From economist pushing the Fed to cut rates to analysts going bullish on Bitcoin price this year, here is a 2-minute breakdown of everything important that happened in crypto today.
Fear is still gripping the market as the Fear and Greed Index is stuck at 39.
Despite the doom and gloom, there's a glimmer of hope on the horizon.
Most cryptocurrencies have shown signs of life in the past 24 hours, with Bitcoin making its way back to $55K.
But are we witnessing a genuine recovery, or is this just a brief pit stop on the way down? Let’s dig into what happened in crypto today to make sense of it all!
Here's your TLDR:
- Jeremy Siegel's pushing for aggressive Fed rate cuts. Any chances of the Fed slashing rates soon? 🚀
- Capula Management invested $418 million in spot Bitcoin ETFs. What kind of price impact can these investments have in the long run? 💼
- Bernstein analysts are bullish on Bitcoin's Q3 prospects. What events do they want us to look out for? 🤔
- Solana meme coins are not looking good. But what about TON’s meme coins? How are they doing? 😕
- Trump's preaching HODLing. How does he plan to use crypto if elected? 🗳️
Now, let's dive in!
Aggressive Fed Rate Cuts
Jeremy Siegel, a top economist, is urging the Federal Reserve to slash interest rates quickly. He's suggesting a 0.75% cut now and another 0.75% cut next month.
But what does it mean?
When interest rates are high, it's expensive to borrow money. This often leads to less spending and investing, which can slow down the economy. High rates also make "safer" investments like bonds more attractive, potentially drawing money away from riskier assets like crypto.
Siegel thinks rates should be much lower - between 3.5% and 4%, instead of the current 5.25% to 5.5%. He's worried about weak job numbers and the risk of a recession.
These economic fears have already hit crypto hard, with Bitcoin falling below $50,000 recently.
So what are the chances the Fed’s gonna slash interest rates soon? Read the full story!
TradFi Giant Highly Bullish on Bitcoin
Capula Management, a London-based hedge fund, has made a significant move into the crypto space. They've invested over $418 million in spot Bitcoin ETFs, according to a recent SEC filing.
These funds have been a hit, attracting substantial institutional interest. They've collectively amassed tens of billions in Bitcoin holdings.
Capula's move aligns with a growing trend.
But who else is investing in these ETFs and what kind of price impact can these investments have in the long run?? Read the full story!
You can also track Bitcoin ETF inflows and outflows to improve your investment strategy!
Events Crypto Traders Should Look Out For
Bernstein analysts are maintaining a positive stance on Bitcoin's Q3 prospects, despite recent market turbulence.
Their latest report attributes the weekend's correction to broader economic concerns rather than crypto-specific issues.
The analysts remain optimistic about Bitcoin's long-term potential, citing ongoing institutional adoption trends.
They have also highlighted key events crypto investors should look out for. Read the full story!
Meme Coins Are Not In a Good Shape
Solana's having a rough week, hitting $110 on Monday - a low not seen since March.
But it's Solana's meme coins that are really feeling the heat.
Dogwifhat (WIF), once the darling of the Solana ecosystem, has dipped 40% in a week. Trading at $1.40, it's a far cry from its March peak of $4.58.
WIF's market value has shrunk by over $1 billion, leading losses among the top 100 cryptocurrencies.
Cat-themed meme coins on Solana have been hit particularly hard.
MEW and POPCAT saw Monday drops of 27% and 34% respectively.
POPCAT's fall is especially dramatic, coming right after its mid-July all-time high of $0.98.
But what about TON’s meme coins? How are they doing? Read the full story!
Trump Is Preaching HODLing
Donald Trump's latest comments on Bitcoin and cryptocurrency are making waves. The former president is urging the current administration not to sell off U.S. Bitcoin holdings, emphasizing the importance of digital asset innovation.
Trump's concerns extend beyond just holding Bitcoin.
Whom has he approached with his ideas and how many politicians are supporting his theory? Read the full story!
And that’s a wrap! See you tomorrow with new stories and a quick market analysis.
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