BTC Cash, Stacks, Neo, Solana, and Stellar prices decline due to DXY surge.

BTC Cash, Stacks, Neo, Solana, and Stellar prices decline due to DXY surge.

The Blockchain Industry: Analyzing Bitcoin and Altcoin Performances

Bitcoin and altcoins experienced a significant decline on Wednesday, causing concern in the financial market. Coins like Bitcoin Cash, Stacks, Neo, Solana, and Stellar lumens all dropped by more than 3% as demand remained low. The primary catalyst for this sell-off can be attributed to the recent trends in the energy market, specifically the surge in crude oil prices.

The international benchmark, Brent, jumped to over $90 per barrel, experiencing a remarkable increase of over 25% from its lowest level in June. Some analysts even predict that it could rise to $100 in the coming weeks. These rising oil prices have implications for the Federal Reserve and its decision-making process regarding interest rates.

Economists are currently split on their predictions. Some expect the Fed to increase rates by another 0.25% this month, ultimately pushing them to 5.75%. On the other hand, there is a school of thought that believes the Fed will opt to leave rates intact until more information about inflation becomes available. Christopher Waller, a significant figure within the Federal Reserve, supports this view.

The anticipation of another Fed rate hike has prompted many investors to seek the safety of the US dollar. As history suggests, cryptocurrencies, such as Bitcoin and Ethereum, tend to retreat when the US dollar index (DXY) soars. Recent data supports this notion, as the dollar index has surged to over $104, reaching its highest level in more than five months.

• Colombian Bitcoiner seeks to educate coffee lovers about Bitcoin, one bean at a time.
• Marathon’s Bitcoin mining rate dropped by 9% in August.
• Bitcoin’s relationship with interest rates is deteriorating, according to Arthur Hayes.

Despite positive news from Visa, the leading fintech company, Solana and Stellar prices continued to retreat. In a statement issued on Tuesday, Visa announced its plans to expand its USDC expansion to Solana’s ecosystem. Solana is reputed for its fast speeds and low transaction costs, making it an attractive technology for Visa’s daily processing of billions of dollars. However, this news impacted the price of Stellar, as USDC is built using its technology.

Currently, the outlook for Bitcoin and other altcoins appears bearish, primarily due to the lack of major catalysts in the near term. However, one potential catalyst could be the acceptance of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). This likelihood has increased since GreyScale won a significant lawsuit last week, paving the way for institutional investment in Bitcoin.

How to Buy Bitcoin Cash

Bitcoin Cash (BCH) is a cryptocurrency that emerged from a hard fork of the original Bitcoin (BTC) in 2017. If you are interested in purchasing Bitcoin Cash, here’s a step-by-step guide:

1. Choose a cryptocurrency exchange platform: Select a reputable exchange that supports Bitcoin Cash trading, such as Coinbase, Binance, or Kraken.

2. Sign up and complete verification: Create an account on your chosen exchange platform and follow the verification process by submitting the required identification documents.

3. Deposit funds: Deposit fiat currency (such as USD or EUR) or other cryptocurrencies into your exchange account. Ensure you have sufficient funds to purchase Bitcoin Cash.

4. Locate Bitcoin Cash trading pair: Once your account is funded, search for the Bitcoin Cash trading pair. It is usually denoted as BCH/USD or BCH/BTC, depending on the base currency.

5. Place an order: Decide whether you want to buy Bitcoin Cash at the market price or set a specific price limit for your purchase. Enter the desired amount of Bitcoin Cash you wish to acquire and review the transaction details before confirming.

6. Securely store your Bitcoin Cash: After purchasing Bitcoin Cash, it’s crucial to transfer it to a secure wallet. Hardware wallets like Ledger or Trezor offer excellent security features.

Remember, investing in cryptocurrencies carries risks, so it’s important to conduct thorough research and assess your risk tolerance before making any investment decisions. Furthermore, regularly staying updated on the latest market trends and industry developments can help inform your investment strategy.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!