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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers
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The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the crypto sector. According to the Department of Labor publication, the July customer price index (CPI) report dipped to 8.5%. This was against its last year’s value of 9.1%.

With the report’s release, many people have expressed their recommendations for the Biden Administration and their shock. Some confessed that they have expected to see a spike in inflation due to some of the prevailing factors at the moment. They mentioned that the ongoing Ukraine-Russia war and price increase in goods were expected to play a role.

US President Joe Biden has reacted to the great news of the CPI report. Commenting from the White House, he maintained that the news shows that the economy ran with zero percent inflation for July.

President Biden further mentioned that their approach to controlling inflation yields positive results. Hence, he encouraged Congress to pass the inflation Reduction Act. This will help to build an economy that would reward hard work.

In the past six months, the US reported a negative GDP value for the two quarters of the year. Inflation also rose within the period, as indicated by the high-priced economy.

The report pointed out the monthly energy cost reduction that hit 4.6%. The value contradicts that of 2021, which gave a climbing curve to be at 32.9%. On the part of food expenses, there is a continuous uptrend.

The report recorded an 11% increase for July and a 10.9% rise on a year-over-year basis. Pundits reported that this value stands as the highest surge since May 1979.

Cryptocurrency market trends downwards | Source: Crypto Total Market Cap on

Gasoline prices dipped by 7.7% monthly to give drivers a little aid. However, it remained higher than the value for 2021 by 44%.

Crypto Market Followed An Uptrend

In a new development, the crypto market is making positive progress in price and value. However, the crypto space has been in shamble due to the impact of the crypto winter and other combining factors.

In addition, the geopolitical climate and macro influences had been quite unfavorable. As a result, bitcoin and most major crypto assets experienced drastic price drops over the first half of 2022.

While expecting the CPI July report, many cryptocurrencies dropped on August 9. On its part, BTC plummeted by 4% to trade at $23,100. This sudden downward move was after it hit the $24,000 level as of Monday. For Ethereum, the drop went below 5%.

But the market prices are making a bounce with most assets moving uptrend. For example, while Bitcoin has climbed above $24,200, Ethereum is increasing slightly beneath $1,900 at the time of writing.

Featured image from Phemex, Chart from
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Grayscale Bitcoin Trust (GBTC) Hits New All-Time Low

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Bitcoin’s Price Again Drops Below, Will Btc Survive?
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  • Grayscale’s website states that GBTC has $11.9 billion in assets under management.
  • GBTC has always traded at a significant premium over spot Bitcoin pricing.

Shares of the Grayscale Bitcoin Trust (GBTC), the biggest Bitcoin fund in the market, reached a record discount of 35.18% last Friday and showed little sign of recovering.

By purchasing GBTC shares, investors may get exposure to the fluctuating value of Bitcoin by trading in shares of trusts that hold pools of Bitcoin. The goal is to reduce the risk for institutional investors by providing exposure to the main cryptocurrency without requiring them to purchase and hold any coin.

GBTC has been around since September of 2013 and has always traded at a significant premium over spot Bitcoin pricing. Despite the high 2% annual management charge, this was a popular choice among investors for a long time.

GBTC Cannot Be Redeemed 

After the introduction of multiple Bitcoin ETFs in Canada at the end of February last year, the trust became negative and started trading at a discount to spot Bitcoin values. The ability to purchase Bitcoin “shares” at a discount to the NAV may seem like a steal to investors. But there’s a catch: GBTC can’t be exchanged for anything at the moment.

This effectively puts an end to the arbitrage transaction in which cheap shares are purchased, redeemed for the actual asset, and then sold for a profit.

Grayscale’s website states that GBTC has $11.9 billion in assets under management at the present time. Grayscale has long argued that the ideal solution is to transform its GBTC product into a Bitcoin ETF—an exchange-traded fund backed by actual Bitcoin.

However, the business is hampered by the fact that the U.S. Securities and Exchange Commission (SEC) has not yet authorized a spot Bitcoin ETF for American investors while having approved a number of Bitcoin futures ETFs.

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Grayscale Banks on the New EthereumPoW (ETHW) Token

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Bitcoin Price Relief Rally In This Making? BTC Could Target $26k

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Bitcoin Price Btc Btcusdt
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The Bitcoin price continues to trade in a tight range between the mid area around $18,000 and $19,500. The cryptocurrency has been moving sideways after a rejection from the $20,000 level which has led to a spike in fear and uncertainty across the nascent sector.

