U. Today’s Daily News Digest is already out, don’t forget to watch this excerpt!
Let’s take a look at what the weekend brought in terms of crypto news with the top four news from U.Today.
Cardano Founder Speaks Out on Cause of Crypto Market Crash; ADA down 8%
Friday’s market drop did not leave anyone indifferent, including cardano founder Charles Hoskinson. In his Saturday tweets, Hoskinson commented on “another brutal red day”, saying that the forecast Ron Paul shared years ago is now coming true and that the Fed has two options: “an economy with higher interest rates.” Kill or destroy currency with inflation.” The Cardano creator said that the way out of this madness is cryptocurrencies, as “central banks cannot be trusted with monetary policy.” The market crash is related to Fed Chair Jerome Powell’s recent flamboyant speech in Jackson Hole, in which he promised that the central bank would “coercively use its tools” to tackle inflation. Following Powell’s remarks, ADA, along with other major cryptos, was trading down 8% at $0.447 and remained at the same level.
Shiba Inu slips in ranking after sell-off
it looks like peter brandt shiba inu bullish prediction Haven’t played. second largest meme coin slipped to 14th place by market capitalization on CoinMarketCap after a drop of nearly 7% over the past week. It is now sitting under the polygon (MATIC) and DAI (DAI). SHIB is currently down 33% from its August 14 peak. At the time of publication, it is trading at $0.00001237 per CoinMarketCap. However, despite their non-motivating price display, the Shiba Inu has managed to maintain an active community, with new members joining every day. as Reported by U.TodayThe official Twitter account of Meme Token recently flipped Dogecoin by number of followers.
3 Reasons Why Bitcoin Is At $20,000, And What Will Happen Next
huge disappointment to all Bitcoin The holder, King Crypto fell to the $20,000 level. However, as unpleasant as the incident may be, it was no surprise for three reasons. First is a speech by Fed Chairman Jerome Powell, who said the US central bank will be in a flurry for some time, contrary to previous expectations of financial markets. Second, there has been a lack of institutional flow in the market over the past two weeks. The situation will most likely change after the end of the rate hike cycle until the beginning of 2023. The third is the lack of events surrounding the first cryptocurrency, which did not bring any growth factors. The only thing that could bring fresh capital to the market is the Ethereum merge update.
“Ethereum is going home,” says Benjamin Cowen; here’s what it means
according to a Ethereum The chart shared by second-largest cryptocurrency Cryptoquant analyst Benjamin Cowen is “going home.” This means that Ethereum is moving towards the curved accumulation limit that ETH reached during each correction and then successfully bounced off. Given the current decline in the market, Cowen anticipates a drop in the accumulation zone to around $500. While such a drop would be significant for Ethereum, the market has already seen Ethereum lose 90% of its value, so it is not unprecedented. The overall position on the chart has not changed since the beginning of 2022, as the world’s second largest cryptocurrency Market Entered a prolonged downtrend after topping out at $4,850.