WWE inks historic mega broadcasting/streaming deal with the Foxtel Group including Binge and Kayo Sports; Tremendous value for Australian pro wrestling aka sports entertainment fans says Media Man; Likely to boost fan base and warm up for live tour "Down Under". Former Optus Television PPV executive impressed. Real life 'Succession' in impact.
Combat sports, Wrestling, Martial Arts news media update for Australia by the Media Man Group
What a huge few weeks for the combat sports world including pro wrestling aka sports entertainment, martial arts and boxing. Promotions who made national and international news included WWE (Foxtel Media Group), ONE Championship (beIN Media), New Japan Pro-Wrestling (New Zealand and Australia tour next month), UFC (IRL social platform deal), All Elite Wrestling (press conference, talent shake-ups, new ROH Champion, Chris Jericho), and much more. LinkedIn and YouTube are currently our social media channels to follow the action, and Binge Australia, WWE Network, Tubi and Amazon Prime Video have been helping keep us up to speed, along with the official websites of course, and occasional news leaks! Promoter Of The Month: Triple H. Promotion Of The Month: WWE. #combatsports #sports #sportsentertainment #wrestling #mma #martialarts #promoters #broadcasting #streaming #sportsbusiness #business #news #media #mediaman #mediamanaustralia #mediamanint
The biggest mystery of Google’s algorithm: Everything ever said about clicks, CTR and bounce rate
Social Media
Greg Tingle
Search Engine Land has partly and significantly opened up the Pandora's Box of Google's algorithm, including the CTR (Click Through Rate) and all, backed up by some Google and government documentation, witness type statements and quotes, and even a series of quotes and tweets from Google taken from over a decade plus. Fool's Gold or authentic gold? Authentic I say, having witnessed much in the digital landscape in a career spanning over three decades.. What I learned at the likes of the Google business conference, as well as Telstra, Optus, ID Media, PSI Net and even our Media Man, makes me believe Search Engine Land news investigation unit and co may have discovered quite the Holy Grail of search engine algorithms and related secrets. Now we are going to further fine tune our strategy as we continue to move forward in the digital publishing universe. One click at a time towards Google Business and search treasure.
Casino, Gaming, Sports Betting and Business News via Media Man
The United States Igaming Revenue Report - August 2022
National (igaming/results) - Deke Castleman, CDC Gaming Reports - Total igaming revenue for August 2022 in the six igaming states totaled $394.7 million, up 22.9% from August 2021…New Jersey was $131.4 million, reflecting growth of 16.1%...Michigan produced $130.9 million in revenue, up 34.2% higher. Pennsylvania online gaming revenue was, $107.2 million, 17.3% higher than August 2021…Connecticut operators, DraftKings and FanDuel won $13.1 million and $8.8 million…West Virginia igaming revenue was $10.8 million, more than double the $4.5 million result from August 2022…Delaware’s internet casinos essentially tied their record igaming revenue of $1.3 million, a 30% leap over August 2021.
Nebraska’s first casino to open Saturday
Nebraska (Lincoln) - Paul Hammel, Nebraska Examiner - Nebraska’s first casino is expected to open Saturday morning in the Capital City, pending approval by the state gaming commission. A temporary casino, located at the Lincoln Racecourse Thoroughbred track, is scheduled to open at 10:30 a.m. Saturday, with more than 400 slot machines ready to go. “We have every expectation that we’ll get a license,” said Lance Morgan, president and CEO of Ho-Chunk Inc., the economic wing of the Winnebago Tribe of Nebraska and operator of WarHorse.
Prop 27 Campaign Switching Tactics in CA Sports Betting Push
California (sports) - Matthew Waters, Legal Sports Report - The campaign behind Prop 27, the push for legal online CA sports betting, is changing its tactics with just six weeks to go. Yes on 27 pulled all of its TV ad buys in major California markets this week, the San Francisco Chronicle reported…the campaign is only advertising on broadcast spots in the Los Angeles market. A spokesperson from the campaign said the standard TV ads from both sides are “not benefiting anyone.” Instead, funding will be used for direct mail and digital advertising.
