Altcoin
US PCE Inflation To Come In Hot, Bitcoin & Ethereum To Face Huge Liquidations
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.
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.
The Buffett Indicator (Total US Market Value/GDP) is a ballpark measure of how expensive stocks are at any one point in history…
It’s now sitting at ~200%.
“If the ratio approaches 200%, as it did in 1999, you are playing with fire.” – W. Buffett pic.twitter.com/WD18O7SoMb
— Geiger Capital (@Geiger_Capital) August 28, 2024
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.
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.
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.
Pi Network has been on a free fall over the past week, with another 20% crash in the last 24 hours, dropping all the way to $0.44, and falling out of the top 30 crypto list. Investors have lost hope for the Pi Coin price recovery amid expectations of another 60% fall to $0.1. Despite a few developments, the overall market sentiment for the altcoin has turned extremely bearish.
Pi Network Has Been On A Freefall
The Pi Network price has been respecting no support levels and has been facing strong selling pressure with daily trading volumes shooting to $500 million. This massive dumping comes as investors have been losing faith in the project amid delays in mainnet launch, KYC process, etc. As a result, several top crypto exchanges like Binance and Coinbase have distanced themselves from Pi Coin listing on their platforms.
On the other hand, PiDaoSwap has raised concerns over prolonged delays in receiving Know Your Business (KYB) approvals. As a temporary workaround, PiDaoSwap has opted to launch its non-fungible tokens (NFTs) on Binance Chain to maintain project momentum while awaiting regulatory clearance.
Additionally, other developments like the Banxa integration are also not working in Pi Network’s favor at the moment.
Four Reasons Pi Coin Price Could Drop to $0.1
Amid the very poor performance and 85% drop from its February high of $3.0, experts are now speculating that the Pi Coin price could drop to $0.1. The four main factors that can contribute to this are:
- Mass Sell-Off Risk: With a community exceeding 60 million users, concerns are mounting over what could happen once unverified holders complete KYC. If a significant portion decides to cash out, the resulting supply flood could overwhelm the market. Currently, Pi Network has 6.79 billion tokens in circulation, with a max supply of 100 billion—leaving ample room for dilution.
- Lack of Major Exchange Listings: Without listings on top-tier platforms like Binance or Coinbase, market confidence could falter. Pi may remain confined to mid-tier exchanges such as OKX and Gate.io, limiting liquidity and price stability.
- Macro Market Weakness: A broader crypto market downturn—especially if Bitcoin drops below the $70K level—could trigger widespread altcoin selloffs. As a highly speculative asset, Pi would likely be among the hardest hit.
- Stagnant Utility Growth: Projects like Zito Realty and PiFest have been cited as real-world applications, but if such initiatives fail to scale meaningfully, the ecosystem may lose momentum, driving Pi closer to penny-coin status.
Our Pi Coin price prediction shows the altcoin will be trading under $0.40 level over the next month. Looking at the current free fall, the Pi core team needs to step up to arrest the further downside, and regain trust within the community.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
Payment giant PayPal has announced the addition of Chainlink (LINK) and Solana (SOL) to its cryptocurrency offerings. As the payment behemoth increases its crypto footprint, PayPal and Venmo users can buy, sell, and hold LINK and SOL in their accounts.
PayPal Expands Crypto Offering With SOL and LINK
According to an official press release, PayPal has announced the expansion of its suite of cryptocurrencies with two new tokens. The payment giant confirmed the addition of Chainlink and Solana to its offerings, signaling increased confidence in Web 3 solutions.
Per the statement, the offering will extend beyond PayPal and include its subsidiary Venmo. Users of Venmo and PayPal in the US will be able to purchase, hold, transfer, and sell both SOL and LINK with their accounts.
May Zabaneh, Paypal’s VP for Digital Currencies revealed that expanding its cryptocurrency offerings was an obvious choice for the company. Zabaneh disclosed that feedback from users confirmed the need to allow consumers to interact with SOL and LINK.
“Offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies,” said Zabaneh.
With the addition of SOL and LINK, PayPal supports seven cryptocurrencies on its platform. The firm waded into cryptocurrencies back in 2020 starting with Bitcoin (BTC) and Ethereum (ETH) offerings for consumers. Early successes saw it expand to Litecoin (LTC) and Bitcoin Cash (BCH) before launching its stablecoin PayPal USD(PYUSD).
Institutional adoption for SOL is rising with Polymarket integrating Solana by enabling SOL deposits. Chainlink is riding its wave of partnerships and integrations with institutional and enterprise utility at the core.
Why Did The Payment Giant Choose SOL and LINK?
PayPal’s decision to expand to SOL and LINK flows from their inherent capabilities and massive adoption figures. According to the statement, PayPal sees Chainlink as a key player in cross-chain interoperability while describing Solana as a “leading blockchain platform.”
