![]() “Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space,” says Ben Caselin, head of research and strategy at cryptocurrency exchange AAX. But experts say that its popularity should not be ignored since it reflects the behaviors of a new, growing class of cryptocurrency traders. Before SHIB was added to the trading platforms this week, its trading volume maxed out at just over $500 million in a single day, and as recently as January its daily trading volume was lower than $1.įor now, SHIB may be a “meme coin” and have little to no underlying value or use cases. SHIB’s 24-hour trading volume is over $8 billion, and it has a market capitalization of over $11 billion, according to. ![]() Chinese traders have helped propel SHIB’s rise, with the Chinese-founded exchange Huobi, which is popular among Chinese traders, handling the largest share of SHIB’s trading volume in recent days. Bitcoin double top, 1-week chart | Source: BTCUSD on TradingView.The Shiba Inu coin, launched less than a year ago and named after the dog breed, is a cryptocurrency that trades as SHIB and champions itself as the “Dogecoin killer.” A single SHIB coin is nearly worthless-less than $0.000029 as of Wednesday-but its trading surged this week after it was added to cryptocurrency trading platforms OKEx and Binance. A successful retest of the neckline, around $24,200, might indicate the bottom of Bitcoin’s current correction.Īt press time, Bitcoin traded at $25,692. However, it’s important to note that BTC could find earlier support at the neckline of the inverse head and shoulders pattern on Bitcoin’s weekly chart which played out in mid-March this year. Turn $26,000 into new resistance and BTC could tumble towards the $22,000 region. This move is seen as the first step towards confirming a double top formation. Yesterday’s weekly close of the Bitcoin price below the $26,000 mark has sparked concerns among market analysts. Extra: BTC Price Double Top Confirmation? The forecast for August stands at 1.2%, up from July’s 0.8% year-over-year. PPI data will be released on Thursday at 8:30 am ET. The Producer Price Index (PPI) is another key metric to watch, as it often precedes the CPI. However, any unexpected spikes in the CPI could potentially sway the narrative. The US central bank, which has consistently emphasized its “data-dependent” approach, is widely expected to maintain borrowing costs within the range of 5.25% to 5.50%. ![]() With the Federal Reserve’s policy meeting scheduled for September 19-20, the CPI data will undoubtedly play a crucial role in shaping discussions. He stated via Twitter, “if YoY CPI is pushing 4.0% by September (reported in mid-October), I cannot see how the Fed pauses from raising rates, and any 2024 rate cut is out of the question.”īianco’s comments underscore the gravity of the situation. Jim Bianco, a renowned analyst from Bianco Research LLC, weighed in on the importance of the upcoming data. Related Reading: From Oil To Bitcoin: Oman Plans To Capture 7% Of Hashrate By June 2025 A primary driver behind these adjustments has been the recent surge in gasoline prices, which often plays a pivotal role in influencing consumer price movements. Furthermore, their projection for September’s CPI stands at 0.45%, pushing the YoY to an even more significant 3.91%. Their updated forecast suggests a YoY of 3.82% for August, a notable uptick from previous estimates. The Cleveland Fed’s recent adjustments to their projections have further intensified the spotlight on the CPI data. These figures are particularly noteworthy given the ongoing discussions about inflationary pressures and their potential impact on monetary policy. The YoY inflation rate (release at 8:30 am ET) is anticipated to rise from 3.2% to 3.6%, while the Core Inflation Rate YoY is projected to recede from 4.7% to 4.3%. The United States is gearing up for a significant economic data release this week, with the Consumer Price Index (CPI) for August taking center stage. The court will review these propositions on September 13th. According to the plan, FTX seeks allowance to sell up to $100 million worth of tokens per week, and could be increased to $200 million on an individual token basis. ![]() Market participants are wary of the potential selling pressure this might exert on the market.įTX’s proposal from late August suggests appointing Galaxy Digital, led by Mike Novogratz, to oversee the sale and management of these assets. They will be seeking approval to liquidate $3.4 billion in Bitcoin and other crypto assets. #3 FTX Seeks Liquidation Approval (Wednesday)įTX, the now-bankrupt crypto exchange, is set to appear in Delaware Bankruptcy Court on September 13th.
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