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U.Today Crypto News Digest
Valeria Blokhina
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U.Today gives you an overview of the crypto events of the day just gone by with the three most important news.
This Week Is Crucial For The Cryptocurrency Market: Here’s Why
The community has been holding its breath waiting for an upheaval in the cryptocurrency market, as three major events are taking place this week. One of them, Fed Chair Jerome Powell’s semiannual monetary policy testimony at the HFSC, is today, July 9. The other two, the CPI and PPI data releases, are scheduled for July 11 and 12, respectively. It’s hard to understate the importance of all three events: Chair Powell’s testimony provides insight into the Fed’s view of the economy and its plans for future monetary policy, while the CPI and PPI economic indicators are used to gauge inflation levels and have a direct impact on monetary policy decisions. All financial markets, including cryptocurrencies, could be affected by the Fed’s more hawkish approach to interest rates in response to higher-than-expected inflation. However, if inflation appears to be under control, markets could experience some relief and the price of digital assets could rise.
Chainlink Whales Acquire $76M in LINK. What’s Going On?
As recently reported According to renowned cryptocurrency analyst Ali Martinez, in the last week, cryptocurrency whales have bought more than 6.2 million LINKS. At the current price level, this surprising amount of tokens is worth around $76.88 million. This acquisition can be explained by the whales’ desire to take advantage of the recent broader market crash and buy the dip, as the price of LINK has dropped by 17.17% over the past month. Moreover, such behavior by these large market participants indicates that they anticipate a rebound in the coin’s price in the near future. The increased activity of the whales helped the price of LINK grow by almost 4% to the $13.38 level yesterday, according to CoinMarketCap data. However, today, the coin has lost most of its gains; currently, LINK is changing hands at $12.82, down 2.39%.
“Minimum Target Is $44K”: Grim Bitcoin Price Prediction From Legendary Trader
The start of a new week has been a bit rough for Bitcoin, with its price briefly dropping to $54,260 before recovering to $57,500 with a 3% gain. Against the backdrop of this downtrend, Peter Brandt, a prominent market expert with extensive trading experience, shared his opinion on the price action of Bitcoin. Brandt suggested that the flagship cryptocurrency may have completed a double top pattern, with a potential minimum target of $44,000. To support his analysis, the expert attached a chart in which he projected his expectations, with the level of around $44,000 clearly indicated. If the double top pattern is confirmed, there is a significant downside risk for Bitcoin. However, Brandt’s outlook is not entirely bearish. He admitted that the current depth of BTC’s “top” is only about 10%, while for a true double top formation, the depth would need to be about 20% of the price. This suggests that the double top pattern does not fully meet the technical criteria, which could mean that the bearish scenario is unlikely to materialize.
About the author
Valeria Blokhina
Valeria is the community manager of U.Today. She is a cryptocurrency enthusiast and believes that cryptocurrencies are the future of finance. Valeria currently covers the latest news in the world of cryptocurrencies and blockchain.