The BTC price is trading at a three percent loss today, March 21st. In the following, we take a look at some of the most important Bitcoin news of the past couple of days. Bitcoin and US interest rates: is there a correlation? Do changes in US interest rates impact Bitcoin’s price and how? According to a recent report by Santiment, it does. Since 2022, aggressive rate hikes have been the reason for increased volatility in both traditional and crypto markets. For example, back in June 2022, when the US Federal Reserve decided to hike rates for the first time since 2018 in a bid to combat growing post-COVID inflation, the price tanked by 18%. On the other hand, in December 2024, when the opposite happened and the Fed decided to cut rates by 25 basis points, Bitcoin’s price increased by 15%. In conclusion, the monetary policy of the US Federal Reserve has and will likely continue to impact the price of BTC, and by extension – that of the rest of the market. BTC price uncertainty in the past 24 hours Throughout the past 24 hours, Bitcoin’s price went on somewhat of a rollercoaster. It achieved a two-week high at around $87,500 during the early-morning trading session but later declined to below $84,000, where it’s trading at the time of this writing. Its market capitalization currently stands at roughly $1.7 trillion according to data from CoinGecko. Its dominance – the metric which tracks its share relative to that of the rest of the market – took a minor hit and declined to about 58.4%. Bitcoin futures open interest takes a hit: what does it mean? Futures open interest measures the total of all opened futures positions in the derivatives market. According to a recent analysis by the popular research firm Glassnode, it has declined substantially over the past two mnoths – from $57 billion to $37 billion. This decline is indicative of reduced speculation as investors hedge against the ongoing volatility and hightened uncertainty within the Bitcoin market. More specifically, this decline is also aligned with a broader contraction in on-chain liquidity, which indicates a sizeable shift towards risk-off behavior. The controversial Bitcoin whale on Hyperliquid uncovered by ZachXBT Over the past weekend, a Bitcoin whale made headlines when they famously opened a massive short position through futures contracts on the popular decentralized trading platform Hyperliquid. According to well-known crypto sleuth ZachXBT, the identity of this whale is no other than William Parker – a UK individual linked to a $1 million casino theft, as well as other hacking scandals. Recall that he allegedly manipulated the crypto market and profited around $20 million using extremely high leverage to open positions worth hundreds of millions of dollars. Bitcoin’s hot supply craters 50% in three months: should you care? Have you heard of Bitcoin’s ‘hot supply’? Well, these are coins that are aged one week or less. According to a recent analysis by Glassnode, this supply has decreased by more than 50% in the past three months alone, dropping from 4.9% to 2.8% of the total circulating supply. What does it mean? Well, it suggests that fewer BTC are being actively traded, potentially indicating that investors are holding. A trend such as this one could also lead to reduced market volatility and even spark a bullish reversal, should buying pressure amplify. The post Latest Bitcoin News Today appeared first on CryptoPotato .
