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Arslan Butt
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Arslan Butt
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Bitcoin (BTC) surged above $61,000 early Thursday, reaching an intra-day high of $61,800. Meanwhile, the global crypto market cap hit $2.14 trillion, reflecting a 24-hour gain of nearly 1.75%.
The rally was driven by Federal Reserve Chair Jerome Powell’s comments hinting at a potential rate cut in September.
Furthermore, a downward revision in U.S. employment growth data from March 2023 to March 2024 revealed a weaker job market than initially reported.
This has increased expectations for more significant interest rate cuts by the Federal Reserve, fueling market optimism.
Another factor boosting Bitcoin is Robert Kiyosaki’s warning about the U.S. national debt, which is increasing by a trillion dollars every 100 days.
He suggests that Bitcoin, along with gold and silver, serves as a safe haven against inflation and economic instability, encouraging people to invest in these assets.
Moreover, U.S. presidential candidate Kamala Harris’s aide highlighted her positive outlook toward digital assets, which expands the crypto industry’s global political influence.
The cryptocurrency sector is also gaining traction, as, in the 2024 election cycle, these companies contributed nearly half of all corporate political donations.
Moreover, Robert Kiyosaki, the financial expert behind Rich Dad Poor Dad, recently tweeted a strong message about buying Bitcoin to his 2.1 million followers.
He highlighted a critical reason to invest in Bitcoin due to the alarming U.S. national debt, which increases by a trillion dollars every 100 days.
Kiyosaki believes that gold, silver, and Bitcoin are safe investments that can protect wealth from inflation and economic instability. He emphasized that now is a crucial time to invest in these assets to safeguard savings.
Kiyosaki had previously forecasted Bitcoin could reach $350,000 by August 2024, driven by ongoing U.S. money printing and rising national debt. Although he framed this more as a hope than a strict prediction, he had also set a target of $100,000 for Bitcoin by September.
Despite this, Bitcoin recently experienced a significant drop, falling from $61,650 to around $60,000. This decline may be influenced by market reactions to large Bitcoin transfers from Mt. Gox, which is compensating its creditors.
Kiyosaki’s call to invest in Bitcoin amid rising U.S. debt and inflation may boost demand, supporting its price. However, recent market reactions to Mt. Gox Bitcoin transfers have led to price declines, creating short-term volatility.
On the other side, Matt Hougan, chief investment officer at Bitwise, recently highlighted that Bitcoin ETFs are being adopted by institutional investors faster than any other ETF in history.
According to Hougan, spot Bitcoin ETFs have gathered $17.5 billion in net flows since their launch in January, significantly more than the $5 billion collected by the Nasdaq-100 Qs in their first year.
Despite claims that Bitcoin ETFs are mostly a retail phenomenon, Hougan pointed out that they lead in institutional adoption, with 60% of the largest U.S. hedge funds holding these ETFs.
Additionally, Bitcoin ETFs have seen consistent inflows, with $39.5 million added on August 21 alone. Grayscale Bitcoin Mini Trust and Fidelity Wise Origin Bitcoin Fund are leading the way in inflows.
Despite a recent 8.5% decline in Bitcoin prices since early August, spot Bitcoin ETFs continue to attract investment, showcasing strong institutional interest and resilience in the market.
The combined impact of Kiyosaki’s investment advice and strong institutional adoption of Bitcoin ETFs could drive Bitcoin prices higher in the long term. However, short-term price volatility may persist due to market reactions to Mt. Gox Bitcoin transfers and recent declines.
Bitcoin Price Outlook
Bitcoin is showing promising strength on the 4-hour chart, currently trading around $60,749. The price action indicates that the cryptocurrency is forming a solid base above the $60,000 level.
Immediate resistance is observed near the $61,800 mark, where a breakout of the triple-top pattern could trigger more significant upside movement.
The 50-day Exponential Moving Average (EMA) at $59,811 is providing strong support, reinforcing the bullish sentiment.
The Relative Strength Index (RSI) is hovering around 54.39, suggesting that the momentum still favors the bulls. Overall, Bitcoin remains bullish above the $60,000 pivot point.
Conclusion: Consider buying above $60,000, with potential for further gains if Bitcoin breaks above the $61,800 resistance level.
Memegames ($MGMES) Presale: An Exciting New Meme Coin on the Horizon
In just a few days, Meme Games ($MGMES) has raised nearly $380k, reflecting strong investor interest in this new meme coin. Priced at $0.0093 per token, $MGMES is already creating significant buzz in the crypto community.
As meme coins continue to capture the market’s imagination, Meme Games promises to be a standout contender.
Join the Meme Games – Competitive Spirit
Inspired by the Olympics, Meme Games features virtual competitions among top meme coins. Characters like Doge the OG, Pepe the Versatile, Wif the Trendsetter, Brett the Conqueror, and Turbo the Speedster compete in various events, with participants earning $MGMES tokens as rewards.
To join the action, secure your $MGMES tokens now during the ongoing presale. The current price of $0.0093 per token will increase soon, so act quickly to take advantage of this opportunity.
Presale and Future Prospects
Meme Games is set to list on decentralized exchanges (DEX) by September 10. As the listing date approaches, the token price is expected to rise significantly.
The presale offers a great entry point for investors looking to capitalize on this potential growth. With a market cap target of $792,208, the $MGMES presale is well on its way to success.
Don’t miss out on the Meme Games presale. Secure your $MGMES tokens now at $0.009 each before the price increases.
Visit the Meme Games website to participate in the presale and stay updated on the project’s progress by joining their community on X and Telegram. The smart contract has passed a full audit by SolidProof, ensuring the security and reliability of your investment.
Buy Memegames Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
