Ethereum Price Rebounds 6% as Donald Trump to Speak at Bitcoin Conference
Ethereum price reached $67,432 on July, up 6% for the day as bull traders place bet worth $1.38 billion ahead of Trump’s speech at Bitcoin Conference this weekend. ETH price looks set to record more upside amid the ongoing market shakeup.
Ethereum Price Pumps 6% on Trump Speech Speculations
ETH price entered a worrying 13.45% downtrend mid-week amid a sell-the-news wave that greeted the spot Ethereum ETFs launch on Tuesday, June 23. However, the sector sentiment flipped bullish on Friday, July 26, as markets began to react to Donald Trump’s confirmed appearance at an upcoming Bitcoin Conference in the USA.
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Gold price collapses to two-week low amid robust US economic data
—Gold prices fall 5% from July 17 peak of $2,483 to $2,364.
—US Q2 GDP beats expectations, strengthening the US Dollar and impacting gold.
—Market certainty grows for a Fed rate cut in September as Treasury yields decline.
Gold price tumbled to a two-week low on Thursday after the US Bureau of Economic Analysis reported that the economy in the United States (US) fared better than expected in the second quarter of 2024. This weighed on the precious metal, which lost over 1.30%, and XAU/USD trades at $2,364 at the time of writing.
Bullion prices hit their highest level on July 17, at $2,483; since then, they have fallen about 5% toward the current spot price. XAY/USD’s fall is mostly attributed to profit-taking as US Treasury yields also dropped while the Greenback remained firm.
US data revealed that the Gross Domestic Product in Q2 was better than expected, crushing the first-quarter numbers. Meanwhile, the number of Americans filing for unemployment benefits dipped compared to the week ending July 30. Durable Goods Orders contracted more than -6%, though excluding aircraft and transport, they recovered from May’s drop.
Despite all that, the US 10-year Treasury note coupon edged lower by more than four basis points (bps) and ended at 4.245% on Thursday. According to the CME FedWatch Tool data, investors seem 100% certain that the Federal Reserve will slash interest rates a quarter of a percentage point at the September meeting.
Daily digest market movers: Gold price on the backfoot as US GDP advances
—US GDP for Q2 2024 jumped from 1.4% to 2.8% QoQ, exceeding forecasts of 2% on its advance reading.
—US Initial Jobless Claims for the week ending July 20 rose by 235K, less than the estimated 238K and lower than the previous week’s 245K.
—US Durable Goods Orders plummeted by -6.6% MoM in June, significantly below the estimated 0.3%. However, Core Durable Goods, which excludes aircraft, expanded by 0.5% MoM, up from -0.1% and above the consensus projection of 0.2%.
—The Fed’s preferred measure of inflation, the Core PCE, is expected to dip from 2.6% to 2.5% year-over-year (YoY).
@ Newshounds News™
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Silver Price Forecast: XAG/USD retreats from $28 amid uncertainty ahead of US core PCE Inflation
- Silver price exhibits weakness with investors focusing on the US core PCE inflation for June.
- The Fed is expected to start reducing interest rates from the September meeting.
- China’s dismal economic outlook has dampened Silver’s demand as an industrial metal.
Silver price (XAG/USD) falls back after a short-lived pullback move to near $28.00 in Friday’s European session. The white metal remains in the bearish trajectory amid uncertainty over its demand as an industry metal globally.
The lackluster outcome of China’s Third Plenum, its weaker-than-expected Q2 Gross Domestic Product (GDP) growth, and an unexpected rate-cut decision by the People’s Bank of China (PBoC) have pointed to a slowdown in the world’s second-largest nation. This has raised concerns over the scale of business investment and consumer spending. Silver as a metal has applications in various industries such as renewable energy, electric vehicles (EVs), and electrical appliances etc.
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