Connect with us

Market

Will US Inflation Data Boost or Sink Bitcoin This Week?

Published

on


With the ongoing slump in Bitcoin (BTC) and the broader crypto market, traders should prepare for potential price swings this week, driven by key US economic updates.

Bitcoin is hovering around $54,000, with experts predicting more downward movement. Historically, September is the worst-performing month for BTC, but there’s hope for a rebound in October.

Key US Economic Events to Watch This Week

Risk-on assets like Bitcoin have started the week quietly. The largest cryptocurrency is currently trading at $54,800, reflecting a modest 0.7% rise in the last 24 hours.

However, upcoming US macroeconomic events and the anticipated debate between Donald Trump and Kamala Harris could impact traders’ sentiment and drive shifts in portfolios. Let’s take a closer look at how these events might shape the markets.

Donald Trump Debate Against Kamala Harris

As BeInCrypto previously noted, the upcoming presidential debate between Donald Trump and Kamala Harris has put crypto in the spotlight. Both candidates have made the topic central to their campaigns. Harris appears to be warming up to pro-crypto policies, according to recent reports.

Trump, meanwhile, has made bullish comments about Bitcoin and the broader crypto market, winning favor among industry insiders. Pennsylvania Senator John Fetterman predicts a “close” debate, recognizing that both Trump and Harris are capable of holding their ground.

According to CoinGecko data, PolitiFi meme coins are already seeing volatility in anticipation of the debate, with some Trump-inspired coins posting double-digit gains.

Read more: How Can Blockchain Be Used for Voting in 2024?

PolitiFi Meme Coins, Source: CoinGecko
PolitiFi Meme Coins. Source: CoinGecko

US CPI

Inflation is the focal point this week with the release of the August Consumer Price Index (CPI) and the less significant Producer Price Index (PPI), both arriving before the Federal Reserve’s next meeting. These figures could play a crucial role in determining the Fed’s interest rate decision.

The Bureau of Labor Statistics (BLS) is set to release the August CPI on Wednesday, September 11. In July, inflation eased to 2.9% from June’s 3%, a shift that boosted Bitcoin’s performance.

Economists now expect inflation to drop further to 2.7%, which could bolster Bitcoin’s strength if realized. Core CPI, excluding volatile items like food and energy, is projected to cool to 3.1% in August, down from 3.2% in July. Both headline and core CPI are expected to show monthly growth of 0.2% for August.

“Amid anticipation for the CPI data and Trump-Harris debate, traders claim Bitcoin’s current value is markedly low. Crypto markets await US economic and political news impacts,” one user noted.

Fed Interest Rate Probabilities, Source: CME Fed Watchtool
Fed Interest Rate Probabilities. Source: CME Fed Watchtool

Consumer Sentiment

Markets will also focus on the preliminary consumer sentiment report, set for release on September 13. The University of Michigan’s Consumer Confidence data will highlight the gap between the US economy’s overall strength and how households perceive their financial well-being.

Consumer sentiment tends to be more sensitive to inflation, while consumer confidence is closely tied to the labor market. Strong consumer confidence could boost spending and drive investment in assets like Bitcoin if investors remain optimistic about the economy. However, if Friday’s data reveals that consumers are still struggling with inflation, high interest rates, and job insecurity, crypto markets may react unpredictably.

Read more: How to Protect Yourself From Inflation Using Cryptocurrency

Additionally, Thursday’s initial jobless claims report could impact crypto volatility. This employment data might influence market sentiment by shaping perceptions of economic health and expectations for monetary policy, both of which could indirectly affect Bitcoin.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

3 Meme Coins to Watch For The Last Week of February 2025

Published

on


DOGEai, TST, and BROCCOLI are three meme coins drawing attention for the last week of February. DOGEai, launched on Solana, is up 110% in the past seven days, positioning itself as a leading AI meme coin.

TST remains one of the most popular meme coins on the BNB chain despite a recent correction. At the same time, BROCCOLI, inspired by Binance co-founder CZ’s dog, has also seen significant volatility.

DOGEai (DOGEAI)

DOGEai is an artificial intelligence coin launched on Solana. Its market cap is now $32 million, up 82% in the last seven days. This rise has positioned DOGEai as one of the most talked-about AI meme coins in recent days.

DOGEAI Price Analysis.
DOGEAI Price Analysis. Source: TradingView.