At the time of writing, the Bitcoin price trades at $19,100 with a 2% profit in the last 24 hours and a 1% loss over the last week. The bearish sentiment and fear in the crypto market hint at a potential relief rally which might coincide with the macro forces influencing global markets.

BTC’s price moving sideways on the 4-hour. Source: BTCUSDT Tradingview

Bitcoin Price Forms A Bottom… For Now

After last week’s U.S. Federal Reserve (Fed) announcement of a new interest rate hike, the Bitcoin price has been dominated by selling pressure. Bears managed to push the cryptocurrency close to its multi-year low at $18,000.

These levels have been operating as critical support as BTC’s price trends to the downside from an an-all time high of $69,000. As selling pressure gained momentum, Bitcoin has stayed about these critical levels.

Analyst Justin Bennett believes BTC’s price is re-creating a price action displayed back in early 2022. At that time, the Bitcoin price was recovering from a massive crash and formed a channel between $37,500 and $49,500.

The cryptocurrency traded sideways inside this pattern for several months only to be pushed down by macroeconomic developments. This led to another massive crash in May 2022.

Bennett believes the Bitcoin price might be forming a similar channel since late June with $27,500 potential operating as critical resistance. As seen below, the analyst believes BTC hit the bottom of the pattern and might be prepared to re-test the top at around $26,000 before crashing below $18,000.

The analyst wrote: “Same structure for $BTC as Feb-April, only we’re missing a retest at $26,000”.

Bitcoin Price Btc Btcusdt Chart 2
BTC’s price moving on a channel with a potential top at $27,500. Source: Justin Bennett via Twitter

Macroeconomics Ready To Support A Bitcoin Price Relief Rally

Additional data provided by Senior Analyst for Messari, Tom Dunleavy, suggests the crypto market might benefit from a bounce in traditional markets. As the Fed hikes interest rates, risk-on assets, such as Bitcoin and stocks, have shown a high correlation.

At the time of writing, bearish sentiment in financial markets seems to be reaching levels last seen in 2020, during the start of the COVID-19 pandemic. This is usually an indicator of a market bottom and potential relief as short positions piled up in the market.

According to Dunleavy, the Put/Call Ratio (P, a metric used to measure the number of call (buy) option contracts versus put (sell) option contracts is reaching a level of 1. This can be translated into a high bearish sentiment in global markets.

The last time the Put/Call Ratio was at its current levels, the Bitcoin price and the crypto markets went into a multi-year bull run and entered price discovery toward an all-time high. While the current macroeconomic scenario might cap any bullish price action, the momentum could be strong enough to hit $26,000, as Bennett proposed.

Bitcoin Price Btc Btcusudt Chart 3
Put To Call Ratio at its highest level since 2020. Source: Tom Dunleavy

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Astar Network Sets World Record With Its Nikkei Ad Backed By 329 Japanese Firms

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Astar Network Sets World Record With Its Nikkei Ad Backed By 329 Japanese Firms
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When the leading Japanese companies came together to usher in the era of Web3, the smart contracts platform Astar Network was able to run a national newspaper ad with the most brands in a single ad, setting a new global record. On September 26th, Nikkei published an ad for which 329 blue-chip firms collaborated.

The Japanese Blockchain Association has chosen Astar Network as the most popular blockchain in Japan. Formerly, Japan was a hub for the crypto industry. Astar is leading the charge to make the nation a forerunner in blockchain technology once again. Japan, the world’s third-biggest economy, went through its fair share of growing pains before settling on Astar Network as its preferred blockchain.

The Japanese government now includes Web3 in its overall national policy, and Astar Network CEO Sota Watanabe is guiding the government and many major Japanese corporations ahead in Web3. To prove its dedication, Astar aired this ad with the support of 329 other companies. If implemented properly, Web3 might have a significant impact on the national economy. Large financial institutions and well-known corporations like GMO, DeNA, Accenture, Microsoft, Amazon Web Services, and others support the plan because they want to see Japan succeed.

Sota Watanabe, founder and CEO of Astar Network said:

“Web3 is all about community. And we are proud that we could make this epoch-making ad supported by 329 companies including the biggest banks, reputable Internet companies and branch officers of a foreign companies like Microsoft and Accenture. This ad reflects the strong unity of the Japanese ecosystem. As Japan’s leading blockchain project, we will do our best to accelerate Web3 innovation through Astar.”

As part of the promotional effort, NFTs will be given out for free via QR codes. Those interested in receiving a non-transferable NFT may do so by scanning the QR code located in the ad’s bottom right corner of the Nikkei newspaper. If a user does not have a wallet address, the QR code will create one for them.

