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U.Today’s Crypto News Roundup
Valeria Blokhina
Check out the latest crypto news and industry updates with U.Today’s News Roundup!
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U.Today brings you a look at the past day’s crypto events with the top three news stories.
This Week Is Crucial For The Crypto Market: Here’s Why
The community has been holding its breath in anticipation of a shake-up in the cryptocurrency market, as three major events All three events are taking place this week. One of them, Fed Chair Jerome Powell’s semiannual monetary policy testimony before 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 underestimate the importance of all three events: Chair Powell’s testimony provides information on 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, may be affected by the Fed’s more aggressive approach to interest rates in response to higher-than-expected inflation. However, if inflation appears to be under control, markets could see some relief and digital asset prices could rise.
Chainlink Whales Acquire $76 Million in LINK – What’s Happening?
As recently reported According to renowned crypto analyst Ali Martinez, over the past week, crypto whales have bought more than 6.2 million LINKSAt the current price level, this astonishing amount of tokens is worth approximately $76.88 million. This acquisition can be explained by the whales’ willingness to take advantage of the recent crash in the broader market and buy the dip, as the LINK price has dropped by 17.17% over the past month. Moreover, such behavior by these major market players indicates that they anticipate a rebound in the coin’s price in the near future. The increase in whale activity helped the LINK price increase by almost 4% to reach the $13.38 level yesterday, according to data from CoinMarketCap. However, today, the coin has lost most of its gains; currently, LINK is changing hands at $12.82, down 2.39%.
“Minimum target is $44,000”: Dark Bitcoin price prediction from legendary trader
It’s been a somewhat rough start to the new week for Bitcoin, with its price briefly dropping to $54,260 before rebounding to $57,500 with a 3% gain. Amid this downward trend, Peter Brandt, a prominent market expert with extensive trading experience, shared his opinion on the evolution of the price of Bitcoin. Brandt suggested According to Brandt, the flagship cryptocurrency may have formed a double top pattern, with a potential minimum target of $44,000. To support his analysis, the expert attached a chart where he projected his expectations, with the level of around $44,000 clearly marked. 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 around 10%, while for a true double top formation, the depth should be around 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 play out.
About the Author
Valeria Blokhina
Valeria is the Community Manager at U.Today. She is passionate about crypto and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news from the world of crypto and blockchain.