Financial Analysts Estimate Gold Might Reach $3,000 Propped up by Rate Cuts

Several financial analysts predict that gold prices will continue to gain ground, supported by forecasts that the Federal Reserve will cut interest rates later this year. According to Patrick Yip of American Precious Metals, the $3,000 mark could be reached as soon as next year if geopolitical issues and central bank demand persist.

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Financial Analysts Predict a Shining Future for Gold Prices

Financial analysts linked to Wall Street companies are all estimating that gold prices will keep going up this and the following year, given the current economic and geopolitical climate. The precious metal has outperformed the S&P500, reaching all-time high numbers recently.

This run is likely to take gold to $2,600 by mid-2025 according to a raised forecast from Commerzbank Research, expecting three interest cuts in 2024 and three more in 2025. “Accordingly, we expect the gold price to rise further to $2,600 by the middle of next year,” senior commodity analyst Carsten Fritsch assessed. Nonetheless, he also predicts that gold will go back to $2,550 at the end of 2025 due to a “renewed rise in inflation and the associated speculation of interest rate hikes in the following year.”

However, others are even more bullish on gold’s growth. Bart Melek, global head of commodity strategy at TD Securities, declared that gold might reach prices of $2,700 in the coming quarters if the Fed starts easing.

Patrick Yip, senior director of business development at American Precious Metals Exchange, believes that a worsening geopolitical situation and rate cuts, aided by continued central bank demand, might take prices as high as $3,000 per ounce in 2025.

This same prediction was made by Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, who said that gold prices might reach $3,000 powered by significant risks of increased stock market volatility and global recession, particularly emphasizing economic challenges in China.

If the fears of a looming recession, predicted by economists like Jim Rickards, come to fruition, demand for gold and other hard assets might exacerbate, propping gold prices even higher.

What do you think about the predictions forecasting a continued gold price increase for 2025? Tell us in the comments section below.


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Bitcoin Blasts to $64,853—Powell’s Rate Cut Hints Lift Entire Crypto Market

Bitcoin reached an impressive peak of $64,853 per unit on Friday, spurred by U.S. Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, where he hinted at the possibility of rate cuts in September. The cryptocurrency showed a 5.3% increase in the past day, contributing to a 5.01% rise in the overall crypto market, which now stands at $2.24 trillion.

Bitcoin Nears $65K Range Amid Powell’s Latest Remarks

On Friday afternoon, bitcoin (BTC) was cruising along at $64,433 per coin, following an intraday peak of $64,853. BTC climbed 5.3% today and has gained 6.6% against the U.S. dollar over the past week.

Today’s uptick was fueled by Fed Chair Jerome Powell’s speech at Jackson Hole, where he hinted at potential rate cuts. The crypto market moved in tandem with U.S. equities, with the Russell 2000, Nasdaq, and S&P 500 leading the stock market charge.

Bitcoin Blasts to $64,853—Powell’s Rate Cut Hints Lift Entire Crypto Market

Ethereum (ETH) made a 5% leap, trailing behind BTC, while dogecoin (DOGE) led the top ten pack with a 7.25% climb. The standout performer of the day was sun token (SUN), skyrocketing 46.47%, followed by tellor (TRB) with a 31.27% boost over the 24-hour period.

Other noteworthy gainers on Friday included MEME, CKB, TURBO, SUI, MEW, and FET, each increasing between 18.16% and 21.33% throughout the day. The highest trading volumes, apart from BTC, ETH, and stablecoins, were seen in DOGE, TRX, PEPE, SOL, BNB, XRP, AVAX, WIF, and SUI.

What do you think about the crypto market action on Friday? Share your thoughts and opinions about this subject in the comments section below.

NFT Sales Soar 24% as Ethereum Takes the Lead This Week

Based on the metrics collected from Aug. 17 to Aug. 24, 2024, the non-fungible token (NFT) market experienced a lively 24.33% boost in sales compared to the previous week. Sales reached an impressive $99.05 million, with Ethereum-based NFTs leading the charge at $36.62 million.

NFT Market Booms With Ethereum at the Helm Reaching $99M in Sales

This week, cryptoslam.io metrics show the NFT scene saw a healthy 24.33% uptick from the previous week. Not only that, but the number of NFT buyers shot up by 42.96%, and sellers weren’t far behind, with a 41.53% increase. Ethereum took the crown as the top blockchain for NFT sales, raking in $36.62 million. Following closely was Solana, which generated $18.43 million, marking a 14.4% rise in sales.