Chinese Ambassador warns crimes harmful to relations
Asia (China/Philippines) - Inside Asian Gaming - China’s Ambassador to the Philippines, Huang Xilian, has warned that the proliferation of crime linked to the country’s Philippine Offshore Gaming Operators (POGO) industry are harmful to relations between the two nations. Philippine News Agency reports that Huang issued a statement on Wednesday in which he reiterated that China firmly opposes all forms of gambling and will continue to take strong measures against it.
MGM CFO talks acquisitions, divestitures, and strength of Las Vegas
Nevada (Las Vegas) - Buck Wargo, CDC Gaming Reports - Speaking to the Deutsche Bank Leveraged Finance Conference on Tuesday, MGM Resorts International CFO Jonathan Halkyard touted the strength of the Las Vegas Strip, especially convention business, and spoke glowingly about the casino-giant’s property and company transactions. Halkyard also discussed the second quarter and closing on the sale of its REIT to VICI Properties for $4.5 billion. He cited MGM’s acquisition of the Cosmopolitan of Las Vegas and paired that with the $1 billion sale of the operation of the Mirage to Hard Rock International. “Together, these two transactions have materially improved the portfolio in Las Vegas,” Halkyard said.
Nevada esports-wagering expansion moving forward
Nevada (esports) - Buck Wargo, CDC Gaming Reports - Nevada’s Esports Technical Advisory Committee asked the state’s Attorney General’s office Wednesday to draw up regulations that would permit widespread esports betting on tournaments and championships starting in 2023. The committee will meet on Oct. 24 to review and finalize the regulations and forward the package to the Nevada Gaming Control Board and eventually the Nevada Gaming Commission.
‘We’re just getting started’: Las Vegas gets its parade
Nevada (Las Vegas) - Mike Grimala, The Sun - On Sunday, the Las Vegas Aces delivered the city its first major league sports championship. On Tuesday, the city delivered for the Aces, as several thousand fans packed the area around the Bellagio fountains for the team’s historic title celebration. The atmosphere was one of triumph as the Aces rallied to commemorate the franchise’s victory against the Connecticut Sun in the WNBA Finals.
Famed Israeli chef opening 2 restaurants in The Venetian
Nevada (Las Vegas) - Johnathan L. Wright, Review-Journal - Eyal Shani — the celebrated chef with restaurants in the U.S., Europe, Asia, Oceania and his native Israel — is bringing his take on Mediterranean cooking to the Las Vegas Strip with the debut of two restaurants at The Venetian. Miznon, serving fast-casual Israeli street food, is planned to open in late 2022. HaSalon, offering seasonal ingredients and a menu with nightly changes, is scheduled to launch in 2023. Both will be in the Palazzo Tower of The Venetian.
Regulators consider $100K fine against William Hill
Nevada (regulation) - Richard N. Velotta, Review-Journal - The Nevada Gaming Commission on Thursday will consider slapping the Caesars Entertainment Inc.-owned William Hill sportsbook with a $100,000 fine, following a four-count complaint filed in August by the Nevada Gaming Control Board. The Control Board accused William Hill of violating gaming regulations by failing to promptly resolve a system failure that affected more than 50,000 bettors since 2015.
Wynn Resorts seeks dismissal of lawsuit from massage therapist
Nevada (Las Vegas) - Richard N. Velotta, Review-Journal - Attorneys for Wynn Resorts Ltd. are seeking the dismissal of a lawsuit filed by a Wynn Resorts massage therapist earlier this month, and a hearing has been scheduled in October. Attorneys Robert Eglet, Tracy Eglet and Danielle Miller filed a lawsuit on Sept. 1 in Clark County District Court on behalf of Brenna Schrader, who alleges the company continues to create a hostile work environment and retaliate against her years after then-CEO Steve Wynn forced her to act as an “on-call sexual servant.”
