**Bitcoin Eyes Jackson Hole for Market Cues**
Bitcoin (BTC) hovered around intraday highs on August 23, as traders awaited the U.S. Federal Reserve's Jackson Hole symposium. The spotlight is on Fed Chair Jerome Powell's speech at 10am ET, which could signal future financial policy changes.
Markets are betting on a 100% chance of interest rate cuts starting in September, with debates on whether the cut will be 25 or 50 basis points. However, some experts, like former Fed official Lou Crandall, suggest Powell may not provide clear guidance this early.
Historically, rate cuts haven't guaranteed immediate BTC price jumps. In 2019, BTC saw a slight decline during rate cuts, only to surge later due to the COVID-19 crash and subsequent monetary easing.
Currently, BTC/USD is testing resistance at $62,000. Analysts predict a breakout to $64K-$65K if it surpasses this level, but consolidation if it fails. Traders should stay cautious and conduct their own research.
Sony, Startale Unveil Blockchain Project in Latest Web3 Foray
The Sony Corp. logo hangs at the company's headquarters in Tokyo, Japan, on Wednesday, April 28, 2021. Sony Group Corp. is expected to post an impressive profit for the fiscal year ended March, but investors are expecting the firm to deliver cautious guidance for the current year as many markets move to a post-pandemic phase. Photographer: Toru Hanai/Bloomberg (Toru Hanai/Bloomberg)
(Bloomberg) -- A joint venture between Sony Group and Startale unveiled a new blockchain built on Ethereum, according to a statement.
• Sony Block Solutions Labs, the joint venture, announced the development of a new layer-2 blockchain named Soneium
• Soneium aims to attract app developers spanning sectors including entertainment, gaming and finance, it said in statement
• The project has launched a testnet through a partnership with Astar Network
• NOTE: Sony Rebrands Crypto Business It Purchased From Amber Last Year
BTC Dominance - Altcoins What's The Connection ?
Who remembered this ?? 😎 20 Days ago I warned about BTC.D check the chart and previous update.
Perfect Predicted hit 37.50 and dumping/ soon breakdown this rising wedge then Altcoins will flying... 🚀🗿
If you've been explorimg the crypto world for a bit, you’ve probably heard people talking about “BTC dominance.” But what does it mean, and how does it affect altcoins? Let’s talk about this & explore this connection with Altcoins!!
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What is BTC Dominance?
BTC dominance is a measure of how much of the total cryptocurrency market value (market cap) is made up of Bitcoin. When BTC dominance is high, it means Bitcoin is holding a larger share of the total market compared to other cryptocurrencies, known as altcoins (alternative coins)
How BTC Dominance Affects Altcoins?
1️⃣ When BTC Dominance Increases:
As BTC dominance rises, altcoins often struggle to gain value. Investors may be selling altcoins to buy more Bitcoin, causing altcoin prices to drop or stay stagnant.
2️⃣ When BTC Dominance Decreases:
A decrease in BTC dominance might mean that altcoins are gaining popularity. Investors could be moving their money from Bitcoin into altcoins, which can drive altcoin prices up.
3️⃣ Market Cycles:
Sometimes, we see shifts in dominance depending on the market cycle. For example, during a “bull market” (when prices are generally rising), altcoins might see huge gains as investors look for higher returns outside of Bitcoin now it time to bull market 🐂?
Bitcoin is currently dancing between $60K and $62K, setting the tone for the entire crypto market. With altcoins likely to mirror Bitcoin’s cautious moves, it’s a time of watchful waiting for many traders. This is the kind of moment where the market holds its breath, waiting to see which way the winds will blow.
Market Pulse:
1. Bitcoin’s tightrope walk: Hovering in the $60K-$62K range, Bitcoin is in a consolidation phase. It’s neither soaring nor sinking, leaving traders on edge as they await the next big move.
2. Altcoins following the lead: As Bitcoin sets the pace, altcoins are likely to move sideways too, lacking clear direction until Bitcoin breaks out of its current pattern.
