Bitcoin surged after July’s CPI data showed that inflation has started to decline after several months of record-breaking rates.
Similar to earlier instances, the price of bitcoin climbed close to $24,000.
CPI Report Boost Bitcoin Price
According to the Consumer Price Index report (CPI) that the U.S. Bureau of Labor and Statistics released on Wednesday, consumer costs remained unchanged, putting inflation at 8.5%.
Prior to this, analysts anticipated that the index, which analyzes price changes across a wide range of products and services, would increase by 0.2% to reveal inflation to be 8.7% on an annual basis.
After the U.S. Bureau of Labor Statistics released its data on inflation for July, the value of the Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all sharply increased. Moreover, the value of precious metals and cryptocurrencies rose on Wednesday. The value of bitcoin surged by nearly 4%, that of gold by 0.35%, and that of silver by 1.43% in relation to the dollar.
BTC/USD trades close to $24k. Source: TradingView
Inflation as measured by headline CPI increased 0.0 percent month-over-month in July, well below its elevated June monthly rate of 1.3 percent. Monthly core inflation in July fell to 0.3 percent. 1/ pic.twitter.com/6bVTZq7m1W
According to the Consumer Price Index (CPI) report for July 2022, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.3 percent in June but remained steady in July. Before seasonal adjustment, the all items index rose 8.5 percent over the previous 12 months. The report on inflation adds:
“The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month.”
President of the United States Joe Biden talked about the CPI figures as well and said that new legislation and domestic semiconductor production had increased the nation’s economic activity. According to Biden, the lack of semiconductors resulted in high pricing for autos last year, which accounted for one-third of core inflation. “America is back leading the way with the CHIPS and Science Law boosting our efforts to make semiconductors right here at home.”
Focus Turns To FOMC Meeting In September
Analysts anticipate that core inflation will rise from 5.9% to 6.1%, pushing the Fed to raise interest rates further in September. The CPI data, however, indicates that recent rate hikes are having a cooling effect on the economy.
Nevertheless, Citigroup economists predicted another 75 basis point increase, fueled by strong job data and faster pay growth than anticipated. But if core inflation comes in higher than anticipated, there is also a chance for a 100 basis point rise.
Federal Funds Effective Rate (Source: FRED)
The current CPI rate is 9%, and investor Stanley Druckenmiller said that “Inflation has never come down from above 5% without Fed funds rising above CPI.”
The Fed won’t need to raise rates as much as they have thus far this year if inflation has peaked.
In response to rising interest rates that slow growth, institutional investors have moved away from more speculative assets like tech stocks and cryptocurrencies and toward investments that are more comparatively stable, such corporate bonds and U.S. Treasuries.
Featured image from Getty Image, charts from FRED and TradingView.com
Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.
The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.
This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.
Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.
Will Robinhood Team-Up Bring Good Results?
The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.
According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.
Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.
From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.
By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.
The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.
With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?
Rally In The Offing For Crypto?
As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.
Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).
The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.
If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.
Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.
MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com
Featured image from VOI, Chart: TradingView.com
The issue was identified and developers started working on resetting the network.
In total there hasbeen atotal of 8 Solana network failure so far.
Even though the Solana blockchain had significant downtime, it seems to be completely functional once again. The whole network crashed because of a single misconfigured node. But over the year, Solana has put up with a number of shutdowns.
When contacted, Solana said that the transactions could not be processed because of network issues. The issue was identified and developers started working on resetting the network. For the next several hours, network administrators and dapps will keep working to restore client services.
Scourge for the System
In the last 24 hours after the outage began, the price of a Solana token has dropped by 4%. However, year-to-date prices for SOL have dropped by 81%. The current market price for Solana is $33.10. The total trade volume over the last 24 hours has increased by 13% to $1.13 billion. At the moment, its market cap is close to $11.7 billion.
But this isn’t the first time a glitch has caused the Solana network to crash. Sometime in June of this year, its supporting infrastructure had a failure that lasted for more than four hours. Not just that but in total there has been a total of 8 Solana network failures, while other networks are yet to face any.
In the meanwhile, the blackouts and service interruptions persisted for around 18 hours. Trading accounts plummeted as investors were unable to sell their tokens. People’s confidence in Solana, the supposed “Ethereum killer,” is eroding. In spite of this, Solana’s co-founder Anatoly Yakovenko has said that network failures are becoming a scourge for the system.
