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Bitcoin drops to support as looming CPI print shakes up crypto and stock markets
Crypto and equities markets took a bit of a tumble on Aug. 9 as traders grew a bit skittish ahead of tomorrow’s Consumer Price Index (CPI) report. The details of the print will shine a light on whether the Federal Reserve’s aggressive interest hikes are effective in tamping runaway inflation and it could have an impact on the size of future hikes.
Earlier in the week, Tesla CEO Elon Musk suggested that July data will reflect the United States reaching peak inflation and that any recession will be “mild to moderate.” Right now, the consensus is that July data will be lower than the record-breaking 9.1% figure seen in June. The price of energy commodities (oil, natural gas) noticeably decreased in July and the Fed is hopeful that the previous back-to-back 0.75 basis-point hikes will combat soaring prices in other parts of the economy.
As is custom, Bitcoin (BTC), Ethereu (ETH) and most altcoins pulled back as traders de-risk ahead of the CPI print. BTC price dropped as low as $22,800, while Ether corrected to $1,670. The rationale that traders are sheltering in stablecoins is sensible, but from a technical analysis point of view, Aug. 9’s pullback is simply a lower support test after the most recent support-resistance flip of the past week, and large-cap assets like ETH and BTC continue to trade within their multi-week ranges.
According to independent market analyst Michaël van de Poppe, the fear surrounding the Aug. 10 CPI is “unwarranted” and once the series of retests is complete, BTC price should rally toward $28,000.
Adding to the narrative that the current pullback is “expected”, trader @52kskew suggested that BTC’s price action is being impacted by a “healthy unwinding in perps” as spot Bitcoin is sold at a “logical resistance.”
Bitcoin drops to support as looming CPI print shakes up crypto and stock markets
Traders tuck their tails as this week’s CPI print approaches and BTC and ETH price fall back into range to test underlying support.
Bitcoin drops to support as looming CPI print shakes up crypto and stock markets
Crypto and equities markets took a bit of a tumble on Aug. 9 as traders grew a bit skittish ahead of tomorrow’s Consumer Price Index (CPI) report. The details of the print will shine a light on whether the Federal Reserve’s aggressive interest hikes are effective in tamping runaway inflation and it could have an impact on the size of future hikes.
Earlier in the week, Tesla CEO Elon Musk suggested that July data will reflect the United States reaching peak inflation and that any recession will be “mild to moderate.” Right now, the consensus is that July data will be lower than the record-breaking 9.1% figure seen in June. The price of energy commodities (oil, natural gas) noticeably decreased in July and the Fed is hopeful that the previous back-to-back 0.75 basis-point hikes will combat soaring prices in other parts of the economy.
As is custom, Bitcoin (BTC), Ethereu (ETH) and most altcoins pulled back as traders de-risk ahead of the CPI print. BTC price dropped as low as $22,800, while Ether corrected to $1,670. The rationale that traders are sheltering in stablecoins is sensible, but from a technical analysis point of view, Aug. 9’s pullback is simply a lower support test after the most recent support-resistance flip of the past week, and large-cap assets like ETH and BTC continue to trade within their multi-week ranges.
According to independent market analyst Michaël van de Poppe, the fear surrounding the Aug. 10 CPI is “unwarranted” and once the series of retests is complete, BTC price should rally toward $28,000.
Adding to the narrative that the current pullback is “expected”, trader @52kskew suggested that BTC’s price action is being impacted by a “healthy unwinding in perps” as spot Bitcoin is sold at a “logical resistance.”
Alchemy and Infura block access to Tornado Cash as Vitalik Buterin weighs in on debate
U.S. persons and entities must comply with the Treasury's sanctions or face possible criminal consequences.
Alchemy and Infura block access to Tornado Cash as Vitalik Buterin weighs in on debate
U.S. persons and entities must comply with the Treasury's sanctions or face possible criminal consequences.
Reddit partners with FTX to enable ETH gas fees for community points
With the new integration, Reddit users will be able to purchase Ether from supported Reddit apps via FTX’s payment and exchange infrastructure platform FTX Pay.
Reddit partners with FTX to enable ETH gas fees for community points
With the new integration, Reddit users will be able to purchase Ether from supported Reddit apps via FTX’s payment and exchange infrastructure platform FTX Pay.
Is your SOL safe? What we know about the Solana hack | Find out now on The Market Report
On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss whether your SOL is safe or not.
Blockchain and NFTs are changing the publishing industry
Traditional publishers are using NFTs to build communities and engage with audiences.
