Bitcoin Shows Stability As Experts Expect FED to Keep Rates Unchanged, While Bitcoin BSC Hits $1.75 Million Milestone

In this article, we discuss the stability of Bitcoin amidst expectations of the FED keeping rates unchanged. Additionally, we highlight the significant milestone achieved by Bitcoin BSC, reaching a value of $1.75 million. Stay updated on the latest developments in the world of Bitcoin and cryptocurrency.

Bitcoin Displays Resilience amid Rising Inflation and Interest Rates

Title 1: Bitcoin’s Stability Shines Through Inflation Concerns and Rate Hike Speculations
Title 2: Rising Interest Rates Fail to Shake Bitcoin’s Steady Cling to $26,000

The recent release of inflation figures by the Consumer Price Index (CPI) has created significant concern as inflation exceeded expectations and continued to loom. The data revealed that inflation surpassed projections as the economy faces the ‘sticky’ inflation narrative, despite interest rates being set in the 5.25% – 5.5% range. However, Bitcoin has shown remarkable stability, persistently holding its ground at $26,000. In addition to Bitcoin’s resilience, a new Bitcoin-themed alternative has garnered attention from investors, garnering $1.75 million in just over a week. This highlights the growing enthusiasm surrounding this emerging project.

Experts from JP Morgan predict that the US Federal Reserve will maintain interest rates unchanged in September, despite the escalating inflation. The August CPI report unveiled a year-over-year increase of 3.7%, 0.1% higher than anticipated. Although this implies that inflation may persist in the economy despite elevated interest rates, the core CPI data, which excludes energy volatility, displayed a yearly increase of 4.3%, lower than the previous month’s 4.7%. These consistent declines in core CPI data since September 2022 have led experts to believe that the US Fed will achieve its 2% inflation target by late 2024 and do not anticipate any further interest rate hikes. David Kelly, an expert, stated, “I don’t think that today’s upside surprise is sufficient to trigger a rate hike next week, and I continue to expect the Fed to stay on hold.”

Interestingly, Bitcoin has exhibited signs of resilience, maintaining the $26,000 level despite the alarming inflation data. The cryptocurrency had recently established a short-term rising price channel but temporarily dipped below it at the beginning of the week. Fortunately, it found support at $24,970, offered by the February 2023 resistance, and rebounded back into the price channel just before the inflation report was released. Since the publication of the inflation figures, Bitcoin has fluctuated within the boundaries of this price channel. For Bitcoin to display positive price action throughout the rest of September, it would need to surpass the resistance at $26,400 and break the upper angle of the price channel. If successful, resistance levels can be expected at $27,000, $27,745 (January 2021 lows), $28,000, and $28,650 (June 2021 lows). On the other hand, support is present at $26,000, $25,770, $25,415 (May 2022 lows), and $25,000. Additional support levels can be found at $24,755 (June 2023 lows), $24,235 (December 2020 resistance), and $24,000.

In addition to Bitcoin’s stability during this period of rising inflation, several altcoins have also gained momentum. Bitcoin BSC ($BTCBSC) is one such example, attracting attention with its innovative stake-to-earn model during its ongoing presale. Bitcoin BSC, an alternative to Bitcoin on the Binance Smart Chain, raised $1.75 million in just over a week. This project introduces a stake-to-earn concept that is predicted to counteract any selling pressure at launch and provide long-term utility. It follows the success of recent Bitcoin derivatives like BTC20, which delivered a 5x return for early adopters at its peak. Bitcoin BSC is a BEP-20 version of Bitcoin built on the Binance Smart Chain, incorporating a verified staking contract that releases $BTCBSC tokens aligned with the original Bitcoin block rewards schedule. Participants earn a percentage of rewards by staking their $BTCBSC through the accessible proof-of-stake (PoS) mining algorithm. The tokenomics behind this project mirror the 21 million $BTC supply.

The ongoing presale for Bitcoin BSC pays homage to Bitcoin’s early days when 6.125 million $BTC were in circulation at $1. Therefore, the presale is selling 6.125 million $BTCBSC, representing 29% of the supply, divided into two phases priced at $0.99. Following the presale, 14.455 million $BTCBSC, equivalent to 69% of the supply, will be allocated to the staking contract to provide rewards for the next 120 years, aligning with the $BTC release schedule. The remaining 2% is pre-mined to ensure liquidity in decentralized markets. Experts predict that there will be a supply crunch in the open market after the presale, causing newcomers to Bitcoin BSC to pay higher prices. This is due to the majority of the supply (69%) being locked in the staking contract, with presale buyers expected to contribute further as they take advantage of the stake-to-earn passive income. For instance, more than half of the presale tokens have already been staked, offering stakers an impressive 300% APY. Therefore, newcomers may struggle to acquire $BTCBSC at the presale price of $0.99 and may have to pay higher costs to establish a position once it gains popularity on platforms like DexTools. The stake-to-earn concept fosters a community-driven approach, where investors benefit from the staking rewards and the rising token value.

Overall, the hype for $BTCBSC is gaining momentum as its presale progresses rapidly. Potential investors are encouraged to join early, as the presale is not expected to last longer than two weeks at its current pace.

Disclaimer: The above article is sponsored content. CryptoPotato does not endorse or assume responsibility for the accuracy, advertising, quality, products, or other materials mentioned in this article. It is crucial for readers to independently verify the information and conduct thorough research before engaging with any mentioned company. There is a risk of capital loss when investing in cryptocurrencies, so readers are advised to consult professionals and make independent decisions.

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