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The Entry Aleph Ciudad de Crecimiento was published first on CoinFabrik.
With the inclusion of Bitcoin rewards, Futu Securities aims to attract a new wave of investors.
Senator Tim Scott expressed optimism that the Market Structure Bill will be successfully passed in August. The proposed bill aims to address various issues related to market structure and will have far-reaching implications for the financial industry. Scott emphasized the importance of comprehensive legislation to ensure a fair and transparent market for investors. The bill [...]
The post Senator Tim Scott anticipates market structure bill will pass by August appeared first on Crypto Breaking News.
In August, the Congress introduced bills that could potentially impact the stablecoin market structure, causing a stir among members of the Blockchain Association. The proposed legislation aims to regulate stablecoins and digital assets, highlighting the growing concern over the need for regulatory clarity in the cryptocurrency space. The bills unveiled by Congress have sparked discussions [...]
The post Blockchain Association Predicts Congress to Pass Stablecoin and Market Structure Bills by August appeared first on Crypto Breaking News.
If you were to invest $500 in each of these coins, what could your returns look like after a month? Let's break this top 5 cryptos article more
VeChain (VET/USD) price continued its comeback on Monday as demand for cryptocurrencies continued. The coin surged to a high of $0.032, the highest point since August 2022. It has soared by over 106% from its lowest level in 2022. This rebound is in line with the overall cryptocurrency rally as Bitcoin (BTC/USD) jumped to $25,000 ...
<p>The post Is it safe to buy VeChain as its price jumps to August highs? first appeared on CCNC.</p>
August figures released by Brazil's tax authority revealed over 12,000 companies have cryptocurrency holdings, the largest amount ever recorded.
STEPN (GMT/USD), Gala (GALA/USD), and Immutable X (IMX/USD) are some of the best GameFi tokens you can invest in throughout September 2022.
When we look at some of the most recent news in crypto, DappRadar members revealed that Web3 games and Metaverse projects raised $748 million in funds throughout the previous month.
This marked a jump of 135% compared to July, but it is still a decline of 16% compared with June.
Blockchain gaming collected $3.1 billion in investments last quarter, and in 2022, it has added $6.9 billion in funds.
Should you buy STEPN (GMT)?On September 14, 2022, STEPN (GMT) had a value of $0.66368.
The all-time high of STEPN (GMT) was on April 28, 2022, when it reached a value of $4.11.
When we go over its performance throughout the previous month, on August 16, GMT had a value of $1.1111, marking its highest point.
Its lowest point was on August 29 at a value of $0.6378. Here, we can see a decrease of $0.4733 or 42%.
However, from August 29 to September 14, the cryptocurrency increased in value by $0.02588 or 4%.
With this in mind, this marks a great point for investors to get into GameFi and buy GMT, as the cryptocurrency can reach $1 by the end of September 2022.
Should you buy Gala (GALA)?On September 14, 2022, Gala (GALA) had a value of $0.04806.
When we go over its all-time high, Gala (GALA) reached a value of $0.824837 on November 26, 2021.
Going over its performance in August, GALA had its highest point of value on August 15 at $0.0716. Its lowest point was on August 29 at $0.04939.
Here we can see a decrease in value by $0.02221 or by 31%.
The $0.04806 price represents a solid value point to buy GALA, as it can increase to $0.07 by the end of September 2022.
Should you buy Immutable X (IMX)?On September 14, 2022, Immutable X (IMX) had a value of $0.8095.
Going over its all-time high point of value, Immutable X (IMX) reached $9.52 on November 26, 2021.
Looking at how IMX performed in August, IMX had its highest point of value on August 9 at $1.2572. Its lowest point was on August 29 at $0.7735.
Here, we can see a decrease of $0.4837 or 38%.
From August 29 to September 14, IMX increased by $0.036 or 4%. With this in mind, buying IMX is a solid opportunity as it can climb to $1.1 by the end of September. 2022.
