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TAO Sees Significant Price Surge
$TAO
According to BlockBeats, on February 20, market data showed that TAO briefly surpassed $430, marking an increase of 18.6% over the past 24 hours. The current price is reported at $425.6.
$TAO
According to BlockBeats, on February 20, market data showed that TAO briefly surpassed $430, marking an increase of 18.6% over the past 24 hours. The current price is reported at $425.6.
SEC Reviews WisdomTree XRP ETF Application
$XRP
According to Odaily, the U.S. Securities and Exchange Commission (SEC) has officially accepted the application for the WisdomTree XRP ETF and is seeking public comments. The SEC has requested that relevant feedback be submitted within 21 days of publication in the Federal Register. The agency has the authority to approve, reject, or initiate further review procedures for the application.
$XRP
According to Odaily, the U.S. Securities and Exchange Commission (SEC) has officially accepted the application for the WisdomTree XRP ETF and is seeking public comments. The SEC has requested that relevant feedback be submitted within 21 days of publication in the Federal Register. The agency has the authority to approve, reject, or initiate further review procedures for the application.
Solana Price Predicted to Reach $520 by End of 2025
$SOL
According to Odaily, despite the recent downtrend, funds and industry key opinion leaders (KOLs) predict that Solana price could reach $520 or higher by the end of 2025.
$SOL
According to Odaily, despite the recent downtrend, funds and industry key opinion leaders (KOLs) predict that Solana price could reach $520 or higher by the end of 2025.
Bitcoin briefly surpassed 57,400 USDT
$BTC
before dropping
According to Odaily, Bitcoin (BTC) experienced a brief spike, surpassing 57,400 USDT before dropping back down. Currently, BTC is trading at 56,856 USDT. The 24-hour decline has narrowed to 0.09%.
$BTC
before dropping
According to Odaily, Bitcoin (BTC) experienced a brief spike, surpassing 57,400 USDT before dropping back down. Currently, BTC is trading at 56,856 USDT. The 24-hour decline has narrowed to 0.09%.
Shibarium Shiba Inu Set For Major Game Update
$SHIB
According to U.Today, Shiba Inu (SHIB) marketing leader LucieSHIB has hinted at a significant update to Shibarium, the layer-2 protocol gaming ecosystem. The announcement, citing SHIB Games' Lead Angel, clarified that all cards created on the Shiba Eternity platform are non-fungible tokens (NFTs) with specific use cases on Shibarium. Angel explained that these NFTs are safely stored in connected smart wallets and will soon be tradeable on the Shib Marketplace, which is expected to launch soon. This development aims to harness Shibarium's untapped potential and deliver the best scaling solutions through continuous behind-the-scenes innovation. The Shiba Eternity game, a Play-2-Earn (P2E) venture, will reward its loyal supporters, including those who have supported the protocol since the Web2 days. While the exact release date for the game has not been revealed, the prospect is generating excitement in the community. Apart from gaming, innovator Shibarium is exploring other initiatives to attract users to layer-2 networks. Despite a general decline in proof of adoption, Shibarium has achieved several milestones, including over 1.8 million wallets registered on-chain, over 5.8 million total blocks, and nearly 418 million transactions. This achievement is expected to boost the Shiba Inu token, which at the time this article was written, was down 0.43% to $0.00001741.
$SHIB
According to U.Today, Shiba Inu (SHIB) marketing leader LucieSHIB has hinted at a significant update to Shibarium, the layer-2 protocol gaming ecosystem. The announcement, citing SHIB Games' Lead Angel, clarified that all cards created on the Shiba Eternity platform are non-fungible tokens (NFTs) with specific use cases on Shibarium. Angel explained that these NFTs are safely stored in connected smart wallets and will soon be tradeable on the Shib Marketplace, which is expected to launch soon. This development aims to harness Shibarium's untapped potential and deliver the best scaling solutions through continuous behind-the-scenes innovation. The Shiba Eternity game, a Play-2-Earn (P2E) venture, will reward its loyal supporters, including those who have supported the protocol since the Web2 days. While the exact release date for the game has not been revealed, the prospect is generating excitement in the community. Apart from gaming, innovator Shibarium is exploring other initiatives to attract users to layer-2 networks. Despite a general decline in proof of adoption, Shibarium has achieved several milestones, including over 1.8 million wallets registered on-chain, over 5.8 million total blocks, and nearly 418 million transactions. This achievement is expected to boost the Shiba Inu token, which at the time this article was written, was down 0.43% to $0.00001741.
