The recent drop in Bitcoin’s price, driven by new customs tariffs, threats from Russia, and unfavorable U.S. economic data, marked a critical shift in the cryptocurrency landscape. In the last 24 hours, Bitcoin 
$91,967 tested the $112,650 mark, but as of the writing of this report, the price rebounded to $114,000. Investors are keenly observing whether this retreat might signal an opportunity for altcoins to make a comeback. As the week unfolds, market participants are eager to learn what lies ahead.
Can Altcoins Rise?
The descent of Bitcoin’s price by approximately $10,000 from its peak has led to notable retreats in altcoins. If Bitcoin were to lose the $112,000 level, greater losses could have ensued. However, strong buying support for Bitcoin has prevented such a scenario for now. While a negative start to August was anticipated, the likelihood of a recovery remains uncertain.
Michael Poppe remains optimistic in this context. He is particularly encouraged by the preservation of bottom support, which might indicate a rally on the horizon.
“Bitcoin reaching a higher low could make this situation interesting. Testing the $115,000 resistance is usually a precursor to breaking through this range, signaling a potential altcoin rally. Losing the $113,000 level could lead to new lows.”
Later today, Trump is expected to make announcements regarding Apple. A new investment declaration is likely. Meanwhile, Fed member Kashkari emphasizes the necessity of adjusting policy rates in the short term.
Kashkari, who anticipates two rate cuts this year, sees clear indicators of a slowing economy. With a new appointment, the number of members favoring cuts could reach five.
Should Apple’s announcement buoy the stock market and if Fed remarks align with Kashkari’s view on rate cuts, this negative market sentiment might dissipate. Trump’s statement about Putin will also be pivotal today.
HYPE Coin and FOMO
Following recent issues, Hyperliquid compensated its community, mending its errors. The DeFi sector, particularly centralized exchanges offering futures products, has seen heightened interest this season, evidenced by Hyperliquid’s robust volume data. Nic’s assessment today suggests these figures support HYPE Coin and indicate potential growth.
Trading volume surged by 47%, hitting an all-time high of $320 billion in July. Hyperliquid currently controls 75% of the perpetual DEX market.
Additionally, two companies outlined their strategies for HYPE Coin reserves, possibly signaling the start of a new FOMO cycle.
