Bitcoin registered modest returns of 3% last month as Ether dropped over 5%. Here are triggers expected to influence price action this month.
BTC registered modest returns of 3% in July as Ether dropped over 5%. Here’s what will influence price action in August.traded fairly unchanged on the last day of July in the immediate aftermath of the Federal Open Market Committee’s interest rate decision.the benchmark federal funds rate at the 5.25%-5.50% range. With June’s FOMC meeting in the rearview, traders now eye the first rate cut this year in September.
In his remarks after the FOMC meeting, Chair Jerome Powell hinted that there is an ongoing discussion of a September rate cut, whose possibility hinges on strong economic growth figures.A mild crypto pullback ahead of the monthly close erased some of Bitcoin’s gains, with Coinglass showing that the flagship crypto managed only 2.95% returns across July.A bargaining-hunting theme persisted last month as addresses with a balance of at least 0.
Thus far, bears have fiercely defended the upper boundaries of the prevailing consolidation range, successfully stymieing attempts to crack the $70,000 mark.Sam is a blockchain research analyst and crypto data journalist with over four years of experience delivering technical content about alternative finance instruments. He holds a Bachelor's degree in Telecommunication Engineering and currently focuses on emergent technologiesSubscribe to get it daily in your inbox.
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