Astar Network facilitates the development of decentralized applications (dApps) utilizing EVM and WASM smart contracts with cross-consensus messaging (XCM) and a Build2Earn model that allows programmers to earn money through a dApp staking mechanism for their work. In addition, the network’s Polkadot and Kusama development teams may make use of Astar Space Labs’ Incubation Hub for top TVL dApps.

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China Reports GPU Price Fall To All-Time Low Post Ethereum Merge

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China Reports Gpu Price Fall To All-Time Low Post Ethereum Merge
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The successful Ethereum upgrade to proof-of-stake consensus is receiving more backlashes from the market. Therefore, the Ethereum upgrade should produce only positive feedback, but where there are merits, demerits must exist.

One of the aftermath challenges the industry faced since the Ethereum upgrade was the drop in GPU prices. Graphic Processing Units (GPUs) in crypto mining increased over the years because they proved very efficient.

GPU companies were earning huge profits due to the increased demand from ETH miners. However, it is no longer so, as the price of GPUs has dropped drastically over the past three months. Furthermore, the prices of GPUs dropped further after the upgrade.

Is Ethereum Merge Major Cause Of GPU price Crash?

South China Morning Post (SCMP) reported that GPU prices in China dropped to the lowest due to the Ethereum merge. ETH mining has reduced. So miners’ demand for GPU went low. Miners’ demands for expensive cards such as GeForce RTX 3080 and RTX 3090 became low and caused a reduction in price to trice the factory prices.

Also, due to the China mining ban and COVID lockdown, the demand for costly GPUs fell and worsened during the bear market. A Shanghai trader, Peng, told SCMP that RTX 3080 dropped by over 37% in the last three months.

According to Peng, the price of RTX 3080 went from 8000 yuan ($1,140) to less than 5000 yuan (%712). Peng attributed the drop in the price of GPUs to the poor condition of the crypto market.

Ethereum mining was one of the highest contributors to the high demand for GPUs in the past years. Traders noticed a slump in GPU prices as the Ethereum merge drew near.

Ethereum price climbs above $1,300 l ETHUSDT on

SCMP reported that retailers at ‘Buy Now,’ a large electronics market in Shanghai, are experiencing low GPU demand.

Retailers Lower GPU Prices

Chinese retailers reduced factory-suggested GPU prices by over 33% in a few weeks to sell their equipment. The reason for this is the crypto bear market and GPU correction market.

According to data from Baidu, traders are losing the selling price compared to the factory cost of GPUs. Analysts estimated that the average price drop of GPUs per week is about 10%.

Some reports show that NVIDIA, a large GPU manufacturer, is reducing the price of their GPU for board partners. This report is still unconfirmed, but it would likely cause further reduction in the coming weeks.

Although the crash in GPU prices may adversely affect many businesses, others think it marks the end of two years of nightmare. Many GPU retailers would previously raise the prices as high as possible because of the high demand by miners.

The crash in GPU prices could prove beneficial to AI coders, gamers, and other users because Crypto miners caused an unnecessary increase in GPU prices.

Featured Image From Pixabay, Charts From Tradingview

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Function X (FX)  Price Prediction 2022 — Will FX Hit $0.5  Soon?

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Function X (Fx)  Price Prediction 2022 — Will Fx Hit $0.5  Soon?
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  • Bullish FX price prediction is $0.35286 to $2.42507.
  • Function X (FX)  price might also reach $0.5 soon.
  • Bearish FX  price prediction for 2022 is $0.13979.

In Function X (FX)  price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about FX to analyze the future movement of the cryptocurrency. 

Function X (FX)  Current Market Status

According to CoinGecko, the price of Function X (FX)  is $ 0.236381 with a 24-hour trading volume of $ 732,991 at the time of writing. However, FX has decreased by nearly 0.2% in the last 24 hours.

Moreover, Function X (FX)  has a circulating supply of 534,734,905  FX. Function X (FX)  trades in cryptocurrency exchanges such as Bithumb, Coinbase Exchange,, KuCoin and Bittrex.

What is Function X (FX) ?

Function X (FX) is a decentralized network solution driven by blockchain technology and smart devices that was launched on July 6, 2021. The network is not dependent on any individual, entity, or structure. FX is an Ethereum token that powers Function X, a platform for decentralized apps that includes a core blockchain, cross-chain protocol, and platform for decentralized applications.FX is built on the principle of proof-of-service (PoS). This consensus mechanism improves network security while retaining high throughput and speed.

 FX can be used to pay for services like smart contract development and data storage, as well as to vote on network upgrades and stake on the network.FX is built on the principle of proof-of-service (PoS). This consensus mechanism improves network security while retaining high throughput and speed.

