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Crypto News Digest by U.Today

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Crypto News Digest by U.Today

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Valeria Blokhina

U.Today’s daily news summary is already out, don’t miss this article!

Let’s see what the weekend brought in terms of crypto news with the top four news from U.Today.

Cardano Founder Speaks Out on Cause of Crypto Market Crash; ADA down 8%

Friday’s market tumble left no one indifferent, including Founder of Cardan Charles Hoskinson. In his Saturday tweets, Hoskinson commented on “another brutal red day,” saying the Ron Paul predictions shared years ago are now coming true and that the Fed has two options: “kill the economy with rising rates.” ‘high interest or destroy money with inflation’. .” The Cardano creator added that the way out of this madness is cryptocurrencies, because “central banks cannot be trusted when it comes to monetary policy.” The stock market crash is tied to Fed Chairman Jerome Powell’s recent hawkish speech in Jackson Hole, in which he promised the central bank would “use its tools forcefully” to fight inflation. ADA, along with other major cryptos, fell 8% to trade at $0.447 after Powell’s remarks and remain level.

Shiba Inu slips down the rankings after a massive sale

He looks like Peter Brandt’s Shiba Inu Bullish Prediction did not play. The second biggest meme piece slipped to 14th place by market cap on CoinMarketCap after losing nearly 7% over the past week. It is now under Polygon (MATIC) and Dai (DAI). SHIB is currently down 33% from its August 14 high. At press time, it is trading at $0.00001237, per CoinMarketCap. However, despite its uninspiring price performance, Shiba Inu has managed to maintain an active community, with new members joining every day. As reported by U.Todaythe meme token’s official Twitter account recently knocked Dogecoin down by follower count.

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3 Reasons Why Bitcoin Is At $20,000 And What Happens Next

Much to everyone’s disappointment Bitcoin holders, the crypto king fell to the $20,000 level. Unpleasant as it may be, however, the event was not a surprise, for three reasons. The first is Fed Chairman Jerome Powell’s speech that the US central bank will remain hawkish for some time, running counter to previous financial market expectations. Second, the lack of institutional inflows into the market over the past two weeks. The situation will most likely change after the end of the rate hike cycles by the beginning of 2023. Thirdly, there is a lack of events around the first cryptocurrency, which does not bring any growth factor. The only thing that could bring fresh capital to the market is the Ethereum Merge update.

“Ethereum is Going Home,” Says Benjamin Cowen; here is what it means

According to a Ethereum chart shared by CryptoQuant analyst Benjamin Cowen, the second largest cryptocurrency is “going home”. This means that Ethereum is moving towards the curved accumulation range that ETH hit during each correction and then successfully bounced back. Given the current market downside, Cowen anticipates a decline in the accumulation zone around $500. While such a drop would be critical for Ethereum, the market has already seen Ethereum lose 90% of its value, so it’s not unprecedented. The overall situation on the chart has not changed since the start of 2022, as the second largest cryptocurrency on the market entered an extended downtrend after hitting $4,850.

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