Bitcoin shows signs of relief rally amid calls for emergency rate cuts and technical indicators
Bitcoin (BTC) price recovers above $55,00 on Tuesday after the sharp decline seen since the end of July. Economist Jeremy Siegel has called for emergency interest rate cuts after the recent market crash. At the same time, Arkham Intelligence data reveals that major investors like BlackRock, MicroStrategy, Grayscale, and Fidelity retained their Bitcoin holdings during the sell-off. Additionally, on-chain data shows short-term investors are selling in a panic, indicating a possible slight recovery before the downtrend resumes.
Jeremy Siegel, a finance professor and chief economist, has urged an emergency 75 basis point cut in the Fed funds interest rate in response to the recent market downturn, stressing the need for immediate action and proposing an additional cut next month to better align with the Federal Reserve's (Fed) inflation and employment targets, while criticizing the Fed's slow response as a major policy misstep that could exacerbate negative market reactions.
AAVE gears up for 15% rally after generating $6 million in revenue from crypto market sell-off
AAVE generated over $6 million in revenue in Monday’s crypto market sell-off. The decentralized protocol held steady even as the price of cryptocurrencies in the top 30 plummeted. Stani Kulechov, founder of AAVE, notes that the project secured over $21 billion in value during the carnage in the crypto markets on Monday.
AAVE trades above $99 at the time of writing on Tuesday and secures $10.905 billion, according to DeFi Llama data. On Monday, Stani Kulechov commented on AAVE’s performance in the recent crypto market correction that served as a stress test for the DeFi protocol. The project withstood the stress across 14 active markets in Layer 1 and Layer 2 chains while securing over $21 billion in value.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin poised for a drop after falling below the $52,000 level
Bitcoin (BTC) and Ethereum (ETH) retested their major support levels on Monday; a break below these levels could signal a bearish trend ahead, while Ripple (XRP) closed below its key support level, indicating a likely bearish outlook in the coming days.
Bitcoin's price fell below the ascending trendline (drawn by joining multiple swing high levels from July 5) on August 2, leading to a 5.6% decline over the next two days. As of Monday, it is trading 6% lower at $54,585, having tested the daily support level at $52,266.
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