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Bitcoin (BTC) price continues to battle at the $24,000 resistance and the price was rejected there on Aug. 10, but the rejection was not enough to knock the price out of the 52-day-long ascending channel. The channel has a $22,500 support and this bullish formation suggests that the BTC price will eventually hit the $29,000 level by early October.

Bitcoin derivatives data does show a lack of interest from leveraged longs (bulls), but at the same time, it does not price higher odds of a surprise crash. Curiously, the most recent Bitcoin downturn on Aug. 9 was accompanied by a negative performance from U.S.-listed stocks.

On Aug. 8, chip and video graphics card maker Nvidia Corp (NVDA) announced that its 2Q sales would present a 19% drop compared to the previous quarter. Moreover, the U.S. Senate passed a bill on Aug. 6 that could negatively impact corporate earnings. Despite freeing $430 billion to fund "climate, healthcare and tax," the provision would impose a 1% tax on the stock buyback by publicly traded companies.

The high correlation of traditional assets to cryptocurrencies remains a huge concern for some investors. Investors should not be getting ahead of themselves even if inflationary pressure recedes because the U.S. Fed monitors employment data very closely. The latest reading displayed a 3.5% unemployment typical of overly heated markets, forcing the monetary authority to keep raising interest rates and revoking stimulus debt purchase programs.

Reducing risk positions should be the norm until investors clearly indicate that the U.S. Central Bank is closer to easing the tighter monetary policies. That is precisely why crypto traders are following macroeconomic numbers so closely.

Bitcoin (BTC) regained $24,000 but failed to hit new multi-month highs on Aug. 10 as United States inflation appeared to be slowing.

CPI cuts risk assets much-needed slack

Data from Cointelegraph Markets Pro and TradingView confirmed hourly gains of around $1,000 after U.S. Consumer Price Index (CPI) data for July showed a slowdown versus the previous month.

While managing $24,179 on Bitstamp, BTC/USD nonetheless did not attract enough momentum to challenge levels from the day prior.

Nonetheless, relief among traders was palpable, as declining inflation should signal to the Federal Reserve that less aggressive interest rate hikes are necessary going forward. This should in turn reduce pressure on risk assets, including crypto.

Year-on-year CPI inflation came in at 8.5%, 0.2% below expectations, while month-on-month, the figure was unchanged from June.

Bitcoin (BTC) regained $24,000 but failed to hit new multi-month highs on Aug. 10 as United States inflation appeared to be slowing.

CPI cuts risk assets much-needed slack

Data from Cointelegraph Markets Pro and TradingView confirmed hourly gains of around $1,000 after U.S. Consumer Price Index (CPI) data for July showed a slowdown versus the previous month.

While managing $24,179 on Bitstamp, BTC/USD nonetheless did not attract enough momentum to challenge levels from the day prior.

Nonetheless, relief among traders was palpable, as declining inflation should signal to the Federal Reserve that less aggressive interest rate hikes are necessary going forward. This,  in turn, should reduce pressure on risk assets, including crypto.

Year-on-year CPI inflation came in at 8.5%, 0.2% below expectations, while month-on-month, the figure was unchanged from June.

Tornado Cash (TORN) has lost almost half its market valuation two days after being slapped with sanctions by the U.S. Treasury Department.

The department accused Tornado Cash, a crypto mixer platform, of laundering more than $7 billion in cryptocurrencies, including a stash of $455 million allegedly stolen by North Korea-based hackers.

Immediate reactions were followed by U.S.-based crypto companies, including Circle and Coinbase. In a controversial move, the popular crypto firms blocked the movements of their jointly-issued stablecoin USDC tied to Tornado Cash's blacklisted smart contracts.

TORN price drops 45%

The news prompted traders to limit their exposure to TORN, Tornado Cash's native token.

On the daily chart, TORN's price has slipped by approximately 45% since the Justice Department's notice about Tornado Cash, to reach $18.50 on Aug. 10. By contrast, the valuation of all the crypto assets had plunged merely 6% in the same timeframe.  

Tornado Cash (TORN) has lost almost half its market valuation two days after being slapped with sanctions by the U.S. Treasury Department.

The department accused Tornado Cash, a crypto mixer platform, of laundering more than $7 billion in cryptocurrencies, including a stash of $455 million allegedly stolen by North Korea-based hackers.

Immediate reactions were followed by U.S.-based crypto companies, including Circle and Coinbase. In a controversial move, the popular crypto firms blocked the movements of their jointly-issued stablecoin USDC tied to Tornado Cash's blacklisted smart contracts.

TORN price drops 45%

The news prompted traders to limit their exposure to TORN, Tornado Cash's native token.

On the daily chart, TORN's price has slipped by approximately 45% since the Justice Department's notice about Tornado Cash, to reach $18.50 on Aug. 10. By contrast, the valuation of all the crypto assets had plunged merely 6% in the same timeframe.  

The Celsius (CEL) community has rallied on Twitter once again to fight off short positions against their favored crypto token despite multiple challenges faced by the exchange, including bankruptcy and rumors of the company’s CEO fleeing from the United States.

Thousands of tweets with the #CelShortSqueeze tag have been posted on the social media platform, advertising their long positions on CEL while encouraging others to do the same and post more content about the short squeeze. According to Twitter user Anakinsdad, the community is “at war with the shorts.” Another user posted:

Short-selling is a strategy that lets investors earn from the decline of a token or a share. It involves borrowing shares and immediately selling to purchase at a lower price later. On the other hand, a short squeeze happens when opposing investors start to mass purchase a shorted asset, and instead of the prices falling, it pumps up, leading to losses for short sellers.

This is not the first time that the Celsius community made an effort to perform a short squeeze on CEL. Back in June, community members who refer to themselves as “Celsians” brewed an unofficial recovery plan to force CEL short-sellers to take out their positions by driving the token's price upwards.

Related: Celsius vows to return from bankruptcy but expert fears repeat of Mt. Gox