Which Crypto to Buy Today 31 July – Beam, Mog Coin, Aave
As major cryptocurrencies nurse losses, despite a dovish reaction in traditional financial markets to the latest Fed policy announcement where the US central bank opened the door to a rate cut in September, traders are looking for which crypto to buy today to take advantage of the market’s latest dip.
Bitcoin (BTC) was last trading just to the south of $65,000, down around 2% on the day. Ethereum (ETH), meanwhile, was last trading in the mid-$3,200s.
That’s despite a major pump in US tech stocks and declining US bond yields amid rising dovish Fed bets.
Bitcoin is probably still struggling amid fears that the US government and Mt Gox creditors will dump on the market.
UPDATE: MT. GOX MOVES $3.1B BTC
Last night Mt. Gox addresses moved 33.96K BTC ($2.25B) to addresses we believe are most likely BitGo:
bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f
bc1q48a5tjhdjtkfv8zv6tj68767h8lgep9dpx0emrkx0yhhmum7wscs95ft36
BitGo is the 5th… pic.twitter.com/XWNiZ2boAN
— Arkham (@ArkhamIntel) July 31, 2024
Ethereum, meanwhile, continues to suffer amid hefty ongoing outflows from Grayscale’s newly converted ETF product.
Ethereum ETF Flow
Only $120m $ETHE outflow today, rate of outflow seems to be in decline https://t.co/i61emvTUiJ pic.twitter.com/aAzebflcTP
— Farside Investors (@FarsideUK) July 30, 2024
Both of these headwinds are likely to be temporary. By the time September arrives, Mt Gox FUD might be in the rear-view mirror, and Grayscale’s Ethereum ETF might be fully drained.
That could set the stage for a major rally in both cryptos.
That’s because bullish narratives are building – Fed rate cuts are nearing, now avidly pro-crypto Donald Trump is likely to win November’s election, and BTC sell pressure is likely to fall as post-halving
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