Shiba Inu Price Falls Amid Decline in Shibarium Activity
$SHIB
According to KriptoKentang, the price of Shiba Inu (SHIB) experienced a significant decline, namely down 4.5% in the last 24 hours. This decline comes after a significant surge in the last two weeks, where the price of SHIB increased by almost 20%. Currently, SHIB is worth around $0.00001868, based on data from CoinGecko.
The recent price drop coincides with a decline in key metrics within the Shibarium ecosystem. Active accounts on the network decreased from 631 on July 17 to 209 on July 18. Additionally, new daily transactions and blocks processed on the protocol are also experiencing a downward trend. Shibarium, which was launched in August last year, aims to improve the Shiba Inu ecosystem by increasing speed, scalability and reducing transaction fees. Despite achieving some milestones, the recent drop in activity raises concerns about its impact on the SHIB price.
The broader meme coin market is also facing declines, with market capitalization down nearly 2% on the day. Other meme coins such as Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), and Brett (BRETT) also experienced significant losses. However, dogwifhat (WIF) has seen an increase of 3% in the last 24 hours, standing out as a major winner among the top meme coins.
Despite the current downturn, several metrics point to a potential revival for Shiba Inu. According to CryptoQuant, SHIB exchange net flows have been mostly negative over the past seven days. A switch from centralized platforms to self-custody methods is generally seen as bullish, as it reduces immediate selling pressure. As the Shibarium ecosystem continues to develop, its progress will be critical in determining future SHIB price movements.
$SHIB
According to KriptoKentang, the price of Shiba Inu (SHIB) experienced a significant decline, namely down 4.5% in the last 24 hours. This decline comes after a significant surge in the last two weeks, where the price of SHIB increased by almost 20%. Currently, SHIB is worth around $0.00001868, based on data from CoinGecko.
The recent price drop coincides with a decline in key metrics within the Shibarium ecosystem. Active accounts on the network decreased from 631 on July 17 to 209 on July 18. Additionally, new daily transactions and blocks processed on the protocol are also experiencing a downward trend. Shibarium, which was launched in August last year, aims to improve the Shiba Inu ecosystem by increasing speed, scalability and reducing transaction fees. Despite achieving some milestones, the recent drop in activity raises concerns about its impact on the SHIB price.
The broader meme coin market is also facing declines, with market capitalization down nearly 2% on the day. Other meme coins such as Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), and Brett (BRETT) also experienced significant losses. However, dogwifhat (WIF) has seen an increase of 3% in the last 24 hours, standing out as a major winner among the top meme coins.
Despite the current downturn, several metrics point to a potential revival for Shiba Inu. According to CryptoQuant, SHIB exchange net flows have been mostly negative over the past seven days. A switch from centralized platforms to self-custody methods is generally seen as bullish, as it reduces immediate selling pressure. As the Shibarium ecosystem continues to develop, its progress will be critical in determining future SHIB price movements.
Polygon Mainnet Upgrade Scheduled For September 2024
$MATIC
According to PANews, Polygon's mainnet upgrade is set for September 4, 2024, after receiving community approval. This upgrade will transition the native token from MATIC to POL. The testnet migration, starting on July 17, aims to identify and resolve potential issues before the mainnet upgrade. Post upgrade, POL will replace MATIC as the primary token for gas fees and staking.
$MATIC
According to PANews, Polygon's mainnet upgrade is set for September 4, 2024, after receiving community approval. This upgrade will transition the native token from MATIC to POL. The testnet migration, starting on July 17, aims to identify and resolve potential issues before the mainnet upgrade. Post upgrade, POL will replace MATIC as the primary token for gas fees and staking.
Aptos Ecosystem Sees Significant Growth In 2024
$APT
According to CryptoPotato, the Aptos ecosystem experienced extraordinary growth this year. The number of active addresses on the Aptos blockchain more than doubled, increasing from 77,382 on January 16 to 186,685 on July 8. This surge in user activity highlights the expanding reach and adoption of the Aptos network.