Function X (FX)  Price Prediction 2022

Function X (FX)  holds the 209th position on CoinGecko right now. FX price prediction 2022 is explained below with a daily time frame.

From the above chart, we can interpret that the price action of FX is similar to BTC and ETH. This indicates that when the price of  BTC and ETH  increases, the price of FX increases.When the price of BTC and ETH decreases,the price of FX decreases.

FX /USDT Ascending channel pattern (Source: Tradingview)

The above chart of Function X (FX) laid out an ascending channel pattern, also known as the rising channel. The upper and lower trend lines that connect the higher highs and higher lows respectively appear to move within a rising slope. This pattern is generally a characteristic of a bullish trend.

Currently, Function X (FX)  is in the range of $0.23294.  If the pattern continues, the price of FX  might reach the resistance levels of $0.44263.If the trend reverses, then the price of FX may fall to  $0.23194 and 0.14334.

Function X (FX)  Support and Resistance Levels

The chart below shows the support and resistance levels of Function X (FX).

Function X Fx Price Prediction 2022 — Will Fx Hit
FX /USDT Support and Resistance Levels (Source: Tradingview)

From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Function X (FX) .

Resistance Level 1 $0.35286
Resistance Level 2  $0.71153
Resistance Level 3 $1.36151
Resistance Level 4 $2.42507
Support Level $0.13979
FX /USDT Support and Resistance Levels

The charts show that Function X (FX)   has performed a bullish trend over the past month. If this trend continues, FX might run along with the bulls overtaking its resistance level at $2.42507.

Accordingly, if the investors turn against the crypto, the price of Function X (FX)   might plummet to almost $ 0.13979, a bearish signal.

Function X (FX)  Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of Function X (FX)  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 FX lies below the cutoff line, indicating weak  participants in the current trend.

FX /USDT RVOL, MA, RSI (Source: Tradingview)

Also, the Moving Average (MA) of Function X (FX)  is shown in the chart above. Notably,  Function X (FX)  price lies above  50 MA (short-term), so it is in an uptrend. Currently, FX has entered a bullish state. Therefore, there is a possibility of a reversal trend of FX at any time.

Meanwhile, the relative strength index (RSI) of the FX is 41.97. This means that Function X (FX)  is in an oversold state. However, this means a major price reversal of FX may occur in the upcoming days. So, traders need to trade carefully. 

Function X (FX)  Price Prediction 2022 — ADX, RVI

Let us now look at the Average Directional Index (ADX) of Function X (FX) . 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.

FX /USDT ADX, RVI (Source: Tradingview)

The above chart represents the ADX of Function X (FX) . Currently, the ADX of FX lies in the range of 57.85628 and thus, it indicates a very strong  trend. 

The above chart also represents the Relative Volatility Index (RVI) of Function X (FX) . RVI measures the constant deviation of price changes over a period of time. The RVI of FX lies below  50, indicating low volatility. In fact, the RSI of Function X (FX)  is at 41.97  thus confirming a potential buy signal.

Comparison of FX with BTC, ETH

The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and  Function X (FX) .

1664203410 556 Function X Fx Price Prediction 2022 — Will Fx Hit
BTC Vs ETH Vs FX  Price Comparison (Source: Tradingview)

Function X (FX)  Price Prediction 2023

If the declining price action completely slows down in momentum and the trend reverses,  Function X (FX)  might probably attain $1 by 2023.

Function X (FX)  Price Prediction 2024

With several upgrades in the network, Function X (FX)  might enter a bullish trajectory. If the coin grabs the attention of major investors, FX might rally to hit $2 by 2024. 

Function X (FX)  Price Prediction 2025

If Function X (FX)  sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 7 years, FX would rally to hit $3.

Function X (FX)  Price Prediction 2026

If Function X (FX)  sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, FX would rally to hit $4.

Function X (FX)  Price Prediction 2027

If Function X (FX)  sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, FX would rally to hit $5. 

Function X (FX)  Price Prediction 2028

Function X (FX)  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, FX would hit $6 in 2028.

Function X (FX)  Price Prediction 2029

If investors flock in and continue to place their bets on Function X (FX) , it would witness major spikes. FX might hit $7 by 2029.

Function X (FX)  Price Prediction 2030

With greater advancements in the Basic Attention TokenEcosystem, the crypto community might continue to invest in FX for the next 8 years and drive significant price rallies for the token. Hence, Function X (FX)  might hit $8 by 2030.


