Best Crypto to Buy Now August 15 – THORChain, XinFin, Hedera
Blue chip cryptocurrency markets have seen limited to no reaction to the latest US Retail Sales figures for July, which should underpin optimism that the US economy remains far from recession.
Bitcoin (BTC) was last trading in the $29,100s and Ether (ETH) in the $1,820s, with the latest data doing little to alter the macro narrative that the Fed’s interest rate hiking cycle is over thanks to the fact that US inflation continues to trend in the right direction.
Major coins remain stuck within recent ranges with the market in wait-and-see mode ahead of major upcoming catalysts, such as the US Securities and Exchange Commission (SEC)’s decision on major spot Bitcoin ETF applications, and an upcoming upgrade to the Ethereum network in the final quarter of 2023.
Regarding spot Bitcoin ETFs, Europe just listed its first spot Bitcoin ETF in Amsterdam and some are anticipating a judge might rule on Grayscales lawsuit versus the SEC over the agency’s rejection of the crypto firm’s spot Bitcoin ETF application last June this week.
Any such ruling could have implications on the SEC’s approach to the current crop of spot Bitcoin ETF applications that it is looking at.
Major macro themes to watch this week include Wednesday’s release of the minutes of the Fed’s July meeting, but as with Tuesday’s data, this isn’t expected to alter the macro narrative much.
RUNE, the token that powers THORChain’s cross-chain decentralized exchange blockchain, has been pumping recently, with the cryptocurrency hitting near four-month highs above $1.60 on Tuesday.
That marks a near 70% rally from recent lows in the $0.91 area and means RUNE is now trading convincingly to the north of all of its major moving averages.
Whilst some are citing a major partnership
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