Best Crypto to Buy Now July 11 – Stacks, Aave, Wiener AI
As major cryptos trade with a positive bias as markets await the release of US CPI data for June shortly, investors are weighing up what might be the best crypto to buy now for quick gains.
Recent macro developments have been bullish for traditional financial markets.
The S&P 500 and tech-heavy Nasdaq 100 indices vaulted to fresh record highs this week on Fed rate cut bets.
That rally came after dovish comments from Fed chair Jerome Powell.
And this has helped shield Bitcoin (BTC) from downside amid elevated selling from various large market participants.
These include the German state of Saxony, which has dumped most of its 50,000 BTC stash onto exchanges.
Bitcoin spot markets are also thought to be absorbing elevated sell pressure from miners struggling post halving.
Mt Gox repayments might also be adding to the sell pressure.
Bitcoin was last trading in the mid-$58,000s.
Sell pressure from these sources could remain elevated for some time. But once these sell narratives ease, a strong rebound could be in store.
Bitcoin has had a good correlation to US equity indices, as well as the S&P 500/Nasdaq ratio in recent years.
Both are at record levels, pointing to a Bitcoin price in the $70,000s.
As sell pressure eases, the Fed starts cutting and (presumably) Trump retakes the white house, the bulls could regain control.
Speaking of Trump, he is scheduled to speak at a major Bitcoin conference later this month.
DONALD TRUMP TO SPEAK AT THE WORLD'S LARGEST BITCOIN CONFERENCE THIS MONTH
— *Walter Bloomberg (@DeItaone) July 10, 2024
A rally towards $100,000 later this year is on the cards, making Bitcoin potentially the best crypto to buy now.
Donald Trump is going to win the election and #Bitcoin is going to
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