Bitcoin dominance hits 6-month lows as metric proclaims new 'alt season'
BTC currently makes up 41% of the total crypto market cap — its smallest market share since January.
Bitcoin dominance hits 6-month lows as metric proclaims new 'alt season'
Bitcoin (BTC) is facing fresh competition from altcoins this month as data shows that — technically — it is already "alt season."
Figures from CoinMarketCap and TradingView show that BTC currently makes up around 41% of the overall crypto market capitalization — its lowest since the start of 2022.
Bitcoin sheds market cap prowess
After suffering at the hands of the Terra LUNA — now renamed Terra Classic (LUNC) — collapse, altcoin markets have rallied considerably in recent months.
Alongside Bitcoin's return from 18-month lows of $17,600 in June, altcoins have enjoyed their own renaissance, one tha is now giving Bitcoin bulls a run for their money.
According to CoinMarketCap, Bitcoin's market cap share is now at its lowest since mid-January, with the largest altcoin Ether (ETH), in particular, stealing the limelight in recent weeks.
Bitcoin dominance hits 6-month lows as metric proclaims new 'alt season'
BTC currently makes up 41% of the total crypto market cap — its smallest market share since January.
Bitcoin dominance hits 6-month lows as metric proclaims new 'alt season'
Bitcoin (BTC) is facing fresh competition from altcoins this month as data shows that — technically — it is already "alt season."
Figures from CoinMarketCap and TradingView show that BTC currently makes up around 41% of the overall crypto market capitalization — its lowest since the start of 2022.
Bitcoin sheds market cap prowess
After suffering at the hands of the Terra LUNA — now renamed Terra Classic (LUNC) — collapse, altcoin markets have rallied considerably in recent months.
Alongside Bitcoin's return from 18-month lows of $17,600 in June, altcoins have enjoyed their own renaissance, one tha is now giving Bitcoin bulls a run for their money.
According to CoinMarketCap, Bitcoin's market cap share is now at its lowest since mid-January, with the largest altcoin Ether (ETH), in particular, stealing the limelight in recent weeks.
1inch plugs into Klaytn as Asia continues to climb aboard
The 1inch Network has integrated its aggregation and limit order protocols to the burgeoning Klaytn blockchain mainnet.
Pinterest for Web3: Project launches curation ecosystem on Avalanche
CurateDAO launched an Avalanche-based “curate-to-earn” platform where participants can earn by contributing to databases.
How to bake your own DAO at home — With just 5 ingredients!
Decentralized autonomous organizations come in all sizes and flavors. Some can seem sweet; others turn sour. It can be fun and interesting to create one that suits your needs and satisfies your hunger for something new.
We talk to the master chefs — Noam Hof of DeepDAO, Stru Delman of Aragon, and Fabien of Snapshot — who are mixing up new and exciting recipes for participatory goodness that you can bake at home.
A DAO is an online community that collectively controls a cryptocurrency fund to achieve a particular goal — whether buying a copy of the United States constitution or running a DeFi protocol — explains Delman from Aragon, an organization that “midwifes” DAOs and has helped usher almost 4,000 DAOs into existence.
“The idea is attempting to automate as many exchanges between people as possible and making it trustless so you don’t need to trust people,” Delman explains. “This makes it easier to collaborate with people that you meet online or to create a global team.”
You’ll need a good idea and a recipe for how to achieve success. Is it going to have the substance to make a fulfilling meal, or will it collapse like a badly done souffle?
How to bake your own DAO at home — With just 5 ingredients!
Decentralized autonomous organizations come in all sizes and flavors. Some can seem sweet; others turn sour. It can be fun and interesting to create one that suits your needs and satisfies your hunger for something new.
We talk to the master chefs — Noam Hof of DeepDAO, Stru Delman of Aragon, and Fabien of Snapshot — who are mixing up new and exciting recipes for participatory goodness that you can bake at home.
A DAO is an online community that collectively controls a cryptocurrency fund to achieve a particular goal — whether buying a copy of the United States constitution or running a DeFi protocol — explains Delman from Aragon, an organization that “midwifes” DAOs and has helped usher almost 4,000 DAOs into existence.
“The idea is attempting to automate as many exchanges between people as possible and making it trustless so you don’t need to trust people,” Delman explains. “This makes it easier to collaborate with people that you meet online or to create a global team.”
You’ll need a good idea and a recipe for how to achieve success. Is it going to have the substance to make a fulfilling meal, or will it collapse like a badly done souffle?