The post Best GameFi tokens to get after fundraising jumped 135% in August appeared first on Invezz.
Argo Blockchain PLC (LON: ARB), a publicly traded Bitcoin mining company that’s one of the largest in the world, has released an operational update showing its mining margin decreased to 20% in August.
In this latest blockchain news, and as per the company’s announcement Friday, the reduction in mining margin – from 37% in July – was down to two factors:
Bitcoin (BTC) price dropping 11% during the month and rising power costs at the firm’s mining facility Helios.
Notably, Argo’s power purchase agreement at the Texas-based facility provides for spot purchases of power. In August 2022, spot market prices averaged at $0.09 per kWh, almost three times prices in previous years, a scenario that has contributed to the reduced margin.
Argo’s mining revenue increasedExplaining the high spot power costs in West Texas, the firm pointed to the 204% jump in natural gas prices, the highest over the month compared to the same period in 2018-2021. The gas price problem, Argo contends, is due to the impact of war in Ukraine as well as low storage levels of the commodity in the US.
But despite this downside, Argo Blockchain mined 235 Bitcoin during the month – compared to 219 BTC mined in July. Increased hashrate at Helios and installation of new Bitmain S19J Pro miners had pushed total hashrate to 2.5 EH/s and keeps the company on track to achieve the target of 3.2 EH/s by end of October 2022.
The company has signed a strategic hosting agreement with an unnamed third party that will allow for efficiency at Helios and add to the hashrate, Peter Wall, Argo chief executive noted in a statement.
“While our mining margin is lower than expected, the recent high natural gas and electricity prices are a temporary reflection of broader market dislocations, and we are confident that electricity prices will align with historical trends in the near future. Further, electricity prices are seasonal, and we expect prices to decrease as temperatures come down through the cooler months.”
Argo held 1,098 Bitcoin as of 31 August 2022, while mining revenue was £4.39 million ($5.23 million), up from £3.89 million ($4.73 million) in July. The company’s shares were up by more than 10% on Friday as blockchain stocks mirrored the crypto market with a fresh bounce alongside broader risk market assets.
The post Argo Blockchain saw its Bitcoin mining margin drop to 20% in August appeared first on Invezz.
Bitgert (BRISE/USD) price had a strong performance in August as demand for the BRISE token rose and as its ecosystem continued growing. BRISE jumped to a high of $0.0000016, which was about 355% above the lowest level in August.
Why did BRISE rise in August?There are several reasons why the BRISE price outperformed its peers in August. First, there are signs that the ecosystem is expanding rapidly. For example, the total value locked (TVL) in Bitgert rallied from less than $5 million when the month started to over $10 million. This growth was driven by Sphynx, which is a leading DeFi ecosystem. Others like IcecreamSwap and Bitgert Swap also continued doing well.
Second, Bitgert price rallied because of fear of missing out (FOMO) as the number of mentions and searches increased. A closer look at Google metrics and social media mentions show that they continued rising in August. Historically, cryptocurrency prices tend to rise when there is hype surrounding them.
Third, investors cheered a news report that said that Bitgert was building a new decentralized operating system that will be focused on user privacy, security, speed, stability, and scalability. It is too early to predict whether this new operating system will be a success or not.
?? MEGA ANN: Bitgert to develop it's own first ever decentralized operating system, That is focussed on user privacy, security, speed, stability, and accessibility
Stay tuned..#BRISE #BITGERT pic.twitter.com/KBCiTcubDm
Meanwhile, adoption of Bitgert continued in August. For example, Brewlabs announced that it had accepted Bitgert into its ecosystem. This means that developers can now build BRISE staking pools easily. Additionally, Bitgert team announced that it will enable BRISE staking on their website.
For starters, Bitgert is a relatively small but fast-growing blockchain project that seeks to become a viable alternative to Ethereum. It has superior speeds and extremely low fees. According to its website, it is possible to conduct millions of transactions for cents.