Based on data in the Aptos Nansen Growth Dashboard, May 2024 was a pivotal year for Aptos as it processed a record-breaking 117.376 million transactions in a single day. This achievement far surpassed Solana's peak of 31.7 million transactions and set a new high for a Layer 1 blockchain, previously held by Sui Network with 65 million transactions. Additionally, the network's developer base continues to grow, as evidenced by the steady increase in contracts deployed. Key entities in the Aptos ecosystem, such as Echelon Market and Topaz, saw increases in new users, while other entities saw slight declines, likely influenced by broader market conditions. Notably, Amnis Finance, despite a decline in the number of users, has recorded an increase in transactions, indicating improved product-market fit.
Against the backdrop of this growth, Nansen, a leading provider of blockchain analytics and insights, has announced its partnership with Aptos. The main goal is to provide on-chain analysis and data to the Aptos ecosystem. By leveraging the Aptos Nansen Growth Dashboard, users can access important metrics such as active addresses, transaction volume, daily deployment, and the top five entities in the network. This partnership will enable investors, developers and crypto teams to identify areas of user activity, optimize co-marketing opportunities and improve competitor analysis.
$APT
According to CryptoPotato, the Aptos ecosystem experienced extraordinary growth this year. The number of active addresses on the Aptos blockchain more than doubled, increasing from 77,382 on January 16 to 186,685 on July 8. This surge in user activity highlights the expanding reach and adoption of the Aptos network.
Based on data in the Aptos Nansen Growth Dashboard, May 2024 was a pivotal year for Aptos as it processed a record-breaking 117.376 million transactions in a single day. This achievement far surpassed Solana's peak of 31.7 million transactions and set a new high for a Layer 1 blockchain, previously held by Sui Network with 65 million transactions. Additionally, the network's developer base continues to grow, as evidenced by the steady increase in contracts deployed. Key entities in the Aptos ecosystem, such as Echelon Market and Topaz, saw increases in new users, while other entities saw slight declines, likely influenced by broader market conditions. Notably, Amnis Finance, despite a decline in the number of users, has recorded an increase in transactions, indicating improved product-market fit.
Against the backdrop of this growth, Nansen, a leading provider of blockchain analytics and insights, has announced its partnership with Aptos. The main goal is to provide on-chain analysis and data to the Aptos ecosystem. By leveraging the Aptos Nansen Growth Dashboard, users can access important metrics such as active addresses, transaction volume, daily deployment, and the top five entities in the network. This partnership will enable investors, developers and crypto teams to identify areas of user activity, optimize co-marketing opportunities and improve competitor analysis.
StaFi Announces Second Season of rLaunchpad
$FIS
According to Odaily, liquid staking protocol StaFi has announced the opening of the second season of its rLaunchpad initiative. rLaunchpad is a community-based program designed to empower StaFi FIS token holders to select promising Layer1 projects to integrate into the StaFi ecosystem. The second season will follow the same process as the first season, which includes proposal submission, community voting, development evaluation, project launch, and incentive plans.
$FIS
According to Odaily, liquid staking protocol StaFi has announced the opening of the second season of its rLaunchpad initiative. rLaunchpad is a community-based program designed to empower StaFi FIS token holders to select promising Layer1 projects to integrate into the StaFi ecosystem. The second season will follow the same process as the first season, which includes proposal submission, community voting, development evaluation, project launch, and incentive plans.
Meme Coins PEPE and Dogwifhat Soar Over 25% In A Day
$WIF
$PEPE
According to U.Today, meme coins PEPE and Dogwifhat (WIF) have seen significant price increases, surging more than 25% in a single day. At the time of writing, PEPE, a frog-themed cryptocurrency, was up 27.35% in the last 24 hours to $0.00001215 and has risen 34% over the week. PEPE hit an intraday high of $0.0000126, marking its third straight day of recovery. Dogwifhat, a Solana-based dog coin, saw a 24% increase in the last 24 hours to $2.21 and a weekly gain of 31%. WIF hit an intraday high of $2.26 and was on track for its fifth straight day of gains. The surge in PEPE and WIF prices is in line with renewed bullish momentum in the broader crypto market. Bitcoin is currently trading above $63,000, continuing its strong upward trend over the past few days. The bullish trend in major cryptocurrencies such as Bitcoin has had a positive impact on the meme coin sector, with PEPE and WIF being significant beneficiaries. The broader meme coin ecosystem is also on the rise, with FLOKI, BONK, and SHIB posting gains of 19%, 12%, and 8%, respectively, in the last 24 hours. The renewed optimism in the crypto market is due in part to favorable macroeconomic conditions, as investors consider Federal Reserve Chair Jerome Powell's recent statements. Powell indicated that the Fed may not wait until inflation falls to 2% before lowering interest rates, which seems bullish for cryptocurrencies. Another factor contributing to the surge in WIF and PEPE prices is the recent spotlight on these coins. A recent report named these two coins as one of the best performing coins of 2024. According to Forbes, meme coins led by Dogwifhat and PEPE have outperformed Bitcoin, which has risen by 48% year over year.
