TruBit Crypto Weekly Digest (08/08 - 08/14)
Welcome to this week's digest from TruBit, covering August 8th to August 14th, 2023! We delve into the most significant happenings in the crypto world and offer our unique insights. We aim to keep you at the cutting edge of the crypto universe with the most up-to-date information. Stay tuned, and let's navigate the crypto world together.
📈 Last Week's Trending Tokens to Watch (08/08 -08/14)
- SHIB/USDT
- 7D Change (+16.10%)
- DYDX/USDT
- 7D Change (+8.43%)
- SOL/USDT
- 7D Change (+5.12%)
- DASH/USDT
- 7D Change (+4.79%)
💡Coin Insights (08/08 -08/14)
- US Dollar Index Insight: The US Dollar Index exhibits signs of a downtrend, signaling inherent weakness. After a brief rally towards a resistance zone, anticipate potential bearish reversals soon. This could present opportunities across the market.
- Equity Market Overview: Both the Dow Jones Industrial Average and the Nasdaq Composite appear overextended in the short term. Expect some consolidation, especially in the Nasdaq, which might undergo a correction in the upcoming weeks. Notably, the performance trends of BTC, ETH, and U.S. equities have diverged; hence, adjustments in U.S. stocks might have minimal influence on BTC and ETH.
- Medium-Term Strategy for BTC & ETH: The charts below suggest a promising medium-term bullish trajectory for both BTC and ETH. Maintain your holdings and consider accumulating on dips toward crucial support levels.
- BTC Short-Term Outlook: BTC experienced significant momentum around the week of June 19th, but has since been in a consolidation phase. If BTC upholds its current support level, there's a likelihood of a bullish resurgence.
- Short-Term Entry Points: Set tight stop losses to mitigate risk. Incrementally establish long positions. For a conservative approach, focus on accumulating BTC. For those with a more balanced risk appetite, consider diversifying into both BTC and ETH, and potentially SOL.
- BTC Technical Analysis: Immediate support for BTC is pinpointed near $28700. Could consider long entries at this level. If BTC sustains above this support, anticipate potential bullish momentum after a brief consolidation.
- ETH Technical Analysis: ETH's current support zone lies between $1820 - $1800. With stop losses set closely for risk management, ETH appears to be an attractive trade, especially if BTC remains above its respective support.
- SOL Technical Analysis: SOL's bullish trend is evident. Look for buying opportunities near its dynamic support, indicated by the green line on the chart.
🔥 The Hot News in Crypto Market You Need To Know (08/08 -08/14)
- Coinbase (COIN), a big U.S. crypto company that trades cryptocurrencies, announced that its new Base blockchain is now active. This begins a new time when public companies manage their own online networks.
- PayPal is doing more with cryptocurrencies and has introduced its own stablecoin named PayPal USD. As the company said, this PayPal USD (PYUSD) is supported by short-term government bonds, dollar savings, and similar cash items. It will be available on the Ethereum system and is called an ERC-20 token.
- Microsoft will give Aptos its AI technology to help with setup and growth. The two companies will look into new ways for digital money, online payments, and digital currencies from central banks.
- Long-term owners hold 75% of all available Bitcoin, which grew by 43,949, worth $1.274 billion now. This means many people choose to keep their Bitcoin for a long time.
- The well-known blockchain network, Ethereum, has achieved something big. It now has more than 100 million addresses with some value in them.
- On Monday, the Central Bank of Brazil said that the new digital money they've made is called DREX. This name is short for Digital Real Electronic Transaction. It's a new part of their successful Pix system.
🌟 What to Expect
09/19 The FOMC Meeting
- Following the July policy statement, Chairman Powell of the Federal Reserve hinted at the possibility of further interest rate increases after their September meeting.