Bitcoin (BTC) price plunged 5.5% between July 31 and Aug. 1, reaching its lowest level in over two weeks at $62,498. This movement has been attributed to reduced expectations of interest rate cuts in the United States and the distribution of 47,000 BTC from the defunct exchange Mt. Gox estate. Traders fear that Bitcoin’s price could further correct to retest the $57,000 support level, but derivatives markets show resilience and no signs of stress. Investors exited risk markets as they sought protectionOn July 31, the US Federal Open Market Committee (FOMC) announced its decision to leave inter…