Newest casino is nearly set to open in Newburgh Mall
New York (Newburgh) - Chris McKenna, Times Herald-Record - Hundreds of black slot machines and table games are in place and waiting to be fed cash, spread across a couple acres of blue and orange carpeting where the Bon Ton department store used to be. Within the next three months, New York's newest casino is expected to open its doors, a playground of electronic gambling devices inside the Newburgh Mall that will operate 20 hours a day. Resorts World Hudson Valley will feature 1,200 machines in all, most of them slots, but also 82 unmanned imitations of typical casino offerings like craps, roulette and blackjack.
Pennsylvania GCB issues fines for underage gambling
Pennsylvania (regulation) - Rege Behe, CDC Gaming Reports - The Pennsylvania Gaming Control Board Wednesday approved three consent agreements during a public meeting resulting in $280,825 in fines for two gaming operators. Two approved consent agreements, producing fines of $160,000 and $100,825, Mount Airy Casino Resort in Monroe County. The third fine of $20,000 resulted from negotiations between the OEC and Pilot Travel Centers and PJF Southeast, operator of two Video Gaming Terminal establishments.
BetMGM announces partnership deal with NBC Sports, replacing PointsBet
National (sports) - Rege Behe, CDC Gaming Reports - BetMGM, and NBC Sports Wednesday announced a new partnership for the 2022 NFL season highlighted by weekly integrations on Football Night in America and content across other NBC Sports platforms. BetMGM replaces PointsBet, which had signed a similar integration deal with NBC last year, but recently opted out. “It is a tremendous opportunity to partner with the talented team at NBC Sports and have the ability to engage with football fans nationwide,” said BetMGM Chief Revenue Officer Matt Prevost.
ESPN Updating, Expanding, Prioritizing Sports Wagering Content
National (sports) - Chris Altruda, Sports Handle - ESPN may still not know its sports wagering end game with regard to whether it will have its own sportsbook or partner with one, but the Disney-owned network and multimedia platform is definitely making the commitment to content as betting continues to expand across the United States. ESPN recently announced an expansion of programming that includes new shows across multiple platforms and expanded roles for on-air talent. The moves, which coincided with the start of the NFL season — the primary driver of sports betting in the U.S. — are designed to keep ESPN front and center in a rapidly changing landscape where content is available at every turn.
Cavaliers, Bengals, Guardians, racinos and more approved for sports betting
Ohio (sports) - Donald Emmons, OH Bets - The Ohio Casino Control Commission (OCCC) approved sports betting licenses for 10 sports gaming proprietor and four sports gaming supplier applicants during its Wednesday morning meeting in Columbus. The Cleveland Cavaliers, Cincinnati Bengals, Cleveland Guardians, Columbus Blue Jackets, and the Football Club of Cincinnati were among those approved for sports gaming proprietor licenses. Also approved for the same type of license were MGM Northfield Park, Eldorado Gaming at Scioto Downs, Hollywood Casino Columbus, Hollywood Gaming at Dayton Raceway, and Belterra Park in Cincinnati.
Tulalip Casinos Celebrate Opening of New Retail Sportsbooks
Washington (Indian gaming) - Indian Gaming Magazine - Tulalip Resort Casino and Quil Ceda Creek Casino have celebrated the opening of two retail sportsbooks. The events featured Seattle Mariners great and Baseball Hall of Fame member Randy Johnson at Tulalip Resort Casino, and Seattle Seahawks legend and Pro Football Hall of Fame inductee Steve Largent at Quil Ceda Creek Casino. “Like all of us at Tulalip Resort Casino and Quil Ceda Creek Casino, the DraftKings team is committed to excellence, and we intend to give local sports fans an experience that can’t be beat,” said Brandon Jones, Sportsbook Manager at Tulalip Resort Casino.
