đ Bitcoin Bulls Charge Toward $62K as Fedâs Minutes Triggers Market Frenzy
Bitcoinâs price hit $61,838 per coin by 3:45 p.m. EDT on Wednesday, after spending much of the day lingering below the $60,000 mark. The crypto market mirrored the upward movement seen in the S&P 500 and Nasdaq, which both rallied just before the closing bell. This newfound optimism is largely being credited to the Federal Reserveâs minutes report, hinting at a likely rate cut next month.
đž Fedâs Rate Cut Tease Ignites Mini Bitcoin Spike
The release of the Federal Reserveâs minutes brought a wave of positivity, with markets reacting favorably. The report mentioned that a âvast majorityâ of Federal Open Market Committee (FOMC) members believed that if economic data remains consistent, âit would likely be appropriate to ease policy at the next meeting.â Following this news, equity markets rebounded, and all four U.S. benchmark indices closed in the green, with the Russell 2000, S&P 500, and Nasdaq leading the charge.
Globally, the crypto market swelled to $2.16 trillion, marking a 2.32% increase over the past day. Bitcoin (BTC) climbed to an intraday peak of $61,838 per coin, and as of Wednesday, the top crypto asset has gained 3.4% against the U.S. dollar. Ethereum (ETH) also experienced a lift, though more modest, rising 1.66% during the dayâs trading sessions. Over the past week, BTC is up 4.11%, while ETH remains down by 0.9%.
Due to this uptick, $13.65 million in BTC short positions were liquidated within the past four hours. During the same period, $4.66 million in ETH shorts were wiped out as well. So far today, $22.93 million in BTC shorts have been cleared, along with $8.78 million in ETH shorts. However, ETH took a heavier hit on the long side, with $16.55 million in ether long positions getting wiped out.
In total, $104.76 million in derivatives positions were liquidated, with $57.56 million of those being short positions.
#BTC #Bitcoin
{spot}(BTCUSDT)
Is There Going to Be a New Rally in the FLOKI Price?
The top-performing large-cap doge-themed currency over the last seven days is Floki ($FLOKI), a meme coin and soon-to-be trading bot named after Elon Musk's pet Shiba Inu.
Over the last day, $FLOKI lost 3.8% of its value, trading at $0.0001235.
With losses of 1.1% for Dogecoin ($DOGE), 0.7% for Shiba Inu ($SHIB), 3% for DogWifHat ($WIF), and 3.4% for Bonk ($BONK), these intraday losses are more severe than those of its competitors. Pepe ($PEPE), the largest meme currency that is not Doge, fell by 3.5 percent.
On the other hand, Floki's price has done very little movement over the last week. Except for $DOGE and $SHIB, which fell 2% and 1%, respectively, the aforementioned coins all fell by little over 6% this week.
According to these seven-day indicators, Floki is now outperforming Bitcoin ($BTC).
With a 2.8% weekly loss, the leading digital assetâwhich often dictates market patterns for the remainderâis now trading at $59,441.
The colored lines below represent the current price of $F$FLOKI kens relative to its support and resistance levels, respectively. The token is trading within a tight margin of these two levels.
The token's price has dropped 64% since early June, when it hit a new all-time high of $0.0003449.
Floki has been struggling to identify the subsequent leg above $0.000125 since the market meltdown on August 5th.
Even while those anticipating a price reversal may have to wait a little longer, Floki's relative strength index (RSI) of 49 and falling suggests the cryptocurrency will maintain its strong performance throughout the weekend.
All recognized cryptocurrencies will have a hard time attracting new investors due to the combination of a war-heavy news cycle, the possibility of more conservative fiscal policies from The Fed, and the prevalence of elections.
#FLOKI #MtGoxRepayments #PowellAtJacksonHole $FLOKI
{spot}(FLOKIUSDT)
$BTC Price Aims for Steady Increase: Is a Gradual Rise Ahead? - NewsBTC Analytics
Bitcoin price remained stable above the $58,500 pivot level. BTC formed a base and started a steady increase above the $60,000 resistance zone. The price climbed above the $60,200 and $60,500 resistance levels.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low. The current price action is positive and seems like the bulls could aim for more gains above the $60,800 resistance zone.
