TruBit Crypto Weekly Digest (7/24 - 7/31)
Welcome to this week's digest from TruBit, covering July 24 to July 31, 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(7/24 -7/31)
7D Change (+38.25%)
7D Change (+13.09%)
7D Change (+9.62%)
7D Change (+9.98)
💡Coin Insights (7/24 -7/31)
- The U.S. Federal Reserve recently increased interest rates, but this had minimal impact on U.S. stocks and Bitcoin, implying a reduced effect. As the U.S. dollar index is getting weaker, experts anticipate rates could drop by the end of the year or early next, potentially prompting early market response that favors cryptocurrencies and financial markets. Meanwhile, U.S. stock indexes such as the Dow Jones and Nasdaq have achieved record highs, but they might face fluctuations soon. Notably, Bitcoin and Ethereum are not closely following these trends, suggesting they might be less affected by U.S. market changes. This combination of trends and events, including the U.S dollar index decrease, could prove beneficial for the overall market.
- Medium-term strategy: Bitcoin (BTC) and Ethereum (ETH) are showing good upward trends over the medium term. It's advisable to hold onto them and buy more near support levels.
- Short-term strategy: Bitcoin started fluctuating normally after breaking out during the week of June 19. It's digesting some profit-taking while waiting for averages to rise and form support, potentially leading to a new uptick. If Bitcoin doesn't fall significantly below the support level, there's a good chance of a rebound.
- Short-term trading strategy: Consider buying in parts and investing for the long term. If you're cautious, consider buying Bitcoin. If you're comfortable with moderate risk, you might buy both Bitcoin and Ethereum. If you're more aggressive, you might even consider investing in Dogecoin.
- For Bitcoin (BTC), the short-term support levels are between 29,000 and 28,500. It's unlikely that it will fall to 28,200 in the short term, so consider buying more in stages.
- Ethereum (ETH) has short-term support levels around 1,820 to 1,800. Consider buying more at these levels.
- Dogecoin (DOGE) has short-term support between 0.075 and 0.073. It's advisable to buy more near these support levels. The short-term technical indicators for Dogecoin are very positive. Pay close attention to buying more when the price is low. It has recently decreased a bit, but it's not expected to fall much further in the short term.
🔥 The Hot News in Crypto Market You Need To Know (7/24 -7/31)
- For the first time in six months, Optimism, a Layer-2 blockchain, exceeded Arbitrum in daily transactions, with 844,290 compared to 630,534. The rise is linked to the launch of Worldcoin, a cryptocurrency using the Optimism blockchain, created by Sam Altman's AI company.
- The US Federal Reserve increased its main interest rate by 0.25% on 7/26. This step was taken to combat inflation even though the price rise has slowed down in the past few months. This increase has pushed the Federal Reserve's main interest rate to its highest point in 22 years, between 5.25% and 5.5%.
- Bitcoin, a type of digital money, completed its fourth week of small price changes last Sunday. This made its rate of price changes, or volatility, the lowest it's been since the start of the year. The 30-day estimate for Bitcoin, the world's biggest digital money, has dropped to only 0.74%. This is the lowest rate of price change for Bitcoin since January 16th, when it was 71%.
- The House Financial Services Committee advanced cryptocurrency bills after a detailed review on Wednesday. Despite issues related to the FTX crypto exchange, most lawmakers supported the Financial Innovation and Technology for the 21st Century Act (H.R. 4763) and the Blockchain Regulatory Certainty Act (H.R. 1747). These bills, aimed at creating a unified crypto legal system, were sent to the House of Representatives for a vote.
- The group that manages the Avalanche (AVAX) blockchain said they would buy $50 million of digital assets made on their network. They made this announcement on Tuesday. The Avalanche Vista project wants to add more digital forms of standard investments. This includes things like stocks, credit, property, and goods to the first level of blockchain.
🌟 What to Expect
On the 3rd of August, Litecoin will undergo a "halving" event. This means the reward for recording new transactions on the Litecoin network will be reduced from 12.5 to 6.25. In the past, such events in 2015 and 2019 resulted in Litecoin's value surging by 810% and 543%, respectively. So far in 2023, its value has already risen by 126%. If we estimate that each halving boosts the weight by half the percentage of the previous one, there could be an additional increase of 271%.