Tulalip To Host Hiring Fair for Over 100 Job Openings
Washington (Indian gaming) - Indian Gaming Magazine - Tulalip Resort Casino, Quil Ceda Creek Casino and Tulalip Bingo & Slots will offer starting hourly wages ranging between $16 and $31.64 at the “Tulalip Hiring Fair” Thursday, Sept. 22, between 9am and noon. There will be on-the-spot hiring for more than 100 job openings, including scores of newly created positions. Offer bonuses for select positions will be offered ranging between $250 and $1,000, and application assistance will be available starting at 9am. The event will be held at the Tulalip Hiring and Training Center.
Arizona reports $41.6 million in contributions
Arizona (Indian gaming) - KECY - The Arizona Department of Gaming (ADG) reports of $41.6 million in tribal gaming contributions. Furthermore, this amount represents an increase of 2.1 percent when compared to first quarter of Fiscal Year (FY) 2022. “Arizona’s tribal gaming industry continues to impress, with a quarterly contribution record of $41.6 million to the Arizona Benefits Fund,” said Ted Vogt, Director, ADG.
Gila River Branding Entitlement on Arizona Coyotes Home Jerseys
Arizona (Indian gaming) - Indian Gaming Magazine - The Arizona Coyotes and Gila River Resorts & Casinos have announced a multi-year partnership extension agreement that provides Gila River with the branding entitlement on the Arizona Coyotes official home jerseys. The announcement marks the first time in NHL history that a Native American-owned gaming enterprise will have its logo on an NHL team jersey. The Gila River Resorts & Casinos logo will be on the Coyotes’ black Kachina jerseys for all home games played at Arizona State University’s Mullett Arena beginning in October for the 2022-23 season. Additionally, Gila River will be the season-long presenting sponsor and participate in a variety of community activations throughout the season.
Casinos, retailers, other employers host job fairs in metro Phoenix
Arizona (Indian gaming) - Russ Wiles, Arizona Republic - Many employers remain in a hiring mode, although a recession might be looming. In fact, 85% of businesses say they’re actively hiring, according to a national survey by Challenger, Gray & Christmas. That’s up from 81% in the spring. Many Phoenix area employers are turning to job fairs and special promotions to lure applicants. Talking Stick Resort will host a job fair Sept. 27 for hospitality positions there and at sister property Casino Arizona…Some positions will pay a $1,500 signing bonus. Benefits include a 401(k) retirement-plan company match, education assistance and medical, dental and life insurance. Paid time off is available for full- and part-time employees.
Echo Zulu Swings Back into Action in Dogwood
Kentucky (racing) - Byron King, Blood-Horse News - Last year's champion 2-year-old filly, Echo Zulu , scratched moments before the start of the June 11 Acorn Stakes (G1) at Belmont Park due to perceived unsoundness when headed to the starting gate, regroups under the evening lights at Churchill Downs in the $275,000 Dogwood Stakes (G3) Sept. 24. After the L and N Racing and Winchell Thoroughbreds-owned filly received a subsequent clean bill of health…She walked for a few weeks and didn't resume a workout schedule until mid-August at Saratoga Racecourse for Steve Asmussen.
Rich Strike Breezes at Churchill Ahead of Lukas Classic
Kentucky (racing) - Corrie McCroskey, Blood-Horse News - Kentucky Derby Presented by Woodford Reserve (G1) winner Rich Strike worked at Churchill Downs Sept. 21 in preparation for the Oct. 1 Lukas Classic (G2), according to trainer Eric Reed. The son of Keen Ice breezed five furlongs in 1:01.40 with regular exercise rider Gabriel Lagunes aboard. He ranked ninth fastest out of 19 horses who worked Wednesday. "He worked very relaxed, I couldn't have been happier with the way he finished up, that's what we wanted," Reed said.
