Happy Friday! Despite entering a potential "sell the news" phase after the Fed's rate cut, bitcoin is effectively consolidating before a potential push toward $150,000 if further cuts follow, Bitget CEO Gracy Chen told The Block. In today's newsletter, Consensys CEO Joe Lubin says MetaMask's long-awaited MASK token is coming "sooner than you would expect." Plus, the new XRP and Dogecoin ETFs have one of the strongest debuts of the year, the White House eyes other candidates with crypto expertise for CFTC chair, and more.
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After hitting a new record high in August, Bitcoin (BTC) fell sharply below $110,000 due to macroeconomic data and increasing selling pressure. This decline in Bitcoin has made investors nervous, and they are wondering whether there will be a further decline. While $100,000 and below are among the predictions at this point, K33 Research stated that the decline could continue below $100,000. Speaking to The Block, K33 Research analyst Vetle Lunde said that tariff pressure and US economic data could lead to a price drop in Bitcoin in September.
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This round of modest rate cuts had a significant effect, maintaining economic expansion and ushering in a frenzy in the capital markets. Since the start of the easing policy, the Dow Jones Industrial Average has more than doubled, gaining 100.2%; the S&P 500 has soared 124.7%; and, driven by the tech boom, the Nasdaq has surged 134.6%, preemptively accumulating momentum for the subsequent dot-com bubble.
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