The funding rates for Bitcoin and Ethereum, the leading cryptocurrencies by market cap, remain negative for derivative traders, suggesting a potential short-term bull signal.
The Federal Reserve’s recent interest rate hikes and plans for future tightening of policy have placed increased pressure on markets across the globe. This past Friday, Federal Reserve Chairman Jerome Powell reiterated his intent to counter inflation with higher interest rates in the near future. Markets reacted sharply to inflation news in May and have continued to slowly make new lows amid a summer of economic turmoil.