Langgam Pos - On Wednesday, July 31, 2024, the cryptocurrency market exhibited mixed movements among top digital assets. Most major cryptocurrencies continued to linger in the red zone.
According to data from Coinmarketcap, Bitcoin (BTC), the largest cryptocurrency by market capitalization, experienced a decline of 1.48% over the past 24 hours. However, it saw a slight gain of 0.38% over the past week.
Ethereum (ETH) also saw a drop, falling 1.66% in the last day and 5.60% over the past week. Currently, ETH is trading at approximately IDR 53.4 million per coin.
Binance Coin (BNB) showed some recovery, rising by 0.76% in the last 24 hours, although it still fell by 0.02% over the week. BNB is now priced at IDR 9.49 million per coin.
Cardano (ADA) remains in the red zone, correcting upwards by 0.87% over the last 24 hours and 1.80% over the week. ADA is currently valued at IDR 6,574 per coin.
Solana (SOL) experienced a decline of 2.40% in the last day but saw an increase of 3.63% over the week. SOL is now priced at IDR 2.92 million per coin.
XRP stands out with positive performance, gaining 4.65% in the last 24 hours and 5.23% over the week. XRP is currently trading at IDR 10,303 per coin.
Meme coin Dogecoin (DOGE) continues to struggle, down by 2.00% in the last day and 3.27% over the week. DOGE is trading at IDR 2,058 per token.
Stablecoins Tether (USDT) and USD Coin (USDC) both saw a marginal increase of 0.01%, holding steady at USD 1.00.
Binance USD (BUSD) also experienced a slight gain of 0.01% in the past 24 hours, maintaining its value at USD 1.00.
Overall, the total cryptocurrency market capitalization today stands at USD 2.37 trillion, or IDR 38,704 trillion, marking a decline of about 1.50% over the last 24 hours.
Bitcoin Price Prediction Amid Fed Sentiment
Previously, Bitcoin (BTC) traded at USD 66,590 as of Tuesday, July 30, 2024, at 08:00 WIB, after reaching USD 70,000 on Monday, July 29, 2024, due to a speech by presidential candidate Donald Trump, who promised to establish a national Bitcoin reserve if elected.
Speaking at a Bitcoin conference, Trump vowed to dismiss SEC Chairman Gary Gensler on his first day in office. His comments were well-received by Bitcoin enthusiasts hoping for clearer regulation in the U.S.
The past week has been eventful for the crypto market. It began with Republican presidential candidate Donald Trump’s pledge to end the “persecution” of the crypto industry if he wins the U.S. presidential election. Meanwhile, the Federal Reserve's meeting on Wednesday, July 31, 2024, has sparked speculation that the central bank may soon cut interest rates due to easing inflation.
Ethereum (ETH) had a tough week, affected by continuous outflows from Ethereum spot ETFs, reflected in ETH’s stagnant movement over the past week. In contrast, Bitcoin Spot ETFs maintained positive performance, closing with a net inflow of $535 million for the period from July 22 to 26, indicating a positive trend over the last four weeks.
“This week, as we approach the end of July 2024, BTC could move between USD 64,000 and USD 71,000. Since July 1, BTC has risen by 6.73% and may close July on a positive note,” said Panji Yudha, Ajaib Crypto’s Financial Expert, in a statement on Tuesday, July 30, 2024.
U.S. economic data continues to influence Bitcoin and the broader crypto market. Market participants are preparing for several key events this week, including the Federal Open Market Committee (FOMC) meeting on July 31 and a press conference by Fed Chairman Jerome Powell. This meeting will focus on potential interest rate changes.
Fed Sentiment
The Fed maintained its interest rate between 5.25% and 5.50% in June. The decline in the U.S. Consumer Price Index (CPI) to 3% in June suggests easing inflation. However, Powell indicated in the Fed’s Semiannual Monetary Policy Report that the Fed is not yet ready to cut interest rates at this FOMC meeting.
The Federal Reserve is expected to maintain its interest rate policy at the July 31, 2024 meeting despite pressure for a rate cut. This meeting may be used to signal future rate cuts.
According to CME FedWatch Tools, there is almost a 90% chance of a 0.25% rate cut at the FOMC meeting in September.