Bitcoin is now trading above $60,200 and the 100 hourly Simple moving average. The price is now consolidating near the 50% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low.
On the upside, the price could face resistance near the $60,800 level. The first key resistance is near the $61,800 level. A clear move above the $61,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $62,000.
A close above the $62,000 resistance might spark more upsides. In the stated case, the price could rise and test the $63,500 resistance.
If Bitcoin fails to rise above the $61,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,200 level. The first major support is $59,800. The next support is now near the $58,500 zone. Any more losses might send the price toward the $58,000 support zone or even $57,500 in the near term.
$DOGE $SHIB $TRX @carv_official
đ„ Shiba Inu: AI Sets SHIB Price for August 31, 2024: đ±đ±đ±đđđâââ
( Learn about CARV protocol )
âŠïž First go to my profile Cast your today vote get 5$ per vote , 70$ in total âŠïž
đą The Shiba Inu (SHIB) network has endured a tumultuous month. The meme coin witnessed a 21% drop over the past 30 days. As a result, the holders of the asset hope that SHIB ends the month on a relatively bullish note.
âąAt press time, SHIB was trading at $0.00001406, following a 2.36% increase over the past 24 hours. The meme coin is trying to reverse the bearish trend it was caught up in throughout the month.
đ„ SHIB Price Prediction for August 2024:
Recent data reveals that Shiba Inu is expected to end this month relatively positively. According to Changelly, SHIB will witness a triple-digit surge this week.
đ The meme coin will close the month at a high of $0.00002170 following a 56% rise from its current levels.
đ„đ„đ„ CARV PROTOCOL: DECENTRALIZED DATA MANAGEMENT:
CARV Protocol is a blockchain-based platform that empowers individuals and organizations to own, control, and monetize their data. It provides a decentralized data management solution, ensuring data security, privacy, and integrity.
đ„BENEFITS OF CARV PROTOCOL:
âąDATA OWNERSHIP: Individuals and organizations retain control over their data.
âą SECURITY: Advanced cryptography and blockchain technology ensure data protection.
âą TRANSPARENCY: Transparent data management and transactions foster trust.
âą DATA MONETIZATION: Users can profit from their data, creating new revenue streams.
âą DECENTRALIZED: Data stored on a decentralized network, eliminating single-point failures.
âą INNOVATION: Enables new business models and opportunities through
#CARVingTheFutureOfData
#BinanceBlockchainWeek
#BinanceSquareCreatorAward
#shiba⥠#MtGoxRepayments
@NisaTraders829
[VOTE AND EARN 5 DOLLARS](https://app.binance.com/uni-qr/cpro/CryptoPrincess?l=en&r=359246578&uc=app_square_share_link&us=more) đžđ
Indian Government Panel to Roll Out Crypto Consultation Paper, in a Broader Regulatory Push â Report
The crypto consultation paper will be launched between September-October, 2024.
The Indian government is reportedly planning to roll out crypto consultation paper in September-October 2024, per a local report.
CNBC reported on Thursday that an exclusive panel led by the Secretary of the Department of Economic Affairs (DEA) will release the consultation paper. The paper will seek comments from industry players and stakeholders regarding the regulatory treatment of crypto assets in India.
Sources noted that the move aims to foster the governmentâs âongoing effortsâ to bring a regulatory clarity to crypto assets.
The news arrives weeks after Indiaâs Ministry of Finance said no plans to regulate the sale of crypto assets. However, it said that Virtual Digital Asset Service Providers (VDASPs) are reporting entities for anti-money laundering (AML) purposes.
Last year, the Financial Stability Board (FSB) advanced policy and regulatory recommendations for cryptos, which were incorporated into the G20 roadmap.
