The stock market reached a new ATH level and earnings reports from US tech giants increased appetite as expected. But PCE is rising and interest rate cut dreams are dashed if Warsh sticks to the data. So, what is on the agenda of cryptocurrency investors today?
Cryptocurrency agenda
According to Santiment data, the most discussed topic on social media is the Fed interest rate decision. We saw Powell’s statements yesterday and Kevin Warsh’s confirmation from the Senate committee. It is now certain that Warsh will take the seat as of May 15. While the Fed kept interest rates constant yesterday, last week Warsh mentioned that there could be a reduction without QE. The May Fed meeting will be the most important meeting of recent times.
MegaETH Token launch was another issue that made a splash in the last 24 hours. Listings, spot/perp volumes and announcements of major stock exchanges occupied the agenda of investors. We have seen Pumpfun announce that they will send a portion of the fees directly to charities to re-increase user activity. This move, along with the token burning, increased interest in PUMP.
Major platforms and banks are integrating stablecoins into real payments. Meta began paying out USDC to select users via Stripe via Solana and Polygon. Visa and Shinhan Card USDC testing its infrastructure.
At the end of the list is SPC. Rugpull allegations are on the agenda, the team that raised millions of dollars in ICO made agreements with large accounts on social media and followed a good advertising strategy. However, the price, which dropped by 90% after TGE, reminded me of old rugpull cases.
Bitcoin latest situation
US stock markets are celebrating with artificial intelligence enthusiasm, it has been a few months since gold and silver have already experienced the biggest rally in their history, but under any circumstances, cryptocurrency investors are always in a bad mood. Due to the contradictory statements regarding Iran and the possible effects of increasing inflation on the long-term interest rate, Bitcoin remained stuck below 80 thousand dollars.
Moreover, we will see that uncertainty and anxiety remain dominant in the second half of the year due to the US midterm elections. With Trump gone and possibly losing his parliamentary majority in the midterm elections and being in a difficult situation, it will not be surprising to see cryptocurrencies affected the most.
For BTC, closes above $ 75,600 in the short term are sufficient for the test of $ 80 thousand. However, with the loss of support, it can return to the range of $ 70,700 and $ 65,600.
