The global crypto market cap is down 0.28% to around $2.09 trillion. The FGI has slipped to 46 points for neutral sentiments. Two major updates have made it to the headlines. One is about Binance blocking a limited number of Palestinian accounts with illicit funds. Second is Bitcoin, which is now reportedly down by 20.3% from its year’s high value of $73,794. BTC was poised to surpass that milestone before it retraced its steps below $60,000.
However, it is not all bad, for Coinbase CEO Brian Armstrong has predicted the next boom in terms of payment for crypto, and the Fed has signaled rate cuts in the coming days.
Bitcoin and Ethereum stay where they were
Neither of them has moved notably. BTC is still below the $60k mark, and Ether is awaiting the next rebound. Bitcoin tokens are exchanging hands at $59,216.35, down by 0.21% in the last 24 hours. The flagship crypto can make it to $73,000 in the coming days. Near-term projections support this, speculating that bitcoin will reach $84,000 within the next 30 days.
The early days of September will be crucial, and all sights will be on the Federal Reserve. Ether is at $2,527.34, up by 2.13% in a single day. ETFs have collectively broken the streak of net outflow, which is an uptick. August 28, 2024, saw a net inflow of $5.9 million after 9 consecutive days.
Top Meme Coins surge
Dogecoin and Shiba Inu have surged by 1.20% and 1.46%, respectively, in the last 24 hours affecting Dogecoin & Shiba Inu Price Prediction. Their token values are $0.1004 and $0.00001395, both of which are applicable in the same order. Due to Pavel Durov’s most recent developments, meme coins may continue to experience increases. After depositing $5.56 million, authorities granted him bail, but prohibited him from leaving France. Nevertheless, staying out gives the community more optimism that developments in the digital world are certain.
The founder and chief executive officer of Telegram remain under a formal investigation into his alleged involvement in organized crime on the messaging application. Elon Musk’s post on X previously shook the Dogecoin community. He presented himself as an executive with the Department of Government Efficiency. The long-time Doge supporter may gain insight into any government department, sparking bullish sentiments.
Other Gainers and Losers
Solana’s SOL has taken a major hit of 2.75%. It is now hovering around $143.80, which is still up by 0.20% in the last hour. The cryptocurrency is expected to gain traction now that news of acquiring $12 million to improve its staking capabilities has emerged. XRP has risen by 0.38% in the last 24 hours and is currently trading at $0.5724. Ripple has not announced any plans to host a native ETF in the near future.
WIF has absorbed the blow and is up by 0.75%. With a value of $1.59, it remains one of the tokens to look for. It is predicted to reach $1.80 and then $2 by the end of this year, that is, 2024. PEPE has also jumped a few numbers. During the same time period, the frog-themed meme coin gained 0.17%. Its listed price is $0.000007765.
Conclusion
Overall, the crypto market is waiting for an announcement about rate cuts. The Federal Reserve has hinted that it will deliver the news as early as possible in the next month. Meme Coins have absorbed the blow and could potentially keep that up during the crucial moment—that is, before rate cuts.
Disclaimer: All values were true at the time this article was written. Content is for reference only and should not be considered investment advice or recommendation.