With continuous improvements in the Function X  Network, we can say that 2022 is a good year for FX. For this reason, the bullish price prediction of Function X (FX)  in 2022 is $2.42507 On the other hand,  the bearish price prediction of Function X (FX)  price prediction for 2022 is $ 0.13979.

Furthermore, with the advancements and upgrades to the Basic Attention Token ecosystem, the performance of FX would help to reach above its current all-time high (ATH) of $2.20 very soon. But, it might also reach $0.5 if the investors believe that FX is a good investment in 2022.


1. What is Function X (FX) ?

 FX is an Ethereum token that powers Function X, a platform for decentralized apps that includes a core blockchain, cross-chain protocol, and platform for decentralized applications. FX can be used to pay for services like smart contract development and data storage, as well as to vote on network upgrades and stake on the network.

2. Where can you purchase Function X (FX) ?

Function X (FX)  has been listed on many crypto exchanges which include Bithumb, Coinbase Exchange,, KuCoin and Bittrex.

3. Will Function X (FX)  reach a new ATH soon?

With the ongoing developments and upgrades within the Basic Attention Token Platform, FX  has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Function X (FX) ?

On April 30, 2021 Function X (FX) reached its new all-time high (ATH) of $2.20.

5. Is Function X (FX)  a good investment in 2022?

Function X (FX)  seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Basic Attention Token In the past few months, FX  is considered a good investment in 2022.

6. Can Function X (FX)  reach $0.5?

Function X (FX)  is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Function X (FX)  will hit $0.5 soon.

7. What will be the Function X (FX)  price by 2023?

 Function X (FX)  price is expected to reach $1 by 2023.

8. What will be the Function X (FX)  price by 2024?

 Function X (FX)  price is expected to reach $2 by 2024.

9. What will be the Function X (FX)  price by 2025?

 Function X (FX)  price is expected to reach $3 by 2025.

10. What will be the Function X (FX)  price by 2026?

 Function X (FX)  price is expected to reach $4 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.

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Chainlink Price Spikes Above $7 While Bitcoin Sinks Below $20,000

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Chainlink Price Spikes Above $7 While Bitcoin Sinks Below $20,000
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Among other investment assets, cryptocurrency is prominent when it comes to volatility in prices, including altcoins such as Chainlink. While an uptrend matters a lot to daily traders, dipping could be favorable for accumulation for long-term investment.

The crypto market over the weekend saw slight positive progress in the prices of most tokens. The past week was downward, but this week could bring more hope.

General analysis on a 24-hour scale for most altcoins shows that last Sunday came with a commendable trend. The majority of the tokens displayed significant progress in an uptrend. Chainlink native token, LINK, was at the forefront, among others.

But the story is quite different for the primary cryptocurrency. After moving to the $19,000 region, BTC stalled on the level through the weekend.

Chainlink Leads As The Top Performer

The crypto market witnessed a positive turnaround, especially with the price performance of the altcoins. The total market cap has stalled with the outcome without making another drop. The value is currently around the $950 billion level.

LINK, the native coin of the leads as the best performer among the altcoins. The token increased by above 5% in the early hours of trading today with an approximate price of $8.

Chainlink on the rise l LINKUSDT on

For Ethereum, there is a progressive reclaiming from its 20% post-merger drop. ETH swung into the green as the price crossed the $1,300 level.

Other altcoins increased in their values. These include Solana (SOL) and Shiba Inu (SHIB), which rose slightly. However, for Cardano (ADA), the price stalled on a particular level despite the recent launch of the Vasil Upgrade.

Some crypto assets with a slight dip include Polkadot, Ripple, Polygon, Binance Coin, Dogecoin, Tron, and Avalanche.

BTC Stagnates At Around $19,000

The performance of Bitcoin over the past week has not been quite impressive. However, it is notable that before the US Federal Reserve’s rate increase, BTC made an upward jump. The token surged from $18,300 to around $20,000.

However, its sustainability was short-lived. The announcement of the 75 bps rise in interest rates caused a drastic drop in the price of BTC. The primary crypto asset lost almost $2,000 in value within hours following the announcement.

Bitcoin plummeted to a new 3-month low of $18,100. The crypto market was thrown into another panic as the selling pressure increased.

But after a few days, the price of BTC reclaimed slightly and crawled to the $19,000 level. Then, as the market encountered more bulls, Bitcoin climbed up to $19,500 through the trading hours between last Sunday and today.

At the time of writing, BTC is trading around $19,187, depicting a 0.71% increase over the past 24 hours. Its dominance over the altcoins has returned to 39%, while its market cap is almost about $365 billion.

Featured image from Pixabay, Chart:

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