The Bitcoin Price Surge and the Impact of the US Fed
The US Federal Reserve’s announcement of interest rate hikes has caused a sharp increase in the price of Bitcoin. Despite predictions of a further drop, Bitcoin has shown signs of slow recovery throughout July.
- Bitcoin spiked up after the Fed’s decision, reaching $29.7k from under $29.25k within hours.
- The price corrected to $29.3k, bounced back up to $29.7k, but lost momentum at $29.55k.
- At the time of writing, the Bitcoin price sits at $29,366.
The Fed’s decision also affected other cryptocurrencies. There is debate among traders about whether this rate hike will be the last or not. The crypto industry is also focused on proposed legislation for a regulatory framework in the US.
Bank of Japan’s Rate Decision and Potential Impact on Crypto
The Bank of Japan is expected to soften its grip on the nation’s bond markets, which could impact global bond markets. Experts believe this could lead to greater Bitcoin volatility.
- Historically, the crypto industry has been sensitive to changes in global liquidity conditions.
- Bitcoin has experienced a surprising lack of volatility recently, but market participants are waiting for a potential breakout.
Robert F. Kennedy Jr. Supports Bitcoin and Buys for His Children
Presidential candidate Robert F. Kennedy Jr. has shown support for Bitcoin by buying 14 BTC for each of his seven children. He sees Bitcoin as a currency of freedom that attracts people due to its decentralization and empowering nature.
Kennedy’s pro-Bitcoin stance has faced scrutiny, but he still chose to buy BTC for his children despite the negative reactions.
The Future of Bitcoin and the Potential Impact of a Bitcoin Spot ETF
Despite the recent surge, there are signals suggesting that Bitcoin’s price could still go down, including ascending channel, a bear flag, and the M pattern. The approval of a Bitcoin spot ETF by the US SEC could have an impact on the price, but it remains uncertain whether it would lead to a bull run or just a temporary spike.
Evil Pepe Presale and the Embrace of “Bad Choices”
The meme coin Evil Pepe has reached $1 million in its presale and aims to reach $1.99 million. The project encourages users to embrace their “evil side” and make rash decisions like investing in shitcoins. With six more days to go, the project is on track to achieve its goal.
Hot Take: Despite the recent surge, Bitcoin’s price remains uncertain due to potential factors like global liquidity conditions and regulatory decisions. However, the support from influential figures like Robert F. Kennedy Jr. highlights the growing acceptance and adoption of Bitcoin.
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