DOGEai leverages multiple narratives, including Dogecoin’s popularity, the growing interest in DOGE (Department of Government Efficiency), and the broader AI cryptos trend. It defines itself as “an autonomous AI agent here to uncover waste and inefficiencies in government spending and policy decisions,” offering bill summaries and insights into government expenditures.

If the current uptrend continues, DOGEai could test the resistance at $0.048, with potential targets at $0.059 and $0.069. However, if a downtrend emerges, DOGEai has support at $0.030, and if that level is lost, it could drop to $0.018 or even $0.0092.

Test (TST)

TST has emerged as one of the most popular meme coins on the BNB chain, benefiting from the chain’s growing volume, which recently even surpassed Solana.

In the days following its launch, TST reached a market cap close to $500 million, then entered a strong correction phase. Its market cap has since dropped to $78 million.

TST Price Analysis.
TST Price Analysis. Source: TradingView.

If the BNB narrative gains strength again, TST could benefit as one of its most popular meme coins and may test the resistance at $0.10. A breakout above this level could push TST to $0.20 or even $0.25 if buying pressure intensifies.

However, if TST fails to regain strong upward momentum, it could test the support at $0.0719 and potentially drop to its lowest levels since February 9.

CZ’S Dog (BROCCOLI)

BROCCOLI was launched a few weeks ago after Binance co-founder CZ revealed his dog’s name, sparking a flood of BROCCOLI tokens on the market.

The largest of these tokens quickly surged to a $249 million market cap in its early days but has since dropped to $52 million.

Like TST, BROCCOLI benefited from the recent rise of the BNB ecosystem but has since entered a strong correction phase. It is down 40% in the last seven days.

BROCCOLI Price Analysis.
BROCCOLI Price Analysis. Source: TradingView.

If the downtrend continues, BROCCOLI could test support near $0.04, and a break below this level could push it to its lowest price since launch.

However, if the BNB ecosystem and meme coins regain traction, BROCCOLI could benefit, especially given the popularity of dog-related meme coins like Dogecoin and Shiba Inu. In this bullish scenario, BROCCOLI could rise to test the resistance at $0.113.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Ethereum Rollback Debate Intensifies After Bybit Hack

Published

on



The crypto community is divided over calls for an Ethereum blockchain rollback following a massive security breach at Bybit.

On February 21, the exchange lost nearly $1.5 billion in ETH to hackers, sparking discussions about whether Ethereum should intervene to recover the stolen funds.

What is a Blockchain Rollback?

A blockchain rollback, also known as a reorganization, involves reversing confirmed transactions to restore the network to an earlier state.

This process usually happens after a major security breach or exploit. Validators must reach a consensus to discard the affected blocks, effectively erasing the malicious transactions.

Despite its potential benefits, a rollback remains a controversial and rarely used measure due to its impact on a blockchain’s trust and decentralization.

Blockchains operate on the principle of immutability, meaning transactions are expected to be final once confirmed. So, rolling back transactions challenges this principle, raising concerns about the security and reliability of the network.

Crypto Leaders Clash Over Ethereum Rollback Proposal

BitMEX co-founder Arthur Hayes has been vocal in advocating for a rollback to solve the ByBit hack. He pointed to the 2016 DAO hack, where Ethereum underwent a hard fork to recover stolen funds, as precedent.

Hayes argued that since Ethereum previously compromised on immutability, another intervention should not be off the table.

“My own view as a mega ETH bag holder is ETH stopped being money in 2016 after the DAO hack hardfork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016,” Hayes said.

JAN3 CEO Samson Mow also supported the rollback, stating it could prevent North Korea from using the stolen funds to fund its nuclear weapons program.

However, not everyone agrees. Pseudonymous crypto trader Borovik strongly opposed the idea, arguing that a rollback would jeopardize Ethereum’s credibility and neutrality.

Bitcoin advocate Jimmy Song also dismissed the possibility, stating that the Bybit hack cannot be compared to the 2016 DAO exploit. Song emphasized that the DAO hack allowed for a 30-day intervention, whereas the Bybit attack is already finalized, making a rollback impractical.

“I know people are expecting the Ethereum Foundation to roll back the chain, but I suspect it’s already too much of a mess to do it cleanly,” Song added.

Meanwhile, Ethereum supporter Adriano Feria introduced an alternative perspective. He argued that Bybit could have avoided this situation by using a Layer 2 (L2) solution with conditional reversible transactions.

