Fed Meeting Minutes Dampen Market Sentiment; What’s Next for BTC?
Minutes from the Federal Reserve’s July meeting (released last week) indicated that rate hikes are set to continue until inflation is reined in. Following this news, the S&P 500 ended its four-week-long recovery and recorded a 1.29% drop for the week.
Bitcoin’s direct correlation with the financial markets continued; BTC recorded five consecutive red candles on the daily timeframe, breaking through the 20-day EMA and the 50DMA in one shot.
Bitcoin finds itself at a crucial juncture – the 20-day EMA is curving downwards and the RSI is in negative territory. It’s important for the bulls to protect the channel’s support line, failing which the bears will take control.
The first step for the bulls is to recapture $21,750, the 20 EMA on the 4-hour timeframe. If they fail to do so, the chances of a break below the support line increase. The bears could then push BTC to $18,600. Upcoming sessions could decide the direction of the market in the medium term.
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CRYPTO NEWS WEEKLY ROUNDUP:
The MTV VMAs Introduce ”Best Metaverse Performance” Award
Crypto continued its foray into music as the 2022 MTV VMAs added a new category – Best Metaverse Performance – to its list of competition categories.
In its inaugural year, the Best Metaverse Performance nominees are “the Rift Tour,” featuring Ariana Grande (Fortnite), Blackpink’s “The Virtual” (PUBG Mobile), BTS (YouTube), Charli XCX (Roblox), “Justin Bieber – An Interactive Virtual Experience” (Wave), and the “Twenty One Pilots Concert Experience” (Roblox).
The VMAs, in partnership with Paramount Game Studios, also announced a first-ever Metaverse Experience to be hosted in the Roblox Metaverse until Sep. 3.
Crypto Payments Rolled Out Across 175 Petrol Stations in Australia
On the Run (OTR), one of the biggest fuel station brands in Australia, has launched crypto payment support across all 175 stations and stores in Victoria, South Australia, and Western Australia.
The move is part of a collaboration between OTR, Crypto.com, and DataMesh, a Sydney-based payment systems provider. Crypto.com is bringing the payment settlement layer with its Pay Merchant service while DataMesh provides the PoS terminals.
Peregrine Corp, OTR’s parent company, plans to roll out crypto payments to 250 more retail sites across Australia, including Subway, Krispy Kreme, and Oporto.