With the Fed raising interest rates by 0.75% and the release of the US second-quarter GDP report at -0.9%, the cryptocurrency market has picked up pace.
Bitcoin, the world's first cryptocurrency, surged 11% to trade at $23,926, while Ethereum, the second-largest cryptocurrency by market capitalization, was at $1,731 after gaining 15.28% in the past 24 hours.
Meanwhile, even crypto trading has seen a big increase in the past 24 hours, with cumulative trading volumes exceeding $93 billion. That marked the highest trading volume of the week.
Most of the contribution came from Bitcoin, as it saw $35.2 billion in trading volume in the last 24 hours, according to CoinMarketCap statistics.
Bitcoin at $27,000?
The NUPL index is reported to have passed the number zero just a short time ago. The previous reading was -0.001, but it now stands at +0.002. NUPL is a measure of the difference between unrealized profits and unrealized losses. Then it tells us whether the network is making a profit or losing money. If the reading is below zero, the ecosystem is at a loss, and vice versa.
So, based on current metrics, we can say that Bitcoin is profitable
Bitcoin options expire
After the US GDP report and rate hike, the next key event to watch is the monthly option expiration on bitcoin prices. The monthly option on the bitcoin price expires tomorrow, July 29, 2022.
According to Skew, 89.8K BTC expires on July 29. The chart below (right) shows that market participants' bets are still somewhat spread out.
In addition, it is very evident from the OI by strike price chart (shown on the left) that purchase contracts dominate market prices of $22,000 and above. So below $22,000, buyers have a clear negative bias.