According to Feria, blockchain technology needs some form of reversibility to ensure real-world adoption.

“Whether through social recovery or another pre-determined, immutable, and transparent decision-making process, real-world mass adoption will not work without reversible transactions. Without this capability, transactional activity will inevitably gravitate toward TradFi systems that already provide it,” Feria stated.

This debate raises a fundamental question for Ethereum: should it prioritize immutability or intervene in extreme cases?

While some see a rollback as a necessary response to an unprecedented loss, others fear it could undermine the core principles of decentralization. Ethereum’s next steps will likely shape its long-term credibility and trust within the crypto space.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Berachain (BERA) Falls 15% After Recent Rally Surge

Published

on


Berachain (BERA) is down almost 15% in the last 24 hours, with its market cap now at $778 million, although its price remains up nearly 20% over the past seven days. This sharp pullback comes after a strong rally between February 18 and February 20, when BERA reached levels above $8.5.

BERA’s Relative Strength Index (RSI) has dropped from overbought levels, signaling a loss of bullish momentum, while its Directional Movement Index (DMI) shows growing bearish pressure. As BERA navigates this correction phase, it faces key support at $6.1, with potential resistance levels at $8.5, $9.1, and $10 if bullish momentum returns.

BERA RSI Is Dropping Steadily After Touching Overbought Levels

Berachain Relative Strength Index (RSI) is currently at 50.6, down sharply from 86.7 just two days ago when its price surged above $8.5. RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.

It is commonly used to identify overbought or oversold conditions, with values above 70 indicating overbought levels and below 30 suggesting oversold territory.

The steep decline in BERA’s RSI reflects a significant loss of bullish momentum after reaching overbought levels above 86, where a correction was likely.

BERA RSI.
BERA RSI. Source: TradingView.

With RSI now at 50.6, BERA is in a neutral zone, suggesting that buying and selling pressures are relatively balanced.

This could indicate a period of consolidation as the market digests recent gains. If RSI continues to decline below 50, it could signal increasing bearish momentum. This could lead to a further price drop for BERA.

Conversely, if RSI stabilizes and begins to rise, it could suggest renewed buying interest and a potential recovery in Berachain price.

BERA DMI Chart Shows Buyers Are Losing Control

Berachain Directional Movement Index (DMI) chart shows its Average Directional Index (ADX) currently at 50.5, after peaking at 60.2 yesterday, up from just 13.3 five days ago. ADX is an indicator used to measure the strength of a trend, regardless of its direction, ranging from 0 to 100.

Values above 25 typically indicate a strong trend, while values below 20 suggest a weak or sideways market. The sharp rise in ADX reflects a significant increase in trend strength, confirming that BERA has been experiencing strong directional movement recently.

BERA DMI.
BERA CMF. Source: TradingView.

Meanwhile, BERA’s +DI is at 24.4, down from 48.4 two days ago, indicating weakening bullish momentum. Meanwhile, -DI has risen to 15.1 from 4.9, suggesting growing bearish pressure.

This shift signals that the bullish trend that drove prices higher is losing steam, and selling interest is beginning to increase.

If -DI continues to rise above +DI, it could indicate a bearish crossover, signaling a potential reversal or deeper correction in BERA’s price. However, if +DI stabilizes and moves upward again, it could suggest a continuation of the uptrend, albeit with reduced momentum.

Will Berachain Fall Below $6 Soon?

Berachain surged 53% between February 18 and February 20, pushing its price above $8.5 after the coin struggled following its airdrop. However, after this sharp rally, BERA entered a correction phase and is currently down almost 15% in the last 24 hours.

This pullback suggests profit-taking and a shift in market sentiment as buyers hesitate to push prices higher. If the downtrend continues, BERA could soon test the support at $6.1, and a break below this level could lead to a further decline towards $5.48, reflecting increased selling pressure.

BERA Price Analysis.
BERA Price Analysis. Source: TradingView.

On the other hand, if Berachain can regain its bullish momentum from a few days ago, it could rise above $8.5 again, potentially testing the next resistance levels at $9.1 or even $10.

To confirm this bullish scenario, Berachain would need to see renewed buying interest and strong upward momentum. If buyers can defend key support levels and push the price above resistance zones, it could indicate the continuation of the uptrend.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io