The countryâs Finance Ministry also announced to consider country-specific characteristics and risks before implementing any crypto regulatory measures. As reported earlier, the countryâs Finance Minister highlighted the global cooperation on crypto policy regulations at the G20 Finance Minister-Central Bank Governor meeting in Maracas (Morocco), held under Indiaâs presidency.
In a previous conversation with Cryptonews, Saravanan Pandian, Founder and CEO of KoinBX crypto exchange, said that thereâs âcertainly potential for positive change in Indiaâs crypto policy in the near future.â
Indiaâs crypto policy framework goals indicate âwillingness to engage with the growing importance of crypto assets,â he added. $BTC #laraxen #LaraxenFamily #Laraxenteam
{spot}(BTCUSDT)
Understanding Exchange Coins
In the ever-evolving world of cryptocurrency, exchange coins have emerged as key players, offering unique benefits within the ecosystems of cryptocurrency exchanges. These coins, also known as exchange tokens, provide users with a range of advantages, from trading fee discounts to exclusive platform features. They offer various utilities, making them integral to the operation and growth of these exchanges.
Key Functions of Exchange Coins:
1. Trading Fee Discounts: One of the most popular uses of exchange coins is to reduce trading fees. For instance, Binance Coin (BNB) allows users to enjoy lower fees when trading on the Binance exchange, making frequent trading more cost-effective.
2. Staking Rewards: Users can earn rewards, adding an extra layer of incentive for holding these assets.
3. Exclusive Features and Services: Holding exchange coins often unlocks access to premium features, such as enhanced customer support or participation in Initial Exchange Offerings (IEOs), where new tokens are sold directly through the exchange.
4. Additional Uses: Some exchange coins also serve other purposes, like acting as collateral for loans, enabling cross-platform transactions, or functioning as a base trading pair. However, these uses are less common.
Exchange Tokens vs. Exchange Coins
While the terms "token" and "coin" are sometimes used interchangeably, they have distinct meanings:
â Exchange Coins: These are native cryptocurrencies of their own blockchains. For example, BNB is not only a coin within the Binance ecosystem but also the native currency of the BNB Smart Chain, where itâs used for paying gas fees.
â Exchange Tokens: These are typically built on existing blockchains according to specific token standards. For instance, KuCoin Token (KCS) is an ERC-20 token on the Ethereum blockchain, tailored for the KuCoin exchange.
#EDUCATIONAL_POST
Based on our technical indicators, Toncoin's 200-day SMA will rise in the next month and will hit $âŻ7.20 by Sep 21, 2024. Toncoin's short-term 50-Day SMA is estimated to hit $âŻ10.29 by Sep 21, 2024.
The Relative Strength Index (RSI) momentum oscillator is a popular indicator that signals whether a cryptocurrency is oversold (below 30) or overbought (above 70). Currently, the RSI value is at 49.39, which indicates that the TON market is in a neutral position.
#tonecoin #MarketDownturn #TONonBinance #Write2Earn #BecomeCreator $TON
{spot}(TONUSDT)
The KING $BTC
$BTC is a decentralized digital currency created by an anonymous person or group known as Satoshi Nakamoto. It operates on a peer-to-peer network using blockchain technology, which is a distributed ledger that records all transactions. Unlike traditional currencies, $BTC is not controlled by any government or central authority, and its supply is capped at 21 million coins. Transactions are verified through a process called mining, which involves solving complex mathematical problems. Bitcoin is often used for investment and as a medium of exchange, although its value can be highly volatile.
{spot}(BTCUSDT)
Ironically, this is the exact same reason why utility season is practically guaranteed to come back.
At some point people will get fed up with all the rugs and high failure potential of memes left and right that they just realize it's not worth it.
Again, there will always be a few runners in a sea of millions of tokens.
But it likely won't stay a narrative like "meme season" any longer where people think only memes is the way to go.
I could still see the appeal in the future though.