Both SOL and LINK are in the top 11 cryptocurrencies by market capitalization with a combined valuation of over $80 billion. Chainlink’s ADGM partnership to build tokenization frameworks in the UAE is the latest high-profile play for the Web 3 infrastructure platform.
Furthermore, the company says the decision underscores the company’s cryptocurrency-facing ambitions in recent years. PYUSD has its sights on challenging USDT and USDC dominance with PayPal neck-deep in cryptocurrencies.
“The addition of LINK and SOL reflects the company’s dedication to the evolving digital currency landscape and fostering greater accessibility and engagement in the cryptocurrency market,” read the statement.
Apart from PayPal and Polymarket, BlackRock’s BUIDL has launched on Solana in a strong case for institutional adoption. Both SOL and LINK have reacted positively to the announcement, rising 5.42% and 1.37 respectively.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Crypto analyst Egrag Crypto has provided a bullish outlook for the XRP price, predicting it could reach double digits in this market cycle. The analyst also revealed when exactly the cycle peak for XRP in this bull run could occur.
Analyst Predicts XRP Price To Reach Double Digits By July 21
In an X post, Egrag Crypto predicted that the XRP price will reach double digits by July 21, which he believes would mark the cycle peak for the altcoin. The analyst stated that so far, Ripple’s native crypto looks on track to reach its cycle peak by July.
He added that if the 110-day offset still holds, then the cycle peak could extend to November 9, 2025. The analyst also explained that it took some time for the 21 weekly EMA to catch up with the price action.
However, once it finally touched the 21 weekly EMA, XRP took 147 days to complete the last leg of the cycle, lasting 21 days until it hit the cycle peak. As such, Egrag Crypto is confident that July 21 could mark the peak for the altcoin.
His prediction of double digits price for XRP came following a question on what the altcoin’s price could be around this July 21 peak. Egrag Crypto simply answered, “double digits,” indicating it could rally to $10 or above. Interestingly, the analyst recently predicted that Ripple’s could rally to $27 in 60 days, which aligns with XRP reaching double digits by July.
In another post, Egrag Crypto also gave a short-term XRP price analysis. He stated that a close above $2.24 is the first sign of strength. Furthermore, a close above $2.30 and $2.47 are the second and third sign of strength. The analyst added that a close above $2.70 is the strongest signal for a potential breaout and new all-time high (ATH), with the potential target the $5 range.
Ripple’s Native Crypto Could Soon Witness Wave 3 Impulsive Move
In an X post, crypto analyst CasiTrades raised the possibility of the XRP price witnessing a Wave 3 impulsive move soon enough. She noted that the altcoin is showing strength today after reclaiming the 0.786 retracement at $2.05, a key level which it needs to flip to support.
The analyst has previously predicted that XRP could drop to as low as $1.90 before it rallies to new highs. In her recent analysis, she stated that the next major test is $2.24, where local subwaves and the macro structure are aligning. The analyst added that this price level is the 0.382 retracement of the most recent move down and the 1.618 extension on the subwaves.
From a structure standpoint, CasiTrades stated that XRP is now seeing the smaller subwaves beginning to align with the larger Elliot Wave count. She remarked that this is a strong sign that the bottom could be in and that the altcoin is building the foundation for macro Wave 3 up.
The analyst warned that failure at $2.24 could stall the XRP price but a new low seems unlikely. Meanwhile, the next resistance levels after are $2.70, $3.05 and then the current ATH of $3.80.
CasiTrades reminded market participants that XRP is now officially inside the Fibonacci Time Zone 3, which was set months ago. She remarked that this period is when the market should shift from consolidation into acceleration. The analyst asserted that if the altcoin wants to launch into its macro breakout, now is the time. Factors such as Coinbase’s move to launch XRP futures could spark this breakout.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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.
Pi Network on Free Fall, 4 Reasons Pi Coin Price Going to $0.1
5 Facts About Bitcoin’s Creator
Is Korea Propping Up The XRP Price? Pundit Explains What’s Happening
PayPal Adds Chainlink And Solana To Its US Cryptocurrency Service
Crypto Whales Are Selling These Altcoins Post Trump Tariffs
NFT Market Falls 12% in March as Ethereum Sales Drop 59%
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market24 hours agoXRP Battle Heats Up—Can Bulls Turn the Tide?
-
Bitcoin20 hours agoJapanese Company Unveils Plans To Buy Crypto
-
Market23 hours agoBitcoin & Ethereum Options Expiry: Can Prices Stay Stable?
-
Bitcoin16 hours agoBitcoin Drops as China Escalates Trade War With 34% Tariff on US
-
Bitcoin15 hours agoWhy Bitcoin Is Gaining Appeal Amid Falling US Treasury Yields
-
Altcoin20 hours agoPi Coin Price Crashes 15%, Is Coinbase Listing Only Hope?
-
Bitcoin23 hours agoWhy Recency Bias Is Amplifying Fear Around Bitcoin’s Price
-
Market16 hours agoBitcoin is Far From a Bear Market But not Altcoins, Analysts Claim
✓ Share: