Crypto Price Today: Bitcoin jumps above $98K ahead of Fed Chair Powell’s testimony; Cardano, Sui surge up The Economic Times
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The Federal Reserve Chairman Jerome Powell’s testimony to the US Senate may have triggered a price surge for Bitcoin (BTC) as the chart suddenly turned green.
Powell Still Uncertain About Inflation Direction
In the last 24 hours, BTC has registered a 2.99% increase and is currently trading for $57,453.86. This is a major breakthrough for the coin considering how much losses it has registered this past week from liquidations. Most of this selling pressure was triggered by Mt.Gox repayment and offloads by the United States and German governments. The new outlook of the coin is believed to be linked with recent conversations surrounding inflation in the US.
As part of his semiannual address to Congress on monetary policy, Federal Reserve Chair Jerome Powell spoke to the Senate Banking Committee on Tuesday. Before this speech, policymakers had requested more evidence that inflation is heading back to the 2% target. Therefore, a handful of them looked forward to Powell’s speech, scrutinizing closely for hints about what it will take to start easing.
For now, all the U.S. central bank chairman has said is that he and his colleagues “want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy.” Powell’s testimony will continue on Wednesday before the House Financial Services Committee.
Beyond Bitcoin, Altcoins Registers Price Gains
It is worth noting that the Fed Chair’s statement reflects a tone of neutrality about interest rates and inflation. Still, it spurred the crypto market towards a positive sentiment.
Besides Bitcoin, other cryptocurrencies also registered gains between 2% to 13%. Ethereum is up by 3.45% and now trading at $3,065.99 although this surge is also fueled by anticipation for spot Ethereum ETF trading approval from the Securities and Exchange Commission (SEC). Solana is currently trading at $141.28 after nabbing a 3.53% surge within the last 24 hours.
PEPE, DOGE, TRON, BONK and SHIB have recorded a 1.92%, 1.60%, 3.28%, 10.35% and 2.02% increase respectively. It is not yet clear how long these digital currencies will sustain the sudden upside. Similarly, no offload has been registered by the German government at this time. Rather, it went ahead to accumulate more BTC. The market may enjoy some peace for now.
Meanwhile, Powell has made it clear that elevated inflation is not the only risk that the United States economy is faced with. He says that holding interest rates too high for too long could impact negatively on economic growth.
Read More: Ethereum Price Analysis Warns $2500 Breakdown As Bearish Pattern Emerges
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto market eagerly awaits the crucial economic indicators and key events that are likely to shape Bitcoin and altcoins trading this week. Notably, the recent weeks have been highly volatile, with Bitcoin price noting a free fall last week. Given the recent governments’ Bitcoin dump and Mt. Gox’s repayment concerns, optimism over both BTC and altcoins seems to have faded.
So, let’s explore the key events that are likely to impact the Bitcoin and altcoins trading next week.
Bitcoin And Altcoins Braces For Key Events This Week
US Inflation Data To Drive Sentiment
The release of crucial U.S. inflation data this week could significantly impact Bitcoin and altcoins trading. On Thursday, July 11, the U.S. Labor Department is expected to release the Consumer Price Index (CPI) and core CPI data. The crypto market would keep a close track of the data as it would likely help set the future stance of the Federal Reserve with their rate-hike plans.
Simultaneously, the U.S. Producer Price Index (PPI) data is expected to be released on Friday, July 12, which would also shed light on the current inflationary pressures in the U.S. Notably, both these CPI and PPI figures are pivotal for the Federal Reserve’s policy rate decisions.
Recently, Fed Chair Jerome Powell indicated that more confidence is needed in inflation trends before easing monetary policy. Considering that Bitcoin and altcoins may face heightened volatility based on these upcoming economic indicators.
Also Read: Why Meme Coins Are Pumping Today?
Fed Chair Jerome Powell’s Testimony
Investors are gearing up for Fed Chair Jerome Powell’s upcoming testimony, a key event expected to influence Bitcoin and altcoin trading this week. Powell’s insights on monetary policy and economic conditions will be closely monitored, as they are likely to impact market sentiment and trading strategies.
