ApeCoin (APE) is rising by 0.2% to $0.5590 this week, slightly outperforming Bitcoin (BTC), which remains flat at $114,428. The broader crypto market is under pressure following hawkish remarks from Federal Reserve Chair Jerome Powell and weaker-than-expected labour market data for June and July in the U.S. The Nasdaq 100 index dropped sharply by 3.8% over Thursday and Friday, amplifying the risk-off mood. Market sentiment was further weighed down by the unexpected resignation of Federal Reserve Board member Adriana Kugler.
Bitcoin dropped steeply during the correction, briefly touching $111,855 on Sunday. APE also approached key support at $0.500 — the same level from which it previously rebounded by 47% to reach $0.775. With the current setup resembling that past rally, history could be on the verge of repeating, provided broader market conditions stabilise.
