Bitcoin Steadies After Leverage Unwind; Fed Signals Potential Rate Cut
• Bitcoin dropped 7% on Wednesday due to overleveraged positions getting liquidated, exacerbated by high funding rates and miners selling • Major cryptocurrencies like SOL, ETH, and ADA stabilized Thursday after 10%+ drops over the past day • Fed meeting minutes hint interest rates could be cut in 2024, which is seen as bullish for bitcoin long-term • Goldman Sachs is in talks to be an authorized participant for BlackRock and Grayscale's bitcoin ETFs • Volatility indexes like DVOL, VIX, and MOVE are ticking up again, suggesting traders expect more price turbulence ahead