This testimony comes at a crucial time, with digital assets showing heightened sensitivity to macroeconomic cues. Market participants anticipate that Powell’s remarks could drive significant shifts in Bitcoin prices and the broader cryptocurrency market.
For context, Fed Chair Jerome Powell is scheduled to give his testimony to the Senate Banking Committee on July 9. Besides, he would be delivering the same testimony to the House Financial Services Committee on July 10.
Where Bitcoin And Altcoins Are Heading?
If the inflation data comes in cooler than expected, the crypto market might witness a robust surge with increasing investors’ confidence. However, if the data suggests that inflation, which has been cooling off lately, is taking another direction, it could dampen the market sentiment.
Meanwhile, Bitcoin along with the altcoins has noted significant selling pressures lately, due to the German and the U.S. Governments’ Bitcoin dump. In addition, Mt. Gox repayment concerns in Bitcoin and BCH have also fueled uncertainty in the market.
However, despite that, several positive indicators might help boost the market sentiment in July. For instance, Bitcoin and other digital assets tend to show a positive performance in July, historical data shows. Although historical data doesn’t guarantee future performance, it has bolstered market confidence.
Simultaneously, the anticipation over the upcoming U.S. Spot Ethereum ETF approval in mid-July would also trigger a rally in the altcoins sector. Despite that, the inflation figures and other macroeconomic factors are likely to impact Bitcoin and altcoins trading this week.
Also Read: Nvidia Agrees With Court Set Date Amid Legal, Market Headwinds
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Last week saw a surge in the crypto market, with major cryptocurrencies like Bitcoin, Ethereum, Solana, and Cardano hitting new highs. However, as investors eagerly anticipate the week ahead, all eyes are on Federal Reserve Chair Jerome Powell’s upcoming testimony to Congress. This testimony holds the potential to sway market sentiment and shape future investment strategies.
Fed Chair’s Testimony and Economic Indicators
Federal Reserve Chair Jerome Powell’s testimony to Congress on March 6 and 7 emerges as a pivotal event in the broader financial landscape, let alone the crypto market. Scheduled amid growing concerns over inflation and potential interest rate adjustments, Powell’s remarks hold significant weight for investors and analysts alike. As the Federal Reserve navigates its policy stance, the testimony offers insights into future monetary decisions.
Besides, next week, several Federal Reserve officials, including Philadelphia Fed President Tom Harker, Vice Chair for Supervision Michael Barr, San Francisco Fed President Mary Daly, and others, are set to speak. Their speeches offer valuable insights into the Fed’s current policy stance regarding interest rates.
The crypto market enthusiasts eagerly await cues from these key figures, as monetary policy decisions greatly influence financial markets and economic outlooks. These scheduled addresses will likely draw attention from market participants, providing clarity on the central bank’s approach to navigating prevailing economic challenges and uncertainties.
In addition to Powell’s testimony and Fed official’s speeches, a slew of economic indicators, including ADP employment data, U.S. job openings, U.S. productivity, and the U.S. unemployment rate, are set to release this week. These indicators provide crucial insights into the current economic health, aiding cryptocurrency market participants in gauging the Federal Reserve’s potential moves at their upcoming meeting.
Also Read: FTX Claim Faces Backlash Over Massive Price Gap For BTC, ETH, SOL, BNB
Recent Crypto Market Trends
Beyond the Federal Reserve’s proceedings, the crypto market enthusiasts are closely monitoring meme coins following last week’s unprecedented surge. Notable gainers like Shiba Inu (SHIB), Floki, and Dogecoin (DOGE), among others, have captured attention, with their meteoric rise last week.
Moreover, Bitcoin ETF inflows from Wall Street players underscore continued institutional interest in cryptocurrencies. However, the Bitcoin ETFs noted an overall outflow on Friday, ending a winning streak of seven days.
In addition, optimism surrounding the upcoming Bitcoin halving, expected in less than 50 days, adds to market sentiment. Historically, halving events have catalyzed Bitcoin rallies, though caution prevails amid warnings of potential corrections. Market pundits urge investors to exercise prudence, considering the crypto market’s inherent volatility and the possibility of short-term retracements.