12-Year-Old Racehorse Retires as Winner in 100th Start
Kentucky (racing) - Byron King, Blood-Horse News - On a day when owners began plotting the careers of million-dollar horses purchased at the start of the Keeneland September Yearling Sale Sept. 12, the connections of a $3,000, 12-year-old claiming horse celebrated an auspicious conclusion to his career in a lower-level race at Arizona Downs .In his 100th race, a milestone start his connections had targeted for the veteran campaigner to wrap up his racing career, Joe Wheeler and Curt Ferguson's Success Rate bowed out a winner, scoring by 1 3/4 lengths in a six-furlong race with a $9,525 purse.
DAZN, LiveScore and WSC debate betting and media
Europe (SBC Summit) - Ted Orme-Claye, SBC News - The third panel of day one on the SBC Leaders track at this week’s Barcelona Summit dived into a topic that has been on the minds of many over the past year – the convergence of media and betting. Appearing on the discussion were three speakers with extensive experience of this field – DAZN CEO Shay Segev, LiveScore Group CEO Sam Sadi and WSC Sports CEO and Co-Founder Daniel Shichman… Returning to the media-betting perspective, he added: “Even if you’re in the media space, you can’t be satisfied with delivering sports and taking advertising and subscription revenues.
ECA Casino Industry Forum heads to Baden
Europe (Austria) - Phil, G3 Newswire - The ECA Casino Industry Forum takes place in the picturesque Austrian town of Baden from September 27-30, 2022. It is the gathering place for Europe’s leading casino operators to discuss the challenges, opportunities, trends, and developments in land-based and online casino gaming. Casino Baden plays host to over 60 guests at this year’s event, marking the return of the ECA Casino Industry Forum after a two-year absence due to the pandemic.
Government continues crackdown on illegal gambling
Americas (Columbia) - James, G3 Newswire - Coljuegos, reported that it carried out 41 inspections in the department of Córdoba and that it removed 544 gaming machines that were operating illegally. Coljuegos added that if the machines had been operating legally, then they would have generated 8,182 million Colombian pesos (about US$1.84 million) in operator fees plus VAT of 3,157 million pesos (about US$ 712,000). At the same time the board reported that the 30 municipalities of Córdoba, between 2020 and so far this year received about 50,089 million pesos, (US$11.3 million), from the legal gaming sector, in fees and taxes.
Delaware breaks igaming record again in August
Delaware saw both revenue and handle rise in August. Igaming revenue hit $1.3m (£1.14m/€1.3m), up 37.2% from $945,512 at the same point last year. It was also marginally higher than the previous record of $1.25m that was set in July 2022. Players spent $36.8m on igaming in August, up 69.6% year-on-year, but down 6.6% from $39.4m during the July 2022 peak. Retail sports betting generated $354,444 during August, which was up 439.7% from $65,678 at the same time last year, but 7.5% lower than the $383,249 recorded in July this year. Bettors wagered $2.9m on sports in August, which was down 40.8% from $4.9m at the same time last year and up by 7.4% on $2.7m in July. (HGS)
Truist Securities praise southern California tribal casinos
The analysts at Truist Securities have pointed to the “amazing” depth and size of the southern California tribal casino market. After visiting six casinos between Los Angeles and San Diego, the Truist team said the properties had “fresher, more diverse” slot floors compared with comparable regional market properties, and that the tribes tend to refresh 10-25% of the slot floor annually (versus 5-10% for commercial casinos). With regard to sports betting, financial expectations were “modest,” but the key issue was about tribal sovereignty and the fact that Prop 26 would give the tribes full control of further regulations such as online casino. (JP)
Bally’s applies to offer mobile sports wagering in Illinois
Bally’s has applied for a Management Services Provider license from the Illinois Gaming Board. Bally’s plans to operate as Bally Bet, but it is unclear whether it would do so as part of its casino in Chicago or its Rock Island casino near the Iowa border. The application follows BetMGM’s entry to the state in March. Barstool Sports also received its license in March. Bally Bet launched mobile betting in Iowa in July 2021, clocking up $4.3m, of which $2.3m was recorded in the first eight months of this year. FanDuel and DraftKings account for roughly 65% of Illinois’ $496.1m mobile handle, according to data from July. The state launched mobile betting in June 2020. (HGS)
