The cryptocurrency market is going through a turbulent period as investors show scepticism about the prices of altcoins. This downward shift is currently dictated by a negative trend in Bitcoin price which has resulted in bearish sentiment across the entire market.
According to data from CoinMarketCap, the price of Bitcoin went down by over 8% in August 2024. This decrease has been driven by macroeconomic factors including fears of recession, the ongoing conflict in the Middle East and broader policy defined by the US FED.
Bitcoin Price Faces Selling Pressure from US Government
Despite having impressive growth in 2024, Bitcoin has failed to exhibit impressive performance in the latter part of the year. Bitcoin price has been trending downward as a result of negative macroeconomic indicators in the United States.
The recent release of CPI data showed a significant increase in inflation, with the CPI clocking in at 2.9%. Additionally, the Yen carry-trade risk has further aggravated concerns in the market because of its impact on global market stability.
Crypto experts think that Bitcoin could face another few weeks of volatility as a result of weak technicals and diminished buying demand. However, positive announcements on rate cuts by the US FED could push Bitcoin price to $100,000 by the end of 2024.
On the other hand, institutional investors like Blackrock and Morgan Stanley have been actively acquiring Bitcoin at a record rate. According to a recent report by Bloomberg, Blackrock is now the second biggest holder of Bitcoin in the world, with over 350,000 BTC accumulated. These trends indicate that a massive positive move could be in the making.
Ripple (XRP) Fails to Impress Investors With Lackluster Growth
Despite being an early entrant in the cryptocurrency market, Ripple (XRP) has failed to exhibit impressive growth. The open-source ledger was initially touted to become the cornerstone of global banking. However, since then, XRP’s price has failed to keep up with other competitors.
A key factor behind the slow growth of Ripple has been regulatory action. The project has faced significant criticism from the US Securities and Exchange Commission (SEC), including a major lawsuit. However, with a judge recently declaring that Ripple (XRP) is not a security, investors are positive that the project could make a significant resurgence
Currently, Ripple (XRP) is priced at $0.58, a level that the project has averaged throughout the year. Technical analysis shows that the project is facing significant resistance at $0.63, with bears taking charge of the market.
Intel Markets (INTL) Shocks Experts With Impressive Launch
Intel Markets is a cutting-edge trading platform that is expected to completely transform trading. Backed by experienced professionals from Google, Open AI, and Renaissance Technologies, the platform will democratize access to AI trading for retail consumers.
The platform is the first enterprise-scale product to combine blockchain technology with artificial intelligence and embed over 100,000 data points to power the trading robots. Intel Markets has started strong in the market with over $550,000 raised from institutional investors in the private seed round.
Crypto enthusiasts are excited about the platform’s features, including multichannel analysis, autopilot trading robots, and real-time data processing. These features will allow retail traders to identify opportunities in the market and profit at an unprecedented level.
In the current stage, the INTL token is available at an unbelievable rate of $0.01, but the token is expected to explode once the presale progresses further. Intel Markets (INTL) is expected to be a solid competitor to Ripple (XRP) with its modern infrastructure and strong technology stack.
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Telegram: https://t.me/IntelMarketsOfficial
Twitter: https://x.com/intel_markets
