Bitcoin’s long-running sideways trend has seen a slight pullback this morning. The price declined to $28,300. US stocks declined somewhat yesterday on fears of a slowdown in China and liquidity problems at some large Chinese companies. The effect of these declines was also seen on bitcoin.
Notably, the decline follows a report from the US Commodity Futures Trading Commission (CFTC) for the week ending August 8, discussing the return of leveraged funds’ short positions on cash-settled bitcoin futures listed on the CME.
Speaking on the subject in its weekly bulletin, crypto analysis company The Tie wrote in its review, “2-thirds of posts are short and one-third are long. He said, “This is the biggest difference since April 2022.”
Experts say investors are scared of widening uncertainties and a rise in bond yields, which could lead to their fall.
Fed minutes hint at ‘further tightening’
The minutes of the July meeting were also published yesterday, in which the Fed raised interest rates by 25 basis points. The minutes saw Fed members discuss how much of an impact an interest rate hike would have on the economy, even if it was delayed.
Indicating that despite several rate hikes, inflation still remains high, members described the situation as “unacceptable”. It was also stated in the meeting that the shortage of manpower remains, and there may be a need for more strictness.
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