Meanwhile, as investors navigate the evolving crypto landscape, staying informed and exercising caution remain paramount. While the week ahead holds promise, uncertainty looms, emphasizing the need for vigilance and strategic decision-making in the face of market fluctuations.
Also Read: US Prosecutors Renounce CZ’s Objection to New Bail Conditions
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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BREAKING: SEC Sues Dogecoin Bull Elon Musk, Seeks Testimony On Twitter Purchase | Bitcoinist.com Bitcoinist
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The cryptocurrency sector, particularly Ripple Labs, has been embroiled in a scenario of concern and uncertainty following a contentious exchange between the US Securities and Exchange Commission’s (SEC) chair, Gary Gensler, and the House Financial Services Committee in Congress which could affect the XRP price.
Despite Ripple’s partial legal victory against the SEC, Gensler’s stance remains unchanged, as he emphasized the regulatory body’s determination to pursue an interlocutory appeal in the ongoing case. This has raised further questions and apprehension within the industry.
Congressman Highlights Ripple Case’s Far-From-Over Status
During the hearing, Congressman Stephen F. Lynch expressed his concern about the potential pattern whereby court battles become the norm to determine the classification of individual tokens as securities.
While Gensler did not respond directly, he mentioned the SEC’s filing for an interlocutory appeal, highlighting the regulator’s intent to continue the legal battle. Lynch acknowledged that the case is far from over.
On August 17, Judge Torres granted the SEC’s request to file an interlocutory appeal, granting the regulatory body an opportunity to present a compelling case to the Second Circuit.
However, it’s important to note that this permission only allows the SEC to file the motion for an interlocutory appeal, presenting a significant opening for the regulator to challenge the previous ruling and seek a different outcome.
These recent developments, as highlighted by Congressman Lynch, indicate that the ongoing Ripple case may take considerable time to resolve.
As a result, XRP is likely to remain stagnant, trapped in a consolidation phase, or potentially retracing beyond its current levels. This could potentially push the cryptocurrency to pursue another annual low, extending beyond the $0.4225 mark reached on August 17.
XRP Price Analysis Points To Potential Macro Uptrend
Despite the legal battles and the uncertainty surrounding the current state of the crypto market, some signs might point to a different scenario, where XRP could follow a macro uptrend.
Technical analysis highlights a pattern resembling the last market cycle, which consists of five phases: rise, crash, retrace, reaccumulation, and eventual breakout.
Drawing parallels to previous cycles, many coins have experienced explosive growth beyond their previous all-time highs after the reaccumulation phase.
For instance, Bitcoin went through its reaccumulation phase during the COVID-19 pandemic. Still, due to the ongoing lawsuit, XRP has entered a more prolonged reaccumulation phase in the form of an Elliott wave triangle, similar to the previous cycle.
Currently, the market is in phase E, which suggests a potential retracement upwards, followed by another dip to lower levels. Eventually, there is anticipation for a breakout from this massive triangle, leading to a new all-time high likely to occur next year or the year after.
While some argue that the XRP price fate depends on Bitcoin’s performance, it is worth noting that when comparing XRP to BTC, it is also within an accumulation range and exhibits a bullish outlook. From this perspective, XRP is expected to outperform other alternative coins significantly.
However, for the XRP price to sustain an extended uptrend in the near term, it must overcome significant resistance levels that pose potential challenges. In the immediate time frame, XRP faces a resistance at $0.5132, followed by two additional formidable barriers, which are expected to be particularly challenging in the coming weeks.
XRP’s 50-day and 200-day Moving Averages (MAs) are currently positioned at $0.5194 and $0.5318, respectively. These MAs, once considered reliable support levels, have failed to hold, necessitating a significant catalyst for XRP to surpass them.
