Key Points:
- Bitcoin and Ether both saw a recovery in prices as US yields and the US dollar fell.
- US survey data showing stagnation in the service sector raised concerns about the strength of the US economy.
- The implied probability of another interest rate hike by the US Federal Reserve fell.
- Crypto prices tend to perform well when markets lower their bets on US interest rates.
- Remarks from Fed Chair Jerome Powell could affect the crypto rally.
- Traders should be cautious in the highly volatile shitcoin/meme coin markets.
- Top performers according to DEXTools include SP500 ($SP500), Salt Token ($SALT), and XDoge ($XD).
- Consider investing in crypto presales for high-risk, high-reward opportunities.
Hot Take:
While blue chip cryptocurrencies have seen a recovery in prices, the remarks from Fed Chair Jerome Powell could potentially dampen the rally. Traders should exercise caution in the volatile shitcoin/meme coin markets. However, investing in crypto presales could offer high-risk, high-reward opportunities for those looking to diversify.
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