Since May, 2022, after Terra (LUNA) collapse, the crypto market is
not in that good condition with an increase in negative news around the
space. Even now, the overall crypto market sentiment is not positive
with the increased price volatility along with declining interest in
terms of Crypto derivatives.
As per the report, in the month of June, there has been a massive
decline in the derivatives trading volume in well known exchanges like
Binance and OKX. Now, it’s fascinating to know how Bitcoin will see its
price movement for the month of August 2022.
August To Be In Favor Of Bitcoin Price?
When
the history of records are considered, the month of August has been
quite a favorable month for the crypto world. The last two years, i.e
August 2020 and August 2021, the flagship currency has seen a rise of
2.74% and 13.42% accordingly. However, when the wider market is
considered, the month of August has always experienced a fusion of both
bulls and bears.
At the time of writing, Bitcoin is selling at
$21,945 with a pull of 3.64% over the last 24hrs. As the news regarding
the upcoming FOMC meeting scheduled on July 26 and July 27 is hovering around the crypto space, cryptocurrencies, especially Bitcoin, are showing a negative reaction.
It
was just last week that the King currency had reclaimed $24,000 level
after struggling with the bearish pull for more than two months. As we
compare the present Bitcoin price and the last week’s, the BTC is down
by more than 1.20%.
For the next coming month, August 2022,
Bitcoin is expected to surge at an average of $33,695. However, things
might not go as expected with the currency developments.
Crypto Derivatives Trading Volume See A Drop
On
the contrary, though the wider market participants are distressed by
market reaction ahead of the FOMC report and the increasing interest
rates, traders and experts predict there is more to see in the crypto
space for the upcoming weeks.
One of the traders and crypto
enthusiasts, Crypto Zombie, is of the opinion that the upcoming weeks
for Bitcoin are critical with the upcoming FOMC meeting and US GDP
report.
The month of June has seen several crypto lending firms
going insolvent, due to which the overall crypto market was pessimistic.
As per CryptoCompare, this resulted in decline in the derivative
trading volume.
In the month of June alone, the crypto derivatives
trading volume plunged by 7.01% positioned at $2.75 trillion. This
marking was one of the lowest recorded derivatives trading volumes since
July 2021.
source link : https://coinpedia.org/bitcoin/august-to-be-a-decisive-moment-for-bitcoin-price-ahead-of-fomc-gdp-report%ef%bf%bc/
