FED to Announce Interest Rate Decision Today
The FOMC meeting and interest rate decision will be announced at 21.00 today. It is known that interest rates have risen to 5.25% since the March meeting last year. Markets expect interest rates to remain unchanged at this meeting.
US Inflation Rate Announced
US CPI data was announced as 4.0%, below the expected level of 4.1% from 4.9%. In addition to the CPI data, Core Inflation data also declined from 5.5% to 5.3%, which was the expected level. Looking at the details of the data, food increased by 0.2%, while energy fell by 4%. In addition, among the sectors that can be considered important, we see that the shelter sector increased by 0.2%, while transportation services increased by 1%.
BLUR Increases Circulating Supply
BLUR increases its circulating supply by 40%, unlocking $60 million in tokens. BLUR, the NFT marketplace, is unlocking and releasing 196 million BLUR tokens tomorrow. This amount accounts for 6.5% of the total supply and means a 40% increase in the supply in circulation. BLUR 115.6 million was allocated to past and future core participants, BLUR 75.4 million to investors and BLUR 4.9 million to advisors.
Hinman Documents Announced
The Hinman Documents, which are considered very important for the Ripple case, were announced yesterday. Former SEC director William Hinman has given speeches in the past in which he stated that Ethereum cannot be called a security and that the Ethereum network does not require regulation as a security. It was also learned that Hinman plans to meet with Vitalik Buterin in 2018. With these developments, XRP managed to exceed the 0.56 level, but then saw a rapid selling pressure and returned to the 0.51 level again.
Digital Asset Funds 8. Exit was also seen during the week
Outflows from digital asset funds totaled $88 million last week. Bitcoin and Ethereum funds accounted for $87.2 million of this outflow. This is the 8th in a row. There were also outflows during the week, with outflows of $71.4 million in Canada-based funds. Coinshares, which published this information, stated in its report that the big exit this week may be related to the FOMC meeting, because it is still not clearly known how interest rates will remain. The $36 million outflow in Ethereum was the largest outflow seen in Ethereum since Merge.
V4 Announcement from Uniswap
Uniswap Labs announced their future plans for crypto exchanges in an announcement on their social media accounts. With the introduction of this new update called Uniswap V4, Uniswap Labs has received comments and feedback from investors. It is known that the last version released on Uniswap was the V3, which came out in 2021. The V3 version is the largest decentralized crypto exchange with over $1 trillion in trade volume so far. One of the most notable additions to Uniswap V4 is the “hooks” feature, which will help the platform increase its clearing capability and provide control of liquidity pools.
Ripple Continues Its Moves Against SEC
Ripple continues to maintain its strong stance in the SEC case and maintains its aggressive stance in the litigation process. Ripple filed six new separate filings today, mounting a vigorous defense against the SEC’s motion for summary judgment. The shared 89-page filing contains significant arguments against the SEC’s inconsistencies and the rejection of the application.
The US Waits for Digital Assets Bill
Patrick T. McHenry, Chairman of the Financial Services Committee of the House of Representatives in the US, plans to vote on a regulatory bill on digital assets by mid-July. In addition to the classification of crypto assets, the draft will also have a regulatory content for exchanges.
BITCOIN [BTC]
Bitcoin is priced at $ 25,845 with a 0.32% loss in value as of today morning hours. After yesterday’s inflation data in Bitcoin came in below expectations, it rose up to the rising channel resistance it realized hourly, but it fell below $ 26,000 again under intense selling pressure and retreated to the rising channel support. If this channel movement breaks down in Bitcoin, the 25,000-25,200 region will continue to work as our critical support zone.
ETHEREUM [ETH]
ETH, which gained 0.05% as of morning hours, is priced at $ 1739. We see that the horizontal movement in Ethereum has narrowed and can move up to the $ 1755 level by making a turn from the 1730 region without even going down to the support in the 1720 region. Although there is also positive news from the Ripple case in Ethereum, we can say that pricing is quite stable and that the support-resistance levels of horizontal movement can continue to be used in this process.
AVALANCHE [AVAX]
AVAX, which gained 0.05% as of morning hours, is priced at $ 11.80. Although we have tested the upward break of the horizontal movement that has been going on for days in AVAX 2 times, we see that it has returned to the movement with a re-test after realizing the break. We can say that if the 11.82 breakout is confirmed in AVAX, the target will be 12.50.
FANTOM[FTM]
FTM, which gained 0.02% as of morning hours, is priced at $ 0.2606. After breaking its 30-minute uptrend to the upside, FTM rose well to the pattern target of 0.2680-0.27 and managed to gain 6%. Afterwards, FTM, which tested the channel resistance zone downwards, managed to rise again by getting confirmation from here. For now, we can say that the 0.2650 level acts as a resistance in FTM.