Bitgert price predictionThe four-hour chart shows that the BRISE price has been in a strong bullish trend in the past few weeks. As it rose, it managed to move above the important resistance level at $0.0000010, which was the highest point on August 16. It has moved above the 25-day and 50-day moving averages. Also, it rallied above the key resistance point at $0.00000055.
Therefore, Bitgert price will likely find it difficult to a repeat what happened in August. As such, there is a possibility that it will move into a distribution phase, which will see it drop to the support at $0.0000010 and below.
The post Bitgert price had a spectacular August. What next in September?? appeared first on Invezz.
ApeCoin (APE/USD), Decentraland (MANA/USD), and The Sandbox (SAND/USD) are some of the best GameFi tokens that you can get on August 19.
On August 18, 2022, Rarible shared its proposal of creating an ApeCoin marketplace with 0% fees built by Rarible.
On August 20, 2022, Decentraland is hosting a virtual event with The British Blockchain Association Metaverse Headquarters Launch.
Gordon Ramsay also revealed that Hell’s Kitchen is coming to the metaverse through The Sandbox.
All of these developments can boost the value of each cryptocurrency.
Should you buy ApeCoin (APE)?On August 19, 2022, ApeCoin (APE) had a value of $5.268.
When we go over the all-time high of the cryptocurrency, ApeCoin (APE) had its ATH on April 28, 2022, at a value of $26.70.
Going over its performance in July, ApeCoin (APE) had its lowest point of value on July 13 at $4.2095. Its highest point was on July 31 at $7.1793.
Here we can see that the cryptocurrency climbed in value by $2.9698 or by 70%.
With this in mind, buying APE might be a solid opportunity as it can reach $8 by the end of August 2022.
Should you buy Decentraland (MANA)?On August 19, 2022, Decentraland (MANA) had a value of $0.8537.
Looking at the token’s all-time high, Decentraland (MANA) had its ATH on November 25, 2021, at a value of $5.85.
Looking at how the cryptocurrency performed in July, Decentraland (MANA) had its lowest point of value on July 13 at $0.7663.
Its highest point of value was on July 30 at $1.086. This marked an increase in value of $0.3197 or 42%.
With this in mind, buying Decentraland might be appealing for a lot of investors as we can expect it to climb to $1.3 by the end of August 2022.
Should you buy The Sandbox (SAND)?On August 19, 2022, The Sandbox (SAND) had a value of $1.0656.
When we go over the all-time high point of value, The Sandbox (SAND) reached its all-time high at a value of $8.40 on November 25. 2021.
Going over the performance of the token throughout the previous month, The Sandbox (SAND) had its lowest point of value on July 3 at $1.0107. Its highest point was on July 20 at $1.4803.Here we can see an increase in value of $0.4696 or 46%.
With all of this taken into consideration, some investors might want to buy the SAND cryptocurrency due to the fact that it can reach $1.8 by the end of August.
The post Top tokens that will get you into GameFi in August appeared first on Invezz.
Flux (FLUX/USD), Chiliz (CHZ/USD), and Injective (INJ/USD) are some of the best cryptocurrencies that you can buy in August.
FLUX has been gaining in value recently due to the fact that mining rigs can be utilized to essentially mine the cryptocurrency.
In other words, those who are aiming to switch to mining a different cryptocurrency after “The Merge” of Ethereum (ETH/USD) are looking at Flux (FLUX).
CHZ has also seen an increase in its value due to the fact that Socios.com, the leading blockchain provider for the sports industry powered by Chiliz, secured an Italian Regulatory Agreement.
Injective (INJ) raised $40,000,000 for advanced Web3 finance, which also brought a boost to its overall appeal and value.
Should you buy Flux (FLUX)?On August 18, 2022, Flux (FLUX) had a value of $1.034.
The all-time high of the cryptocurrency, Flux (FLUX) reached a value of $3.33 on January 3, 2022.
