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Crypto Market Awaits FOMC Minutes & Fed Chair Powell’s Speech
Published
3 months agoon
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adminThe crypto market awaits key events next week, which include the July FOMC Minutes and Fed Chair Jerome Powell’s speech at the Jackson Hole Retreat. The FOMC Minutes is likely to shape the sentiment of the market, given its potential impact on the investors’ sentiment. In addition, Powell’s comment is expected to provide cues on the central bank’s future stance with their policy rate plans.
Crypto Market Awaits US Fed Official’s Speeches
A flurry of events is scheduled for this week, which is likely to set the stage for the financial market’s future performance. The global financial market, along with the crypto market, is eagerly waiting for these events, with anticipation soaring over a potential rate cut by the US Federal Reserve in September.
The week will kick off with Fed Governor Christopher Waller’s remarks on Monday, August 19. On Tuesday, August 20, Atlanta Fed President Raphael Bostic and Fed Vice Chair For Supervision Michael Barr are scheduled to speak. Simultaneously, on Friday, August 23, Fed Chair Jerome Powell will speak at the Jackson Hole retreat.
Meanwhile, the comments will be closely watched by the investors, as it would provide cues on how the US central bank will move with their policy rates ahead. However, the CME FedWatch Tool data showed that there is a 75% chance of the Fed announcing a 25 bps rate cut at their September meeting.
US PCE Inflation And US FOMC Minutes In Focus
The minutes of the Fed’s July FOMC meeting are scheduled for August 21, which the investors eagerly await, as it might provide insights on the Fed’s latest stance on the policy rates. Given the recent US CPI and PPI data showing that the inflation has cooled in July, the market appears to have regained confidence in the economy.
However, despite that, the crypto market witnessed a volatile trading last week, before witnessing a rebound over the weekend. Having said that, the market is also waiting for the upcoming US PCE Inflation data, which is due to release this month end. It would further shed light on the current inflationary pressures in the nation.
Meanwhile, the market pundits appear to have turned bullish on the crypto sector’s potential in the coming days. Besides, a flurry of investors are now expecting the Bitcoin price to rally ahead, as many have deemed the asset as a hedge against inflation.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Where to Invest in November End?
Published
37 mins agoon
November 25, 2024By
adminIn the last few days, the bulls have taken over the crypto market, where many tokens have gained new highs, including the failing ones Hamster Kombat and X Empire. With the Bitcoin price nearing $100K, these failing Tap-to-earn tokens have also met with the bulls, aiding in their recoveries. However, the question still stands the same. Which one fits right in crypto investors’ portfolios for November end?
Analyzing The Hamster Kombat Price Performance
Hamster Kombat has been a part of the crypto industry for the last one and a half months, which is quite short for this token to show its full potential. It is more challenging, especially with a bad start, which has destroyed its image in the crypto market. The token fell right after its launch due to the HMSTR airdrop and the controversy around the distribution system. As a result, it is 54% down from its listing price of $0.008585 and reached the bottom at $0.002257 around 20 days ago.
However, the token jumped big with the Donald Trump win-induced crypto rally on November 9. At that time, the HMSTR price jumped from $0.002577 to $0.005761 within 24 hours, but the downtrend followed soon, leading to a few days-long drop until recently. With the bitcoin price surging to a new ATH at $99.6, the HMSTR price has surged 8%, currently at $0.003951. Additionally, its 51% in the trading volume to $88.34M indicates that the investor’s interest is returning to the token.
Analyzing the X Empire Price Performance
The X price performance is no different from the Hamster Kombat price, as it has faced multiple ups and downs since its launch a month ago. The token entered the crypto market with a listing price of $0.00005348, but it has surged significantly, achieving an ATH of $0.00058 on November 9. However, it failed to continue the rally ahead and entered a downtrend, losing 62% value from the ATH. Interestingly, after an 8% surge in the last 24 hours, it is now valued at $0.0002191, with a market capitalization of $151.07M.
Interestingly, compared to HMSTR, its demand is higher, as the trading volume is at $205.73M after a 6% surge in the last 24 hours. This came after its X Empire rally to an ATH, which has brought back investors’ interest. More importantly, season 2 is likely to increase its demand even higher.
Hamster Kombat Vs X Empire & Where To Invest In November End?