3. Sentiment check: The current lack of strong momentum suggests we’re in a choppy market phase, with reduced trading volumes and no clear trend.
What to Watch:
- Bitcoin’s next leap: A push above $62K or a dip below $60K could trigger major shifts, pulling the rest of the market along with it.
- Altcoin behavior: Keep an eye on whether altcoins continue to mimic Bitcoin’s moves or start to chart their own course—this could signal a change in market dynamics.
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What you need to know before Fed
chairman Powell's speech today.
Markets await Fed chairman Jerome
Powell's speech at Jackson Hole. It is
described as "the most risky speech of the
year".
This talk will take place in an environment
where concerns that the Fed is late for
interest rate cuts are growing and this
situation is increasing the pressure on the
Fed. According to the Washington Post,
Powell will give the riskiest speech of the
year.
Whether the Fed will cut interest rates in
September is no longer a question. What is
not known is whether this interest rate
reduction will be 25 or 50 basis points.
Powell avoided giving important details in
his past Jackson Hole speeches. While
Fed president can give messages that an
interest rate cut will be made in
September, he can stay away from hinting
about the size of the cut.
As of today, the markets predict that the
Fed will reduce interest rates by 100 basis
points by the end of the year. We have
three meetings ahead of us, September,
November and December. Therefore, in
order for the market to be expected, a
discount of 50 basis points is required in
one of these meetings. Fed officials, on
other hand, have closed the door to this
possibility in their speeches so far.
#MtGoxRepayments #PowellAtJacksonHole
Bitcoin Latest! 3 Analysts Pointed to a Single Level in BTC and Warned!
While there are still major fluctuations in the BTC price, it was seen that the price rose above $ 61,000 once again today in the evening hours before Jerome Powell's speech. While this price movement also moves the market, analysts seem to be drawing attention to important price levels.
According to information shared by an analyst of a crypto exchange, Bitcoin seems to be approaching a critical turning point. While it is important for Bitcoin to reach $ 62,000 in a possible way, this situation is a focused level for investors to pay attention to in order to prevent a retest of $ 49,000. Participating and winning has never been easier.. Become a member of BinanceTR from this link and get your first crypto!
Bitcoin is reportedly still trading near its 200-day exponential moving average of $59,500, which provides greater clarity on the latest price data. Kraken's statement includes comments that Bitcoin needs to break through the $62,000 resistance level in order to prevent a possible retest of $49,000.
When we look back at the first days of August, it fell below $50,000 on August 5, known as "Crypto Black Monday", and fell to $48,800 according to Binance data. This level was last seen in February. According to data provided by CoinGlass, the price movement towards $62,000 could be a move contrary to the expectations of many investors in the future, and as a result, $1.04 billion of short positions could be eliminated.
**News Flash: Parity Technologies Unveils Web3 Identity Solution**
Parity Technologies is set to launch a groundbreaking Web3 identity solution called Proof-of-Ink. This innovative system will allow users to verify their digital individuality through unique, algorithmically generated tattoos, ensuring privacy and security.
**Key Details:**
- **Launch Timeline:** Proof-of-Ink is expected to debut in Q4 2024.
- **Mechanism:** Users will receive unique tattoos in a specific body location, verified on the blockchain.
- **Cost:** A small balance of Polkadot (DOT) tokens will be required to prevent spam.
- **Verification:** Users must upload a video of the tattooing process for final proof.
Co-founder Gavin Wood emphasizes the importance of privacy in digital identity, aiming for a decentralized, user-centric internet. This move is seen as essential for mainstream Web3 adoption, providing a secure and private way to establish digital citizenship.
Market data suggests Avalanche (AVAX) is rallying
Avalanche (AVAX) may rally after months of tough adjustments. To confirm a daily timeframe structural change, AVAX broke through important resistance at $22.80 and is now trading at $23.43.
The cryptocurrency has been correcting since its March high, so this move is important. After a protracted fall, AVAX is showing vigor, attracting experts and investors. Many expect a positive increase in the coming months as the coin recovers from its long fall.
