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Today’s Cryptocurrency Headline
Donald Trump Jr. expressed his respect for memecoins but said his project is a “larger type of platform” compared to meme tokens when asked about the Restore the Republic (RTR) memecoin during a live-streamed Q&A session on subscription-based platform Locals.“There’s a lot of guys doing great stuff. I love memecoins and that culture. I love what those guys are doing with some friends of mine. It’s great,” Don Jr. said. “But I just have to make sure that people understand that you can’t conflate one thing with another.”Earlier today, the RTR token quickly soared and fell amid rumors of being associated with Donald Trump, the current Republican nominee for the U.S. election. It is now regarded as an apparent “pump and dump” scheme.
Eric Trump, the former president’s second son, clarified that the rumor is “absolutely false.” Don Jr., during his online Q&A session, said that he is not calling RTR a scam, but the token is not associated with the project he and Eric are building. Don Jr. added that the project is going to be a non-memecoin project intended as a “long term play” and that they will announce it directly when it is ready. “I think what we want to do is sort of, take on a lot of the banking world,” Don Jr. said. “This notion of decentralized finance is obviously very appealing to guys like me who’ve been de-banked or haven’t been able to get insurance or what not.” The Block reported that their DeFi project, teased earlier this week, may be called “World Liberty,” as indicated by trademark applications filed in July. Meanwhile, Don Jr. commented that bitcoin is great, but predicted that there will be many other options in the crypto space.
BingX’s Bitcoin Chart
Source: TradingView & BingX
On Aug. 8, Bitcoin rallied over $6,000, pushing its 24-hour gains to 8.3%. Strong United States labor market data may have played a major role in this recovery. The latest data on the US labor market, released on Aug. 5, suggested that the economy may not be heading into a recession that market participants feared. The data released by the Department of Labor showed that 233,000 initial jobless claims were filed during the July 28 to Aug. 3 week, down from 250,000 the week ending July 27, when jobless claims hit their highest level since August 2023. Economists had expected 240,000 initial claims for unemployment insurance for the week ending Aug. 3.“It’s a healthy labor market that is likely to grow at a slower pace,” wrote economist Joseph Brusuelas in an Aug. 8 post on X, forecasting an average of 120,000 initial job claims per month during the second half of 2024. Considering all data, the overall US economic outlook remains positive, suggesting that market participants may be overvaluing aggressive easing once again as they expect the first interest rate cut in September. Data from the CME FedWatch tool, for instance, shows a 100% probability of a 25 to 50 basis point (bps) rate cut in September. Additional data from on-chain metrics analytics firm CryptoQuant shows that BTC balance on exchanges reached a five-year low of 2.68 million BTC after dropping 10.9% over the last 90 days. Decreasing BTC balances on exchanges simply means investors could be withdrawing their tokens into self-custody wallets, indicating a lack of intention to sell in anticipation of a future price increase. The support level is at $59,500, and the resistance level is at $62,500.
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