Polygon secured the third spot, amassing $12.52 million in NFT sales, while Bitcoin-focused NFTs came in just under that with $12.14 million. Mythos rounded out the top five chains, bringing in a bit over $5 million. Among collections, Ethereum’s Cryptopunks led the pack with $7.65 million in total sales.

NFT Sales Soar 24% as Ethereum Takes the Lead This Week

Mythos’ Dmarket claimed second place by pulling in $4.99 million, followed by Ethereum’s Bored Ape Yacht Club (BAYC), which brought in $3.59 million this week. The priciest NFTs this week weren’t as extravagant as in previous weeks. The top sale was Arbitrum’s GETH Locked Deposit, which fetched $256,000. An Ethereum NFT named Zoth Nibiru sold for $250,000, and Solana’s Boogle #061 changed hands for $200,000 just five days ago.

The boost in NFT sales, coupled with the significant increase in buyers and sellers, hints at a renewed enthusiasm for digital collectibles across various blockchains. While Ethereum continues to dominate, other chains like Solana, Polygon, and Bitcoin are making strides, indicating a more diverse market. The comparatively moderate prices of the top NFTs this week might suggest a more cautious approach from investors.

What do you think about the NFT sales action over the last seven days? Share your thoughts and opinions about this subject in the comments section below.


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Bitcoin Technical Analysis: Key Resistance Levels Test Bullish Momentum

On Aug. 26, 2024, bitcoin is navigating a crucial juncture, with prices hovering around $63,908. Despite a recent recovery attempt, the cryptocurrency faces significant resistance between $64,000 and $65,000.

Bitcoin

Bitcoin’s 1-hour chart reveals a recent peak at $65,103, followed by a sharp drop to $63,128 before stabilizing just above $63,500. This stabilization is critical, as it marks a potential short-term support level. However, the volume analysis shows that the recovery effort lacks strong buying conviction, raising concerns about the sustainability of any upward move.

Bitcoin Technical Analysis: Key Resistance Levels Test Bullish Momentum
BTC/USD 4-hour chart.

The 4-hour chart paints a broader picture of bitcoin’s price action, showing a substantial rally from $58,816 to $65,103, followed by consolidation around $64,000. The tapering volume during this consolidation phase suggests weakening momentum, making a breakout above $65,103 on high volume a crucial bullish signal. Conversely, bitcoin dropping below $63,000 could indicate a potential trend reversal, warranting an exit for risk-averse traders.

Bitcoin Technical Analysis: Key Resistance Levels Test Bullish Momentum
BTC/USD daily chart.

Examining the daily chart, bitcoin has been on a recovery path after plummeting from $70,016 to $49,577. However, the recovery faces significant resistance between $64,000 and $65,000. The volume trends indicate that while there is some buying interest, it is not overwhelming, signaling potential hesitation among market participants.

The oscillators present a mixed bag of signals. The relative strength index (RSI) sits at 58, indicating a neutral stance, while the Stochastic oscillator at 90 also reflects neutrality. The commodity channel index (CCI), however, signals a sell at 150, and the momentum oscillator echoes this bearish sentiment. The moving average convergence divergence (MACD) level, contrastingly, suggests a buy, highlighting the ongoing battle between bullish and bearish forces in the market.

Moving averages (MAs) across various timeframes largely suggest a bullish outlook. The exponential moving averages (EMAs) and simple moving averages (SMAs) for 10, 20, 30, 50, 100, and 200 periods are all in a buy position, indicating that Bitcoin’s price is being supported by these key levels. This alignment of moving averages underscores a longer-term bullish trend, even as short-term signals remain uncertain. Traders should watch these averages closely, particularly if prices begin to diverge from these supportive levels.

Bull Verdict:

If bitcoin can break above the critical $65,103 resistance with strong volume, the alignment of moving averages and the overall bullish momentum suggest a potential continuation of the upward trend. This breakout could open the door for further gains, reinforcing a bullish outlook for the near term.

Bear Verdict:

However, if bitcoin fails to sustain its position above $63,500 and volume increases on a decline, the bearish signals from oscillators like the CCI and Momentum could gain traction. A drop below $63,000, particularly with heightened selling pressure, could signal a deeper correction, shifting the market sentiment to bearish.