Disney CEO continues to create confusion about ESPN’s sports betting plans
Having told a conference that it was “working hard” on a sports betting app, Disney CEO Bob Chapek had to row back on his comments when he then told CNBC that ESPN “was never going to be a book” and was instead seeking a sports betting partner because ESPN was able to provide “frictionless sports betting” to fans. Chapek’s comments echoed those of ESPN president Jimmy Pitaro, who told The Athletic in June that the company “can be doing more. We need to be serving the sports fan with what they’re expecting, and taking the friction out of the process.” (JP)
Nevada esports-wagering expansion moving forward
Nevada’s Esports Technical Advisory Committee asked the state’s Attorney General’s office Wednesday to draw up regulations that would permit widespread esports betting on tournaments and championships starting in 2023. The committee will meet on Oct. 24 to review and finalize the regulations and forward the package to the Nevada Gaming Control Board and eventually the Nevada Gaming Commission.
Pennsylvania Gaming Control Board issues fines for underage gambling, licensing issues
The Pennsylvania Gaming Control Board Wednesday approved three consent agreements during a public meeting resulting in $280,825 in fines for two gaming operators. Two approved consent agreements, producing fines of $160,000 and $100,825, stemmed from negotiations between the Office of Enforcement Counsel and Mount Airy Casino Resort in Monroe County.
Cavaliers, Bengals, Guardians, racinos and more approved for Ohio sports betting licenses
The Ohio Casino Control Commission (OCCC) approved sports betting licenses for 10 sports gaming proprietor and four sports gaming supplier applicants during its Wednesday morning meeting in Columbus. The Cleveland Cavaliers, Cincinnati Bengals, Cleveland Guardians, Columbus Blue Jackets, and the Football Club of Cincinnati were among those approved for sports gaming proprietor licenses.
Nebraska’s first casino to open Saturday, pending OK of license; state launches self-exclusion program
Nebraska’s first casino is expected to open Saturday morning in the Capital City, pending approval by the state gaming commission. A temporary casino, located at the Lincoln Race Course Thoroughbred track, is scheduled to open at 10:30 a.m. Saturday, with more than 400 slot machines ready to go... In preparation for the opening, problem gamblers are being urged to file a “voluntary self-exclusion form” to bar their admission to the casino and the temptation to gamble.
Bragg Gaming, Bally’s Interactive, enter igaming content development partnership
Bragg Gaming Group Wednesday announced that it has entered an igaming content development partnership with Bally’s Interactive, the digital arm of Bally’s Corporation. Per the agreement, Bally’s Interactive online brands including Virgin Casino, JackpotJoy and Vera&John, will launch content from Bragg’s proprietary slots studios, including Atomic Slot Lab and Indigo Magic.
Great Canadian Gaming: Next year looks great
Fitch Ratings recent B+ rating on Great Canadian Gaming Corp.’s long-term debt reflected optimism in the company, which is owned by Apollo Management. Senior secured debt got a B+, unsecured debt a B-. According to Fitch, the ratings reflect healthy generation of discretionary free cash flow and a recovering Canadian casino economy.
California: YouTube slots influencer Brian Christopher hosts first group slot pull on his Pop’N Pays More game
Live online slots player and YouTube star Brian Christopher visited Jamul Casino in the San Diego area over the weekend to launch three of his own branded slot machines. The new Pop’N Pays More slot machines were installed on Sept. 14 with many guests rushing to play them immediately.
Washington: Tulalip Resort, Quil Ceda Creek casinos open DraftKings Sportsbooks
Tulalip Resort Casino and Quil Ceda Creek Casino each opened a DraftKings Sportsbook [Tuesday] with celebratory appearances by two Seattle sports legends.
