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The Bitcoin price rose 1% in the last 24 hours to trade at $59,234 as of 00:49 a.m. EST despite trading volume dropping 16% to $23.8 billion.
The Federal Reserve is on the verge of cutting interest rates, following the European Central Bank (ECB), the Bank of England, and the People’s Bank of China. There is now a 76% chance that the Fed will cut interest rates by 0.25% points this month.
Arthur Hayes, co-founder and former CEO of BitMEX, has shared his reasons why the Fed’s interest rate cuts may not significantly affect the Bitcoin price.
My theory on why Fed rate cuts aren't going to plan.
Since JAYPOW annc Sept rate cut at J-Hole, $BTC down 10%, y? I thot rate cuts were good for risk assets.
RRP pays 5.3% no T-bill under 1-yr maturity pays more. MMF will move money from T-bill -> RRP which is $ liq -ve.
Since…
— Arthur Hayes (@CryptoHayes) September 2, 2024
Since Jerome Powell, the Fed Chair, confirmed a rate cut in September on August 23, BTC has declined.
That’sbecause big money market funds are moving cash from Treasury bills, which pay just 4.38% interest, to reverse repurchase agreements, which pay 5.3%, instead of putting it into risk assets like crypto, he said.
Bitcoin Price Aims For A Rebound
In the last week, the Bitcoin price has been on a downtrend, as the bears capitalized on the rounding top pattern to prompt a bearish trend. BTC has been trading within the falling channel pattern, data from GeckoTerminal shows.
The BTC/USD, 4-hour chart analysis, shows that Bitcoin’s price is poised for a rebound as it trades within the upper boundary of the falling channel.
However, the Bitcoin price still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the current downtrend.
The Relative Strength Index (RSI) also trades on an uptrend, currently at 52, and shows signs of an uptrend, showing that buyers have the upper hand.
Moreover, the Moving Average Convergence Divergence (MACD) is moving up towards the neutral zone, showing that BTC is currently on positive momentum.
According to BTC price analysis, the bulls are beginning to put some pressure on the token as it soars towards the upper boundary. If the trend continues, BTC could soar, as the bulls target $65,000.
However, if the bears exert pressure at this level, BTC could plunge back to the $56,000 support zone, which acts as a cushion against downward pressure.
Meanwhile, traders are piling into a Shiba Inu 2.0 ICO called Shiba Shootout (SHIBASHOOT).
According to the crypto channel 99Bitcoins, with more than 706k subscribers, investors who buy $SHIBASHOOT can earn “insane rewards.“
Shiba Shootout Presale Blasts Past $1 Million, Best Alternative To Buy Now?
Shiba Shootout isn’t cooling its peacemaker barrel anytime soon, as its presale hits the bullseye with $1 million raised and counting.
The project draws its inspiration from the legendary meme coin titan Shiba Inu and takes its token holders on a journey into the crypto Wild West.
Saddle up! #ShibaShootout is more than a #memecoin it's a Wild West crypto adventure! 🐾💥
Join Marshal Shiba & the Sharpshooters in Shiba Gulch for fun and excitement. 🤠🚀 pic.twitter.com/a3BFVx7u42
— shibashootout (@shibashootout) July 1, 2024
The project goes beyond the conventional limits of meme coins, taking the holder on a captivating adventure filled with creativity, strategic gameplay, and the allure of a cowboy’s high-stakes showdown.
Master #Crypto strategy with #Shiba cowboys in thrilling duels for big rewards! 🌟 Join the adventure!
Sign up now to get your free $SHIBASHOOT tokens!
Jump in the fun! 🚀 https://t.co/jCeu7XMBqR pic.twitter.com/YjlGaaluBT
— shibashootout (@shibashootout) June 28, 2024
The game is built around the town of Shiba Gulch, a bustling digital settlement that is a favorite with Shiba lovers who come together to challenge each other.
Its mobile game Shiba Sharpshooter has already amassed over 1,000 downloads on the Google Play Store, with a Web3 app launching soon.
Apart from P2E crypto gaming in Shiba Gulch, $SHIBASHOOT holders can also easily earn passively through the platform’s staking mechanism, which offers 879% in annual rewards.
If you are interested in participating in the presale, you can buy the token for $0.0201. But don’t wait too long as the price will increase in less than six days.
You can buy SHIBASHOOT tokens on the official website here using ETH, BNB, USDT, or a bank card.
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