US Interest Rate Decision to be Announced Today
The July FOMC meeting in the US will be held today and the last interest rate decision before the 2-month break in FOMC meetings will be announced at this meeting. The expectation is that the interest rate will be raised by 25 basis points to 5.25-5.50%. The critical development here will be the statement to be made by FED Chairman Powell after the announcement of the interest rate decision. Powell’s signals about the upcoming meetings may create big fluctuations in the markets.
US Bankers Concerned About Stablecoin Legislation
The Banks and Credit Union expressed concern about the stablecoin legislation to be discussed in the US this week. In two letters sent last week, both signed by the American Bankers Association, industry associations representing banks and credit unions objected to part of the comprehensive regulatory framework for stablecoins that the House Financial Services Committee will debate and vote on Thursday. It was stated that some articles in the bill, such as the fact that state regulators could approve the issuance of stablecoins, caused concern among bankers.
Avalanche Foundation Creates $50 Million Incentive Program
The Avalanche Foundation has created a budget of $50 million to purchase tokenized assets. By taking tokenized assets on the Avalanche blockchain, it aims to demonstrate the benefits of tokenizing real-world assets. While the name of the program was announced as Avalanche Vista, it was announced that the program will cover all liquidity asset types such as shares, loans, real estate and commodities.
Miners Are Increasing Their Bitcoins
Miners have started to increase their holdings of Bitcoins as we approach the end of July, despite the sideways and negative price flow seen in Bitcoin. This can be considered as a development that will increase the upside expectation for the market. Looking at the data, it is seen that miners started adding Bitcoin as of July 20 and added nearly 450 Bitcoins between July 20-24.
Bitcoin is priced at $ 29,224 with a 0.01% loss in value as of today morning hours. After the downside break of the channel movement in Bitcoin, there is a tight pricing that cannot move horizontally and in both directions. Before the 28,600 support level is reached, we see that there is a strong buying power in the 29,000 region. At the same time, we see that the 50-day moving average is also working as support in Bitcoin. We know that the interest rate decision to be announced today is the most important headline for pricing. Although it is almost certain that the rate decision will be raised by 25 basis points, Chairman Powell’s assessment and approach for the upcoming meetings will be important.
ETH, which lost 0.09% as of morning hours, is priced at $ 1856. We see that the horizontal channel movement in Ethereum broke its 50-day moving average upwards and rose to 1856 levels, which we consider critical after the return from the support level. If this level could not be broken in Ethereum, we could expect more intense pressure on the support zone. After the breakout, we can say that 1852 and then 1845 levels can be considered as separate support levels.
XRP, which gained 0.63% as of morning hours, is priced at $ 0.7064. Looking at the hourly chart in XRP, we see that the falling movement we have been in for the last 1 week was broken upwards yesterday and the price relaxed a little. At the same time, Ripple’s return from here, which tested the critical support level in the 0.6850 region and broke downwards, was also positive in terms of pricing.
COMP, which gained 9.82% as of morning hours, is priced at $ 68.35. After retreating to the $ 60 level, COMP realized a significant price movement in the 2-day period and rose to the $ 70 level, and for now we see that it has eaten profit sales from here. It would be logical to reduce positions in COMP from these regions and then wait for the 70.30 breakout after the breakout.