When we go over its performance throughout the previous month, we can see that the cryptocurrency’s lowest point of value was on July 13, at $0.3991. Its highest point of value, however, was on July 31 at $0.5826. Here we can see an increase in value of $0.1835 or 46%.
With this in mind, we can expect the FLUX cryptocurrency to reach $1.5 in value by the end of August 2022, which makes it a solid cryptocurrency to buy, which you can do so here.
Should you buy Chiliz (CHZ)?On August 18, 2022, Chiliz (CHZ) had a value of $0.2235.
Looking at the token’s all-time high, Chiliz (CHZ) reached a value of $0.878633 on March 13, 2021.
When we go over the performance of the cryptocurrency throughout the previous month, we can see that its lowest point of value was on July 2 at $0.09379.
Its highest point, however, was on July 29 at $0.135. Here we can see that there was an increase in value of $0.04121 or 44%.
With all of this taken into consideration, buying the CHZ cryptocurrency can be a solid option as it can climb to $0.4 by the end of August 2022.
Should you buy Injective (INJ)?On August 18, 2022, Injective (INJ) had a value of $1.908.
Going over the all-time high of the cryptocurrency, Injective (INJ) had a value of $24.89 on April 30, 2021.
When we take a look at how INJ performed in July, we can see that its lowest point of value was on July 13 at $1.1388.
Its highest point of value, however, was on July 30 at $1.5287. This gives us an indication that the cryptocurrency has increased in value by $0.3899 or by 34%.
Based on all of this, investors might wish to buy the INJ cryptocurrency, as we can expect INJ to reach $2.5 by the end of August 2022.
The post Top altcoins to buy in August with high return potential appeared first on Invezz.
It’s been a welcome reprieve in the markets recently, following a torrid first half of the year. However, one sector’s bounceback has been especially strong.
Bitcoin mining stocks have surged the last couple of weeks. The below graph from Mike Colonnese of HC Wainwright quantifies the move – the average Bitcoin mining stock jumped 36% in the first two weeks of August, in contrast to a 4.5% move in BTC and a 3.6% increase in the S&P 500.
The wider positivity in the market has been well covered. CPI data eased this month to 8.5%, coming in below expectations of 8.7%, and with the current environment hyper-focused on inflation readings and the corresponding Fed responses, that is positive news in itself. Additionally, within cryptocurrency circles, the news of Coinbase partnering with the institutional investing king that is Blackrock has caused Bitcoin to climb higher and flirt with the $25,000 mark (although some analyst forecasts were well north of this, as I covered here last week).
Rising costs and falling revenueThen again, if we step back a bit here, does it make sense that mining stocks are rocketing to such a degree? I published a piece a week ago looking at the rising electricity costs that were squeezing miners.
With the geopolitical climate driving headlines as a result of the surge in gas prices, electricity has also been on the up. Focusing just on Europe, the European Power Benchmark averaged 201 €/MWh in the first quarter of 2022 – that is a rise of 281% compared to the same quarter in 2021
Certain countries were even worse. Spain and Portugal jumped 411%, while prices in France rose 336% and Italian prices were the highest across the EU at €249 per MWh, a 318% rise from a year earlier.
And yet, we are seeing these stocks pump so excessively now? And with Bitcoin – which is obviously miners’ revenue – still down close to 50% on the year?
Well, the answer lies in the difficulty of the mining network. With these aforementioned operational costs rising and miners’ revenue falling, the smaller miners have really felt the pinch. With many closing up shop, the mining difficulty has dropped to a five-month low, painting a rosier picture for those who remain – as I plotted below.
However, despite the welcome reprieve, a check-in on the bitcoin reserves of mining pools betrays the struggle it has been this year thus far. I plotted these balances over the last 6 months, and it’s pretty clear that an abrupt reversal occurred on May 9th. What happened on May 9th? Well, a coin by the name of UST launched a death spiral of epic proportions, kicking into motion the contagion crisis which rippled across the industry – there was no escape, and certainly not for miners.
It is interesting that despite the market turning green in the last few weeks, these balances have not increased. While the data is only up until July, markets began their rebound last month. Indeed, it is a point that is captured in Colonnese’s report also, as he presents below the graph showing that the sales of bitcoins from miners remained elevated in July. The data from company filings for August, should the market stay green, will be interesting to assess whether there is a change of tune here.
We estimate the 11 miners in our dataset sold 6,019 BTC in July, or 167% of total production for the month
Mike Colonnese, HWC ResearchVia Mike Colonnese of HC WainwrightHigh-Beta stocksWith markets green and Bitcoin rising, mining stocks jumping up at a more explosive pace is exactly what we have seen previously in the market – bitcoin mining stocks have shown themselves to be a higher-beta option very much correlated with the price of Bitcoin.
With Bitcoin still enduring an abject year as a whole, down 47% despite the recent pullback, mining stocks are worse -trading an average of 59% below the prices at which they opened the year at. Again, they are high-beta stocks correlated to Bitcoin – so in the context of this, it makes perfect sense.
Via Mike Colonnese of HC WainwrightSo, with crypto as a whole still suffering from a morning-after headache following the Terra-fuelled contagion crisis and the Fed’s removal of market-wide liquidity, it’s important to remember how high-beta a lot of these mining stocks are.
Sure, the landscape YTD has been dire, with prices reflecting that. But the last few weeks show that once that bottom is hit, the bounceback gains on offer here will be outsized. The real question, as I covered in my first article of the week this morning, is pinpointing when exactly that is.
The post Bitcoin mining stocks bounce back in August appeared first on Invezz.
Cardano (ADA/USD) and Chainlink (LINK/USD) and Quant (QNT/USD) are some of the best cryptocurrencies that you can get on August 11, 2022.
The on-chain analysis platform Messari observed that Cardano is priced more aggressively when compared to owning other growing ecosystems due to the anticipation surrounding the Vasil Hard Fork.
Furthermore, the market seems to be expecting a significant improvement after the much-anticipated upgrade, according to the report.
We also covered how Chainlink announced that it will not support the Ethereum fork version of the blockchain and will put its main focus on the Proof-of-Stake (PoS) chain after “the Merge.”
Quant (QNT) is another cryptocurrency that has showcased significant accumulation and is an Ethereum token that is used to power Quant Network’s Overledger enterprise software solution that can connect public blockchains and private networks.
Should you buy Cardano (ADA)?On August 11, 2022, Cardano (ADA) had a value of $0.5372.
The all-time high of Cardano (ADA) was on September 2, 2021, at a value of $3.09.
When we go over its performance throughout the previous month, its lowest point of value was on July 13 at $0.4092.
Its highest point of value, however, was on July 30 at $0.5502. Here we can see an increase in value of $0.141 or by 34%.
With this in mind, we can expect ADA to reach $0.8 by the end of August 2022.
We can see that the ADA token is a strong buy as of August 11, 2022, so buying the ADA token could represent a solid opportunity.
Should you buy Chainlink (LINK)?On August 11, 2022, Chainlink (LINK) had a value of $8.967.
When we take a look at its all-time high point of value, Chainlink (LINK) reached a value of $52.70 on May 10, 2021.
Looking at its performance in July, LINK had its lowest point on July 13 at $5.8256.
Its highest point was on July 30 at $8.1747.
This gives us an indication that the LINK cryptocurrency has increased in value by $??2.3491 or by 40%.
Here we can see that LINK is a strong buy, as it can climb up to $12 by the end of August 2022, and you can do so here.
Should you buy Quant (QNT)?On August 11, 2022, Quant (QNT) had a value of $128.71.
Looking at its all-time high, Quant (QNT) reached a value of $427.42 on September 11, 2021.
Going over the performance of the QNT cryptocurrency throughout the previous month, its lowest point of value was on July 1 at $52.29.
Its highest point, however, was on July 19 at $112.38. This marked an increase in value of $60.09 or 115%.
This gives us an indication that QNT can climb up to $140 by the end of August 2022. For those looking to invest in QNT, we can see that it is showcasing a strong buy signal as of August 11, 2022.
The post Top tokens to get on August 11, 2022: ADA, LINK, and QNT appeared first on Invezz.
Decentraland (MANA/USD), Stacks (STX/USD) and Enjin Coin (ENJ/USD) are some of the best metaverse-related cryptocurrencies that you can get on August 4, 2022.
On July 28, 2022, Decentraland announced a new SDK, known as the SDK 7 Manifesto. Then on August 1, DecentRally set the track for the future experience of creators using the infinity engine code.
On August 3, 2022, Stacks announced “Spaces,” where they held a discussion about Stacks and Bitcoin and the usage of Native Bitcoin in Stacks Apps through DLCs.
Then on August 4, Enjin published their ecosystem report, going over Square Enix NFTs on Efinity, Entropia Universe NFTs in NFT.io marketplace prelaunch, XCM integrations, and Wallet 2.0 updates, among other things.
Should you buy Decentraland (MANA)?On August 4, 2022, Decentraland (MANA) had a value of $0.9897.
The all-time high of Decentraland (MANA) was on November 25, 2021, at a value of $5.85.
Going over the performance throughout the previous month, its lowest point of value was on July 13 at $0.7663, while its highest point was on July 30 at $1.086.
Here we can see an increase of $0.3197 or 42%. With this in mind, we can expect MANA to reach $1.5 in value by the end of August 2022.
Should you buy Stacks (STX)?On August 4, 2022, Stacks (STX) had a value of $0.4609.
When we go over the all-time high of the cryptocurrency, Stacks (STX) had a value of $3.39 on December 1, 2021.
When we take a look at its performance throughout the previous month, the lowest point was on July 13 at $0.3499, while the highest point was on July 20 at $0.4593.
This means that the cryptocurrency increased in value by $0.1094 or by 31%. At this rate, STX can reach a value of $0.8 by the end of August 2022.
Should you buy Enjin Coin (ENJ)?On August 4, 2022, Enjin Coin (ENJ) had a value of $0.64678.
Going over the performance of the cryptocurrency, Enjin Coin (ENJ) had its highest point of value on November 25, 2021, at a value of $4.82.
When we take a look at the performance of the cryptocurrency throughout the previous month, the lowest point was on July 13 at $0.4522, while its highest point was on July 30 at $0.6948.
This gives us an indication that ENJ increased in value by $0.2426 or by 53%. With this in mind, we can expect ENJ to reach $1 by the end of August 2022.
The post Best metaverse tokens to get In August appeared first on Invezz.
DASH/USD has advanced from $40.73 to $54.62 since the beginning of July 2022, and the current price stands at $49.84.
The current price represents a good entry point for long-term investors, and if the price jumps above the resistance level that stands at $60, the next target could be $70.
Instant and cheap payments without going through a central authorityDash is an open protocol that enables anyone, anywhere in the world, to make instant and cheap payments without going through a central authority. Dash is secured by strong cryptography and is based on a decentralized peer-to-peer network.
Dash offers a safe and user-friendly payment method without barriers, and it is important to say that Dash solves two of Bitcoin’s biggest problems: the speed of transactions and the lack of privacy.
Transactions with Dash are visible to the entire network in under 1.5 seconds, while this cryptocurrency cannot be traced, and the coin’s history cannot be accessed.
Low fees and instant transactions make Dash the preferred method of payment, and because of this, it is accepted globally by businesses of all shapes and sizes.
Dash is used around the world as a practical alternative to credit cards, and it is especially popular in regions where technical access barriers exist to traditional payment systems.
This open protocol does not face problems with bank holidays, exchange rates, bureaucracy, or hidden fees, and it is not under the control of any single entity.
DASH’s price has skyrocketed since January 2021 and reached levels above $490 on 7th May. Since then, the price has collapsed, but the current price represents a good entry point for investors who are more prone to risk.
The important resistance level for DASH stands at $60The cryptocurrency market is advancing this trading week, supported by the news that the U.S. economy was not in recession despite output slumping in the first half of the year.
The U.S. services industry unexpectedly picked up in July amid strong order growth while supply bottlenecks and price pressures eased.
Data source: tradingview.comThe important resistance level for DASH stands at $60, and if the price jumps above this level, it would be a signal to trade this cryptocurrency, and the next target could be $70.
The strong support level stands at $40, and if the price falls below it, the next price target could be at $35.
SummaryThe cryptocurrency market has been advancing last several days, Bitcoin has stabilized above $23000, and this situation also positively influences the price of DASH. The important resistance level for DASH stands at $60, and if the price jumps above this level, it would be a signal to trade this cryptocurrency, and the next target could be at $70.
The post Should you buy DASH in August 2022? appeared first on Invezz.
S&P 500 (SPX) advanced approximately 9.1% for July and posted its biggest monthly percentage gain since November 2020.
Second-quarter U.S. corporate results have mostly been stronger than expected, and it is important to say that of the 279 S&P 500 companies that have reported earnings so far, 77.8% have exceeded expectations.
According to IBES data from Refinitiv, corporate earnings are expected to have increased 7.1% in the quarter versus an estimated 5.6% at the start of July.
Speculation that the U.S. central bank may not need to be as aggressive with interest rate hikes as some had feared also positively influenced on S&P 500, while the upbeat forecasts from Apple and Amazon supported the rally on Friday.
Apple reported that it sees continued strength in demand for iPhone while Amazon announced that it expects higher revenue in the third quarter. Rick Meckler, a partner at Cherry Lane Investments, said:
In today’s market, the Amazon and Apple numbers are giving the market support on the idea that two large companies that are a large part of the S&P seem so far to be able to navigate through these tougher times.
The negative news is that the American economy unexpectedly contracted in the second quarter, but Federal Reserve officials decreased the possibility of a recession for now.
The Federal Reserve remains serious about reining in inflation, and the central bank released its decision on interest rates last week with a hike of 75 basis points. The June Consumer Price Index jumped by 9.1% YoY, its fastest rate in more than 40 years, accelerating from 8.6% in May.
The U.S. Producer Price Index jumped by 11.3% YoY in June, also higher than anticipated, and because of this, the Federal Reserve will probably continue to be aggressive in raising interest rates to combat inflation.
RSM Chief U.S. economist Joseph Brusuelas said on Friday that he expects the Fed to continue to raise rates until it reaches 3.25%-3.5% before it pauses to assess its impact on growth, inflation, and employment.
Bankrate Chief Financial Analyst Greg McBride said that there would be more interest rate increases in the months ahead, while Morgan Stanley economists led by Ellen Zentner expect the Fed funds rate to peak at 3.625% in December 2022.
The biggest monthly percentage gain since November 2020S&P 500 posted its biggest monthly percentage gain since November 2020 and closed the month at 4,130 points. Second-quarter U.S. corporate results have mostly been stronger than expected, and positive earnings results of the remaining companies could help the S&P 500 to advance even more.
Data source: tradingview.comDespite this, further turmoils should not be discounted, and if the price falls again below the 4,000 support level, the next target could be around 3,800 or even 3,500.
SummaryS&P 500 advanced approximately 9.1% for July and posted its biggest monthly percentage gain since November 2020. Second-quarter U.S. corporate results have mostly been stronger than expected, and speculation that the U.S. central bank may not need to be as aggressive with interest rate hikes also positively influenced on S&P 500.
The post S&P 500 index forecast for August 2022 appeared first on Invezz.
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