BTC price volatility is the name of the game this week as macro pressures combine with the incoming Bitcoin halving.After a weekend that decimated crypto, traders are licking their wounds — but Bitcoin is already bouncing back.
Leverage nonetheless saw a comprehensive flush, and even on Bitcoin, 30% of open interest disappeared in an instant. Cointelegraph takes a closer look at the current state of play across Bitcoin and crypto markets in the weekly rundown of important BTC price triggers.It can be safely said that this weekend produced a crypto market nightmare unlike many seen before.Similar to events in Ukraine in early 2022, Bitcoin and altcoins sold off rapidly. BTC/USD saw lows of just above $61,000.
While nothing out of the ordinary in itself, the atmosphere is compounded by events in the Middle East, potentially leaving already wary risk assets open to additional sensitivity. Inflation remains an important consideration for traders, who have repeatedly priced out the odds of interest rate cuts coming sooner rather than later this year.see the odds of a 25-basis-point rate cut at the Fed’s July meeting at 43%, with September at 45%.
Miners are at the forefront of the changes, with their revenue streams being reshaped in an instant as “new” bitcoins per mined block drop by 50% to 3.125 BTC.
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