$WIF
$PEPE
According to U.Today, meme coins PEPE and Dogwifhat (WIF) have seen significant price increases, surging more than 25% in a single day. At the time of writing, PEPE, a frog-themed cryptocurrency, was up 27.35% in the last 24 hours to $0.00001215 and has risen 34% over the week. PEPE hit an intraday high of $0.0000126, marking its third straight day of recovery. Dogwifhat, a Solana-based dog coin, saw a 24% increase in the last 24 hours to $2.21 and a weekly gain of 31%. WIF hit an intraday high of $2.26 and was on track for its fifth straight day of gains. The surge in PEPE and WIF prices is in line with renewed bullish momentum in the broader crypto market. Bitcoin is currently trading above $63,000, continuing its strong upward trend over the past few days. The bullish trend in major cryptocurrencies such as Bitcoin has had a positive impact on the meme coin sector, with PEPE and WIF being significant beneficiaries. The broader meme coin ecosystem is also on the rise, with FLOKI, BONK, and SHIB posting gains of 19%, 12%, and 8%, respectively, in the last 24 hours. The renewed optimism in the crypto market is due in part to favorable macroeconomic conditions, as investors consider Federal Reserve Chair Jerome Powell's recent statements. Powell indicated that the Fed may not wait until inflation falls to 2% before lowering interest rates, which seems bullish for cryptocurrencies. Another factor contributing to the surge in WIF and PEPE prices is the recent spotlight on these coins. A recent report named these two coins as one of the best performing coins of 2024. According to Forbes, meme coins led by Dogwifhat and PEPE have outperformed Bitcoin, which has risen by 48% year over year.
PEPE Token Sees Significant Surge
$PEPE
According to Odaily, the PEPE token experienced a significant increase of almost 27% yesterday. Wave token trading success rate has reached 100%. The big whales, which started accumulating 5.12 trillion tokens on June 1 at an average cost of $0.00001399 per token, are currently facing reduced floating losses. PEPE price is currently at $0.00001245, which significantly reduces whale losses from $3.26 million to $800,000 compared to the low point two weeks ago.
$PEPE
According to Odaily, the PEPE token experienced a significant increase of almost 27% yesterday. Wave token trading success rate has reached 100%. The big whales, which started accumulating 5.12 trillion tokens on June 1 at an average cost of $0.00001399 per token, are currently facing reduced floating losses. PEPE price is currently at $0.00001245, which significantly reduces whale losses from $3.26 million to $800,000 compared to the low point two weeks ago.
Mantra (OM) Hits All-Time High Amid Bullish Sentiment
$OM
According to CryptoPotato, Mantra (OM) has hit a new all-time high of over $1.30, with its market cap surpassing $1 billion. This milestone makes it the 80th largest cryptocurrency by market capitalization. The token experienced a daily increase of 15%, a 70% spike on a monthly basis, and an impressive increase of 5,000% annually.
Analysts are optimistic about OM's future performance. A user named Smith on This pattern is characterized by a U-shaped “cup” followed by a consolidation period resembling a “handle,” with a breakout occurring when price exceeds the resistance level formed by the handle. Another analyst, Crypto Tony, mentioned investing in OM when the price hit $1.05 last week. AltCryptoTalk, which previously predicted a rise in the asset, suggested that OM could reach $1.2 after breaking above the $1.05 resistance level.
Certain metrics also suggest that OM's valuation may continue to improve. The MACD (Moving Average Convergence Divergence) tool, which identifies changes in price strength, momentum, direction and duration, is currently indicating a buying opportunity. TradingView data shows that 13 additional moving averages are flashing buy signals, with only one (Ichimoku Baseline) remaining neutral.
