{"id":342927,"date":"2024-07-12T17:06:05","date_gmt":"2024-07-12T11:36:05","guid":{"rendered":"https:\/\/dripp.zone\/news\/reasons-why-bitcoin-price-is-dropping-despite-fed-rate-cut-odds-crypto-news\/"},"modified":"2024-07-12T17:38:15","modified_gmt":"2024-07-12T12:08:15","slug":"reasons-why-bitcoin-price-is-dropping-despite-fed-rate-cut-odds-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/reasons-why-bitcoin-price-is-dropping-despite-fed-rate-cut-odds-crypto-news\/","title":{"rendered":"Reasons Why Bitcoin Price Is Dropping Despite Fed Rate Cut Odds? – Crypto News"},"content":{"rendered":"

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The crypto market braces for impact as Bitcoin and Ethereum options worth $1.4 billion are set to expire today, CME BTC futures close, and PPI data. Traders look for cues of market recovery as CPI inflation falls to a year low, anticipating Fed rate cuts to start in September. Let\u2019s check details about reasons why Bitcoin price is dropping despite higher odds of a Fed rate cuts starting in September.<\/p>\n

Bitcoin And Ethereum Options Worth $1.4 Billion to Expire<\/h2>\n

Almost $1.4 billion in Bitcoin and Ethereum options will expire on July 12, according to data from the largest crypto derivatives exchange Deribit. BTC price<\/a> has dropped to a 24-hour low of $56,561, with no support from trading volumes for Bitcoin price recovery.<\/p>\n

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Over 23,722 BTC options with a notional value of $1.36 billion expire today on Deribit. The put-call ratio is extremely high at 1.08 as put open interests are 12,328.50 against 11,393.50 call open interests, raising skepticism over recovery in the coming days.<\/p>\n

Moreover, the max pain is at $58,500 strike price, with put options more than call options at the strike price. Currently, the max pain point is higher than Bitcoin price. It indicates bearishness among traders continues to persist and Bitcoin remains under selling pressure.<\/p>\n