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Bitcoin rises, but for how long as crypto suffers?

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After a tough few months, Bitcoin has risen to recover some of this week’s loses.

Bitcoin rose 2 per cent to recover part of this week’s losses, however, the cryptocurrency remains below its 50-day moving average. 

Bitcoin is trading 1.36 per cent higher at $20,204 while Ethereum is up 1.71 per cent.

It was a low volume day for crypto trading.

Cryptocurrency losses earlier this week mirrored those on Wall Street, with investors coming to terms with last week’s announcement from the Federal Reserve chair that interest rate rises will continue.

Analysts warn that “Bulls this week have stabilised prices and they remain in a pause, or sideways, mode.” 

The overall cryptocurrency market cap now stands at $985 billion, and Bitcoin’s dominance rate is 39.3%.

BTC price vs. 200-week moving average.

BTC falls back

Arcane Research says Bitcoin trading below its 200WMA “is not a common observation and buying below this well-known technical indicator has historically been a profitable strategy.”

But how far could Bitcoin now drop?

Some analysts say the worst case scenario could see a decline as low as $11,000.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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China has pledged to “significantly increase” debt to jumpstart its economy

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Finance Minister Lan Foan announced plans to help local governments tackle debt, support low-income households, and boost the property market.

Investors have been urging such steps as China faces deflationary pressures and a sharp property market downturn.

However, no figure was provided for the stimulus package, leaving markets anxious about the strength and duration of the recovery effort.

Economists warn that this lack of clarity may prolong uncertainty until China’s legislature approves extra debt measures.

Concerns are rising that China may fall short of its 5% growth target, signalling deeper structural challenges ahead.

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Niche accountants proving essential to e-commerce success

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Expert explores the key benefits of partnering with accountants who specialise in niche industries.

In today’s fast-paced digital world, having an accountant who understands the intricacies of e-commerce can make all the difference in your business’s success.

Specialist accountants understand the specific needs of e-commerce businesses, helping to maximise tax savings, streamline operations, and improve financial health.

Niche accountants can identify opportunities to scale, optimise profit margins, and implement strategies that align with your business goals, ultimately drive growth.

Chris Rivera, Founder of The Ecommerce Accountants, joins to share his key insights into the industry.

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Amazon’s 2024 Prime Day expected to make huge impact on tech sector sales

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Market experts believe Amazon’s upcoming event will drive a surge in sales, benefiting Amazon’s stock and boosting consumer tech companies that sell through its platform.

Experts predict that a short-term rally in retail and tech stocks could be seen as revenue spikes.

Founder/CEO of Unearthing Opportunities, and Board Advisor to Power Hero, Bradley A Gastwirth joins to unpack the latest market moves. #featured #trending

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