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US PCE Inflation To Come In Hot, Bitcoin & Ethereum To Face Huge Liquidations

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The U.S. Federal Reserve’s preferred gauge to measure inflation personal consumption expenditures (PCE) is expected to come in slightly hot, as per US economists. This will likely cause the US FOMC to deliberate again on starting Fed rate cuts in September. Bitcoin and Ethereum prices will also witness further selling pressure if the PCE inflation comes in higher.

Economists Estimate PCE Inflation at 2.6%, Core PCE at 2.7%

The U.S. Bureau of Economic Analysis will release US PCE inflation data for July on Friday, August 30. According to economists, the annual PCE to come in at 2.6%, higher than 2.5% last month. Also, the PCE on a monthly basis is expected to rise 0.2%, against 0.1% earlier month.

They expect the annual core PCE, which excludes food and energy prices, to rise 0.18% on a monthly basis and 2.7% on an annual basis. The estimates are slightly hotter than June’s PCE numbers, but markets considering inflation to continue lower.

“We’re going to see continued progress on inflation,” says José Torres, senior economist at Interactive Brokers, reported Morningstar. He attributed this to falling prices for goods, along with crude oil and gasoline. However, crude oil, natural gas, and gold prices are soaring today, making traders cautious.

Bitcoin and Ethereum prices are likely to fall if PCE inflation comes in higher. This will trigger a broader liquidation in crypto market.

US PCEUS PCE

Will Fed Start Rate Cuts in September?

The European Central Bank (ECB) is considering another rate cut on September 12, which will provide traders with further cues before the Fed plans rate cuts on September 18. ECB policymakers have indicated the rate cut is likely, while eyes are on inflation figures for France, Italy, and the broader Eurozone release this Friday.

The Fed expects three rate cuts this year, with a potential start in September as per the latest signal by Fed Chair Jerome Powell. However, the Fed could delay rate cuts to November if PCE inflation and jobs data come in higher.

Meanwhile, the stock and crypto market has turned volatile as traders track Nvidia earnings and PCE inflation. Nvidia shares tumbled about 7% in extended trading even after beating revenue and earnings expectations, as the firm’s sales outlook for the current quarter failed to impress investors.

CME FedWatch data shows a 65.5% probability of 25 bps rate cuts in September. Also, it still shows a total of 100 bps rate cuts this year.

Bitcoin and Ethereum Price Under Pressure

BTC price jumped 2% from the 24-hour low of 58,637, with the price currently trading at $60,142. This happened after a breakout in the lower time frame. The trading volume has decreased by 23% in the last 24 hours, indicating a decline in interest among traders.

CryptoQuant metric NVT Golden Cross for Bitcoin is struggling to surpass its previous peak. This indicates that the current uptrend is losing momentum. The NVT Golden Cross needs to surpass the previous peak with support from bulls to regain the upside momentum.

ImageImage

Moreover, Bitcoin options worth $3.65 billion and Ethereum options worth $1.35 billion are set to expire on the largest derivatives exchange Deribit. This could further bring long liquidations in BTC and ETH, triggering a market correction amid the US PCE inflation data.

Meanwhile, ETH price also jumped 2% from the 24-hour in the past 24 hours, with the price currently trading at $2,570. Ethereum also saw a breakout in 1-hr timeframe. The trading volume has decreased by 25% in the last 24 hours.

In the daily timeframe, Ethereum price is facing strong resistance currently. RSI is near the neutral area at 41. The fib replacement indicates the price is bouncing off the 0.236 level at $2,450. The price may drop again to the level during the ETH options expiry as max pain point is higher at $2,800, as per Deribit data.

Ethereum price Ethereum price
Source: TradingView

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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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Dogecoin Code Appears In CyberTruck And Model 3 Website, Will Tesla Accept DOGE Payments For Cars Soon?

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Dogecoin enthusiasts recently reignited discussions on the meme coin’s future after an observation shared on the social media platform X. KrissPax, a Dogecoin enthusiast, highlighted a curious detail that showed that DOGE is the only cryptocurrency currently embedded in the payment code for Tesla’s Cybertruck and Model 3 vehicles. Interestingly, this plays into the current bullish sentiment surrounding DOGE and rumors about Tesla’s plans to officially accept DOGE as a payment method.

Dogecoin Code In Tesla’s Payment: A Long-Standing Detail Revisited

The inclusion of Dogecoin in Tesla’s payment infrastructure has been known for some time, but the timing of its renewed focus has drawn attention. Notably, it comes during a notable price correction for the meme cryptocurrency. 

