2023-9-22 10:00 |
Jasmy Coin price defied gravity on Thursday as concerns about the hawkish Federal Reserve continued. The small-cap coin jumped to a high of $0.0038, the highest level since September 9th. It rose even as Bitcoin price retreated below $27,000 and American and European stocks retreated.
It is unclear why the Jasmy token bounced back on Friday even as concerns about the hawkish Fed remained. In its decision on Wednesday, the bank decided to leave interest rates unchanged between 5.25% and 5.50%. However, the hawkish pause was followed by a dot plot that predicted another rate hike later this year.
A look at the futures markets showed that Jasmy’s open interest jumped to over $9.25 million, the highest level since August 14. It increased by almost 80% in the past 24 hours. Most of this interest was from Binance followed by Bybit, Bitget, and Kraken.
Jasmy open interest
Futures open interest is an important metric in the financial market since it reflect the number of futures contracts held by traders. These contracts have not been closed, expired, or exercised. Higher futures interest is a bullish thing for cryptocurrencies and other assets.
For starters, futures contracts are financial derivatives where people agree to buy or sell an asset at a set future date for a set price. The difference between futures and options is that in options, traders don’t have an obligation to continue with the trade.
Another positive thing for Jasmy is that its long/short ratio has been rising. The ratio dropped to 0.583 on Tuesday and has now jumped to 0.9186. This means that more investors are long the coin.
Jasmy long/short ratio
The post Jasmy Coin price pops as open interest, long/short ratio rises appeared first on Invezz.
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