Latest Crypto News and Updates
This week is shaping up to be crucial for the crypto market, with three major events set to impact the industry. The first event is the semi-annual monetary policy testimony to the HFSC by Fed Chairman Jerome Powell, which took place on July 9. The other two events, CPI and PPI data releases, are scheduled for July 11 and July 12, respectively. These events are significant as they provide insights into the Fed’s view on the economy, inflation levels, and future monetary policy decisions. The outcome of these events could lead to market shake-ups, with cryptocurrencies being affected by the Fed’s approach to interest rates.
In other news, Chainlink whales have acquired a staggering $76 million worth of LINK tokens in the past week. This move by large market participants suggests they are anticipating a price rebound for LINK in the near future, especially after the recent market crash. The rise in whale activity helped boost the LINK price by almost 4% to $13.38, although it has since dropped to $12.82.
On a more bearish note, legendary trader Peter Brandt has issued a grim Bitcoin price prediction, suggesting a potential minimum target of $44,000. Brandt believes that Bitcoin may have completed a double top pattern, indicating a significant downside risk for the flagship cryptocurrency. However, he also noted that the current depth of the “top” of BTC is only around 10%, which may indicate that the bearish scenario is less likely to materialize.
Overall, this week is set to be a rollercoaster for the crypto market, with these major events and price movements keeping investors on their toes. Stay tuned for more updates on the latest crypto news and developments.
