Crypto News Digest from U.Today

Top Three Stories from the Crypto Market

In this article, we highlight the three most significant developments in the cryptocurrency market over the past day.

Powell’s Statements Impacting Crypto Market

During a news conference on July 31, Federal Reserve Chair Jerome Powell indicated that a long-anticipated rate cut could be on the horizon for September. He mentioned that the economy is "moving closer" to the point where reducing the current policy rate would be appropriate, although it isn’t time just yet. There had been discussions about a potential rate cut in July, but the Federal Reserve unanimously opted to postpone it until their next meeting. Following Powell’s remarks, the probability of a rate cut in September surged to 93.5%.

Shiba Inu’s Fourth Anniversary and Price Rally Hopes

August 2024 marks the fourth anniversary of Shiba Inu, the popular meme-based cryptocurrency. As the SHIB community celebrates, investors are eagerly analyzing the token’s price trends for signs of a potential rally. Historical data shows that August has typically been a favorable month for Shiba Inu, yielding an average return of 2.7% and a median return of 3.4%. Such trends suggest an increased likelihood of SHIB finishing August positively, bolstering optimism for a bullish trend as summer comes to a close.

BlackRock’s Bitcoin Holdings

In the Bitcoin ETF sector, the BlackRock iShares Bitcoin Trust leads the way. Recent figures reveal that BlackRock’s total Bitcoin holdings have now surpassed 343,000 BTC, specifically amounting to 343,387.46220 BTC. Based on the current price of Bitcoin, their holdings are valued at approximately $21.7 billion as of August 1, 2024. Additionally, BlackRock maintains a substantial cash position, holding about $326,384.95 in USD.

This article captures key events shaping the cryptocurrency landscape and provides insights into market reactions and trends.