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PLUS: BTC's positive vibes may be waning as outflows from BTC investment products rose for the first time in weeks. But mining is in a better state than it was a year ago.
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.
- 14:36Fed Chair Powell declines to comment on whether he will continue serving as a Federal Reserve governorAccording to ChainCatcher, as reported by Jintou, Federal Reserve Chairman Jerome Powell declined to comment on whether he would continue to serve as a Fed governor after May 2026.
- 14:19Powell: Cannot Assert Whether a July Rate Cut Would Be Premature, No Meeting Ruled OutOdaily Planet Daily – At the European Economic Forum in Sintra, Portugal, when asked whether the Federal Reserve would further ease monetary policy if tariffs did not trigger inflation, Fed Chair Jerome Powell stated: “After assessing the scale of the tariffs, we decided to pause.” He expects that due to the impact of tariffs, inflation will rise slightly this summer. Therefore, with the economy still robust, the Fed has chosen to remain patient, considering waiting to be the most prudent approach. Powell said it is impossible to assert whether a rate cut in July would be premature, but emphasized that “no meeting is being ruled out in advance,” and the next move will depend entirely on the data. (Jin10)
- 14:11Traders See Highest Likelihood of Fed Rate Cut Starting in September, 21% Chance for JulyOdaily Planet Daily News: After the release of the JOLTs data, traders slightly reduced their expectations for a Federal Reserve rate cut, with September now seen as the most likely starting point for rate cuts. The probability of a rate cut in July stands at 21%. (Jin10)