Macro Overview
- Highlights from FED Chairman Powell’s Speech: FED Chairman Powell stated that inflation has reduced significantly but remains high compared to the 2% target. He emphasized that more positive data is boosting confidence in managing inflation. However, he noted that a rate cut is not appropriate until there is more confidence that inflation is returning to the 2% target. Powell also highlighted that rising inflation is not the only risk faced by the economy.
- US CPI YoY: The US CPI YoY came out at 3%, slightly less than the expected 3.1%, which is positive for the crypto market. Initially, the market pumped following the announcement but later dumped, indicating weakness and mixed signals.
- US PPI MoM: The US PPI MoM came out higher than expected, which is bearish for the crypto market. This increase in producer prices suggests rising inflationary pressures, negatively impacting market sentiment.
- US Unemployment Claims: Weekly US unemployment claims were lower than expected, which is slightly bearish for the crypto market. Lower unemployment claims indicate a stronger job market, which could lead to concerns about potential interest rate hikes.
Crypto Markets Overview
- SEC Drops Stablecoin Investigation, Positive for Paxos: The SEC’s decision to drop its investigation into Paxos’ dollar-backed stablecoin, BUSD, is a significant win for the crypto industry. Acting chief Jorge Tenreiro notified Paxos that he would not recommend enforcement action, more than a year after issuing a Wells notice. This development is particularly positive for Paxos, indicating regulatory clarity and potential growth opportunities in the stablecoin sector.
- Astar Network and Binance Introduce Unique Staking Mechanism: Astar Network has partnered with Binance to introduce a pioneering staking mechanism, marking a significant development for the Astar community. This collaboration promises not just another staking opportunity but a unique approach that directly impacts the Astar Community Treasury and the Unstoppable Community Grants program. This initiative is expected to bolster the ASTAR network project positively.
- Alchemy Pay Partners with Mastercard to Enhance Security: Alchemy Pay, a leading fiat-crypto payment gateway, has partnered with Mastercard to streamline account opening and reduce fraud. Leveraging Mastercard’s account opening solution and advanced machine learning, Alchemy Pay ensures a seamless registration process while efficiently detecting fraud. This collaboration strengthens risk control measures and enhances platform security, benefiting the ACH project and token.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| July 15 | 9:30 PM | US Fed Chair Powell Speaks | More dovish than expected is good for crypto |
| July 18 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| July 18 | 6:15 PM | EZ ECB Press Conference | More dovish than expected is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is bearish.
- This week, BTC moved sideways as previously reported. Several significant events occurred: the continuation of Mt. Gox-related FUD, heavy selling by the German government, and the release of the CPI, which was positive but still led to a market decline. The PPI was negative for the market, yet BTC saw a slight pump afterward. Analyzing the technicals and overall sentiment, BTC appears to be headed sideways to bearish for the upcoming week.
- Key support levels to consider are around $53,600, $50600 and $47,250. On the upside, resistance levels is at $60,000 , $63,000 & $67,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral to bearish.
- This week, ETH underperformed BTC as ETF hype waned and Solana ETF hype gained traction. Technically, ETH bounced back from strong support at $2,800 (50% Retracement) and is currently hovering above that level. With BTC dominance rising, ETH is expected to underperform BTC in the coming days.
- Significant support levels include $2875 and $2650, while resistance levels to watch are at $3260 and $3465.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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