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Ethereum Technical Analysis: ETH Faces Critical Resistance at $2,800 Amid Market Indecision

On August 26, 2024, ethereum’s price hovered around the $2,739 mark, reflecting a cautious market sentiment as traders weigh the potential for further gains against looming resistance. Technical indicators across multiple timeframes reveal a mixed outlook, with key support and resistance levels tightly defining ethereum’s near-term trajectory.

Ethereum

Ethereum’s daily chart shows a strong downtrend that dominated early August, with prices plummeting from $3,400 to a low of $2,017. This sharp decline has since been followed by a period of consolidation between $2,600 and $2,800. The volume has been mixed during this consolidation, suggesting a lack of clear direction among traders. Key support remains firm at $2,017, while the $2,800 resistance level continues to challenge upward momentum.

The 4-hour chart provides insight into a short-term uptrend that began around August 21, pushing ethereum’s price from $2,535 to a high of $2,823. However, this upward momentum has shown signs of weakening as the price stabilizes just below $2,800. The volume during this period was higher during the ascent but has since diminished, indicating reduced buying pressure as ethereum approaches critical resistance.

On the 1-hour chart, ethereum exhibits a range-bound behavior, with the price oscillating between $2,712.6 and $2,793.5. This pattern reflects the market’s indecision, as traders appear hesitant to push the price beyond these established levels. Volume spikes during the decline from $2,793.5 to $2,712.6 hint at selling pressure, though the overall volume remains subdued during the consolidation phase.

Oscillators reveal a mixed picture, with the relative strength index (RSI) at 48.4, indicating neutrality. The commodity channel index (CCI) at 115.2 suggests a potential sell signal, while the moving average convergence divergence (MACD) level of -62.7 points to a possible buy. Momentum indicators are similarly divided, with the awesome oscillator and Stochastic both neutral, reflecting the broader uncertainty in the market.

Finally, moving averages (MAs) present a complex scenario. Shorter-term averages, such as the 10-period exponential moving average (EMA) and simple moving average (SMA), signal buying opportunities, with prices currently above these averages. However, longer-term moving averages, including the 50, 100, and 200-period EMAs and SMAs, all suggest a bearish outlook, with prices trading below these averages. This divergence between short and long-term indicators underscores the tension in ethereum’s current market position.

Bull Verdict:

If ethereum manages to break through the $2,800 resistance with strong volume, it could signal the start of a new upward trend, potentially driving the price back toward the $3,000 level. Short-term indicators support a bullish outlook, especially if buying momentum increases.

Bear Verdict:

However, failure to breach the $2,800 resistance, coupled with the bearish signals from long-term moving averages, could lead to a retest of lower support levels around $2,600 or even $2,500. A breakdown below these supports could trigger further downside, reinforcing the bearish trend observed on the daily chart.

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Orange Juice Futures Hit All Time High Numbers Amidst Agricultural Commodity Rally

The price of frozen concentrate orange juice futures contract has reached all-time high numbers this month, hitting 514.65¢ per lb and setting the stage for retail prices to skyrocket. The commodity, made famous by its part in the “Trading Places” film, is expected to keep rising due to climate factors and Brazil’s worst orange harvest in 36 years.

Orange Juice Follows Coffee in Agricultural Commodity Rally, Reaching Record Prices

Prices of orange juice concentrate, a commodity made famous by the “Trading Places” film, are poised to keep increasing as a result of a series of circumstances affecting the production of citric fruit. According to Brazilian media, the orange price problem will not have a rapid solution, given that the country is having the worst orange harvest in 36 years.

This is already affecting prices internationally, given that Brazil is the largest producer of oranges. The benchmark Frozen Concentrate Orange Juice Continuous Contract, reached historic record prices, hitting 514.65¢ per lb. Retail offerings are already. However, prices might increase even more, given that reserves are technically depleted in Brazil, according to the National Association of Citrus Juice Exporters (CitrusBR).

A disease called citrus greening is affecting Brazil’s and Florida’s harvests, decimating their productivity. In Brazil, an estimated 38.06% of the orange harvest, about 77 million orange trees, have been infected, with legislation requiring these to be cut and discarded.

This situation is already making juice bottlers formulate new mixes to try to keep prices low, preparing juices with lower orange content or even mixing apple juice with orange to obtain a similar flavor.

