$1.5 Billion Dogecoin Hit in Open Interest as Price Awaits Market Decision

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Dogecoin (DOGE), the dog-themed cryptocurrency, saw $1.52 billion in open interest over the past 24 hours, according to CoinGlass data. Open interest represents the total number of outstanding futures contracts yet to be settled.

While $1.5 billion remains substantial, this figure reflects a 1.13% decrease from the previous day. Dogecoin's price continues to trade within a narrow range, mirroring the broader market's indecision.

Current market uncertainty has fueled increased volatility in the cryptocurrency space. Liquidity across the digital asset ecosystem is tightening, evidenced by reduced capital inflows and stagnant stablecoin growth.

At press time, Dogecoin was down 0.85% in the last 24 hours, trading at $0.154. This followed a market reversal in response to comments made by Fed Chair Jerome Powell on Wednesday.

After a three-day decline earlier this week, Dogecoin experienced a slight recovery but has remained within a tight range of $0.15 to $0.1578 over the past 24 hours. Traders are awaiting clearer market signals.

Market Awaits Direction

The market currently lacks clear direction, with uncertainty surrounding potential rate cuts – a key bullish catalyst for risk assets like cryptocurrencies. On Wednesday, Fed Chair Jerome Powell highlighted the challenge of balancing inflation control with economic growth support.

CNBC reported that Deutsche Bank analysts interpreted Powell's comments as suggesting the Fed may be less inclined to react swiftly to recent weaker economic data, reducing the likelihood of immediate market intervention.

Thursday's jobless claims data fell short of Dow Jones' consensus forecast. Investor sentiment will be closely monitored in the coming days to gauge market recovery. Read original article on U.Today