$OM
According to CryptoPotato, Mantra (OM) has hit a new all-time high of over $1.30, with its market cap surpassing $1 billion. This milestone makes it the 80th largest cryptocurrency by market capitalization. The token experienced a daily increase of 15%, a 70% spike on a monthly basis, and an impressive increase of 5,000% annually.
Analysts are optimistic about OM's future performance. A user named Smith on This pattern is characterized by a U-shaped “cup” followed by a consolidation period resembling a “handle,” with a breakout occurring when price exceeds the resistance level formed by the handle. Another analyst, Crypto Tony, mentioned investing in OM when the price hit $1.05 last week. AltCryptoTalk, which previously predicted a rise in the asset, suggested that OM could reach $1.2 after breaking above the $1.05 resistance level.
Certain metrics also suggest that OM's valuation may continue to improve. The MACD (Moving Average Convergence Divergence) tool, which identifies changes in price strength, momentum, direction and duration, is currently indicating a buying opportunity. TradingView data shows that 13 additional moving averages are flashing buy signals, with only one (Ichimoku Baseline) remaining neutral.
Ronin Ecosystem Sees Significant Growth In Daily Active Addresses
$RONIN
According to Odaily, cryptocurrency researcher Nathan reported on X that the Ronin ecosystem has seen a 93.43% increase in daily active addresses (DAA) over the last 26 days. This surge has raised Ronin's ranking from 6th to 2nd, just behind Tron. Key contributors to this growth include the following developments:
Since the launch of Chapter 2, Pixel has seen a strong DAA increase of 232.8%. Additionally, there has been a significant increase in printing and trading activity at Mavis Market, particularly with Moki. Other important contributors to the growth of this ecosystem are Axie Infinity, Apeiron, and Wild Forest, all of which have shown significant increases in their daily active addresses.
$RONIN
According to Odaily, cryptocurrency researcher Nathan reported on X that the Ronin ecosystem has seen a 93.43% increase in daily active addresses (DAA) over the last 26 days. This surge has raised Ronin's ranking from 6th to 2nd, just behind Tron. Key contributors to this growth include the following developments:
Since the launch of Chapter 2, Pixel has seen a strong DAA increase of 232.8%. Additionally, there has been a significant increase in printing and trading activity at Mavis Market, particularly with Moki. Other important contributors to the growth of this ecosystem are Axie Infinity, Apeiron, and Wild Forest, all of which have shown significant increases in their daily active addresses.
Worldcoin Early Contributor Token Lockup Period Extended
$WLD
According to Odaily, market sources have reported that the token lockup period for early contributors to the Worldcoin Tools for Humanity project will be extended.
$WLD
According to Odaily, market sources have reported that the token lockup period for early contributors to the Worldcoin Tools for Humanity project will be extended.
Notcoin Announces Withdrawal Process Maintenance And Fee Reduction
$NOT
According to Odaily, Notcoin has announced on the X platform that it is undergoing maintenance on its withdrawal process. The company expects to complete testing this week, meaning users will be able to receive their Notcoins on Friday.
Additionally, Notcoin has stated that withdrawal fees have been reduced threefold. The company also plans to implement real-time on-chain withdrawals in the future.
$NOT
According to Odaily, Notcoin has announced on the X platform that it is undergoing maintenance on its withdrawal process. The company expects to complete testing this week, meaning users will be able to receive their Notcoins on Friday.
Additionally, Notcoin has stated that withdrawal fees have been reduced threefold. The company also plans to implement real-time on-chain withdrawals in the future.
Pepe Coin Sees Bullish Momentum With Significant Surge
$PEPE
According to U.Today, Pepe (PEPE) is experiencing a bullish trend today. The meme coin has seen an incredible increase of over 62% in its 24-hour trading volume, reaching around $846.23 million. This spike indicates that bulls are starting to take control of the market as PEPE prices rebound after the recent correction.
At press time, Pepe coin was trading at $0.000009454, reflecting a notable surge of 5.61% in the last 24 hours. Additionally, the coin's market capitalization has increased by 5.59% to $3.98 billion, making PEPE the 25th largest coin in terms of market capitalization. However, it is important to note that the price of the Pepe token has fallen by 21.07% over the last 30 days. The crypto market experienced a severe crash in recent weeks, with PEPE also experiencing difficulties. However, the downward trend in the crypto market seems to have ended, leading to a significant recovery in the current price of Pepe.
