Crypto Outlook

-BTC: $29,495.23

-ETH: $1,850.59

-XRP: $0.6299

-LTC: $83.73

The global crypto market cap is $1.18T, a 0.84% decrease over the last day. The total crypto market volume over the previous 24 hours is $30.17B, which makes a 26.02% decrease.

BTC: BTC price decreased by 1.07% and increased by 1.27% over 24 hours and in the past seven days. The asset reached a low and high of $29,376.80 and $30,093.44, respectively.

Data provided by Cointelegraph Markets Pro and TradingView indicated that the price movement of BTC was finding stability as it approached the release of the Consumer Price Index (CPI) – a traditional catalyst for volatility.

The CPI holds significant importance for the Federal Reserve’s decisions regarding interest rates. The previous reading in June marked a two-year low, and the prevailing consensus leaned towards another decrease for July.

Michaël van de Poppe, the founder and CEO of the trading firm Eight, raised thought-provoking questions in an X post on the subject. He pondered whether the expected 3.3% CPI figure would materialize and its implications for the markets. Van de Poppe highlighted the possibility of a CPI increase. This scenario could exert pressure on risk assets, including the cryptocurrency market, which tends to benefit from a more accommodative Fed policy.

JPMorgan Chase was among the entities cautioning about the potential resurgence of CPI values.

ETH: ETH price increased by 0.21% and decreased by 2.53% over 24 hours and in the past seven days. The asset reached a low and high of $1,845.49 and $1,869.74, respectively.

Vitalik Buterin, the co-founder of Ethereum, has disclosed that a considerable portion of the cryptocurrency community did not regard Sam Bankman-Fried. This perspective contrasts with the portrayal offered by mainstream media.

For a while now, Buterin has been targeting Bankman-Fried, particularly following the collapse of FTX, the digital asset exchange associated with the latter. In a recent podcast interview with Sriram Krishnan and Aarthi Ramamurthy, Buterin delved into the subject of SBF’s reputation, the ongoing recovery of the sector from the infamous controversy, and the advancements in Artificial Intelligence (AI).

According to Buterin, there was scepticism within the cryptocurrency industry regarding SBF from the outset, even though no one anticipated that $8 billion would vanish into thin air.

“I think a lot of people have this misconception that everybody deeply respected Sam and that he caught the entire ecosystem by surprise … but if you’re looking at Ethereum influencers like Anthony Sassano, many of them disrespected him and FTX from the beginning.”

XRP: XRP price decreased by 2.55% and 5.24% over 24 hours and in the past seven days. The asset reached a low and high of $0.6253 and $0.6623, respectively.

XRP, the native digital currency of Ripple, has officially been excluded from the latest SEC securities list on CoinGecko. This news has sparked enthusiasm within the cryptocurrency community, particularly among notable pro-XRP advocate John Deaton.

This development is a significant milestone in Ripple’s ongoing legal battle against the U.S. Securities and Exchange Commission (SEC), providing insights into the changing landscape of cryptocurrency regulations.

Taking to Twitter, John Deaton expressed his delight, playfully highlighting the shift in XRP’s status: “Today: Not on the list: XRP.” He juxtaposed this moment with an incident from three years ago when the SEC asserted that Ripple had sold more than 14.6 billion units of digital assets as “securities.”

CoinGecko, a prominent platform for tracking cryptocurrency prices, recently released a roster of tokens designated as securities by the SEC.

LTC: LTC price decreased by 0.54% and 3.04% over 24 hours and in the past seven days. The asset reached a low and high of $83.30 and $84.43v1, respectively.

Litecoin is currently displaying a bearish trajectory as it draws closer to its halving event, which is scheduled for Wednesday at 4:34 pm UTC. This situation also hints at a potential “buy the rumour, sell the news” scenario, a classic pattern where an event triggers a price surge followed by a sharp decline after its occurrence.

This phenomenon is characterized by a surge in price leading up to the event, followed by a significant drop shortly afterwards. Litecoin’s social dominance has been rising recently, causing some investors to exhibit signs of panic and fear. However, the project’s founder, Charlie Lee, holds a contrasting perspective.

Unlike the anxious sentiment among some investors, Charlie Lee aligns himself with the bullish camp, envisioning significant gains for Litecoin. In the Twitter space event, he elaborated that if the supply of LTC is halved while the demand remains constant, the logical consequence would be an increase in the coin’s price. Furthermore, other experts share a similar outlook, anticipating a comparable outcome.

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