Market update

Bitcoin price rose slightly yesterday from the intraday low of $ 46,000 and hovered around $ 48,000 after good news from the Fed.

The Bitcoin win rate is still the same as the day before and is 77%. The number of future orders on the stock exchanges increased slightly, but the rate of increase was very low.

The Bitcoin amount withdrawn from the exchange was significantly higher than the amount deposited on the exchange for the 4th day in a row.

As for ETH, the amount deposited on the exchange has been higher than the amount withdrawn from the exchange for 3 consecutive days. However, the difference between deposit and withdrawal is not great.

Deribit Exchange announced that they will have a huge BTC option expiration in late December.

The amount of BTC due is 108 thousand BTC, or $ 5.2 billion. The put / call ratio is 0.43 and the max pain price to expire is $ 48,000. When BTC is below $ 48,000, the number of people benefits the most. Usually traders will try to push the price to the side that is cheaper for the majority. Let’s see how the Bitcoin price reacts.

Official notice on Fed rates

After the session that just ended, the Fed announced its intentions on interest rates and bond purchases. The agency will actively reduce its monthly bond purchases. The Fed will only buy $ 60 billion worth of bonds per month (50% less than before November and 33% since December) and that number will keep falling until it hits zero.

As for rates, the Fed did not hike immediately and is waiting for the market to improve. The FED is expected to hike rates three times in 2022, twice in 2023, and twice in 2024. Interest rates will rise from March 2022.

The Fed also said more that a number of people are receiving assistance during the epidemic and do not want to go back to work. In addition, inflation rose to the highest level in 40 years. The inflation situation is believed to be due to the amount of money received from the epidemic relief package last year, as well as the effects of the epidemic, which are slowing the movement of goods and causing prices to rise. However, the Fed assumes that the current situation will improve by the end of 2022.

A major believer in the Fed is the US government. So the Fed is having a hard time making a decision to hike rates. If interest rates rise, it will affect the economy and the US government will also have to pay higher interest rates. Conversely, if interest rates are kept low, inflation will continue to rise.

The Fed President also raised the issue of crypto and stablecoins. Fed chief Jerome Powell says he is not concerned about cryptocurrencies disrupting financial stability in the US. “Stablecoins can certainly be a useful and efficient part of serving consumers in the financial system when properly regulated,” he said.

When it comes to crypto, Mr Powell thinks it is more of a speculative asset and doesn’t care if crypto is hurting financial stability right now … The Fed chairman also thinks crypto is risky and not covered by anything. Now he also has a message to Congress that calls for clearer legislation regarding crypto.

Some other information:

• NBA legend and son Jeffrey Jordan launch HEIR, a fan engagement platform based on the Solana blockchain. Michael Jordan and his son Jeffrey introduced HEIR, a Web3 fan engagement platform based on Solana. HEIR has raised $ 10 million in seed funding and will launch in 2022.
• NBA superstar Kevin Durant and his company Thirty Five Ventures have just signed a new multi-year contract with the crypto platform Coinbase Global. Durant becomes the main face of Coinbase providing advertising and sponsored content for NBA stars.