France: FDJ enters ‘exclusive negotiations’ to acquire horse betting operator ZEturf
La Française des Jeux (FDJ) is apparently seeking an expansion of its standing in the French betting space, targeting an acquisition of ZEturf Group...a horse racing betting operator as well as the company behind the ZEbet brand.
Relax Gaming debuts in Colombian igaming market via MegApuestas deal
Relax Gaming has marked its entry into the Colombian igaming market through a deal with operator MegApuestas, which sees the supplier make its tier one games available to Colombian players.
WWE Crown Jewel Press Conference. Promotions 101 says Media Man.
*click here for official WWE article
*click here for official WWE YouTube video
I don't usually cover pro wrestling via LinkedIn, as its not quite our bread and butter industry from a professional perspective, although I have had the opportunity to assist (officially) on a number of WWE, FITE TV, AEW, Australasian Wrestling Federation, Hulk Hogan, independent and Pancrase Hybrid Wrestling campaigns over the past 25 years plus.
The current WWE Crown Jewel Press Conference involving main players Roman Reigns and Logan Paul, along with Paul Heyman (Heyman Hustle) and Sami Zayn, was off the charts.
Big Fight Feel. Big Money Match. Big Heat. Just big. Tremendous promotion all round and this can be used as a blueprint for combat sports promotions for many years to come.
Crown Jewel will be broadcast via Peacock and WWE Network on Saturday, November 5, 2022. Again, I am not officially assisting, but I was blown away from fan, media and promoter perspective.
(Image credit: WWE).
Shared for the business world via LinkedIn!
#wwe #wwecrownjewel #crownjewel #wwepress #wwemedia #wrestling #sportsentertainment #reignsvspaul #promotion #promotions #combatsports #streaming #entertainment #popculture #wwenetwork #news #media
Bitcoin and Ethereum prices witnessed an unexpected downfall: Report
According to Cointelegraph, with gas prices declining to multi-month lows and a cooling house market, core inflation witnessed a 0.6% month-over-month bump, and year-to-year inflation stands at 8.3%
Cryptocurrency and stock markets are reportedly suffering the effect post the September 13 inflation report which showed a figure of inflation rising 0.1% on a month-over-month basis, as reported by Cointelegraph.
According to Cointelegraph, with gas prices declining to multi-month lows and a cooling house market, core inflation witnessed a 0.6% month-over-month bump, and year-to-year inflation stands at 8.3%. While it has been predicted by market participants and investors that the upcoming Federal Reserve interest hike to be 0.75 basis points. Many have also been of the opinion that September 13’s CPI report wouldn’t be what they assumed.
On the basis of information by Cointelegraph, the Dow slid by approximately 2.6%, while the S&P 500 and Nasdaq saw a fall of 2.9% and 3.6%, respectively. As a result, volatile assets also went down and Bitcoin price lost over 50% of its recent weekend gains with a nine percent pullback to $20,350. With just a day to go prior to the merge, Ether price retrieved 7.29% to $1,590, and the maximum number of cryptocurrencies in the top 100 are facing single to double-digit losses. With Bitcoin’s price going as high as $22,800, the earlier analysis showed that BTC was heading towards an overhead resistance. Furthemore, the multi-month resistance from Bitcoin’s all-time high held as price fell at $22,400 when the market started and media outlets got the hang of monthly CPI data. The analysis also emphasised on the bear flag continuation trend, which has been taking place since Bitcoin price topped out at $69,000 in November of 2021.
Moreover, Cointelegraph noted that apart from a Merge event which is expected to be bullish, Bitcoin price is anticipated to face a downfall. Market insights have shown that Bitcoin price continues to maintain its 90-day range between $25,400 and $17,600. From a vantage perspective, nothing can be determined unless the price falls below $18,500 or the yearly low of $17,600.
(With insights from Cointelegraph)