But only in a scenario like:
"Hey we are Burger King and we are doing a free 100% supply Burger meme giveaway in celebration off ..."
Something totally different at least than:
"Yo, this anon dev made the next samurai Cat token!"
We all hope it runs but that's just a needle in a haystack on top of the dev just being able to run away any single moment.
Memes could have a place here but not for speculative trading as the edge is very far away to be found.
"Yo, why you think this meme coin is great vs the others?"
You don't know? This dev is really cooking! It's not just any other meme coin.
It's the second creation of the Cat token and we all know how the first one did!
See where I'm going with this?
"Yo, did you see it on the news? A person that lives in the village next to me won the lottery! We know how rich he got so I'm bound to be as well!"
Again, there is a place but I think it's personally best to treat them as a free incentive program.
If you get an airdrop or something for having participated in something? Sure why not. Who knows.
But investing left and right trying to find the next golden ticket is an edge that likely doesn't exist.
~
Support BitEagle News, vote for us right here on our profile @News đ
#BitEagleNews #BinanceSquareFamily #Memecoins
Due to the decrease in on-chain activity, ETH Gas has been below 2 Gwei for a long time since early April this year. In the past four and a half months, the total amount of ETH has increased from 120,063,605 to 120,291,622, and the inflation has increased by 228,000. Based on this, the annual inflation will be 600k, with an inflation rate of 0.5%. By @EmberCN
đTron is the top trending asset in crypto following its pump Since SunPump, the project's new memecoin deployer debuted on August 12th, well over 7,000 new coins were launched and TRX's own market value is +22%, peaking at just over $0.165 earlier today.
From a data perspective, long-term optimism has formed as a result of the deployer's success indicates a high potential for mid-term bullish price momentum and short-term volatility. Keep in mind the project's:
1. **Increased Network Activity**: There has been a notable spike in TRON network activity, particularly in meme coin launches. This has led to a surge in TRON burns, indicating a growing demand for the token and a reduction in supply.
2. **Meme Coin Popularity**: TRON has emerged as a hub for meme coins, with tokens like $SUNDOG gaining significant traction. The community is actively engaging in meme trading, reminiscent of previous meme seasons that have led to substantial price increases.
3. **Development and Partnerships**: There are ongoing developments and partnerships within the TRON ecosystem, including collaborations with hedge funds and other projects that promise to enhance visibility and volume for TRON-based tokens. Within the community, this is expected to drive further adoption and investment.
4. **Justin Sun's Influence**: Justin Sun's involvement and reputation lend credibility to the project. Investors are optimistic about his ability to navigate challenges and drive TRON's growth.
15 MISTAKES you Sholud NEVER do in your TRADING JOURNEY
I understand that many people only learn from mistakes and failures in their trading journey, or even in life. However, being aware of some common mistakes from the beginning and following the right path can greatly reduce your losses.
Here's my list of what not to do in your trading journey :
1/ Starting without a solid understanding of trading principles.
2/ Failing to research and understand the markets and assets you're trading.
3/ Ignoring fundamental and technical analysis.
4/ Allowing emotions like fear and greed to drive trading decisions.
5/ Overtrading due to impulsive emotions.
6/ Chasing losses by making larger trades to recover losses quickly.
7/ Ignoring your trading strategy and deviating from your plan.
8/ Using excessive leverage, leading to higher risks.
9/ Not adjusting strategies for different market trends (bull, bear, sideways).
10/ Not keeping a trading journal to learn from past mistakes.
11/ Believing that success in one trade guarantees success in others.
12/ Neglecting the possibility of losses due to overestimation of skills.
13/ Making decisions based on sudden market movements without analysis.
14/ Relying solely on the advice of others without understanding the rationale.
15/ Sticking to a failing strategy due to attachment or ego
That's it for this Post, If you need more of the mistakes to avoid in trading make sure to comment down below "More" and don't forget to like this post! đ«Ąâ€ïž
Also follow me for more posts like this, so you don't miss it. đ€
#Write2Earn!