Bitcoin Stumbles Below $65K

Fed's Rate Hold and Middle East Tensions Shake Crypto

Author

Jungle Degen
August 02, 2024

Greetings Crypto Explorers! 🌴🦜

Welcome to this week's Jungle Tales, where the wild world of crypto meets untamed adventure! In this issue, we're diving into Bitcoin's recent dip below $65,000 following the Fed's decision on interest rates and rising geopolitical tensions. Plus, we've got updates on BlackRock's Solana ETF, Riot Platforms' Q2 losses, and Donald Trump's $500 Bitcoin sneakers. 👟

As always… Stay Wild! 🌿🦁🚀

🦍 The Big Jungle Roar

This week's monumental event that shook the crypto-jungle. Roar with us!

Bitcoin slips below $65K as Fed holds rates, hints at September cut

cointelegraph.com/news/bitcoin-65k-price-united-states-federal-reserve-rate

Bitcoin has taken a tumble below $65,000 following the Fed's decision to keep interest rates unchanged and rising tensions in the Middle East. On July 31, BTC dipped to $64,549 for the first time since July 25, and is currently trading at $64,470. Despite the dip, Bitcoin is still up 0.97% over the past 30 days. 🐂📉

The Fed left interest rates at 5.25% to 5.5%, with Chair Jerome Powell noting the economy’s "solid pace" and a drop in inflation from 7% to 2.5%. Powell emphasized the commitment to bringing inflation down to 2%. 📊💪

Crypto commentator Seth pointed out that Bitcoin’s RSI is now "oversold," signaling a potential buy opportunity. Meanwhile, geopolitical tensions spiked with reports of Hamas leader Ismail Haniyeh’s assassination in Tehran, causing further market jitters. 🌍🔥

Observers are optimistic about a possible rate cut in September, with experts like Mark Zandi expecting the inflation data to align with Fed forecasts. This could be good news for Bitcoin and altcoins, as noted by MN Trading founder Michael van de Poppe. 📅📈

Remember, every investment move carries risks, so always do your research before diving in! 🌴🦍

📈 News about the market:

🦁 King of the Crypto Jungle

Unleashing the top beasts of this week's crypto news. Beware, it's a wild ride!

🐒 Meme Monkeys

Hopping onto the funniest and savviest crypto memes that swung through the jungle this week

🦜 Jungle Mystery of the Week

Can you solve our crypto-themed riddle? The answer lies hidden deep within the jungle. Share your guesses on Twitter and tag us! (we may gift someone some crypto 👀)

In the heart of the crypto jungle, a shadowy figure moves silently, leaving whispers of chaos in its wake. This elusive creature preys on the unsuspecting, luring them with promises of untold riches and a golden path to financial freedom. Yet, as quickly as it appears, it vanishes, leaving only devastation and empty wallets behind. Adventurers whisper its name in hushed tones, wary of its cunning and deceit. What is this phantom menace that strikes fear into the hearts of even the bravest crypto explorers?

🦩 Tweets from the Jungle

Check out these wild crypto tweets that have made it to the jungle!

🐊 Crypto Swamp Watch

  • Bitcoin (BTC) - $64,489.66 (3.85%)

  • Ethereum (ETH) - $3,165.35 (2.53%)

  • Top Gainer: AIOZ network (+21.17%)

  • Top Loser: dogwifhat (-25.20%)

    Snapshot taken on the 1st of August, around 10:11pm, Jungle time.

🍍 Jungle Poll Parrot

Join our parrot's poll! This week's squawk…

What do you think will happen to Bitcoin's price by September?

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🐯 Jungle Snapshots

Our grand finale - Jungle madness, guaranteed wilder than any pump and dump. Enjoy, you crypto beasts!

crypto gains flushing away…

👋 That's all for this issue of Jungle Tales! As we part ways, let's remember the wise words of a crypto degen:

In the ever-evolving landscape of crypto, it's easy to feel overwhelmed by market fluctuations and geopolitical tensions. However, remember that the essence of this jungle lies in its resilience and potential for growth. Just as nature finds balance after a storm, the crypto market too has its cycles of ups and downs. Stay patient, keep learning, and trust that with prudent decisions and a clear mind, everything will be alright in the end. Embrace the journey, for it is through these challenges that true strength and wisdom are forged.

Don't forget to share our newsletter with your fellow crypto adventurers, and follow us on TwitterX.

Until next time, keep exploring the wild world of crypto!

Pura Vida,

Jungle Degen

JUNGLE WARNING: Hear me, ye dauntless navigators of the crypto wilderness. This parchment holds no keys to monetary splendor. Consider it more of a cryptic map of the jungle, teeming with teachings, not a treasure chest marked with an 'X'. It neither mutters veiled secrets of investment, nor beckons you to swap your prized assets or enact any fiscal transactions. In this unpredictable crypto habitat, caution is your most trusted ally, and your own robust investigation, the steadfast compass. Equip yourselves with the shield of wisdom, as you traverse the intricate network of paths. Remember, swift success is often a false trail; it is through enduring patience, adroit maneuvering and careful strategy can you navigate this mysterious landscape. The jungle is vast and filled with enigmatic conundrums; let your own diligent research be the torch that dispels shadows. Don't be lured by the glimmering illusion of quick profits, but bend your will to the pursuit of genuine understanding. Keep your wits about you and eyes wide open on this crypto-quest. To cut a long story short, this is NOT financial advice. Safe travels, crypto explorers!