WTI Crude Oil Recovers to $77.36 Amid Declining US Inventories

Posted on July 24, 2024 by Arslan Butt

WTI Crude Oil prices experienced a modest recovery on Wednesday, rising $0.40 or 0.5%, to $77.36 per barrel, following a sharp 7% decline over the previous three sessions. This uptick was mirrored in Brent crude futures for September, which also increased by $0.40 or 0.5%, reaching $81.41 a barrel as of 0650 GMT.

US Oil Price Chart - Source: Tradingview — US Oil Price Chart – Source: Tradingview

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Bitcoin Shaky As Kraken Distributes Mt. Gox BTC: Back To $63,000?

Posted on July 24, 2024 by Dalmas Ngetich

Bitcoin is trending lower at press time, sinking below $66,000 yesterday. Of note, looking at the formation in the daily chart, the bear bar of July 23 is engulfing, wiping out gains of July 20 and 21. If anything, there should be concerns about whether buyers have what it takes to push back against this wave of liquidation. Should there be a confirmation of yesterday’s losses, forcing the coin below the crucial support, now resistance, tough questions will be asked.

Amid this sell-off, Bitcoin remains in an uptrend following the expansion from the second week of July. For now, BTC is up 20% from July lows. However, it is down 1% in the past day, adding 1% in the previous week. Of note, engagement is also suppressed, falling to $32 billion in the past day.

Traders are closely keeping tabs on the following Bitcoin news:

Kraken, the crypto exchange, has begun distributing BTC to Mt. Gox victims. The compensation marks ten years of patience after the defunct exchange was robbed of billions worth of BTC in 2014.
One analyst notes that despite the recent price volatility, the average exchange volume flow is higher. If there is a spike of 11%, pushing exchange flow to 45%, it will exceed the average annual volume threshold. Usually, when this happens, prices tend to recover.

Bitcoin Price Analysis

The [[BTC/USD]] uptrend stands at a precarious state.

Though Bitcoin is up 20% from July lows, it remains under pressure, dropping below $66,000.

Conservative traders can consider staying away for now. A close above last week’s highs and, ideally, $72,000 will be crucial for trend continuation.

If sellers press on, the reaction at $63,000 will be crucial. A bounce will reinvigorate buyers, allowing BTC to bounce higher in alignment with last week’s gains.

If not, BTC could sink lower, even falling below $60,000.

Ethereum Makes History: Why Is ETH Price So Boring Below $3,500?

Posted on July 24, 2024 by Dalmas Ngetich

Ethereum is stable, a day after the United States SEC approved the trading of spot ETFs. Issuers, including BlackRock and Fidelity, have listed their assets to clients through NYSE and Cboe. It is historic, considering that no one expected the product to see the light of day, at least not this year. However, with the change of tune by the strict regulator, experts now predict ETH will attract institutional interest. If ETH finds the billions that Bitcoin benefited from, the coin could easily glide above $4,000.

At press time, Ethereum is stable over the last day and week. However, because of the added institutional demand, the average trading volume is up, rising to over $23 billion. In the days ahead, it will be crucial to see how prices react. A close above $3,500 could draw more traders, lifting ETH towards the $3,700 resistance level.

Traders are watching the following trending Ethereum news:

Yesterday, the United States SEC approved multiple spot Ethereum ETFs. According to public data, these products are now available for trading at various bourses, including Cboe, NYSE, and NASDAQ.
According to experts, the approval of spot Ethereum ETFs means the coin has turned the corner on the regulatory front. Since the shift from proof-of-work to staking, regulators in the United States have failed to publicly clarify the status of ETH.

Ethereum Price Analysis

[[ETH/USD]] is moving horizontally at press time but bullish.

However, if past price action in BTC after the approval of spot Bitcoin ETFs guide, the coin could cool off.

If that happens, ETH should stay steady above $3,300 and $2,800.

Even so, considering the general optimism, every low might offer opportunities for traders to accumulate on dips.

A close above $3,500 might see Ethereum lift off, rallying to $3,700.

On the other hand, a decisive breach of $4,100 may see bulls flow back, setting eyes on $4,900.

XRP Is Trending Globally: Will Ripple Break $0.66?

Posted on July 24, 2024 by Dalmas Ngetich

XRP is firm, but the momentum has slowed since prices fell yesterday. If anything, traders might look for entries as long as prices are inside last week’s range. As it is, traders are closely looking at how prices perform relative to the primary support at $0.55. On the other end of the range, a breach of last week’s high could fuel the upside momentum, lifting the coin to $0.66—or better.