Orange juice is part of an agricultural commodity rally led by coffee, which is also near its historic levels. Arabica futures have reached $2.49 per lb, close to the highest price in decades. The causes for this price increase are also related to the adverse climate in Brazil, which is responsible for a third of the bean production.

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Bitcoin Loses Footing as Price Slips Below $62K Threshold

Bitcoin took a tumble on Tuesday, hitting a low of $61,455 per coin after peaking at $65,103 just three days prior. The crypto market downturn resulted in a shake-up, with $20.28 million in bitcoin long positions and $40.29 million in ether longs being liquidated.

Crypto Market Stumbles: Bitcoin and Ethereum Face 2-3% Declines

On Tuesday, the global crypto market cap dipped by 1.83%, settling at $2.17 trillion. Bitcoin (BTC) experienced a drop from its intraday peak of $63,547 per coin to a low of $61,455 at 11 a.m. EDT. By 4 p.m., BTC managed to hover just below the $62,000 mark, marking a 2% decline against the U.S. dollar over the past day. Meanwhile, ethereum (ETH) faced a sharper decline, with its price slipping 3.7% to $2,583 per ether.

Bitcoin Loses Footing as Price Slips Below $62K Threshold

Among other cryptocurrencies in the top ten pack, SOL fell by 1.97%, XRP bucked the trend with a 2% gain, and DOGE shed 1% during the day. Outside the top ten, helium (HNT) emerged as the day’s top performer, rising 8%, while akash network (AKT) endured the steepest drop, losing 5.85%. As most coins trended downward, the crypto derivatives market saw $120.47 million in liquidations, primarily consisting of long positions.

Across the crypto landscape by 4 p.m., approximately $99.12 million in long positions were wiped out according to coinglass.com metrics. Of that total, $60.57 million in ETH and BTC long positions vanished. Over the past 24 hours, 47,003 traders faced liquidations. The largest single liquidation order occurred on Okx, involving an ETH trade worth $2 million.

The crypto economy is striving to regain stability after early August’s turbulence sent markets reeling. BTC and several other crypto assets began to rebound following U.S. Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Symposium. Market watchers are now anticipating a rate cut at the upcoming Federal Open Market Committee (FOMC) meeting.

What do you think about the crypto market action on Tuesday? Share your thoughts and opinions about this subject in the comments section below.

Bitcoin Slides Below $58K as Market Plunge Wipes Out $178M

After lingering around the $59,000 mark, bitcoin’s value has faced downward pressure, dipping to an intraday low of $57,775 on Friday. Over the past 24 hours, bitcoin (BTC) has slipped by 4.6%, while ether (ETH) saw a 5.4% decline.

Friday Crypto Slide: Bitcoin Falls, Ether Sinks, and Liquidations Jump

The crypto market is in the red this Friday, down by 4% from the previous day, with the total market cap standing at $2.05 trillion. Every top ten cryptocurrency, aside from stablecoins, has taken a hit. Bitcoin (BTC) dipped to an intraday low of $57,775 after briefly hovering above $60,000 on Thursday afternoon. As of 12:30 p.m. EDT, BTC held its ground above the $58,000 mark, though it’s been a battle to maintain that level.

Bitcoin Slides Below $58K as Market Plunge Wipes Out $178M

Ethereum (ETH) dropped to $2,446 from a high of $2,585 earlier in the day. BNB is down 3.4%, solana (SOL) has lost 8.7%, XRP has dipped 3.8%, and dogecoin (DOGE) has fallen 3.2%. Despite the losses, Tron (TRX) has climbed to the ninth spot by market cap, though it’s still down 0.6% today. Toncoin (TON) rounds out the top ten, down 3.9% against the U.S. dollar.

Friday’s decline has led to $178.08 million in liquidations, with the majority being long positions. Out of that total, $154.73 million were from long trades, with BTC longs contributing $46.35 million. Ethereum (ETH) longs saw $32.3 million wiped out over the past 24 hours. According to coinglass.com metrics, 66,976 traders were liquidated during the day.

As the crypto market navigates through these turbulent waters, traders face mounting pressure to reassess their strategies. The broad-based downturn underscores the volatility that continues to define this space in recent times. With significant liquidations and fluctuating market caps, the resilience of these digital assets will be tested in the coming days and weeks.

