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Last week’s cryptocurrency market experienced a significant downturn, with Bitcoin (BTC) and Ethereum (ETH) prices declining into the weekend. Nevertheless, this week’s economic events, including the OPEC Monthly Report and inflation data, could provide a catalyst for these tokens and the broader cryptocurrency market. Still, investors are increasingly exploring more promising alternatives, like ETFSwap (ETFS, for potential gains in case these events are not enough to improve Bitcoin and Ethereum prices.
This Week’s Economic Events To Look Out For
August’s Consumer Price Index (CPI) report will be released on Wednesday, September 11. This report is one of two primary inflation indicators used by the Federal Reserve because it reflects price trends in the economy and influences consumer spending. The August Producer Price Index (PPI) report will be released on Thursday, September 12.
On the same Thursday, the initial jobless claims data will be released, providing a broader perspective on the labor market. On Friday, September 13, of the same week, September’s preliminary readings for the Michigan Consumer Sentiment Index and Consumer Inflation Expectations will be released. Following last week’s weak economic data, the market is evaluating the likelihood of a 25- or 50-basis point interest rate cut at the September FED meeting; the CPI result will play a huge role in this process.
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ETFSwap (ETFS): Revolutionary Platform To Hedge Investors Against Market Decline
ETFSwap (ETFS) is a revolutionary cryptocurrency that integrates traditional finance with blockchain technology. It distinguishes itself in the realm of tokenized ETF investments by enabling users to trade ETFs with leverage of up to 10x. True to its name as a revolutionary platform, ETFSwap (ETFS) features an AI-driven ETF Screener and Tracker, providing users with real-time market data to make informed trading decisions.
Another feature that makes ETFSwap (ETFS) a standout platform is its commitment to user anonymity. Interestingly, the platform does not require KYC verification, making the entry process very easy and allowing for 24/7 trading with optimal liquidity. To further ensure SolidProof, a renowned crypto security firm, has thoroughly vetted its reliability, the platform’s KYC verification.
At the core of the ETFSwap (ETFS), is the platform’s native ERC20 token, ETFS. Holding this ETFS token qualifies you as an investor for a lot of incentives. For example, these token holders can stake their ETFS tokens in the staking pool to earn up to 36% returns on their investment.
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Additionally, the token gives holders voting rights, which allows investors to have a say in the direction of the ETFSwap (ETFS) ecosystem. These numerous utilities of the ETFS token have put it ahead of leading cryptocurrencies even though it’s still in the presale stage. Experts predict a staggering 10,000% price increase that could elevate its value to $1.
How Will Bitcoin (BTC) And Ethereum (ETH) React?
Bitcoin (BTC) is currently facing challenges, with its price dipping to around $54,523. Following a softer-than-expected US jobs report for August, the bearish sentiment surrounding Bitcoin has intensified, and key support levels are showing signs of instability. If Bitcoin fails to maintain the $53,500 support line, it could experience a further decline, potentially falling as low as $45,000.
Meanwhile, Ethereum (ETH) is currently facing resistance at the $2,327 level, having declined by 12.37% last week. On Monday, it experienced a slight uptick of 0.22%, trading at $2,302. If Ethereum continues to encounter resistance from the $2,327 level and its descending trendline, it could potentially decline by 9%, retesting its weekly low at $2,118. Like Bitcoin, Ethereum’s price may also be influenced by these upcoming economic indicators. If these indicators are negative, it could exert bearish pressure on both Bitcoin and Ethereum as investors react to the possibility of interest rate hikes and vice versa.
Conclusion
The performance of Bitcoin and Ethereum is closely tied to this week’s economic indicators. A negative economic outlook could adversely affect their prices. Therefore, ETFSwap (ETFS) presents a more promising investment opportunity than Bitcoin and Ethereum as it is not directly affected by this week’s economic event. Currently priced at $0.03846, investing now could give you a substantial profit of 10,000% when the platform finally launches.