Although PEPE coin has surged by 5.61% today, there are further indications of a potential price increase. According to TradingView data, the meme coin is trading above the 200-day Simple Moving Average (SMA). This level serves as a support level for PEPE and indicates that the token is bullish in the long term. The 200-day SMA usually indicates the long-term market movement of a coin, and despite daily market volatility, it highlights that the meme coin is in a bullish trend in the broader view.
Additionally, PEPE's Relative Strength Index (RSI) supports this technical analysis. Currently Pepe's RSI is at level 44.9. Notably, RSI in the 40-50 range acts as a support zone for a coin, indicating that it is in a bull market despite short-term volatility. Overall, these technical indicators confirm the bullish trend for Pepe token.
$PEPE
According to U.Today, Pepe (PEPE) is experiencing a bullish trend today. The meme coin has seen an incredible increase of over 62% in its 24-hour trading volume, reaching around $846.23 million. This spike indicates that bulls are starting to take control of the market as PEPE prices rebound after the recent correction.
At press time, Pepe coin was trading at $0.000009454, reflecting a notable surge of 5.61% in the last 24 hours. Additionally, the coin's market capitalization has increased by 5.59% to $3.98 billion, making PEPE the 25th largest coin in terms of market capitalization. However, it is important to note that the price of the Pepe token has fallen by 21.07% over the last 30 days. The crypto market experienced a severe crash in recent weeks, with PEPE also experiencing difficulties. However, the downward trend in the crypto market seems to have ended, leading to a significant recovery in the current price of Pepe.
Although PEPE coin has surged by 5.61% today, there are further indications of a potential price increase. According to TradingView data, the meme coin is trading above the 200-day Simple Moving Average (SMA). This level serves as a support level for PEPE and indicates that the token is bullish in the long term. The 200-day SMA usually indicates the long-term market movement of a coin, and despite daily market volatility, it highlights that the meme coin is in a bullish trend in the broader view.
Additionally, PEPE's Relative Strength Index (RSI) supports this technical analysis. Currently Pepe's RSI is at level 44.9. Notably, RSI in the 40-50 range acts as a support zone for a coin, indicating that it is in a bull market despite short-term volatility. Overall, these technical indicators confirm the bullish trend for Pepe token.
Federal Reserve Chair Jerome Powell's Statement Impacts Crypto Markets
$FLOKI
According to U.Today, Federal Reserve Chair Jerome Powell recently made statements that could impact the cryptocurrency market. On Monday, Powell said that the central bank would not wait until inflation reaches 2% before cutting interest rates. Speaking at the Economic Club of Washington, D.C., Powell explained that central bank policy operates with 'long and variable lags,' which is why the Fed will not wait until its targets are met. He emphasized that the Fed was seeking 'greater confidence' that inflation would return to 2%.
Powell clarified at the start of his speech that he did not intend to signal when the Fed would start lowering interest rates. The central bank's next policy meeting is scheduled for late July, and other Fed officials are expected to deliver speeches this week. Investors are also looking forward to the latest retail sales data as well as import and export prices on Tuesday.
The cryptocurrency market has shown mixed reactions amid profit-taking after a bullish start to the week. Nonetheless, most cryptocurrencies remained in the green as investors weighed Powell's comments on the economic outlook and interest rates. Several cryptocurrencies and meme coins have posted significant gains, with Dogwifhat (WIF) and Floki (FLOKI) up 20.35% and 18.4%, respectively, in the last 24 hours. The frog-themed PEPE cryptocurrency saw an increase of 23% in the same period.
Meanwhile, Bitcoin rose 0.46% in the last 24 hours to $63,166, hitting a nearly one-month high of $65,025 today. Fluctuating US interest rate cut expectations have previously dampened demand for risk assets, causing Bitcoin to fall to lows last seen in February. Powell's recent statement raising the prospect of lower interest rates appears to have a positive impact on the crypto market.
