to leave a comment.
▲ Bitcoin (BTC), Cryptocurrency Whales/AI Generated Image
As concerns about a September interest rate hike diminished due to the slowdown in US private sector employment, Bitcoin (BTC) whales scooped up $521 million worth during the market correction.
According to Benzinga on September 2 (local time), US private sector employment increased by 38,000 in August, marking the slowest growth since January. Consequently, the probability of the Federal Reserve (Fed) raising interest rates to 3.75-4.00% at its September meeting dropped from 67% to 62.3% in 24 hours.
In the cryptocurrency market, Bitcoin, XRP, and Dogecoin (DOGE) rose, while Ethereum (ETH) showed weakness. Bitcoin's 24-hour trading volume decreased by 13%, and it underwent a 1.68% correction over the past week. Open interest also fell by 0.35% in 24 hours, but the investment sentiment of retail investors and whale derivatives traders showed clear bullishness.
During the correction, large investors actually increased their buying. Cryptocurrency analyst Ali Martinez revealed that whales purchased an additional 6,765 BTC while Bitcoin dropped from $81,474 to $76,732. This amounts to approximately $521 million. During the same period, over $280 million worth of positions were liquidated in the cryptocurrency market, with losses concentrated in long positions.
Ethereum failed to hold $2,400 during the day and slipped to $2,356. Cryptocurrency analyst Michaël van de Poppe suggested $2,355 and $2,300 as initial buying zones. He identified $2,200 as the most ideal entry point for a long position, analyzing that movements towards $3,000 could follow.
Although the probability of an interest rate hike decreased due to the slowdown in US private sector employment, volatility in the cryptocurrency market continued. Bitcoin whales bought 6,765 BTC despite the price correction, and both retail investors and large traders maintained a bullish bias in the derivatives market.
[Article Key Summary]
-US private sector employment in August increased by only 38,000, lowering the probability of a September interest rate hike from 67% to 62.3%.
-While Bitcoin corrected from $81,474 to $76,732, whales purchased 6,765 BTC, worth approximately $521 million.
-Michaël van de Poppe suggested $2,355 and $2,300 as buying zones for Ethereum, and $2,200 as the ideal entry point for a long position.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.