Bitcoin tumbles in reaction to this morning's CPI numbers.
Raoul Pal weighs in on XRP's role in CBDCs.
And I've got my eye on two spicy altcoins.
But you've got to stick around till the end of the video
to know what they are.
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My name is Frankie Candles.
And this is your nightly crypto news wrap-up.
Let's get it!
A little bit higher than anticipated.
A tenth of a percent rise for the month of August in the headline number,
which is more than the flat reading that we had last month
and less than the 0.1 negative reading that was expected,
pushes the year-over-year rate to 8.3%.
The forecast had been for 8.1%.
So we're a little bit higher.
We'll check into the details and see why that is.
The core, which matters more to a lot of people, rises six-tenths of a percent.
That is double last month and double what's expected,
pushes the year-over-year rate to 6.3% from 5.9% last month.
The expectation was for a 6.1% move.
So some bad news on inflation here.
But it doesn't really matter
because everybody was kind of expecting the Fed to go 75 anyway.
Economic experts were humbled yet again this morning
as they projected inflation to "cool off"
and for the CPI numbers to come in at 8.1%.
But to their dismay, it came in at 8.3%.
This unfortunate turn of events sent the markets,
Bitcoin and crypto included,
back down the hill.
It can always be worse.
June CPI was 9.1%.
July's was 8.7%.
This marks the second month of inflation falling at least a little bit.
But since August numbers were still higher than expected,
that tells us that the fight against inflation is still a donnybrook,
and the idea of the Fed hiking the interest rates at least 75 basis points is basically cemented.
The story of the year for crypto has been that the Fed has been raising the value of the DXY,
which consequently hurts the stock market,
which consequently hurts crypto.
Right at 8:30 this morning when the CPI numbers were released,
Bitcoin tumbled 3.5% in the first five minutes
and about 7% over the next few hours.
A hanging man candlestick was printed on the 7-minute chart right before the big drop.
A hanging man candle or bearish hammer candle
could be a good indicator for trend reversal and shows that the bulls have lost control.
How much control have we lost?
Some are still saying that the bottom was back in June,
but the CEO of a popular crypto analytics website known as ADVFN
Clem Chambers stated that if we lose the $17,000 level,
a $10,000 Bitcoin is in the cards.
Do you think $10K is a possibility?
Or are we going straight to the moon?
Let us know in the comments down below.
And now let's see what Frankie Candles thinks.
Time for market watch.
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $20,186.
That's right. Down 10% on the day.
Absolutely brutal!
Ethereum coming in at $1,576
Down almost 8% on the day
Now, I want to bring you guys over to the Bitcoin chart.
If you guys watched the nightly crypto news wrap-up last night,
you will know that we were looking at the 4- hour chart.
We did have that bearish divergence forming up against key resistance.
We were expecting this move down.
We absolutely got it perfectly.
Now, the question is,
where can we go from here?
Now, if we were to see this dump get absolutely brutal,
and we break this point of control,
we would be coming down to key support right here at the Value Area Low
coming in at about $18,825.
And if we lose that,
and we come down to the 786 and that does not hold,
this is where I would start to target the levels down to about $14,000 to $12,000.
I know some people are calling for $10K.
And that, in my opinion, if we lose this 786,
$10K would not be out of the cards.
But we're not there quite yet.
We would have to wait till we come all the way back down to the lows
that we made here in June and break those to come lower.
So not quite time to full on panic just yet.
But if you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
There's so much more to XRP
than the constant noise about this court case that has been dragging on forever.
For a quick update,
the case has progressed to the summary judgment,
which began its opening motions today.
Summary judgment is defined as when one party believes that there are no facts left to dispute.
I have faith in XRP's lawyers.
And I hope they get this sorted out.
But that's not why I want to look at XRP today.
Regardless of the court case,
understand that XRP is on the standards body for the ISO 20022
because the XRP Ledger is an excellent blockchain infrastructure
that's optimized to handle the global cross-border payment system.
There's a reason Ben and AJ based an entire portfolio around the ISO 20022.
XRP could very well find pay dirt in the world of CBDCs
because it already has the infrastructure to handle a project that large to scale.
In a recent AMA,
Real Vision CEO Raoul Pal stated,
"It's a money transmission network,
and it does quite a good job of it.
It has deep connections with global governments around the world
and has worked really hard on it.
So I think if you lift the legal issue,
the probability is that the value of the chain increases significantly.
As the world moves towards central bank digital currencies,
I think the XRP network is going to be somewhere at the center of all that."
He's not just saying that because it sounds good.
He's literally right on the money.
The more I think about it,
XRP's stance in America lessens less and less
if it's still posed to become the common denominator
for global cross-border payment systems.
Coins to watch before we wrap up tonight's video,
I want to bring to your attention two coins that have serious potential.
Bear market or not,
you want to start dollar-cost averaging, or at least make plans to DCA,
considering a lot of coins are down 60% to 80% from their all-time highs.
One coin I've been looking at is Hedera Hashgraph aka HBAR.
It bounced up over 25% in the past few days,
and it still held its ground after the CPI numbers took their toll.
It's still up around 13% since September 6.
A good reason for a part of the pump was that it's been listed on Coinbase.
It's formed a nice double bottom with a strong floor on the weekly chart.
And now that it's more accessible, it could very well run from here.
With an all-time high of 57¢,
with it trading around 6.5¢ right now,
an 8.7X sounds good to me.
The other coin I've been eyeing up is no other than Ravencoin.
Hello?
It's up about 240% from the June low and about 107% since the start of this month.
It's still only at 6¢ with an all-time high of 29¢.
It's just shy of a 5X away from its all-time highs.
But I think it could surpass them for one reason and one reason only.
All those Ethereum proof-of-work miners have got to go somewhere, right?
Food for thought.
That's all I got.
Frankie Candles out.