$FLOKI
According to U.Today, Federal Reserve Chair Jerome Powell recently made statements that could impact the cryptocurrency market. On Monday, Powell said that the central bank would not wait until inflation reaches 2% before cutting interest rates. Speaking at the Economic Club of Washington, D.C., Powell explained that central bank policy operates with 'long and variable lags,' which is why the Fed will not wait until its targets are met. He emphasized that the Fed was seeking 'greater confidence' that inflation would return to 2%.
Powell clarified at the start of his speech that he did not intend to signal when the Fed would start lowering interest rates. The central bank's next policy meeting is scheduled for late July, and other Fed officials are expected to deliver speeches this week. Investors are also looking forward to the latest retail sales data as well as import and export prices on Tuesday.
The cryptocurrency market has shown mixed reactions amid profit-taking after a bullish start to the week. Nonetheless, most cryptocurrencies remained in the green as investors weighed Powell's comments on the economic outlook and interest rates. Several cryptocurrencies and meme coins have posted significant gains, with Dogwifhat (WIF) and Floki (FLOKI) up 20.35% and 18.4%, respectively, in the last 24 hours. The frog-themed PEPE cryptocurrency saw an increase of 23% in the same period.
Meanwhile, Bitcoin rose 0.46% in the last 24 hours to $63,166, hitting a nearly one-month high of $65,025 today. Fluctuating US interest rate cut expectations have previously dampened demand for risk assets, causing Bitcoin to fall to lows last seen in February. Powell's recent statement raising the prospect of lower interest rates appears to have a positive impact on the crypto market.
Ripple CEO Celebrates Anniversary of SEC XRP Decision, SHIB Pattern Anticipated, Michael Saylor Warns German Bitcoin Community
$XRP
$SHIB
According to U.Today, Ripple CEO Brad Garlinghouse marked the one-year anniversary of the landmark court decision that declared XRP is not a security. On July 13, 2023, the court decision was a watershed moment for Ripple and the broader cryptocurrency industry. Garlinghouse took to the X platform to reflect on the win, criticizing the SEC's efforts to cripple the crypto sector through lawsuits and intimidation. He emphasized that the SEC's actions were wrong then and remain wrong now.
In other news, Shiba Inu (SHIB) fans are closely monitoring the token's charts as it approaches a significant moving average crossover for the first time in 2024. Data from TradingView shows that the 50-day and 200-day daily simple moving averages (SMAs) ) will gather soon. This convergence can produce a golden cross, which indicates a potential uptrend, or a death cross, which indicates a possible downtrend. The outcome is still uncertain, and SHIB traders are patiently waiting for the pattern to form.
Additionally, Michael Saylor, co-founder of MicroStrategy and a prominent Bitcoin advocate, issued an important warning to the German Bitcoin community. In a recent X post, Saylor urged German BTC holders not to sell their Bitcoin, writing in German, "Du verkaufst deine Bitcoin nicht." This message comes in light of the release of 50,179 BTC by the German government, worth around $3.3 billion, according to Lookonchain data. Saylor had previously issued a similar warning to the global Bitcoin community during a period of market decline.
$XRP
$SHIB
According to U.Today, Ripple CEO Brad Garlinghouse marked the one-year anniversary of the landmark court decision that declared XRP is not a security. On July 13, 2023, the court decision was a watershed moment for Ripple and the broader cryptocurrency industry. Garlinghouse took to the X platform to reflect on the win, criticizing the SEC's efforts to cripple the crypto sector through lawsuits and intimidation. He emphasized that the SEC's actions were wrong then and remain wrong now.
In other news, Shiba Inu (SHIB) fans are closely monitoring the token's charts as it approaches a significant moving average crossover for the first time in 2024. Data from TradingView shows that the 50-day and 200-day daily simple moving averages (SMAs) ) will gather soon. This convergence can produce a golden cross, which indicates a potential uptrend, or a death cross, which indicates a possible downtrend. The outcome is still uncertain, and SHIB traders are patiently waiting for the pattern to form.
Additionally, Michael Saylor, co-founder of MicroStrategy and a prominent Bitcoin advocate, issued an important warning to the German Bitcoin community. In a recent X post, Saylor urged German BTC holders not to sell their Bitcoin, writing in German, "Du verkaufst deine Bitcoin nicht." This message comes in light of the release of 50,179 BTC by the German government, worth around $3.3 billion, according to Lookonchain data. Saylor had previously issued a similar warning to the global Bitcoin community during a period of market decline.
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