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Bitget Research: The market maintains narrow fluctuations, Tron ecosystem MEME wealth effect is good

Bitget Research: The market maintains narrow fluctuations, Tron ecosystem MEME wealth effect is good

Bitget2024/08/21 06:41

"In the past 24 hours, BTC price has fluctuated downwards, with Bitcoin falling to $58,000. It attempted a rebound yesterday but failed to break through the triangular pattern, indicating that the market is in a phase of correction and adjustment. Yesterday saw a net outflow of $6.7 million from Ethereum spot ETFs in the United States, with a trading volume of $194 million. The daily net inflow for Bitcoin spot ETFs was $61.98 million, marking four consecutive days of net inflows; however, its total daily trading volume was at its lowest level since February 6th at $779.87 million - also making it the third-lowest overall daily trading volume.

According to Bitget Research's latest report: "In terms of market trends this week will see Jackson Hole meeting taking place and there are consistent expectations for an interest rate cut in September; however we cannot rule out potential risk-averse pullbacks as well." With changes in election odds and slightly favorable risk preference environment Bitcoin may attempt another upward breakthrough."

"Meanwhile, stablecoins have reached an all-time high market cap at $165 billion which typically signals rising prices for Bitcoin and other cryptocurrencies." Market focus is on TON ecosystem's high-traffic Telegram Mini Bot project DOGS which has been confirmed to launch on Binance Launchpool." Solana’s meme coin trading volumes have dropped sharply while more attention shifts towards Tron ecosystem memes following Sunpump’s launch," Bitget Research analysis concluded.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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