As things stand, XRP is relatively stable but undoubtedly bullish in a breakout formation. The coin is up 1% in the past day but steady in the previous week. The slowdown has affected engagement, looking at the drop of trading volume below $2 billion to around $1.5 billion at press time.

Traders are closely monitoring the following XRP and Ripple news:

Analysts are confident that a Trump presidency will drive crypto innovation and adoption not only in the United States but across the world. As things stand, Ripple will be one of the top beneficiaries, especially once the ongoing case is settled.
Google Trends data shows that XRP is gaining traction, finding interest from across the globe. The spike in organic search could be due to last week’s gains, which lifted sentiment and the coin from the July pits.

XRP Price Analysis

The uptrend remains for now, even with the cool-off of July 23.

Traders can look to buy the [[XRP/USD]] dip. However, this only applies if prices are steady above $0.55.

If buyers flow back, in alignment with the surge of last week, prices could easily float to $0.66 in a buy trend continuation formation.

The bullish preview applies only if XRP stays above $0.55. Any dip below this line might puncture the uptrend momentum.

Gold Hits $2,418 as U.S. Economic Uncertainty Fuels Rally

Posted on July 24, 2024 by Arslan Butt

Gold prices have ascended to new heights, reaching a daily peak of $2,418.44, up from a stable position around $2,414.06.

GOLD Price Chart - Source: Tradingview — GOLD Price Chart – Source: Tradingview

This upward movement in the gold market is attributed to a general shift towards safer investments and dovish sentiments from the Federal Reserve. As global stock markets show signs of strain, investors have increasingly turned to gold, a traditional safe-haven asset.

Concurrently, the weakening of the U.S. dollar, which has slid from its recent high, has also played a crucial role in bolstering gold prices. Speculation about potential rate cuts by the Federal Reserve in September, coupled with political shifts within the U.S., has further driven the dollar down and lifted gold.

Economic Indicators and Their Impact on Gold

Recent U.S. economic data have painted a picture of potential economic slowdown, which has been a boon for gold prices. The Federal Reserve Bank of Richmond highlighted a decline in manufacturing activity, with its index falling to -17 from -10 in the previous month.

Similarly, the National Association of Realtors reported a significant 5.4% drop in existing home sales, reaching the lowest sales pace since December at 3.89 million units annually, falling short of market forecasts.

These indicators not only suggest a softening economy but also heighten the possibility of the Federal Reserve implementing rate cuts, a scenario that typically enhances the allure of gold.

Looking Forward: Key Data Releases and Market Sentiment

Investors are on high alert, adopting a cautious stance as they await further clarity from upcoming U.S. economic reports. The spotlight is on the Advance U.S. Q2 GDP figures and the Personal Consumption Expenditures (PCE) Price Index, both due for release later this week. These figures are critical as they may influence the Federal Reserve’s policy decisions moving forward.

Additionally, the market is monitoring global Purchasing Managers’ Index (PMI) reports to gauge the health of the global economy. With these pivotal data points on the horizon, the gold market remains a focal point for traders looking for stability in uncertain economic times.

Gold’s Technical Perspective

In technical terms, gold is showing resilience with a current price of $2,417.42, marking a modest increase of 0.29%. The two-hour chart reveals that the pivot point stands at $2,416.96.

Should gold surpass immediate resistance levels at $2,427.15, $2,437.14, and $2,451.83, it could signal continued upward momentum.

Conversely, support levels at $2,404.62, $2,384.25, and $2,370.54 will be crucial in buffering any potential declines.

The 50-day and 200-day EMAs are at $2,413.06 and $2,375.75 respectively, suggesting a bullish outlook as long as prices maintain above the pivotal $2,415 threshold.

However, a dip below this critical point could lead to accelerated sell-offs.

XRP Rallies: Will the Whales Steer the Price Higher?

Posted on July 24, 2024 by Arslan Butt

Ripple’s XRP has emerged as a top performer in recent weeks, experiencing a significant surge in price. This positive momentum coincides with a broader optimistic sentiment across the cryptocurrency market.

XRP Price Climbs

XRP has exhibited a robust upward trend throughout July. The price has risen by an impressive 38% since around July 8th. Notably, XRP achieved consecutive gains over the past four days, pushing its price to near $0.60.

While a slight retracement has occurred, XRP is still trading at around $0.59, reflecting a minor decline of just over 1%. Despite this hiccup, technical indicators continue to signal a bullish trend for XRP.