What do you think about the day’s crypto market action so far? Share your thoughts and opinions about this subject in the comments section below.


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Arthur Hayes Predicts Bitcoin Boom as Central Banks Cut Interest Rates

Bitmex co-founder Arthur Hayes is optimistic about bitcoin’s future, citing recent interest rate cuts by central banks. He believes further rate cuts by the U.S. Federal Reserve, Bank of England, and European Central Bank could expand the money supply and drive inflation. Hayes argues that while inflation may negatively impact some businesses, it would benefit bitcoin due to its fixed supply and deflationary nature.

Arthur Hayes Predicts Bitcoin Surge Amid Central Bank Rate Cuts

Arthur Hayes, co-founder of crypto exchange Bitmex, has expressed a bullish outlook for bitcoin in light of recent monetary policy decisions by major central banks.

In an opinion piece published this week, Hayes argued that as the U.S. Federal Reserve, along with the Bank of England (BOE) and European Central Bank (ECB), continue to cut interest rates despite inflation remaining above target, there is a strong likelihood that these actions will lead to further expansion of the money supply. Hayes stated:

If the Fed is cutting rates when inflation is above target and growth is strong, imagine what they will do if there actually is a U.S. recession.

Hayes believes that a significant increase in money supply could lead to inflation, which might negatively impact certain businesses. However, he sees this as a positive scenario for bitcoin, which is designed to be a deflationary asset with a fixed supply.

“They will ramp up the money printer and dramatically increase the money supply. That leads to inflation, which could be bad for certain types of businesses,” Hayes predicts, adding:

But for assets in finite supply like bitcoin, it will provide a trip at lightspeed 2 Da Moon!

What do you think about Arthur Hayes’ bullish outlook on bitcoin amid central bank rate cuts? Let us know in the comments section below.

NFT Market Faces Brutal August: Sales, Buyers, and Transactions All Plunge

Non-fungible token (NFT) sales have had a rough time in 2024, and August has been no exception. Following a 36.6% drop in July, August brought another significant decline, with sales falling by 41.36%.

NFT Market Struggles: August Sales Plunge 41.36% After July’s Decline

According to cryptoslam.io metrics, NFT sales in August tallied up to approximately $376.30 million, marking a 41.36% drop compared to July. The number of NFT buyers fell by 29.04%, while sellers saw a decrease of 17.02% during the same period. August also recorded about 7.45 million NFT transactions, which is 50% fewer than the month before. Among the top five blockchains by NFT sales, four experienced a monthly decline, with Mythos Chain being the exception, enjoying a 14.31% rise.

NFT Market Faces Brutal August: Sales, Buyers, and Transactions All Plunge
Source: cryptoslam.io

Ethereum NFTs took the lead, bringing in $129 million, though this was 37.53% less than July’s figures. Solana followed with $78.94 million, reflecting a decrease of about 35.54%. Bitcoin NFT sales took a hit as well, plummeting 50.58% to $57.65 million. Polygon secured the fourth spot in August, with $36.44 million in sales, though this represented a 52.24% drop. Meanwhile, as mentioned earlier, Mythos bucked the trend with $20.5 million in NFT sales, seeing gains in August.

NFT Market Faces Brutal August: Sales, Buyers, and Transactions All Plunge
Top five blockchains in terms of NFT sales in August.

August’s top-performing NFT collection was Mythos’ Dmarket, raking in $20.28 million in NFT sales—a 17.45% boost from July. Ethereum’s Cryptopunks followed with a 139.41% increase, accumulating $18.53 million over the month. Immutable’s Guild of Guardians took third place, recording $14.55 million, marking a 110% rise. Sorare secured the fourth spot with $13.32 million in sales, while Bored Ape Yacht Club rounded out the top five with $11.47 million in August sales.

The priciest NFT in August was an Uncategorized Ordinal, fetching a hefty $2.4 million just 16 days ago. Close on its heels was Ethereum’s Bored Ape Yacht Club #2,579, which sold for $342,542 about 17 days ago. Other noteworthy high-value NFTs came from Arbitrum, BNB, and Ronin. With NFT sales under intense pressure this year, predicting where this market will stand in the coming months or by year’s end is tough. The last two months of sales have been downright brutal.

What do you think about August’s NFT sales? Share your thoughts and opinions about this subject in the comments section below.


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