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Bitcoin once touched the threshold of $25,000, the memecoin shows signs of returning to the impressive momentum of Shiba Inu.
Market data shows that Bitcoin’s price action represents a slight market rally over the weekend. This is also the best price threshold for the largest cryptocurrency in the market since June, erasing many of the losses recorded in the previous correction. Bitcoin is currently trading around $24,800 following yesterday’s rally above $25,000.
The bullish momentum coupled with no signs of bearishness on the LTF suggests another rally to $25,400 – $25,500 is likely. However, it is also necessary to consider the factor that the peak of the bear market rally is very close to the current levels.
Meanwhile, ETH has also seen a fresh boost hitting an intraday high at $2,030 before reversing to a downside. After breaking through the $2,000 threshold for the first time since May, ETH price seems to be moving in a horizontal line with no significant momentum to continue.
The tokens in the top 10 crypto market capitalization are mostly in the red, but the decline is not strong, only fluctuating at 0.5-2%. BNB – 0.6%, ADA -2.3%, XRP – 0.4%, SOL -0.8%. With the rising momentum of memecoin, DOGE successfully regained its position in the top 10 by capitalization from DOT with a resonant increase of 6.4%.
As for other altcoins in the top 100, SHIB unexpectedly spiked more than 34% on the day and led the market with a 41% return on the week. It is followed by CHZ which is up 10% and DOGE which is making 9% on the day.
Meanwhile, on the downside, LDO is losing the most when losing more than 7% in a 24-hour period and followed by QNT (-5.3%) and DCR, 1INCH, AXS, APE, XTZ, and MKR are all losing. slip by about 4.5%.
Market sentiment in the last sessions of the week is increasingly strengthened despite the token price showing signs of a slight decrease. The Greed and Fear Index hit 47 points yesterday (August 14) and is currently at 45 points in the Fear zone.
The US stock market rallied strongly in the last session of last week, Friday (August 12), marking the fourth consecutive week of gains for the S&P 500 index, as investors cheered with signals that Inflation may have already peaked. Crude oil prices had a session of decline because of economic recession.
At the close, the Dow Jones Industrial Average rose 424.38 points, or 1.27%, to 33,761.05 points. The S&P 500 index rose 1.73% to 4,280.15 points. The Nasdaq index rose 2.09% to 13,047.19.
For the whole week, the S&P 500 gained 3.26%, reaching its longest weekly streak since November 2021. The Dow Jones is up 2.92% this week, while the Nasdaq has added 3.08%. For Nasdaq, this is also the fourth consecutive week of gains.
This week, US stock indexes received a boost from positive information on inflation. The consumer price index (CPI) in July was flat compared to January, mainly thanks to lower gasoline prices. Producer Price Index (PPI) unexpectedly fell. Data released on Friday continued to show that the price of goods imported into the US fell more than expected.
The market’s uptrend this session extended the rally since the low hit in mid-June. From that bottom, the S&P 500 is now up 16.7%, recovering half of the score lost since top. The Dow Jones was up nearly 13% and the Nasdaq was up 22.6%.
The series of positive data on inflation has bolstered investor confidence, leading them to begin to believe that the recent uptrend in the market is more than an ordinary bear market rally. market rally), which could be the start of a more sustainable rally.
Even so, traders are still betting on the Fed’s softening. Interest rate futures are reflecting a 55.5% chance of the Fed raising rates by 0.5 percentage points at the September meeting, instead of the 0.75 percentage point rate seen at the July meeting.
Brent crude oil futures in London fell $1.45/barrel, or 1.5%, to $98.15/barrel. WTI oil futures in New York fell $2.25/barrel, or 2.4%, to $92.09/barrel. Previously, prices of both oils rose more than 2% in Thursday’s session. Oil prices fell due to concerns that an economic recession would occur and drag down energy demand. The forecast that oil supply disruptions in the Gulf of Mexico will not last long also put downward pressure on oil prices this session.
However, the depreciating dollar and the expectation that the Fed will delay the rate hike has helped crude oil have a bullish week. Brent is up 3.5% and WTI is up 3.7% for the week.
On Thursday, Shell said it was suspending production at three deepwater oil rigs in the Gulf of Mexico. These rigs have a production capacity of 410,000 bpd. On Friday, authorities said that the damaged part of the rig would be fixed by the end of the day.
This week, the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand in 2022, but the International Energy Agency (IEA) increased its forecast. The market is more or less torn between these conflicting forecasts.
“We are seeing an economic deceleration, but it is not clear at this time if it will be a sharp deceleration like some recent forecasts have made. Oil demand may fall, but supply is still a concern,” said Saxo Bank strategist Ole Hansen.
The European Union’s (EU) sanctions on Russian oil will continue to tighten in the near future, while the US and other developed countries are about to complete a coordinated release of strategic oil reserves. This means that the supply in the global oil market will face many downward pressures in the near future.
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