Prominent Trader: Firmly Believes Bitcoin Will Soon Drop to $74,000

Serenity stated in a post that it has maintained a public bearish stance on NeoCloud (CRWV). "Despite strong demand, over $100 billion in backlog orders, and an adjusted EBITDA margin of 59%, the company’s interest expenses reached $640 million, accounting for roughly 42% of its EBITDA, which has widened its net losses."

According to BitcoinTreasuries, the Swiss National Bank reported holding 736,300 shares of Strategy (MSTR), valued at approximately $72.39 million.

Market analysis notes that falling energy prices helped cool inflation in July, with gasoline prices dropping 2.9% month-on-month and fuel oil down 1.7%. However, this reprieve may be temporary. Recent rebounds in crude oil prices and strong refining margins have begun driving up fuel costs. The current average U.S. gasoline price stands at $4.03 per gallon, a notable increase from $3.87 a month earlier, suggesting energy could exert fresh upward pressure on August inflation.

Following the release of U.S. July CPI data, the U.S. Dollar Index rose roughly 10 points in the short term and is now at 99.85.

Following the release of CPI data, cryptocurrencies, gold, and U.S. equities all saw short-term moves of first declining then rallying. Per HTX market data, Bitcoin quickly dropped from $64,452 to near the $64,000 level after the data was published, before rebounding again. As of press time, Bitcoin is trading at $64,146.37, with a 24-hour gain of 0.83%. According to Bitget data, U.S. stock futures dipped slightly in the short term before surging back, with Nasdaq 100 futures extending their rise to 0.9%. Spot gold fell roughly $30 in the short run, then climbed more than $20, and is now trading at $4,412.38 per ounce. Initial market analysis notes that the July U.S. core inflation figure came in mild, which may ease pressure on the Federal Reserve to raise interest rates.

Following the release of CPI data, investors have scaled back their bets on a September interest rate hike. Market pricing indicates a 45% probability that the Federal Reserve will raise rates in September.