Lorenzo Stroe
Independent Analyst
Here is what you need to know on Friday 28, August
BTC/USD had a notable pump towards $11,600 after positive comments from the Federal Reserve, however, the ‘rally’ was short-lived and Bitcoin is now trading at $11,254.
ETH/USD did something similar almost cracking $400 before dropping back to $371, the low in the last 24-hours. The most important support level at $362 is still defended.
XRP/USD is struggling after losing both daily EMAs which are extremely close to a bear cross. The digital asset is currently trading at $0.261.
UMA is up 20% in the past 24 hours followed by Serum, at 15% with a significant trading volume of $200 million. Virtually every other altcoin is in red today.
Chart of the day: ETH/USD 1-hour chart
-637341550776848718.png)
Market
The entire market pumped today after Federal Reserve chairman Jerome Powell discussed the inflation target changes for the U.S. Tyler Winklevoss, said that one of Bitcoin’s biggest boosters has always been the Fed under the leadership of Jerome Powell.
The Fed, under the leadership of Jerome Powell, continues to be Bitcoin's biggest booster. On Thursday, he will deliver a speech about how the Fed will begin targeting higher inflation.
Bitcoin and others did have a slight pump after the speech that only lasted a few minutes. Bitcoin is now lower than what it was in the last 24 hours and other major coins are seeing an extended pullback hinting at a possible reversal period in the short-term.
Industry
LINE, the Japanese messaging company similar to Whatsapp and others has just launched a blockchain development platform.
Companies can use LINE Blockchain Developers' main features to issue their own tokens, tokenize in-game digital assets (such as characters, items, and currency), ensure transparent transaction histories, and monetize data. For services that have been developed with the platform, token and item trades can also be verified on LINE Blockchain Explorer (formerly known as LINK SCAN).
Quote of the day
Gold is a great way to preserve wealth, but it is hard to move around. You do need some kind of alternative and Bitcoin fits the bill. I’m not surprised to see that happening.
– Jim Rickards
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AAVE proposes a slew of upgrades and expansions in plan for 2030
Aave has proposed a Unified Liquidity Layer, V4, and solutions to enhance and compete with zero-knowledge networks in its plan for 2030 and beyond. The proposal states that Aave aims to implement its plan together with the community within the next three years.
Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Recovery likely if Bitcoin freefall ends
Meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK) look primed for recovery, according to technical indicators, despite the broader crypto market correction prompted by the sharp drop in Bitcoin (BTC) price.
XRP tests $0.52 resistance while XRP Ledger developers propose lending protocol on the blockchain
Ripple has failed to close above $0.52 for five consecutive days, struggling with the sticky resistance. XRP holders digested the news of US Securities and Exchange Commission’s response to Ripple in its filing that addressed the issue of “expert testimony.”
Pepe whales buying spree could trigger 55% rally Premium
Pepe price shows signs of a potential comeback as it retest the a declining resistance level. A successful breakout could kick-start a 56% move to the upside as whales continue to accumulate on dips.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.