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How new U.S. inflation data will affect bitcoin

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Crypto-industry participants are frozen in anticipation of the release of U.S. regulators’ inflation data. BeInCrypto editorial staff collected in one review the opinions of crypto investors on the possible reaction of bitcoin to the new information

U.S. inflation data for June appeared today, based on the results of which the U.S. Federal Reserve will decide on the adjustment of the key rate. Earlier, experts shared with the BeInCrypto editorial board their opinion that the crypto market’s behavior depends a lot on the mood of the regulator.

In anticipation of the publication of the data, bitcoin, and with it most altcoins, froze in anticipation. The cryptocurrency is hovering near the $19,800 level now.

The Consumer Price Index (CPI) in the U.S. rose to 9.1%. For comparison, a month earlier the index stopped at 8.6%.

In mid-June 2022, the Fed responded to rising inflation by raising its key rate. Bitcoin went into a fall amid the regulator’s decision.

Popular in the cryptocurrency community, analyst Lark Davis launched a poll on his microblog, the topic of which was the possible reaction of the cryptocurrency market and bitcoin, in particular, to the publication of fresh data on inflation in the United States. He noted that the crypto industry is under extreme stress ahead of the CPI release.

Most online users believe that fresh data could trigger a sell-off in the digital asset market. The second most popular option was the one according to which the regulator’s publication will have no impact on the crypto industry. The option with growth was only in third place.

Many members of the crypto community believe that bitcoin has already exhausted its potential for correction. This, according to some online users, is indicated by indicators. For example, the cryptocurrency-oriented YouTube blogger Crypto Rover recorded a signal, which, according to his observations, can talk about the passage of bitcoin bottom.

Cryptoblogger Martini-Guy also shared a positive outlook on the upcoming U.S. CPI data release. He believes that the new report could push cryptocurrency higher.

Some members of the crypto community believe that investors should not pay attention to price fluctuations amid the publication of the next regulatory reports, as they still see bitcoin as a tool to save from inflation.

For his part, Michael Saylor, head of MicroStrategy, the largest investor in BTC, urged investors to take a long-term view of the cryptocurrency. 


Cryptocurrency

Ripple (XRP) Price Outlook: Can Bulls Defend $0.6 or is a Crash Coming?

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The XRP rally appears to be taking a pause. Will bears return?

Key Support levels: $0.54

Key Resistance levels: $0.68

1. Rally on Hold

In the past few days, XRP failed to make a higher high which could give an opportunity for sellers to return. At the time of this post, buyers still managed to hold the price around 60 cents. If they lose this key level, then a deeper pull back could follow.

XRPUSDT_2024-07-25_13-02-48
Chart by TradingView

2. Volume Continues to Fall

The volume continued to fall compared to our last update. This is an early bearish indicator. If nothing changes, then sellers are likely to push XRP closer to the most important support which is found at 54 cents.

XRPUSDT_2024-07-25_13-03-28
Chart by TradingView

3. Weekly MACD Remains Bullish

While the intra-day volatility continues to be high, the weekly timeframe gives a clear bullish bias. Even if XRP falls to the key support again, buyers are likely to return there.

XRPUSDT_2024-07-25_13-03-02
Chart by TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

ETH Price Dumped 10% as Spot Ethereum ETFs Saw $133M in Outflows on Day 2

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The second day of trading for the spot Ethereum ETFs was quite different than the first as more than $133 million were withdrawn from the largest financial vehicles.

The underlying asset’s price reacted with a massive price drop that drove it south by 10% in a day, thus proving the initial reports that the approvals might turn out to be a sell-the-news moment.

CryptoPotato reported yesterday that the spot Ethereum ETFs had a solid first day of trading (on July 23) when more than $106 million poured in as a whole. BlackRock’s ETHA and Bitwise’s ETHW led the pack with $266.5 million and $204 million, respectively.

They even managed to reduce the impact of the outflows from Grayscale’s ETHE, as $484 million exited the converted fund.

However, the landscape on July 24 was entirely different. Grayscale’s product had $326.9 million in outflows, but the demand for the other ETFs was missing, and the overall withdrawals for the day soared to $133.3 million. Only Fidelity’s FETH had an impressive day with $74.5 million in inflows.

Somewhat expected, ETH’s price suffered due to this underwhelming performance by the products that were just launched. The asset tumbled from almost $3,500 to a multi-day low of $3,130 earlier today, marking a 10% decline.

Ethereum/Price/Chart 25.07.2024. Source: TradingView
Ethereum/Price/Chart 25.07.2024. Source: TradingView

Despite recovering some ground since then, ETH is still 8% down on the day and sits below $3,200. Over $100 million in long ETH positions have been wrecked in the past day, which is a third of the entire amount ($292 million as of now).

Recall that there were several reports ahead of the spot Ethereum ETF launch that suggested the upcoming products will become a sell-the-news moment at first.

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Ripple (XRP) Community Speculates on Upcoming SEC Meeting Today

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TL;DR

  • The Ripple vs. SEC legal battle is still ongoing, with some experts predicting a resolution by the end of summer. An SEC meeting today has fueled speculation about an imminent agreement.
  • Ripple’s token XRP has been rallying and could experience significant volatility based on the lawsuit’s outcome. A favorable ruling might trigger a bull run, while the opposite decision could hinder its progress.

Could Today be the Big Day?

The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has witnessed numerous developments lately. It entered its trial phase in April 2024 (more than three years after the start of the process), with both parties presenting necessary information and documents and abiding by the court rules.

Despite being in its final stage, a resolution is still yet to come. Ripple’s CEO recently argued that the entities might shake hands “very soon,” while other experts were more precise with their predictions. The American attorney Fred Rispoli suggested that the case could be officially closed by July 31, whereas Jeremy Hogan thinks this could happen before the summer’s end.

Some X users speculated that an agreement may be announced as soon as this week based on the SEC’s closed meeting scheduled for today (July 25). The agency is supposed to discuss several subjects, including “Institution and settlement of administrative proceedings” and “Resolution of litigation claims.” The meeting was initially set for July 18 but later rescheduled for today.

On the other hand, other industry participants reminded that the Commission often conducts similar gatherings, and so far, it has not touched upon the Ripple case. 

The Possible Impact on XRP

Ripple’s native token has been rallying recently, briefly surging to $0.63 last week and currently hovering at around $0.61. It is among the few altcoins that have defied the market-wide correction. Bitcoin (BTC), for instance, is down 2.5% in the past 24 hours, while Ethereum (ETH) has tumbled by nearly 10% in the same period. 

A potential resolution of the Ripple v SEC lawsuit could trigger enhanced volatility for XRP as the asset could repeat its surge from last year in case of a positive outcome for the company or vice-versa.

Some believe Ripple has the upper hand in the spat, having secured three vital (yet partial) court victories throughout 2023. XRP’s price skyrocketed by over 70% mere hours after the first triumph in July last year. Back then, Judge Torres ruled that Ripple’s programmatic sales to secondary trading platforms do not constitute offers of investment contracts.

Those willing to learn more about the case and its possible impact on XRP, please take a look at our dedicated video below:

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