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Solana (SOL) Price Prediction 2022 – Will SOL Hit $50 Soon?
Ethereum Classic (ETC) has been in the clutch of the bears as it has shaved off as much as 30% in the past two weeks.
Ethereum Classic price down 30% in the past two weeks
ETC trading at $27.69 as of press time
ETC’s downturn opens up opportunities for short-term positions
ETC has dropped below the $33.9 zone barely two weeks ago and it seems Bitcoin is suffering the same fate as it failed to barrel past the key resistance of $19.7k. The selling pressure has been intermittently high in the crypto market.
Coming from the larger Ethereum, ETC is predominantly viewed as secure as it is designed to alleviate key problems encountered with the larger or main token Ethereum, especially in line with amplifying speed and lowering fees.
In fact, Ethereum Classic has evolved to be one of the most trusted and largest smart contract platforms as it is dubbed to be a valuable long-term investment to beef up and diversify one’s portfolio.
Ethereum Classic Price Seeing Bearish Pressure
According to CoinMarketCap, ETC price has plunged by 1.01% or trading at $27.69 as of press time.
At this point, a bearish block is seen close to the $30 level. A climb by 8% will prove to invalidate the bearish outlook of ETC.
Traders should wait awhile for a price jump before entering any short position at the $27 to $29 range, which is considerably near $30.54, the key support zone.
Judging by the daily and 12-hour timeframe, ETC is looking predominantly bearish with waves of lower highs and lower lows observed in the past couple of weeks.
With that in mind, traders of ETC can trade in sync with this trend and wait for any selling opportunities.
Ethereum Classic’s RSI is below the 50 zone which has also been revisited as a resistance.
Hence, the RSI depicts a downtrend. OBV also validates that sellers are dominating the market with lower highs seen for about three weeks so far hinting at a high selling volume.
With this trend, ETC short sellers can rake in profit somewhere along the key support levels of $26.9 and $24.5. Now, a jump above the $30.7 zone can pump up a stop-loss order.
ETC Social Metrics Down Since August 2022
Ethereum Classic had its strongest troughs in July, especially in terms of social metrics which is higher compared to September figures. Apparently, the social metrics of ETC such as engagement have dropped since August which also triggered a price drop.
On the other hand, the uptick in Ethereum Classic’s development activities in August has improved social metrics for ETC. Despite the price decline, ETC is recovering in terms of social dominance which is a good place to start.
The downturn of ETC is said to be brought about by the bleeding of BTC as the king of cryptocurrencies wallows under the key resistance of $19.7.
In order to recover, Bitcoin will have to rise above the $20.7k zone and then flip it favorably to a support zone. From a technical view, ETC’s vertigo is opening up opportunities for short-term positions.
ETC total market cap at $3.8 billion on the daily chart | Source: TradingView.com
Featured image from Forkast, Chart: TradingView.com
In Bancor (BNT) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about BNT to analyze the future movement of the cryptocurrency.
Bancor (BNT) Current Market Status
According to CoinGecko, the price of Bancor (BNT) is $0.434749 with a 24-hour trading volume of $5,593,147 at the time of writing. However, BNT has decreased by nearly 0.8% in the last 24 hours.
Moreover, Bancor (BNT) has a circulating supply of 191,966,920 BNT. Currently, Bancor (BNT) trades in cryptocurrency exchanges such as Binance, Coinbase Exchange, OKX, LBank, MEXC, Huobi Global.
What is Bancor (BNT)?
BNT is the native token of Bancor Network. Bancor is a decentralized financial network that aims to give small- and micro-cap coins liquidity while also giving liquidity providers rewards. It launched on June 12, 2017. When trading each token, BNT tokens serve as a medium of exchange. Bancor uses an automated market maker system that adds additional liquidity to multiple markets while allowing users to control and manage liquidity pools with cryptocurrency deposits. Bancor does this by paying rewards for contributing liquidity to different pools.
Bancor (BNT) Price Prediction 2022
Bancor (BNT) holds the 281st position on CoinGecko right now. BNT price prediction 2022 is explained below with a daily time frame.
The above chart of Bancor (BNT) laid out the Horizontal channel pattern, also known as sideways trend. In order to indicate how the price is constrained between the upper line of resistance and lower line of support, horizontal channels are trend lines that join changeable price highs and lows.
