Republican

Ethereum

Donald Trump

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/crypto-markets-overcome-major-fears" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Markets Overcome Major Fears</a><br></p>
<p style="text-align: justify">The month of June was fraught with challenges, and the start of July appeared equally grim for cryptocurrency markets. Investors were particularly concerned about the selling pressure resulting from the MtGox returns, an event that had left the markets anxious for years. These returns, processed through Kraken and Bitstamp, concluded without causing the anticipated upheaval, allowing investors to breathe a sigh of relief.</p>
<h2 id="why-did-altcoins-rise">Why Did Altcoins Rise?</h2>
<p style="text-align: justify">With most of the MtGox returns completed and <a href="https://en.bitcoinhaber.net/bitcoins-upcoming-halving-a-potential-surge-to-120000" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> maintaining a value above $69,000, short-term fears have diminished, offering long-term reassurance to investors. Another driving force behind the surge in Ethereum and other altcoins was the unexpected positive statements made by Donald Trump at the Bitcoin 2024 conference in Nashville.</p>
<p style="text-align: justify">On July 29, the price of Ethereum increased by almost 4%, nearing the $3,400 mark. Trump’s promises to hold Bitcoin assets in reserves and the legislative proposal by Republican Senator Cynthia Lummis for the US Treasury to accumulate 1 million BTC within five years also buoyed investor confidence.</p>
<h2 id="what-does-the-future-hold-for-crypto">What Does the Future Hold for Crypto?</h2>
<p style="text-align: justify">Trump’s moves aim to prevent China and European countries from taking the lead in crypto <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">innovation</a>. This strategy could result in the end of the aggressive crypto crackdown seen during the Biden administration, benefiting crypto investors regardless of the election outcome. However, Trump’s promises are likely to sway crypto-investor voters in his favor.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">Investors can derive several actionable insights from the current market situation:</p>
<ul>
 <li>Completion of MtGox returns has reduced market anxiety.</li>
 <li>Trump’s positive stance on crypto can lead to investor-friendly policies.</li>
 <li>Interest rate cuts expected in the near term may further support crypto prices.</li>
 <li>A breakout for ETH at $3,460 could lead to a new test at $3,600.</li>
</ul>
<p style="text-align: justify">The Federal Reserve’s upcoming <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rate</a> decision on July 31, along with the recent balanced economic data, has led experts to anticipate a more dovish tone. Former New York Fed President William Dudley and economist Mohamed El-Erian have suggested that aggressive interest rate cuts are necessary, as high rates could pose significant problems. This macroeconomic optimism is likely to buoy the cryptocurrency market further.</p>
<p style="text-align: justify">Significant recovery in Ethereum prices will likely bolster the rise of altcoins. The funding rate for Ethereum futures has increased, and open interest has decreased, indicating a retreat by short sellers. A key resistance point for Ethereum is $3,460, with a potential breakout possibly leading to a test of $3,600 and targeting $4,094.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/crypto-markets-overcome-major-fears" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Markets Overcome Major Fears</a></h5>

Crypto Markets Overcome Major Fears

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Інші статті, опубліковані 29 лип. 2024 р.

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