Social Activity for BTC Is up Due to the Fed’s Decision

2022.07.11 20:46

Social Activity for BTC Is up Due to the Fed’s Decision

• • Community sentiment around BTC has turned positive this week.
  • BTC remains above the key $20k level with its price standing at $20,412.79.
  • Intraday traders may be setting up for a scalp leading up to the Fed’s upcoming announcement.

Community sentiment around the largest crypto by market cap, bitcoin (BTC), has turned positive this week.

Recent data released by the blockchain analysis firm Santiment, shows that BTC’s social activity is at an “unprecedented” level this week as the second half of July approaches. One major driving force could be the upcoming Fed decision regarding monetary policy as intraday traders look to set up for a quick scalp.

BTC social volume picks up (Source: Santiment)

As shown in the chart from Santiment, the amount of BTC social volume soars as the new week starts. In addition, the ratio of positive commentary against negative commentary has also skewed towards positive.

Significantly, BTC remains above the key $20k level with its price standing at $20,412.79, according to CoinMarketCap. Its price has dipped slightly and is 4.17% down from the previous day. In addition, the market leader’s market cap has dropped below $400 billion, with its market cap at around $390,163,607,864 at the time of writing.

Despite the 24 hour drop in price, BTC’s price is still up over the last 7 days by around 6.55%. At the moment, BTC’s price is much closer to its 24 hour low of $20,407.98, with its 24 hour high at $21,360.74.

The trading volume around BTC has also cooled off in the last 24 hours by around 12.23%. The daily trading volume for BTC is around $27,502,315,789. The Fed may increase the interest rate again which should be followed by a surge in crypto prices before traders take profit and bring the prices down again.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.