Despite a bad start, both the tokens have attempted recovery in the last few days. However, X Empire is leading the race, especially with its ATH rally. With its 174% growth since its launch, it has beaten HMSTR, which is down by 54%. However, their performance is highly disappointing, considering the demand for both tap-to-earn games. Instead of achieving the $1 target, as expected from the player before the token launch, they had followed a constant downtrend and consolidation with minor recoveries here and there. As a result, there are certain doubts about their future performance. So, investors should analyze the trend and run a deep technical analysis before investing in them for November-end returns.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto Trader Records $2.5M Profit With This Token, Here’s All
Published
4 hours agoon
November 24, 2024By
adminA crypto trader made a $2.5M profit today by turning 13 SOL into 9,718 SOL through trading 76.46M FATHA tokens. The trader bought the tokens on Pump.fun, capitalizing on a rapid increase in FATHA’s market cap, which surged to over $60M. The trader sold the tokens at the peak, realizing a 750x return.
Trader Makes $2.5M Profit Trading FATHA Token
The crypto trader turned 13 SOL (around $3.3K) into 9,718.5 SOL, making a $2.5M profit by trading 76.46M Slopfather (FATHA) tokens. On November 23, the trader purchased the tokens on Pump.fun, and within 40 minutes, FATHA’s market cap surged to over $60M. After holding the tokens, the trader sold them at the highest point, securing a 750x return.
The trader capitalized on the rapid market shift and seized the opportunity to make a significant profit. As per solscan, 9,500 SOL was swapped for USDC and bridged to Ethereum, demonstrating how quickly substantial profits can be made in the volatile meme coin market. The trade reflects the growing influence of meme coins on the Solana blockchain.
On-chain data indicates that the wallet involved in this trade may belong to BT (@cooksassistant), who has traded 60 tokens over the past three days. With a win rate of 42.37%, BT has generated $2.7M in total profit.
What a lucky trader!!!
6 hours ago, this trader sniped 76.46M $FATHA for just 2.93 $SOL ($765).
Currently, these $FATHA are worth $2.7M. The sniper has made x3483.https://t.co/MVgcAnWR1R pic.twitter.com/seXfdgAq6r
— Onchain Lens (@OnchainLens) November 23, 2024
FATHA Token Surge and Solana’s Meme Coin Boom
Slopfather (FATHA) token has surged to $0.03841, with a market cap of $38 million, allowing the crypto trader to book a massive profit. Its 24-hour trading volume is $156 million, reflecting a 4000% increase in the last 24 hours. This dramatic rise shows the growing demand for meme coins in the crypto market.
Solana’s blockchain is becoming a top platform for meme coin launches. Projects like PNUT, WIF, GOAT, and BONK are leading the way. Additionally, Arthur Hayes’ endorsement of the Solana-based FLOWER coin boosted interest, driving the growth of meme coins on Solana.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Gemini’s Cameron Winklevoss Demands Fresh Probe Into SBF
Published
10 hours agoon
November 24, 2024By
adminGemini co-founder and CEO Cameron Winklevoss is calling for a probe into the drop of a controversial charge involving FTX co-founder Sam Bankman-Fried (SBF). It has been 8 months since Judge Lewis Kaplan sentenced SBF to 25 years in jail. However, to Tyler, this has not resolved some major aspects of his fraudulent reign as FTX CEO.
Cameron Winklevoss to Trump’s Attorney General
Directing his X post to the community, the Gemini CEO asked the incoming Attorney General to investigate SBF’s $100 million campaign finance breaches. Notably, the Department of Justice (DoJ) dropped these charges mid-last year, moving the SBF saga away from politics.
To Cameron Winklevoss, the public deserves to know why the charges were dropped. In addition, he said it is in the public interest to know why the funds went to fund Democrat elections. The post from the Gemini co-founder has generated a lot of reaction among crypto stakeholders.
One X user Nguyễn Minh Quân (@theUxBlockChain), highlighted how dropping charges on high profile cases can erode trust in public offices.
Public trust in the legal system takes a hit when high-profile cases involving political donations end with charges being dropped. People expect the justice system to fully investigate financial crimes, especially those that could have impacted political decisions or outcomes.
— Nguyễn Minh Quân (@theUxBlockChain) November 23, 2024
In a separate post, the Winklevoss twin hailed the nomination of Scott Bessent as Treasury Secretary. Bessent aligns with crypto values and according to the Gemini CEO, he explains the Democrat war on the industry better. In Scott Bessent referenced video, he claimed the Democrats are fighting the industry to cover up the bad act from one party – SBF.
Contained Complications from SBF Role At FTX
Cameron Winklevoss’ is one of the major firms impacted, indirectly, by the FTX implosion. Over, the exchange’s bankruptcy became imminent with over $8 billion of customer’s funds lost.
In fairness attribution to the justice system, Caroline Ellison and Ryan Salame also got 2 and 7.5 years for helping to wreck the exchange. However, Gary Wang escaped prison, enjoying rare leniency like Nishad Singh.
With the exchange’s executives now sentenced, the firm has announced January as the timeline to begin the FTX reognization plan. While the entire bankruptcy plan is almost over, the last phase, the reognization plan still require one more court order.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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