Currently, Bancor (BNT) is in the range of $0.440. If the pattern continues, the price of BNT might reach the resistance levels of $0.506, $0.626 and $1.032 If the trend reverses, then the price of BNT may fall to $0.411.
Bancor (BNT) Support and Resistance Levels
The chart below shows the support and resistance levels of Bancor (BNT).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Bancor (BNT).
Resistance Level 1
Resistance Level 2
Resistance Level 3
Resistance Level 4
BNT /USDT Support and Resistance Levels
The charts show that Bancor (BNT) has performed a bullish trend over the past month. If this trend continues, BNT might run along with the bulls overtaking its resistance level at $3.263
Accordingly, if the investors turn against crypto, the price of Bancor (BNT) might plummet to almost $0.426, a bearish signal.
Bancor (BNT) Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of Bancor (BNT) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of BNT lies below the cutoff line, indicating weak participants in the current trend.
Also, the Moving Average (MA) of Bancor (BNT) is shown in the chart above. Notably, Bancor (BNT) price lies below 50 MA (short-term), so it is in a downtrend. Currently, BNT has entered a bearish state. Therefore, there is a possibility of a reversal trend of BNT at any time.
Meanwhile, the relative strength index (RSI) of the BNT is 45.02. This means that Bancor (BNT) is in an oversold state. However, this means a major price reversal of BNT may occur in the upcoming days. So, traders need to trade carefully.
Bancor (BNT) Price Prediction 2022 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of Bancor (BNT). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Bancor (BNT). Currently, the ADX of BNT lies in the range of 40.775 and thus, it indicates a very strong trend.
The above chart also represents the Relative Volatility Index (RVI) of Bancor (BNT). RVI measures the constant deviation of price changes over a period of time. The RVI of BNT lies below 50, indicating low volatility. In fact, the RSI of Bancor (BNT) is at 45.02 thus confirming a potential buy signal.
Comparison of BNT with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and Bancor (BNT).
From the above chart, we can interpret that the price actions of BNT is a similar trend with respect to ETH. This indicates that when the price of ETH increases or decreases the price of BNT also increases or decreases respectively.
Bancor (BNT) Price Prediction 2023
If the declining price action completely slows down in momentum and the trend reverses, Bancor (BNT)might probably attain $3 by 2023.
Bancor (BNT) Price Prediction 2024
With several upgrades in the network, Bancor (BNT) might enter a bullish trajectory. If the coin grabs the attention of major investors, BNT might rally to hit $5 by 2024.
Bancor (BNT) Price Prediction 2025
If Bancor (BNT) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 3 years, BNT would rally to hit $7
Bancor (BNT) Price Prediction 2026
If Bancor (BNT) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, BNT would rally to hit $9
Bancor (BNT) Price Prediction 2027
If Bancor (BNT) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, BNT would rally to hit $11
Bancor (BNT) Price Prediction 2028
Bancor (BNT) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, BNT would hit $13 in 2028.
Bancor (BNT) Price Prediction 2029
If investors flock in and continue to place their bets on Bancor (BNT), it would witness major spikes. BNT might hit $15 by 2029.
Bancor (BNT) Price Prediction 2030
With greater advancements in the Bancor ecosystem, the crypto community might continue to invest in BNT for the next 8 years and drive significant price rallies for the token. Hence, Bancor (BNT) might hit $17 by 2030.
With continuous improvements in the Bancor network, we can say that 2022 is a good year for BNT. For this reason, the bullish price prediction of Bancor (BNT) in 2022 is $3.263. On the other hand, the bearish price prediction of Bancor (BNT) price prediction for 2022 is $0.426.
Furthermore, with the advancements and upgrades to the Bancor ecosystem, the performance of BNT would help to reach above its current all-time high (ATH) of $10.72 very soon. But, it might also reach $1 if the investors believe that BNT is a good investment in 2022.
1. What is Bancor (BNT)?
BNT is the native token of Bancor Network. Bancor is a decentralized financial network that aims to give small- and micro-cap coins liquidity while also giving liquidity providers rewards.
2. Where can you purchase Bancor (BNT)?
Bancor (BNT) has been listed on many crypto exchanges which include Binance, Coinbase Exchange, OKX, LBank, MEXC, Huobi Global.
3. Will Bancor (BNT) reach a new ATH soon?
With the ongoing developments and upgrades within the Bancor Platform, BNT has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Bancor (BNT)?
