The cryptocurrency market has picked up pace alongside the Federal Reserve interest rate hike of 0.75% and the release of the US GDP report that stands at -0.9% for the second quarter.
The world’s first cryptocurrency, Bitcoin Price has surged by 11% trading at $23,926 and Ethereum, the second largest crypto by market cap is selling at $1,731 after an uptrend of 15.28% over the last 24hrs.
Meanwhile, even the crypto transaction has seen a massive surge in the last 24hrs as the cumulative trading volume has exceeded $93 billion. This marks the highest trading volume in the week.
According to the stats from CoinMarketCap, the most of the contribution comes from Bitcoin as it stands at $35.2 billion volume in the last 24hrs.
Bitcoin Price At $27k?
As per reports, just a while ago, the NUPL index has surpassed the number 0. Earlier the reading was at -0.001, but at the moment it stands at +0.002. NUPL is a metric that reads the difference between unrealized profit and unrealized loss. Then it lets us know if the network is at profit or loss. If the reading stands below zero, then the ecosystem is at loss and vice versa.
Hence, with the present indicator we can say that the Bitcoin is at profit.
Bitcoin Options To Expire
After the US GDP report and interest rate hike, the next crucial event to look at is Bitcoin price’s monthly options expiry. Bitcoin price’s monthly options are set to expire tomorrow, July 29, 2022.
According to the data from Skew, 89.8k BTC will expire on July 29. The image below (on the right) demonstrates that market players’ bets are still somewhat scattered.
Furthermore, it is very obvious from the OI by strike price chart (presented on the left) that purchase contracts rule in the market prices starting at $22k and above. Therefore, below $22,000, buyers have a significant negative bias.