This is evident in the chart, depicting the partial victory on July 13, when XRP surged above both MAs. However, since August, XRP has been trading below them.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin and Ethereum prices witness retracements after the Bank of England hiked interest rates by 50 bps to 5% for the 13th straight time and reveals more hikes will come to bring inflation down to the 2% target. The larger-than-expected hike comes after the UK’s annual inflation for May stayed at 8.7% and the core inflation rate rose to 7.1%.
“Bringing inflation down is our absolute priority,” says Bank of England Governor Andrew Bailey, after a surprise 50 bps rate hike to tackle persistent inflation. The Monetary Policy Committee comprising nine members of the Bank of England has voted 7-2 in favor of an increase to 5%, marking the highest level in 15 years and the most significant change since February.
Also Read: Ripple Gets Major Payments Institution License in Singapore, XRP Price To $1
US Federal Reserve Chair Jerome Powell in a testimony to the US House Financial Services Committee on Wednesday revealed that the interest rate pause is temporary. He added that further rate hikes are likely if the US economy maintained its current course.
On Thursday, Powell in testimony to the Senate Banking Committee will make it clear that the Fed is not done hiking interest rates. The market expects two rate hikes by year-end. According to CME FedWatch Tool, the probability of a 25 bps hike at the July 26 FOMC meeting jumped to 75%.
Meanwhile, treasury yields rise as global central banks set to continue hiking interest rates. The US Dollar index (DXY) that fell below 102 is again rising towards 102.50 after BOE rate hikes, which will put some pressure on Bitcoin price.
Read More: Powell Says “Pause” Is Temporary; Expert Reveals Reason Behind Bitcoin, Ethereum, Altcoins Rally
Bitcoin and Ethereum Price To Record Correction
Bitcoin price hit a high of $30,737 in the recent rally, reaching almost to the April high of $31,000. BTC price fell below $30,000 after the Bank of England’s surprise 50 bps rate hike. However, the positive sentiment for Bitcoin to $35k still remains among traders amid accumulation by whales.
Popular analyst Michael van de Poppe predicts consolidation in the $29k-$30k range, with optimal entry at $28,500 after a correction. Price action likely to move this way as Bitcoin has strong resistance at $31,000.
Meanwhile, ETH price also fell to $1900. The 24-hour low and high are $1815 and $1932, respectively. Furthermore, the trading volume increased in the last 24 hours, indicating interest among traders.
Also Read: Elon Musk-Mark Zuckerberg “Cage Fight”: Everything You Need To Know
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP News: Gary Gensler, Chairperson at U.S. Securities and Exchange Commission (SEC) is set to testify before the House Financial Services Committee. The scheduled hearing is titled “Oversight of the Securities and Exchange Commission.” However, the global digital asset market can be seen printing green indexes before the SEC Chair testimony.
Also Read: Key Agendas In SEC Chair Gensler Prepared Testimony Before US House
Crypto Market Turns Green Ahead Of SEC Chair Testimony
As per the data, Bitcoin (BTC), the largest crypto currency price jumped by 3% in the last 24 hours. This helped BTC to regain the $30K price level. Bitcoin is trading at an average price of $30,327, at the press time. Its 24 hour trading volume is up by 2% to stand at $17.7 billion.
The digital asset market cap jumped by more than 2% over the past day. It now stands at $1.28 trillion.
Ripple Labs and its executive have been eagerly waiting for the testimony. Ripple and US SEC have been engaged in a long running legal tussle. Read More XRP News Here…
Also Read: Ripple Facing Trouble Over Its New Project Due To XRP Lawsuit?
As per the data provided by WhaleAlert, more than 115 million XRP (approx worth $60 million) have been moved in multiple transactions over the past 24 hours. The biggest transaction recorded by the tracker has been of accumulating 25.3 million XRP (approx worth $13 million).
Crypto whales bought over 73.4 million XRP tokens (approx worth $37.5 million) in the last 24 hours. However, 48 million XRP tokens (approx worth $25 million) were accumulated from Bitso crypto exchange.
XRP price jumped by 2% in the last 24 hours. XRP is trading at an average price of $0.52, at the press time. Its 24 hour trading volume is up by 6% to stand at $1 billion.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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