A rally in major coins remained intact Thursday night as the global cryptocurrency market cap rose 3.8% to $1.09 trillion at press time.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 3.9% | 3% | $23,839.99 |
| ether ETH/USD | 5.4% | 9.4% | $1,725 |
| Dogecoins DOGE/USD | 3% | -1.25% | $0.07 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Oasis network (ROSE) | +35.2% | $0.07 |
| Ethereum classic (ETC) | +24.5% | $40.95 |
| bitcoin cash (BCH) | +22.3% | $155.63 |
See also: How to get free NFTs
Why it matters: Bitcoin and ether rose even as data released Thursday showed the US economy contracted for a second quarter in a row, which fell an estimated 0.9% between April and June, while analysts had expected a 0.5% gain. This can be interpreted as a strong signal of a recession.
The pace of the economic slowdown has been faster than expected and this could spell trouble for the US federal reserve‘s aggressive efforts to combat inflation, said Edward Moyaa senior market analyst for OANDA.
“The debate between a half-point hike and 75 basis points at the September meeting will remain heated until we get the next few inflation reports,” Moya wrote in a note seen by Benzinga.
On the impact on the Apex coin, Moya said, “Resurgence of risk appetite in the US economy after a second straight decline raises the likelihood that the Fed could target weaker tightening at the next monetary policy meeting in September.”
Risk assets received a boost on Thursday after Apple and Amazon released strong numbers. At press time, the S&P 500 and Nasdaq futures are up 0.5% and 1.15%, respectively.
Michael van de Poppe said the “entire market looks poised to continue to move strongly.” The cryptocurrency trader said many altcoins and bitcoin are breaking above their 50-day moving averages, while apex coin…
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