On January 09, 2018 Bancor (BNT) reached its new all-time high (ATH) of $10.72
5. Is Bancor (BNT) a good investment in 2022?
Bancor (BNT) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Bancorin the past few months, BNT is considered a good investment in 2022.
6. Can Bancor (BNT) reach $1?
Bancor (BNT) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Bancor (BNT) will hit $1 soon.
7. What will be Bancor (BNT) price by 2023?
Bancor (BNT) price is expected to reach $3 by 2023.
8. What will be Bancor (BNT) price by 2024?
Bancor (BNT)price is expected to reach $5 by 2024.
9. What will be Bancor (BNT) price by 2025?
Bancor (BNT) price is expected to reach $7 by 2025.
10. What will be Bancor (BNT) price by 2026?
Bancor (BNT) price is expected to reach $9 by 2026.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Terra Classic has risen by over 14% in the last 7 days.
Following the Binance supports for Terra 1.25 burn tax, Terra classic (LUNC) has seen far less volatility in the price for the last seven days. LUNC maintained a price range of around $0.0002597 to $0.0002956 after the most recent price decreases.
Binance, the world’s largest cryptocurrency exchange by daily trading volume implemented Terra’s 1.2% burn tax on September 26. Within an hour of Binance’s announcement, LUNC’s price surged by more than 45% from $0.0001825 to $0.0003272. In addition, Terra Classic’s price increased by 161% in the past month.
Terra Classic Current Status
There are 6.8 trillion Terra Classics in circulation. The LUNC community’s target fixed supply for LUNC tokens is 10 billion. In total, 7 billion LUNC tokens have been burned, of which 4.2 billion were sent to burning addresses and 2.7 billion were burned via tax.
Since this tax-burning mechanism, Terra Classic prices are increasing significantly. The price of LUNC has risen by over 14% in the last week and by around 30% over the past month. At the time of writing, LUNC traded at $0.0002956 with a trading volume of $599,241,638. LUNC increased by more than 3.08% in the last 24 hours with a market cap of $1,811,063,932, as per CoinMarketCap.
Moreover, the LUNC community waiting for the Coinbase exchange to list Terra Classic on their trading. On September 30, the community called Coinbase through several tweets to help them and add LUNC back to their trading list. More than 140k tweets were tweeted by many with the CoinbaseListLUNC hashtag.
Cardano (ADA), the 8th ranked crypto asset in terms of market capitalization, remains in the red as it loses 6.3% of its value in the last seven days.
Cardano lost more than 6% of its value for the past week
UniSwap surpassed ADA in terms of daily average transactions
Positivity remains among crypto enthusiasts for Cardano
As of this writing, according to Coingecko, the asset is trading at $0.43 but still remains one of the top 10 digital assets thanks to its market capitalization which stands at almost $14.7 billion.
They hefty market cap, however, is not enough to fend off some negative criticisms and projections about the crypto created by the Hong Kong Input-Output (IOHK) led by Ethereum co-founder Charles Hoskinson.
In fact, Evan Van Ness, a well-known die-hard fan and Ethereum maximalist, claims the token is already at death’s door and will soon turn into a “zombiechain.”
Aside from his belief that Ethereum is the best crypto out there, Ness has some alarming information regarding Cardano which could spell its immediate future.
ADA’s network is currently living at an incredibly low transaction count of less than one per second. That’s lesser than other assets with lower market capitalization.
UniSwap, for example, only has $4.9 billion market cap, but is beating Cardano on the seven-day average of daily transactions.
Source: Evan Van Ness
This is surprising, considering that UniSwap also has significantly higher daily fees count, currently at $1 million, compared to ADA’s $10,000.
What Lies Ahead For Cardano
While Ness says a lot of negativity towards a crypto asset that was once making breakthroughs, some remain positive about its future.
Coin Quora, armed with the results of their price monitoring for Cardano, said the asset will have a bullish run and will close the year with a price of $12. It also predicted that by 2023, its value will increase up to $18.
By 2025, however, the crypto, having experienced price corrections, will change hands at significantly lower prices.
Analytics Insights place the value of Cardano at $3.81, going as low as $3.68 and as high as $4.38. Both prices are way higher than its current value, $0.43.
It remains to be seen if the Ethereum’s maximalist’s claims pack some truth into them, but ADA’s recent performance so far is not helping its case.
ADA total market cap at $14.7 billion on the daily chart | Source: TradingView.com
Featured image from Cute Wallpaper.org, Chart: TradingView.com