Weekly Market Update: August 26, 2024 🚀📊

Crypto Weekly Review: August 26, 2024 🚀

Welcome to this week’s Crypto Weekly update! Here’s everything you need to know:

Market Highlights:

📉 Goldman Sachs lowers US recession risk to just 20%. A positive sign for investors!

💎 Bitcoin news: 75% of all Bitcoin has been “hodled” by investors for over six months, indicating strong long-term confidence.

🏆 BlackRock and Fidelity’s spot Bitcoin ETFs are soaring, making it into the top 15 global ETF inflows.

📈 Coinbase’s BASE blockchain now boasts 4 million active on-chain users.

🚫 Tether (USDT) delays its blockchain launch due to concerns over current market conditions.

🚔 Telegram founder Pavel Durov has been arrested in France, leading to a 14% dip in TON crypto.

🌍 At Jackson Hole, Fed Chair Jerome Powell reaffirmed the Reserve’s commitment to the 2% inflation target, hinting at possible rate hikes amid global economic uncertainties.

📉 FOMC minutes suggest that rate cuts might be on the horizon for September.

🇺🇸 DNC: Kamala Harris officially accepts the nomination, with her campaign raising a staggering $540 million since Biden stepped out of the race.

Market Insights:

We've witnessed a breakout to the topside, with trends pointing towards the 66,000 range low. Recent macro events have been dovish, particularly Powell's comments signaling potential rate cuts next month. Bond traders are eyeing the magnitude of these cuts, but we are clearly in dovish territory, even if it’s a bumpy ride with upcoming data likely to introduce volatility.

Geopolitical tensions should be noted: Israel's attacks on Hezbollah sites in southern Lebanon over the weekend have added to market uncertainties. However, Asian equities are rallying, taking cues from Powell rather than the unrest. If the Middle East crisis escalates, it could be inflationary and detrimental to global growth, potentially causing market turbulence.

On a positive note, strong sentiment and momentum behind the Fed and intermarket risk moves suggest a potentially favorable week, provided there is no further geopolitical escalation. A wildcard to watch could be Kamala Harris outlining positive policies for the crypto space if she is elected President in November.

Technical Analysis:

We’ve observed a bullish technical setup with Bitcoin. While a beta play could be considered, the US election may introduce uncertainties like a Strategic Reserve bill, keeping us short-biased on ETHBTC. The potential launch of a staking ETF could eventually offer a dividend/income hedge, altering risk dynamics in the crypto space.

The technical move higher might start to close the gap from 3,200. While Bitcoin might reach new highs faster, there’s a promising setup for a move higher in Ethereum, provided we avoid further geopolitical risks this week.

What to Watch This Week:

🇺🇸 US CB Consumer Confidence Report – Tuesday.

🇩🇪 German Preliminary Monthly CPI, US Preliminary Quarterly GDP, and Unemployment Claims – Thursday.

🇨🇦 Canadian Monthly GDP and US Core PCE Price Index – Friday.

Stay tuned for more updates in your Crypto Weekly! 🌟📊💰