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Local bottom BTC; The Law on Stablecoins
At the end of Wednesday, an acce of hope appeared on an active crypto: the main cryptocurrencies https://gagarin.news/ found support above key levels. Rally followed the rally in the American stock market, since investors begin to bequent in expectations of further raising rates. According to CME FedWatch, speculation on the probability of increasing the rate by 75 b.P. in September exceeds 80%. Now BTC is consolidated above $ 19,000 after 3% growth over the past day. However, the ascending impulse for “number one cryptocurrency” is still limited, since investors avoid risky assets against the background of preserved liquidity pressure as a result of quantitative tightening and global macroeconomic uncertainty.
Intersete dummy show that transactions in current price ranges are predominantly initiated by short -term holders. The short -term offer at a loss is approaching complete saturation, since 96% of short -term assets are now more expensive than the market price. The events of complete saturation at a loss occurred three times in the current descending trend, and all of them coincided with the formation of the local bottom. In the derivatives market, the rate of financing of unlimited contracts is returned to neutral territory. Meanwhile, the BTC gained a little positive range in the area of the cost of $ 18,000 in the options market, which indicates the possibility of a rollback in case of further deterioration of moods.
ETH launched its losses at the beginning of this week and again overtook the BTC in growth for the same period. “Cryptocurrency number two” returned above the level of $ 1600 after a jump by 8% over the past day. In the options market, speculative actions prevail: the open interest in calls is more than $ 6.1 billion, and the Put-Options is $ 1.5 billion, as a result of which the ratio of the Put/Coll is 0.25. Most of the main altcoins are green, while Atom and ETC are leading in double -digit percentage.
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Michael Barr, the deputy chairman of the US Federal Reserve for Supervision, called on Congress to “quickly adopt the law” on stablecoins. Perhaps Barra’s position was affected by his personal interest in supervision of financial stability. Other regulators supported its point of view that stablecoin could represent risks for financial stability. Stebblecoins have been in the focus of crypto-oriented legislation in Congress. But it was not possible to get a working bill until the August break. And key figures promoting promising laws are already going to leave the Senate.