Last night, #BTC tested a local low at $57,910. This happened due to several factors:
It is likely that market participants are preparing for September, which historically has been unfavorable for cryptocurrencies. Over the last 11 years, 72.73% of the time, the first month of the fall ended with a decline in prices.
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Amid falling cryptocurrency prices, the index has moved into the red zone, indicating investors' uncertainty about the market's growth prospects in the near future.
However, it is important to remember that extreme fear levels on the index can be a signal of a good entry point into assets for long-term investors
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After news emerged that #PavelDurov had been released from the courtroom, #Toncoin instantly surged by 10%. However, the news turned out to be premature.
In the original publication, which was mistranslated and widely shared by thematic channels, it was stated that the founder of #Telegram had merely changed his procedural status.
As of now, #Durov has indeed been released from custody but placed under judicial supervision. He is prohibited from leaving France and must post bail of โฌ5 million and report to the police twice a week
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๐ Main Event of the Day: PCE Data Release
Today at 12:30 PM GMT, the core Personal Consumption Expenditures (PCE) price index will be released in the U.S., reflecting the actual level of inflation.
If the published data exceeds 2.7%, the market could expect strong volatility, as this may influence expectations regarding the Federal Reserve's interest rate policy๐ฏ
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Today at 12:30 PM GMT, the core Personal Consumption Expenditures (PCE) price index will be released in the U.S., reflecting the actual level of inflation.
If the published data exceeds 2.7%, the market could expect strong volatility, as this may influence expectations regarding the Federal Reserve's interest rate policy
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At the moment, most retail investors are selling their #BTC at a loss, fearing a further decline, which puts pressure on the digital goldโs price. Meanwhile, whales are actively accumulating coins. In the last 30 days alone, they have acquired over 133,000 BTC, worth around $7.6 billion.
At the same time, conservative market participants, such as JPMorgan, do not see potential for cryptocurrency growth, even considering the possible rate cuts on September 18.
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Today, the price of #BTC fell below $57,000. The decline happened in two phases: first, due to uncertainty about further growth driven by negative performance of U.S. company stocks, and then because of the weakness in Asian markets.
The market decline is also linked to weak business activity data for August. Altcoins in the top 100 are showing an average drop of 10%, and the liquidation volume reached around $200 million.
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A recent market report from #NFTevening shows that 96% of collections are currently dead. The study included more than 5,000 collections and 5 million transactions. Experts analyzed trading volumes over the past 5 years, social media activity of the projects, and the PnL (profit and loss) for each holder.
Additionally, the report states:
It seems that the remaining 4% of live and profitable projects are exclusively limited to collections from #DonaldTrump
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Meanwhile, the volume of Google searches for keywords like #bitcoin, #crypto, and #cryptocurrency has fallen to the level of October last year. This indicator is quite important for predicting market trends. For example, the peak of search queries occurred from March 3 to 9 this year, right before #BTC reached its new ATH.
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Last night, #YouTube was flooded with live streams where a fake, AI-generated CEO of Apple โ Tim Cook โ in the background of the autumn presentation promised to double the cryptocurrency of everyone who sent their coins to his wallet.
Surprisingly, the scheme worked: more than 355,000 people watched the stream
As for the new #iPhone16, it has dropped in price by more than half in #BTC equivalent compared to the previous model. You can see the price change dynamics of the new Apple devices in this list prepared by #CoinGecko:
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Yesterday, #Bitcoin rose to the level of $58,000. According to analysts, this was influenced by the upcoming debates between Donald Trump and Kamala Harris, which ultimately took place without mentioning cryptocurrencies, as well as the anticipated release of the US Consumer Price Index (CPI) data with a projected value of 2.6%, which could be the lowest level in the last three years.
However, market experts note the possibility of Bitcoin dropping to $50,000 after the publication of the Consumer Price Index, as historical data shows that after the release of the CPI, #BTC often went into a correction
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The publication released a new article claiming that the company behind #USDT is contributing to the creation of a "parallel economy," which operates beyond the reach of U.S. regulators and law enforcement.
Moreover, the journalists argue that the public wallet freezes are merely "for show" and that Tether is not making any serious efforts to combat the "criminal world."
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The CPI data published yesterday showed a value of 2.5% versus the expected 2.6% and the previous figure of 2.9%, which is undoubtedly seen as a positive long-term catalyst.
The market is now awaiting the Fed's meeting on September 18. The probability of a rate cut is estimated at 85% for 25 basis points and 15% for 50 basis points.
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Consumers' Research, a consumer advocacy group, has published a new report accusing the issuer of #USDT of a lack of transparency and the absence of a full audit of the reserves backing their stablecoin.
The report calls Tether the new #FTX, pointing to the possibility of a similar collapse with their crypto dollar's value dropping to zero. In addition to the report, Consumers' Research sent an open letter to the governors of all U.S. states and launched social media ads on radio and the internet.
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At the moment, #BTC is attempting to consolidate at the $60,000 level, and altcoins from the top 100 are also showing price growth.
The reason for the positive trend is the new ATH of the S&P 500 index (#SPX).
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Today at 6:00 PM GMT, the U.S. Federal Reserve will announce the new interest rate.
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The key points of his speech were that the Federal Reserve is fully focused on inflation and employment, economic activity continues to grow, and the decision has been made to adjust policy towards less restraint.
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The #Bitcoin-#ETF is positioned as a hedging tool against fiscal, monetary, and geopolitical risks. The key point is the irregular correlation of #BTC with the U.S. stock market and the resilience of digital gold to market fluctuations caused by panic.
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Today, #BTC broke the $64,000 level, where it last traded on August 26. Experts cite the recovery of the U.S. stock market after the Fed's rate cuts and the Bank of Japan's decision to maintain its rates as the main drivers of the growth.
#ETF also saw capital inflows, with over $158 million added yesterday, signaling positive sentiment among institutional investors.
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Why is this important?
#Bitcoin typically responds positively to increases in the #M2 indicator, and the current situation is no exception.
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