Dear Friends,

The interest rates are being to be maintained at this level by FOMC.

This is as expected only.

They also come up with a statement that in the month of September 2024 it will be decreased.

This would be a bullish news for the market. 

But the most worrying factor is the on going Israel-Iran war news. Iran has officially announced to attack Israel in wake of the the killings of Hamas Political Leader Haniyeh in Iran. 

This will definately create a shutter in the market and the influencers may dump the market. 

There are high chances in this respect also. 

But please do understand that patience is the key as of now in the crypto market.

At the time of writing this article, the global crypto market cap stands at $2.3T, a 0.32% decrease in the past 24 hours.

BTC currently trades at $64,417 and ETH trades at $ 3162. 

As we said in the previous articles BTC has touched $63.8K. The volumes have picked up at this level. 

If we look into the BTC chart,

There are 3 supports at this level and also found high liquidity. 

There are also demand is found high in this area. 

But if it slips, the next level would be $61.7k, then $59.8k and then $57k.

These are the support levels for now.

But the key and supporting update is that came from Bank of England.

The Bank of England on Thursday delivered its first interest rate cut in more than four years, taking the key rate to 5%.

Policymakers ultimately voted 5-4 in favor of the reduction. T

The Bank rate had been held at a 16-year high of 5.25% since August 2023.