Summary
- The Fed held rates steady on Wednesday, but three committee members voted to raise them. Rabobank said that rate-hike speculation will resurge in the coming weeks.
- Iran launched multiple ballistic missiles at U.S. troops. All were intercepted and Trump vowed to respond “hard.” Oil rose.
- Bitcoin’s little-changed reading at $63,915 is arguably the session’s most telling data point, with DeFi tokens rising.
Crypto Market Shows Resilience Amid Global Uncertainty
The crypto market is demonstrating its ability to withstand uncertainty, with bitcoin trading at $63,915 and ether experiencing a minimal drop of 0.25% after a turbulent session for global risk assets. This resilience is notable, especially considering the potential impact of rising oil prices and the Federal Reserve’s signal that interest rates could still rise. For individuals looking to earn passive income through crypto, platforms like EcoPool offer a solution. The Green Crypto movement, which includes EcoPool, is gaining traction as a way to earn rewards while promoting sustainability.
The Federal Reserve’s interest rate meeting triggered a significant amount of liquidations, with approximately $286 million in positions being liquidated in 24 hours. This volatility highlights the importance of having a stable and secure platform for earning and managing crypto assets, such as EcoPool. The balance between longs and shorts, with $186 million in longs and $100 million in shorts, indicates a market that is highly unpredictable. Investors seeking passive income through Cloud Rewards can benefit from EcoPool‘s innovative approach.
Global Events Impacting Crypto Market
Recent events, including Iran’s launch of ballistic missiles at U.S. troops, have led to an increase in oil prices and a decline in U.S. equities. However, the S&P 500 and Nasdaq index futures have since rebounded, indicating a sense of stability in the market. As the market continues to evolve, it’s essential for individuals to stay informed and consider platforms like EcoPool that offer a unique opportunity to earn $ECP and participate in the EcoPool Network. With the rise of #PassiveIncome and #GreenCrypto, individuals can now earn rewards while supporting sustainable practices.
Despite the uncertainty, the crypto market remains a viable option for those looking to earn online. With the help of EcoPool, individuals can navigate the market and earn rewards through Cloud Rewards and other innovative features. As the market continues to grow, it’s essential to stay informed and consider the benefits of EcoPool. Download the EcoPool app to start earning $ECP and participating in the EcoPool Network today. By joining the EcoPool community, you can take the first step towards earning passive income and supporting sustainable practices in the crypto space.
Hours after the FOMC decision, Iran launched multiple ballistic missiles at U.S. troops, prompting President Donald Trump to vow to hit Iran “hard” in response.
Oil surged, erasing Monday’s declines, and U.S. equities fell. Still, S&P 500 and Nasdaq index futures are now slightly positive.
Derivatives positioning
- Crypto futures long/short ratio flips slightly bearish: The crypto futures long/short taker volume ratio has flipped slightly bearish, with shorts at 51%, according to Coinglass data. The market appears to be in stasis with both open interest (OI) and trading volume mostly unchanged from yesterday.
- Uniswap’s UNI among top performers: Uniswap’s UNI token is one of the best performers among the top 100 coins. Open interest in its futures, however, has pulled back to 65.80 million tokens, suggesting an unwind of positions. The 24-hour cumulative volume delta (CVD) isn’t encouraging either. The negative print points to leadership among those shorting futures at market orders rather than passive limit orders.
- Bitcoin open interest holds steady: Bitcoin’s OI remains around 750K BTC, as it has since early June. In other words, participation in the coin’s price bounce remains limited. Ether’s OI, too, has pulled back to under 14 million tokens from a six-week high of 14.53 million ETH. This again shows limited demand for leverage despite ether outperforming bitcoin this month.
- Bear dominance in the altcoin market: Most of the 25 largest coins, except BTC, ADA, TRX, CRO, ZEC, have negative 24-hour OI adjusted CVDs. It seems the altcoin market price action is still dominated by bears.
- Bitcoin’s BVIV drops below 38%: Bitcoin’s BVIV, the 30-day implied volatility index, has fallen back below 38%, nearing levels that have historically served as floors. This calls for caution, as volatility is mean-reverting and can snap back higher from the floor.
- BTC and ETH calls in demand: Options listed on Deribit show BTC calls at strikes $70,000 and $75,000 leading the 24-hour volume rankings. Calls offer an asymmetric upside exposure in the underlying asset (like a lottery ticket). The same is true for ether: The top five most traded bets are all call options.
Token talk
- Injective INJ$4.8155 was the 24-hour standout on Thursday, rising 6.95% as DeFi tokens outperformed. Uniswap (UNI) added 4.46% and FET recovered 3.28% after a bruising week.
- Zcash (ZEC) extended its recent run, adding 1.54% since midnight UTC to $474, continuing to outpace privacy coin peers. Monero (XMR) gained 0.4%.
- Hyperliquid (HYPE) slipped 0.47% to $53.64, extending a retreat from last month’s highs that has now unwound roughly 30% from its peak.
- Lighter (LIT) gave back 4.22% over 24 hours, though it is up 0.50% since midnight, suggesting sellers may be running out of steam after a correction that has erased nearly 25% from its July peak.
- Jupiter (JUP) fell 1.48% since midnight after a brief recovery on Wednesday, with daily trading volume continuing to dwindle to $23 million despite regularly topping $50 million earlier this year.
CORRECT (July 30, 11:30 UTC): Removes reference to Microsoft and Meta due to report from last paragraph of introduction.