XRP/USD Technical Analysis Indicates Bullish Potential

The Relative Strength Index (RSI) currently sits at 65, suggesting XRP is in bullish territory without reaching overbought levels, hinting at potential for further price increases. Additionally, the Moving Average Convergence Divergence (MACD) reinforces this optimism. Its lines and histogram positioned above zero point towards sustained positive momentum.

While XRP experienced a correction from the $0.6220 zone, it’s currently consolidating above $0.580 support. A clear break above $0.600 could signal further price increase. However, failing to surpass this resistance might lead to another decline.

XRP’s Strong Weekly Performance

Despite the recent dip, XRP remains a top gainer over the past week, according to CoinMarketCap data. It has experienced an approximate 12% increase during this period, highlighting a generally strong performance for XRP. This upward trend suggests the overall momentum for Ripple remains positive despite the recent pullback.

Futures Market Confirms Bullish Sentiment

A positive and rising trend is evident in the recent XRP funding rate analysis on Coinglass, currently hovering around 0.09%. This indicates that long positions (buyers) are paying short positions (sellers), typically suggesting prevailing bullish sentiment in the market.

Open Interest Points to Increased Market Activity

There’s been a significant rise in open interest for XRP, exceeding $800 million, a substantial increase from $667 million just a week ago. This surge indicates new money entering the market and growing participation in XRP futures contracts, suggesting heightened interest in Ripple.

Whales Accumulate XRP

On-chain data reveals that XRP whales have been accumulating significantly over the past week, potentially bullish for the price. Analyst Ali Martinez highlights a recent increase in whale supply share, suggesting they believe in further price hikes.

Ondo Finance’s USDY Brings Yield-Bearing Stablecoin to Cosmos

Posted on July 24, 2024 by Arslan Butt

Ondo Finance has made a significant stride in the DeFi space by launching its USDY stablecoin on the Cosmos ecosystem. This development marks a pivotal moment as it introduces the first native yield-bearing dollar stablecoin to the burgeoning Cosmos ecosystem.

USDY, a tokenized note secured by short-term US Treasuries and US bank demand deposits, will be accessible through the Noble blockchain. This integration is expected to drive widespread adoption, with several prominent Cosmos chains and DeFi projects, including Injective, Osmosis, Kujira, and Pyth, already expressing interest in leveraging USDY.

Injective Leverages USDY for Enhanced Trading and Yield Opportunities

The partnership between Ondo Finance and Injective is particularly noteworthy. Helix, a derivatives exchange built on Injective, will introduce USDY as a spot asset and collateral pair for perpetual markets. This integration will enable traders to earn yield while engaging in on-chain trading. Additionally, Hydro, another Injective protocol, plans to incorporate USDY into its structured assets, providing users with additional yield-generating opportunities.

Noble Blockchain Expands Tokenized Asset Offerings

Noble blockchain, known for its role in issuing Circle’s USDC on Cosmos, has solidified its position as a hub for tokenized real-world assets. With over $243 million of natively issued USDC, Noble continues to attract projects seeking to bridge the gap between traditional finance and the blockchain world.

Ondo Faces Challenges Despite Visionary Approach

While Ondo Finance’s vision of democratizing finance through tokenized treasury instruments is commendable, the ONDO token has underperformed compared to the broader market. The token’s price has declined significantly, raising concerns about its potential for substantial gains.

Despite the challenges faced by the ONDO token, the launch of USDY on Cosmos is a significant achievement and is expected to contribute to the growth of the Cosmos ecosystem.

Bitcoin Consolidates Near $66K Amidst Mixed Signals

Posted on July 24, 2024 by Arslan Butt

Bitcoin (BTC) has been trading sideways around the $66,000 level, providing investors with an opportunity to accumulate the world’s largest cryptocurrency, according to crypto trader Emperor. The price has repeatedly tested this level, indicating potential consolidation before a potential breakout.

On the other hand, on-chain data suggests a bullish outlook for Bitcoin. CryptoQuant contributor Axel Adler noted a significant decrease in Bitcoin deposit addresses across exchanges, indicating a reduced willingness to sell. This could potentially lead to a supply squeeze and price increase if demand continues to rise.

However, the recent distribution of Bitcoin to Mt. Gox creditors has raised concerns about potential selling pressure. While some observers fear a massive sell-off, initial data suggests minimal impact on the market.

US Government Confiscates and Sells Bitcoin

In a separate development, the US government has seized and sold $4 million worth of Bitcoin confiscated from a dark web drug dealer. The funds were derived from a 2020 narcotics case involving Ryan Farace, who operated under the pseudonym “Xanaxman.”

