The bitcoin price showed little movement over the past 24 hours, hovering between about $114 250 and $115 750, according to CoinGecko. With a slight gain of 0.2 percent, the largest crypto currency is showing surprising stability, especially after sharp losses due to disappointing U.S. jobs reports and escalating trade conflicts. Despite those unfavorable economic signals from the United States where investors are eagerly awaiting inflation data on Aug. 12 and the possibility of the Federal Reserve implementing interest rate cuts in September, the market is cautiously rebounding and virtually every major coin is recovering.
Institutional investors are asserting themselves: a report by Ripple shows that financial heavyweights such as Citigroup, JPMorgan and Goldman Sachs are investing heavily in blockchain technology, while whales on Bitfinex are adding about 300 Bitcoins daily. Japanese company Metaplanet recently added another 463 coins for about $53 million, bringing its holdings to 17595 bitcoins worth over $2 billion. This combined confidence from corporates and whales provides significant support under the prices.
Altcoins are also making progress. XRP rose 1.5 percent in the past 24 hours, breaking the $3 mark again, prompted in part by speculation surrounding an upcoming ETF approval. Ethereum benefited even more strongly, posting a plus of 2.7 percent, allowing the currency to trade around $3660. Remarkable is Litecoin's rally, gaining nearly 9 percent after the network reached the milestone of 340 million transactions processed over 40 million of those took place this year, accounting for some 12 percent of all litecoin activity since its inception in 2011.
The market is holding its breath for next week's US consumer price index. We currently estimate the odds of a Fed rate cut in September at over 89 percent, which according to Redesigning our Monetary System. could fuel additional buying interest. For now, however, the Bitcoin price remains in a narrow range, but growing inflows of institutional capital and the broader recovery among altcoins offer a positive outlook for the asset class.
For Surinamese investors, it may be wise to hold only a small portion of their portfolio in crypto, choose reputable trading platforms and keep a close eye on developments around local regulations and taxation.
Disclaimer: This article is for informational purposes only, i.e. DYOR; it does not constitute investment advice. Cryptocurrencies are volatile and past price movements are no guarantee of future performance. Always invest at your own risk. This is not investment advice.
