Cryptocurrencies Respond to Economic Pressures with Intriguing Market Moves
Main Idea
Cryptocurrency markets showed volatility with Bitcoin's price drop, while Ethereum and ENA Coin attracted attention with key support levels and market trends. Economic indicators and Federal Reserve projections influenced market sentiment.
Key Points
1. Bitcoin (BTC) price dropped from $115,317 to $113,988, highlighting exchange vulnerabilities.
2. Ethereum (ETH) and ENA Coin were analyzed for key support levels and market trends, with ENA Coin's critical supports at $0.47, $0.44, and $0.35.
3. The US ISM Manufacturing PMI reading was lower than expected, and Federal Reserve member Bostic projected only one rate cut this year despite rising inflation.
4. July saw strong performance in US-based crypto ETFs, attracting $12.8 billion in entries, outperforming traditional funds like Vanguard’s S&P 500 fund.
5. The Nasdaq Composite reached all-time highs 14 times in July, surpassing previous records from 1977.
Description
Bitcoin's price plummeted significantly after the US market opened. Weaker employment report raised expectations for interest rate cuts. Continue Reading: Cryptocurrencies Respond to Economic Pressures with Intriguing Market Moves The post Cryptocurrencies Respond to Economic Pressures with Intriguing Market Moves appeared first on COINTURK NEWS .
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