Political support, institutional backing, and potential rate cuts could drive Bitcoin past its all-time high of USD 73,750, reaching the USD 90,000 – USD 100,000 range by the end of the year. Data from Coinglass shows that from Q4 2013 to 2023, Bitcoin averaged over an 80% increase in this quarter.
Ethereum (ETH) also saw a drop, falling 1.66% in the last day and 5.60% over the past week. Currently, ETH is trading at approximately IDR 53.4 million per coin.
Binance Coin (BNB) showed some recovery, rising by 0.76% in the last 24 hours, although it still fell by 0.02% over the week. BNB is now priced at IDR 9.49 million per coin.
Cardano (ADA) remains in the red zone, correcting upwards by 0.87% over the last 24 hours and 1.80% over the week. ADA is currently valued at IDR 6,574 per coin.
Solana (SOL) experienced a decline of 2.40% in the last day but saw an increase of 3.63% over the week. SOL is now priced at IDR 2.92 million per coin.
XRP stands out with positive performance, gaining 4.65% in the last 24 hours and 5.23% over the week. XRP is currently trading at IDR 10,303 per coin.
Meme coin Dogecoin (DOGE) continues to struggle, down by 2.00% in the last day and 3.27% over the week. DOGE is trading at IDR 2,058 per token.
Stablecoins Tether (USDT) and USD Coin (USDC) both saw a marginal increase of 0.01%, holding steady at USD 1.00.
Binance USD (BUSD) also experienced a slight gain of 0.01% in the past 24 hours, maintaining its value at USD 1.00.
Overall, the total cryptocurrency market capitalization today stands at USD 2.37 trillion, or IDR 38,704 trillion, marking a decline of about 1.50% over the last 24 hours.
Bitcoin Price Prediction Amid Fed Sentiment
Previously, Bitcoin (BTC) traded at USD 66,590 as of Tuesday, July 30, 2024, at 08:00 WIB, after reaching USD 70,000 on Monday, July 29, 2024, due to a speech by presidential candidate Donald Trump, who promised to establish a national Bitcoin reserve if elected.
Speaking at a Bitcoin conference, Trump vowed to dismiss SEC Chairman Gary Gensler on his first day in office. His comments were well-received by Bitcoin enthusiasts hoping for clearer regulation in the U.S.
The past week has been eventful for the crypto market. It began with Republican presidential candidate Donald Trump’s pledge to end the “persecution” of the crypto industry if he wins the U.S. presidential election. Meanwhile, the Federal Reserve's meeting on Wednesday, July 31, 2024, has sparked speculation that the central bank may soon cut interest rates due to easing inflation.
Ethereum (ETH) had a tough week, affected by continuous outflows from Ethereum spot ETFs, reflected in ETH’s stagnant movement over the past week. In contrast, Bitcoin Spot ETFs maintained positive performance, closing with a net inflow of $535 million for the period from July 22 to 26, indicating a positive trend over the last four weeks.
“This week, as we approach the end of July 2024, BTC could move between USD 64,000 and USD 71,000. Since July 1, BTC has risen by 6.73% and may close July on a positive note,” said Panji Yudha, Ajaib Crypto’s Financial Expert, in a statement on Tuesday, July 30, 2024.
U.S. economic data continues to influence Bitcoin and the broader crypto market. Market participants are preparing for several key events this week, including the Federal Open Market Committee (FOMC) meeting on July 31 and a press conference by Fed Chairman Jerome Powell. This meeting will focus on potential interest rate changes.
Fed Sentiment
The Fed maintained its interest rate between 5.25% and 5.50% in June. The decline in the U.S. Consumer Price Index (CPI) to 3% in June suggests easing inflation. However, Powell indicated in the Fed’s Semiannual Monetary Policy Report that the Fed is not yet ready to cut interest rates at this FOMC meeting.
The Federal Reserve is expected to maintain its interest rate policy at the July 31, 2024 meeting despite pressure for a rate cut. This meeting may be used to signal future rate cuts.
According to CME FedWatch Tools, there is almost a 90% chance of a 0.25% rate cut at the FOMC meeting in September.
Political support, institutional backing, and potential rate cuts could drive Bitcoin past its all-time high of USD 73,750, reaching the USD 90,000 – USD 100,000 range by the end of the year. Data from Coinglass shows that from Q4 2013 to 2023, Bitcoin averaged over an 80% increase in this quarter.
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