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The U.S. central bank has been telegraphing its intent to renew rate hikes for weeks. ThePersonal Consumption Expenditures report arrives Friday, but cryptos and other risk-on assets have been largely immune to macro events.
Bitcoin-related funds saw outflows of $13 million over the past week, reversing five weeks of bullish inflows, according to Coinshares analyst James Butterfill.
Digital asset investment products recorded outflows last week for the first time since mid-June, CoinShares reported.
Regulatory uncertainty surrounding Binance, the largest crypto exchange, tends to weigh on crypto prices.
Worldcoin price soared to $3.58 shortly after launching but traders and crypto advocates have many concerns.
MKR looks primed to continue the rally given its recent buyback mechanism and two other key metrics that impact Maker’s price.
Bitcoin price is down today as investors expect the Federal Reserve to raise rates and crypto whales send record amounts of BTC to exchanges.
The latest price moves in crypto markets in context for July 24, 2023.
Bitcoin is at the pivotal 50-day SMA support, and a drop below this level could result in accelerated selling of BTC and altcoins.
One analyst pointed out the $27,000 level could be a short-term target for bitcoin amid the lack of positive news.
- 20:16Analysts: U.S. Customs Glitch May Be “Strategic Smokescreen”Analysts at the Institute for International Affairs say the U.S. Customs glitch may be much more than a software glitch. The so-called ‘glitch’ narrative may be a strategic smokescreen aimed not at fixing a faulty system, but at buying time during a major adjustment that puts global trade and capital flows at high risk. As Trump's tariff-heavy initiatives sent shockwaves through global supply chains, the sudden ‘glitch’ caused a pause in the processing of tariff data, which allowed key stakeholders - clearinghouses, freight forwarders, the U.S. Treasury Department, and Customs - to make a decision on any new tariff rates. Customs would have a chance to pause and re-pricing and repositioning before any new rates are implemented. This could also be a form of information disruption similar to the brief wartime fog strategy. By freezing the tracking of tariff exemptions and reducing transparency about who is exempted and who is not, it provides the US Executive and Treasury with some relatively quiet time (hours or days) to assess the market reaction and intervene if necessary, without news headlines exposing their actions. It may be useful to think of this as a kind of pre-emptive firewall against liquidity crises or geopolitical panics, rather than a system-level failure.
- 20:16Nasdaq, S&P 500 extend gains to 2%The Nasdaq and S&P 500 extended gains to 2%, while the Dow rose nearly 2%.
- 20:15Dollar index falls 0.76% on 11thGold Finance reports that the dollar index fell on 11th. The dollar index, which measures the greenback against major currencies, fell 0.76 per cent on the day to close at 100.102 at the end of the currency market.