Bitcoin Price on a Bullish Trajectory

Despite recent volatility, Bitcoin is currently on a bullish trajectory, driven by the launch of Ethereum ETFs and overall market sentiment. The price has surged by 4.33% in the past week and 3.58% in the past month.

Historical Data Suggests Positive Outlook

Looking at historical price data, Bitcoin’s performance in the first quarter of 2024 followed a similar pattern to the previous year. However, the second quarter saw a reversal of trends, with each month producing opposite results compared to 2023.

If this pattern continues, Bitcoin could see positive performance in July and August. While the price is still below $70,000, the current trend suggests potential for further gains.

Investors remain cautiously optimistic about Bitcoin’s future, with the $66,000 level serving as a crucial support and resistance point.

Tesla’s Q2 earnings sink stock

Posted on July 24, 2024 by Olumide Adesina

Tesla posted a disappointing second-quarter number after the bell. The producer of electric vehicles did, however, say that it was on track to start making new cars in the first half of 2025, most likely a less costly EV. Furthermore, according to Tesla’s forecast, its growth rate in 2024 will be “notably lower” than its 2023 results.

Tesla’s Q2 revenue of $25.05 billion was slightly higher than the $24.93 billion the company reported a year earlier, compared to the average forecast of $24.63 billion. Tesla announced adjusted EPS of $0.52 on non-GAAP net income of $1.8 billion, as opposed to $0.60

The electric maker’s stock price dropped by more than 8% in after-hours trade. With Tesla’s market capitalization of over $800 billion, such a change would result in a roughly $80 billion swing in the company’s valuation.

Tesla shipped 443,956 cars worldwide in the second quarter, above the 439,302 forecasts made by the street but falling short of the previous year by over 5%. Although the total number of deliveries in Q2 was significantly higher than the 386,810 vehicles delivered in Q1, some analysts expressed concern that the demand for Tesla vehicles was declining.

Elon Musk stated earlier in the year that Tesla would reveal its Robotaxi on August 8. However, after hearing in the media that the launch will take place in October, Musk hinted last week that the automaker would require additional time to implement a redesign.

“Production of new cars, including more reasonably priced models, scheduled to begin in the first half of 2025. According to Tesla’s Q2 earnings report, “These vehicles will be able to be produced on the same manufacturing lines as our current vehicle line-up and will utilize aspects of both our current and next-generation platforms.”

The revelation that Tesla had deployed 9.4 GWh (gigawatt hours) of battery energy storage in the second quarter—its biggest quarterly total ever and more than twice as much as the firm had deployed in the first quarter—in the company’s production and delivery report caught some investors by surprise.

Trade Alert data indicates that Tesla’s shares have decreased following the company’s results announcement in five of the last six quarters.

Google posts ad revenue of $64.62 billion in second quarter

Posted on July 24, 2024July 24, 2024 by Olumide Adesina

Alphabet, the parent company of Google, released second-quarter sales and earnings numbers after Tuesday’s bell, met analysts’ expectations but fell short on YouTube advertising income.

Alphabet announced a 28.6% year-over-year gain in profit in the second quarter of 2024. With a Q2 earnings announcement of $84.7 billion in revenue and net income of $23.6 billion, Alphabet crushed Zacks Investment Research’s prediction by over $14 billion.

Google’s advertising business is expanding, albeit more slowly than in the first quarter. The company reported ad revenue of $64.62 billion, up from $58.14 billion in the first quarter. However, this is after marketing budgets were tightened in 2022 and 2023 due to rising inflation and interest rates.

While YouTube’s ad revenue fell short of projections, it increased to $8.66 billion from $7.66 billion in the same quarter last year. Despite being the biggest video platform in the world, social media platforms like TikTok are becoming more competitive.

Compared to the same quarter last year, when net income was $18.4 billion, or $1.44 per share, it climbed to $23.6 billion, or $1.89 per share.

The CEO reported that Alphabet’s cloud division had an operational profit of $1 billion for the quarter, surpassing $10 billion in revenue for the first time.

“More than two million developers use our AI infrastructure and generative AI solutions for cloud customers, which have already generated billions in revenue.”
Income for Alphabet in the second quarter of this year increased by 14% over the same period last year, with Google and YouTube ads accounting for the majority of income

GOOGL has risen 31.5% as of now in 2024, outpacing the gains of Amazon (AMZN), Apple (AAPL), Microsoft (MSFT), and 21.1%, respectively.
All the listed equities, though, are underperforming GPU chipmaker Nvidia’s (NVDA) results this year. The business grew by 154.5% in 2024, and this month it momentarily eclipsed Apple and Microsoft to become the most valuable firm in the world.