Back in October 2023, reports surfaced about mentions of DOGE in the source code of Tesla’s Cybertruck checkout page. Particularly, crypto influencer MartyParty identified over 50 references to Dogecoin within the code.

However, the renewed interest stems from a recent post by Dogecoin enthusiast KrissPax on the social media platform X. He highlighted the presence of a DOGE code in Tesla’s payment systems, stating:

“Just remember, there is Dogecoin in the Cybertruck and Model 3 Tesla payment codes. Not any other crypto – just Dogecoin. Just waiting for Tesla to turn this option on!”

Although Tesla’s Cybertruck has since been launched, this year, the DOGE payment feature has not yet been activated. Nonetheless, its presence in the code suggests that Tesla is keeping the door open to allow DOGE transactions in the future.

What Does This Mean For DOGE?

Tesla CEO Elon Musk has long been a vocal supporter of Dogecoin, often relaying its use for everyday transactions. His enthusiasm for DOGE has been evident through numerous public endorsements, including Tesla’s decision in January 2022 to start accepting DOGE as payment for select merchandise. This endeavor created some sort of utility for DOGE, which is known for its meme status.

However, a final integration of DOGE as a payment method for Tesla cars would be the final straw in the electric vehicle maker’s creation of utility for the meme coin. A move of such magnitude would not only improve Dogecoin’s adoption but also open it up to another path of inflows, which would in turn benefit its price growth. Furthermore, other companies could follow in the footsteps of Tesla and make DOGE a payment method.

Interestingly, such a move would not be the first time Tesla accepted crypto payments for its vehicles. Back in 2021, Tesla started allowing customers to use Bitcoin as a form of payment. However, the initiative was short-lived, as Tesla discontinued Bitcoin payments just months later due to environmental concerns over the growing energy consumption of Bitcoin mining and transactions. 

At the time of writing, the Dogecoin price is trading at $0.3842, down by 0.92 and 1.69% in the past 24 hours and seven days, respectively.

Dogecoin price chart from Tradingview.com
DOGE price holds at $0.38 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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5 Key Indicators To Watch For Ethereum Price Rally To $10K

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The Ethereum price has surged more than 7% recently, with recent indicators hinting towards a potential ETH rally to $10K ahead. Notably, the recent surge also indicates a bullish momentum for the crypto ahead. So, here we explore some of the top indicators that could propel an ETH price surge ahead.

5 Indicators To Watch For Ethereum Price Rally Ahead

A recent X post from top on-chain analytics platform IntoTheBlock highlighted that Ethereum often follows Bitcoin’s rallies. While mixed signals exist, certain metrics suggest optimism. The platform noted that whales continue accumulating ETH, indicating confidence in the asset’s long-term growth. Increased transaction volumes and minimal selling pressure from holders are also contributing to Ethereum’s positive outlook.

Ethereum price IntoTheBlockEthereum price IntoTheBlock
Source: IntoTheBlock, X

In addition, one critical indicator is daily transactions, which recently rose to 1.22 million from 1.1 million three months ago. This slight uptick reflects growing network activity and rising demand for Ethereum.

Another key metric is large holder netflow, which tracks the buying activity of whales. When whales accumulate, it reduces sell-side pressure and supports price appreciation. Short-term holder behavior also warrants attention.

Meanwhile, increased activity among short-term investors often aligns with heightened retail interest. The holding time of transacted coins is another bullish sign. A steady hold time suggests that long-term investors are retaining their assets, keeping supply constrained as demand grows.

Lastly, exchange flows reveal sentiment trends. Significant outflows from exchanges typically indicate accumulation, signaling confidence among investors.

Ethereum priceEthereum price
Source: IntoTheBlock, X

ETH Rally To $10K Imminent?

ETH price today was up nearly 8% and exchanged hands at $3,343, while its one-day trading volume rocketed 61% to $45.19 billion. In addition, Ethereum Futures Open Interest also rose more than 13%, indicating a strong market confidence towards the crypto.

Amid this, a top crypto market expert predicts ETH price to hit $10K in the coming days, sparking market speculations. However, despite that, a recent Ethereum price analysis hints that the top altcoin should soar past the $4K mark, before its further rally.

Having said that, a flurry of crypto market experts anticipates the crypto to continue its rally in the coming days. In addition, as BTC hits a new ATH recently, the market pundits expect the altcoins to follow suit, especially amid soaring optimism towards a clear regulatory path after Donald Trump’s election win.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities 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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Agency Reiterates “Digital Assets Securities” As XRP Eyes $2

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Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.

US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit

In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”

“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”

Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.

The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.

Will XRP Lawsuit Get Dismissed?

The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.

Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.

Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.

XRP Price Rally to $2

XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.

Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
ImageImage

XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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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