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Cryptocurrency News Roundup by U.Today
Valeria Blokhina
Check out the latest cryptocurrency news and updates in the industry with U.Today’s news roundup!
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U.Today provides an overview of the past day’s cryptocurrency events with three major news stories.
This Week is Crucial for the Crypto Market: Here’s Why
The community held its breath in anticipation of a shake-up of the cryptocurrency market, as three major events There are several events happening this week. One of them, Fed Chair Jerome Powell’s semiannual monetary policy testimony to the HFSC, is due today, July 9. The other two, 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 directly impact monetary policy decisions. All financial markets, including cryptocurrencies, could be impacted 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 the price of digital assets could rise.
Chainlink Whales Acquire $76 Million in LINK – What’s Going On?
As recently reported by renowned cryptocurrency analyst Ali Martinez, last week, cryptocurrency whales bought more than 6.2 million LINKS. At the current price level, this staggering amount of tokens is worth approximately $76.88 million. This acquisition can be explained by the whales’ desire to take advantage of the recent drop in the broader market and buy the dip, as the price of LINK has fallen by 17.17% in the past month. Furthermore, this behavior by these large market participants indicates that they are anticipating a recovery in the price of the coin in the near future. The increase in whale activity helped the price of LINK grow by almost 4% to 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%.
“The minimum target is $44,000”: Bitcoin price prediction issued by legendary trader
The start of a new week was a bit rough for Bitcoin, with its price briefly dipping to $54,260 before recovering to $57,500 with a 3% gain. Against the backdrop of this bearish trend, Peter Brandt, a prominent market expert with extensive trading experience, shared your opinion on Bitcoin price action. Brandt suggested that the flagship cryptocurrency may have completed a double top pattern, with a potential minimum target being $44,000. Supporting his analysis, the expert attached a chart where he projected his expectations, with the level 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 would need to be around 20% of the price. This suggests that the double top pattern does not fully satisfy the technical criteria, which could mean that the bearish scenario is unlikely to become reality.
About the author
Valeria Blokhina
Valeria is the Community Manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Valeria currently covers the latest news in the crypto and blockchain world.