Best Crypto to Buy Now 26 July – Compound, Maker, Theta Network
In a move to combat ongoing inflationary pressures in the U.S. economy, the Federal Reserve announced a 0.25% hike in its key interest rate, pushing it to a high of 5.5%—a level unseen in 22 years. Despite witnessing a decline in consumer prices for a consecutive 12-month period, June marked a rise with a 3% year-on-year increase.
While this is the lowest annual inflation rate observed in over two years, it remains uncomfortably high for the Fed's liking, which aims to trim it down to approximately 2%.
Moving from the traditional financial landscape to the digital one, Bitcoin and Ether are currently showing mild gains in today's market. Bitcoin is currently trading around $29,596, reflecting a 1.27% gain. Ether is fluctuating near $1,882, with a rise of 1.2% today.
This leads us to an intriguing question: In the current economic climate, what are the best cryptos to buy now?
According to market observers, significant shifts could occur when the Federal Reserve re-evaluates its rate approach or if the Securities and Exchange Commission greenlights a Bitcoin ETF.
About a month prior, Bitcoin's price had escalated beyond the $30,000 mark. This spike was attributed to the growing conjecture around finance behemoth BlackRock and its Bitcoin ETF application.
Should the asset management titan receive regulatory approval, the gateway for traditional investors toward digital assets could widen significantly.
However, the Federal Reserve's verdict on the rate hike, keeps the cryptocurrency hovering around its current state.
Coinglass data reveals that $15.07 million worth of short positions and $16.56 million worth of long positions were liquidated, resulting in a total of $31.63 million in liquidated positions over the past 24 hours.
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