Bitcoin and Ethereum poised for their best month since 2021 amid a recovery in risk appetite in global markets and optimism over the Ethereum network upgrade. Market sentiment shows that Bitcoin was up 28% in July and Ether was up 72%. According to data compiled by the Coinglass website, as of July 29 18:35, the BTC long/short ratio across the network was 1.95%, with gains dominating. As soon as news of a Fed rate hike landed, the three major US stock indexes closed sharply higher on Wednesday, with the Dow Jones up 1.37%, the S&P 500 up 2.61% and the Nasdaq up 4.06%. leading investors to believe that the Fed will end its rate hikes by year-end and shift to lower borrowing costs in 2023, creating a more favorable liquidity backdrop for speculative assets.

There is good news in the digital currency market. According to Glassnode data, the number of addresses holding more than 0.1 BTC coins just hit a record high of 3,744,878, from the previous 3,744,836. As soon as news of a Fed rate hike came out, open interest in digital asset contracts continued to maintain a steady upward trend. According to data provided by Coinglass, as of July 31, the open interest in BTC contracts across the network exceeded 14.2 billion USDT. As a lucrative hedging product for bear market conditions, digital asset contracts are a safe-haven asset that cannot be ignored by most investors pursuing high returns. In contrast to the singleness and uncontrollable risk of spot transactions, the biggest bright spot of contracts is that risk can be controlled beforehand.

Besides that, the contract can open short and long at the same time to hedge the risk of the transaction to a certain point. scope. What is a digital currency contract? Digital currency contracts, as the name suggests, are designed to optimize the product and trading experience based on margin trading, enabling users to operate and trade Algeria Phone Number List more efficiently and conveniently. In the traditional financial sector, its derivatives are mainly used in the commodity, currency, stock or bond markets. In the digital currency industry, contracts are a rapidly growing derivatives market that can generate up to trillions of dollars in trading volume each month. Like stock options or commodity futures contracts, digital currency contracts can protect digital currencies from the adverse effects of highly volatile market conditions.