AVAX Correction May End
Avalanche has fallen almost 70% from its peak since March. Many experts feel this negative trend may have stopped, allowing a fresh bounce.
AVAX's price behavior inside a 6-month descending channel, a bullish reversal pattern, was noted by crypto analyst and trader Dom from X. Dom says a reversal is proven when the bearish structure breaks at higher periods.
Dom is monitoring the $25 psychological threshold for confirmation. A sustained rise above this level would imply a greater bullish movement and boost AVAX.
Analysts are enthusiastic about the L1 blockchain's future as it recovers. The token's trading around a key signal has the market looking for further optimistic signs.
Before rallying, price must test a key liquidity level. This test will determine if the current upward momentum can be maintained or whether consolidation is required.
At $23.43, Avalanche is challenging the 4-hour (4H) 200 exponential moving average (EMA), a technical indicator not tested since July 29. This level is important because it frequently serves as market barrier. If AVAX consolidates above this 4H 200 EMA, bulls may target $25.88, a significant milestone that might cement the upswing.
If the price fails to close above the 4H 200 EMA, it may challenge the prior high at $22.80. The market will keenly follow AVAX's price activity in the next days for a prolonged climb or a fall. The appropriate momentum might lead to big benefits.
#AVAX #MtGoxRepayments #PowellAtJacksonHole #CryptoMarketMoves $AVAX
{spot}(AVAXUSDT)
⚡️ @AethirCloud $ATH has introduced its strategic six-month roadmap
Aethir unveils its six-month roadmap to transform AI, gaming, and decentralized infrastructure. According to the roadmap, in Q3 2024, Aethir will launch its Cloud Portal, while Q4 2024 will feature @Sophon migration, governance launch, eco-fund launch, incubator/grants Launch, and many other updates. Aethir builds scalable decentralized cloud infrastructure for Gaming & #AI.
👉
$ALPACA
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ALPACA has experienced a significant surge in price, rising from a recent low of 0.13 to a recent high of 0.27, representing a substantial increase. This upward momentum is likely driven by the recent launch on futures, which has injected fresh capital and excitement into the market.
_Key Levels:_
- Support: 0.13 (recent low)
- Resistance: 0.27 (recent high)
_Trend Analysis:_
The short-term trend has turned strongly bullish, with a clear break above the previous resistance level. The price is currently trading near the recent high, indicating a strong positive trend.
_Technical Indicators:_
- Relative Strength Index (RSI): 85 (overbought territory)
- Bollinger Bands: Expanding, indicating increased volatility
ALPACA is experiencing a strong bullish trend, driven by the recent launch on futures. While the RSI is in overbought territory, the price may continue to rise as long as the momentum remains strong. Traders should watch for a potential pullback to the 0.20 level before considering further long positions. The next resistance level to watch is 0.30.
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{future}(ALPACAUSDT)
$PEPE Price Analysis: PEPE Traders Locked on 18% Gains - CoinGape Analytics
Pepe Coin price is in a symmetrical triangle pattern, commonly known as a consolidation or continuation pattern, following a sharp downtrend. This type of pattern indicates indecision in the market, with buyers and sellers reaching equilibrium. The formation suggests that a breakout is imminent, with the price coiling tighter towards the apex of the triangle. Since traders are currently neutral to bullish, PEPE price has a slightly higher chance of breaking to the upside, where it may encounter resistance around 0.00000959. A breakout above this level would be a bullish signal, and further resistance can be expected at around 0.00001000, and beyond that, it is 0.00001200.
The CMF indicates a slight inflow of capital into the market, while the Coppock Curve shows a buy signal after a significant downtrend. This supports a potential bullish breakout. If the daily candle closes above 0.00001000 with increased trading volume, it may confirm the breakout for a longer-term bullish trend with targets around 0.00001200 and beyond, considering the bullish indicators. If bears prevail, Pepe Coin price may find immediate support at the lower boundary of the triangle pattern around 0.00000807. A breakdown below this level could signal a bearish move to 0.00000700, invalidating the bullish thesis.