope
Simultaneously, the broader crypto market’s recovery-like trend has solidified investors’ optimism on TRX price. Bitcoin and altcoin witnessed notable gains amid pro-crypto developments in the U.S.
Donald Trump’s strategic crypto reserve announcement appears to have substantially boosted the market sentiment. Moreover, the looming U.S. crypto summit set for Friday has also glimmered hope over the market’s future prospects. Crypto market participants continue to monitor TRON extensively amid broader developments, signaling that a bull run to $1 is possible.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto market today (March 6) has sustained upward action, sparking investor optimism globally. Bitcoin (BTC) price traded near the $92K mark as of early Asian hours on Thursday. Whereas, major-league altcoins also traded in the green zone. Notably, Ethereum (ETH), Solana (SOL), and XRP prices witnessed a 1%-5% uptick intraday.
Crypto Market Today: BTC, ETH, XRP, & SOL Up Amid Crypto Reserve Optimism
With Donald Trump’s recent announcement surrounding the creation of a U.S. crypto reserve that includes BTC, XRP, SOL, and ADA, the cryptocurrency sector appears to be riding optimistic waves. Following a previous bloodbath in late February that was induced via Trump’s tariff saga, this news appears to have boosted market sentiments as March kicked off.
It’s noteworthy that Trump’s much-awaited crypto summit in the White House is set to commence on the upcoming Friday. As an upshot, traders and investors mirror optimism amid recent advancements, digesting previous trade war tensions. In line with this optimism, the crypto market today gained nearly 4%, as indicated by a market cap of $3 trillion.
BTC Price Nears $92K
BTC price gained nearly 5% in the past 24 hours and exchanged hands at $91,538. CoinMarketCap’s data indicated that the coin hit an intraday peak near the $92K level, at $91,996.45. The flagship coin rose alongside a 6.5% increase in its futures OI to $50.83 billion, signaling growing market interest. Further, even Bitcoin’s market dominance stood up by 0.43% to 60.67%, flagging a dominant upside movement compared to altcoins.
ETH Price Gains 5%
ETH price witnessed a 5% uptick in the past 24 hours and exchanged hands at $2,284. The coin bottomed and peaked at $2,159.01 and $2,293.55 intraday. Ethereum rises alongside a 6% incline in its futures OI to $20.03 billion today. Further, the second-largest crypto by market cap saw its dominance at 9.2%. Intriguingly, Ethereum developers recently resolved a key setback on the Sepolia testnet, jacking up the Pectra upgrade.
XRP Price Jumps Over 1%
XRP price witnessed gains of slightly over 1% and exchanged hands at $2.51. The coin’s intraday low and high were $2.42 and $2.54, respectively. Ripple’s crypto witnessed a nearly 3.5% uptick in its futures OI, closing in at $3.42 billion. The leading crypto sees a bullish movement amid rising XRP whale transfers and active addresses on the network. Whilst the SEC lawsuit is speculated to end soon, solidifying positive market sentiments.
SOL Price Jumps 4%
SOL price witnessed a 4% surge intraday and traded at $148. The coin swooped to a $140.60 low and a $149.64 high in the past 24 hours. Solana rose alongside a 4% increase in its futures OI, per Coinglass data, indicating heightened market interest in the asset. Further, the coin follows the broader market trend on Thursday.
Meme Crypto Market Today
Dogecoin (DOGE) price gained nearly 5% and closed in at $0.2086. Shiba Inu (SHIB) price jumped 4% to $0.00001348. Also, Pepe Coin (PEPE) gained 3% to reach $0.000007152. Overall, the meme coin market is following the broader cryptocurrency prices today.
Top Crypto Market Gainers Today
Ondo (ONDO)
Price: $1.18
24-hour Gains: +20%
Cronos (CRO)
Price: $0.08784
24-hour Gains: +20%
Movement (MOVE)
Price: $0.4677
24-hour Gains: +16%
Top Crypto Market Losers Today
Story (IP)
Price: $5.22
24-hour Loss: -6%
Toncoin (TON)
Price: $3.03
24-hour Loss: -3%
Ethena (ENA)
Price: $0.3607
24-hour Loss: -3%
Overall, the crypto market currently reflects rising trader and investor optimism amid broader pro-cryptocurrency developments. Nevertheless, the fear and greed index showed a ‘fear’ sentiment prevailing within the market, which some experts believe is the best time to invest.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
BioNexus Chooses Ethereum as Treasury Asset Over Bitcoin
XRP Price Gears Up—Can It Overcome Key Resistance Levels?
Uniswap’s Unichain L2 Raises Red Flags About Tokenholder Rights
Fake National Hong Kong Coin Launch on Solana Exposed
BNB Price Starts Fresh Increase—Can Bulls Sustain the Momentum?
Bitcoin Price Could Soar as Global M2 Money Supply Expands
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin23 hours agoBitcoin Tests $90K on Speculation of Trump’s Crypto Reserve Plan
-
Market19 hours ago3 Key Things to Expect From the White House Crypto Summit
-
Market24 hours agoXCN Price in Freefall – Will It Recover?
-
Altcoin18 hours agoRipple Whales Move Over $5 Bln Coins, What’s Happening?
-
Market23 hours agoThe Altcoin/BTC Spot Market Is Dying
-
Ethereum18 hours agoWhat Important Technical Indicators Are Saying
-
Altcoin22 hours agoAnalyst Predicts XRP Price To Hit $222 If History Repeats
-
Market17 hours agoSolana Whale Action Hints at Big Move—$138 or $160 Next?
✓ Share: