Crypto products post $726M outflows amid rate cut uncertainty
CoinShares expects that a 50-basis-point cut is more likely if inflation comes in below expectations in the upcoming inflation report on Sept. 10.
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CoinShares expects that a 50-basis-point cut is more likely if inflation comes in below expectations in the upcoming inflation report on Sept. 10.
Crypto VC funding rose 15% from July, with growing investor interest in blockchain infrastructure development.
They tried once in 2018, but the State Board of Deposits "failed" to show any enthusiasm.
Tether said it aided in recovering the stolen crypto by freezing the scammers wallets, which the FBI then seized.
Following the markets recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level. Despite the bullish sentiment, some crypto investors remain cautious about ETHs performance as the second-largest cryptocurrency faces the next crucial resistance level. Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1 Ethereum Consolidates Above $2,600 Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETHs price to ranges not seen in a month, triggering a positive sentiment among many investors. Over the weekend, the King of Altcoins surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon. Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted that ETH had been running into critical resistance on the Daily chart, as it had been unable to break successfully above the $2,650 mark since Tuesday. This performance worried some investors, who considered that not breaking above this level could hinder the cryptocurrencys run and send the price toward the previous support zones. However, Ethereums price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes. ETH To Reach New Highs In October? Crypto Trader Daan highlighted that Ethereums price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency. This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it an important level to watch. A breakout above this mark could further propel ETHs price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted that Ethereums chart is looking a lot like a 2023 redux. Related Reading: Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets Per the Chart, the cryptocurrencys current market structure resembles its 2023 movements very closely. A repeat of ETHs previous bullish trajectory suggests that ETHs price is about to break out and hit a new all-time high (ATH) mid to late October. Additionally, the chart shows that if it follows the same bullish trend, Ethereums price has the potential to reach somewhere between the $10,000 to $20,000 targets by Q1 2025, which would represent a 669% surge from its current price and a 300% jump from its ATH. Featured Image from Unsplash.com, Chart from TradingView.com
Bybit launches Shariah-compliant crypto account, targeting Muslim investors seeking investment options in line with Islamic finance principles.
CoinShares expects that crypto investment products will become increasingly sensitive to interest rate expectations in September.
According to a popular pro-crypto attorney and Senate candidate, the SEC's overreach into the crypto industry has cost retail investors over $15 billion in losses.
MicroStrategys $1.11 billion Bitcoin purchase was funded by selling over 8 million company shares through a sales agreement.
The funds aim to capitalize on Web3 by tracking a mix of stocks, spot cryptocurrencies and futures.
The collaboration aims to provide a secure, stable investment option, mitigating traditional market volatility and risks for lenders.
Binance introduces new offers for Earn Wednesday, featuring rewards across Simple Earn, ETH Staking, Dual Investment, and more. (Read More)
Grayscale has added the Bittensor protocol and the Sui network to its list of crypto investment products.
Despite the gloomy outlook, Bitcoin could prevent more downside pressure if it manages to remain above the $51,000 mark.
CoinShares data shows Solana investment products registering a $39 million outflow, while Bitcoin investment products saw modest inflows.
A survey of more than 2,000 Chinese speakers shows clear favorites and frequent appeals for supernatural assistance.
Chainalysis supports crypto investigations by discovering leads, building cases, and seizing illicit assets, utilizing advanced blockchain analysis tools. (Read More)
Binance launches a promotion offering 19.9% APR on FDUSD Locked Products, available from August 12 to August 22, 2024, on a first-come, first-served basis. (Read More)
Adam Cochran highlighted that crypto funding has slowed as venture capitalists prefer to focus on breakout trends rather than moonshots.
International migration may spike in the future due to geopolitical instability, financial collapse or changes to the climate.
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