Key Takeaway:
- Annual consumer prices retreated in August, potentially leading to interest rate cuts by the Federal Reserve in September.
- Cryptocurrencies like THORChain, Toncoin, Notcoin, and Celestia saw significant gains.
- US inflation slowed in July, with CPI numbers slightly increasing on a month-on-month basis.
- The Federal Reserve’s potential rate cuts could boost cryptocurrencies and push investors towards riskier assets.
- Toncoin and Notcoin rallied after the TON Blockchain launched a $40 million fund to support the ecosystem.
US Inflation Slows in July
The Bureau of Labor Statistics reported a slowdown in the Consumer Price Index (CPI) in July, with core CPI dropping slightly. Despite this, both figures showed a slight uptick on a monthly basis. These numbers, coupled with weaker producer price index numbers, could prompt rate cuts by the Federal Reserve.
TON $40 Million Venture Fund
Toncoin and Notcoin experienced a rally following the launch of a $40 million fund by the TON Blockchain. This fund aims to support networks within the ecosystem and attract new developers, potentially fueling growth in the Toncoin ecosystem. Additionally, TON Blockchain has a significant amount locked in its DeFi ecosystem, showcasing its growth potential and attractiveness to investors.
Celestia’s Surge Driven by Investor Activity
Celestia’s recent rally can be attributed to investors buying the dip rather than any specific news about the network. This demonstrates the market’s confidence in the project and its potential for future growth, especially in the evolving landscape of blockchain technology.
