Our Latest Blog Post
Register in Advance with BitcoiniacsRead Post Now
CoinGape - 24*7 Crypto Updates
In the latest Cardano news, the crypto market witnessed a surge in ADA price today, spurred by positive momentum in the broader cryptocurrency sphere. In addition, a recent analysis by a renowned crypto market expert suggests a potential bullish breakout for Cardano’s price, projecting a significant rally of around 32%.
Notably, as ADA gains traction, investors and enthusiasts eagerly anticipate the implications of this optimistic forecast.
Top Analyst Predicts Cardano (ADA) Price Rally
In a recent X post, renowned crypto analyst, Ali Martinez, recently shared insights on Cardano’s price trajectory. Martinez highlighted a descending triangle formation on ADA’s daily chart while projecting a potential rally in Cardano price.
Meanwhile, according to Ali Martinez, a sustained daily close above $0.53 could catalyze a remarkable 32% surge, potentially driving ADA’s price up to $0.68. This analysis has ignited optimism among ADA investors, as they closely monitor price movements in anticipation of potential gains.
Notably, the recent surge in Cardano’s price coincides with positive momentum observed across the broader cryptocurrency market. Bitcoin, the leading digital asset, recorded a 4% increase over the last 24 hours, trading around $44,500. Similarly, Ethereum witnessed a nearly 3% rise in price. These upward trends have contributed to a favorable environment for altcoins like Cardano, fostering increased investor interest and market activity.
Price Performance Amid Soaring Open Interest
The Cardano crypto has witnessed a significant surge recently, sparking optimism among investors. Meanwhile, the ADA price was up 8.77% over the last 24 hours and traded at $0.5245 during writing. Simultaneously, its 24-hour trading volume also soared 72.78% to $585.85 million at the same time.
It’s worth noting that the token has recently crossed the $0.53 mark, suggesting a growing interest from investors. Notably, the Cardano price has added nearly 7% over the last seven days, despite witnessing tumultuous trading since mid-December 2023.
In addition to price movements, Cardano has seen a notable surge in its Open Interest, indicating growing market participation and confidence. Data from CoinGlass reveals a 12.05% increase in Cardano Futures Open Interest, reaching $335.35 million.
Notably, Binance emerges as a key player in this surge, with ADA Open Interest soaring by 11.25% to $86.12 million. These figures underscore heightened investor engagement and a bullish sentiment surrounding Cardano’s future prospects.
As Cardano continues to garner attention and exhibit bullish indicators, investors are closely monitoring its price trajectory. On the other hand, with Ali Martinez’s optimistic forecast suggesting a potential rally to $0.68, ADA enthusiasts eagerly anticipate whether the cryptocurrency will capitalize on the current momentum.
The post Cardano News: Top Analyst Predicts ADA Price Rally To $0.68, Here’s Why appeared first on CoinGape.
Wormhole, a prominent interoperability platform in the Web3 ecosystem, has recently made significant announcements regarding its W Token airdrop and plans for decentralization. The platform, known for powering multichain applications and bridges at scale, has garnered attention for its role in facilitating seamless data movement across over 30 blockchains.
With over 200 applications and hundreds of thousands of users utilizing Wormhole’s open-source protocols, the platform has become integral to the operations of major teams such as Uniswap, Circle, Lido, Synthetix, and Pyth. Wormhole’s ability to handle over 950 million multichain messages underscores its importance in enabling cross-chain functionality for various decentralized applications.
The recent announcements from Wormhole signal a strategic move towards further decentralization, accompanied by the introduction of the W Token airdrop. These developments mark a significant step forward for Wormhole as it continues to cement its position as a leader in the interoperability space within the Web3 ecosystem.
Tokenomics and Distribution Details
The W Token, integral to Wormhole’s ecosystem, boasts a maximum supply of 10,000,000,000 units, with an initial circulating supply set at 1,800,000,000 tokens. This allocation sets the foundation for the platform’s operations and community engagement.
In terms of its format and distribution, the W Token operates as a native ERC20 and SPL token, adhering to Wormhole’s Native Token Transfer standard. Notably, 82% of the token supply is initially locked, with tokens gradually unlocking over a four-year period according to the Token Release Schedule. This mechanism ensures a controlled release of tokens, promoting stability and long-term value.
The distribution of W Tokens spans across six distinct categories, each serving a crucial function within the Wormhole ecosystem. These categories include Guardian Nodes, Community & Launch, Core Contributors, Ecosystem & Incubation, Strategic Network Participants, and Foundation Treasury. Each category receives a specified allocation of tokens, contributing to the diverse and balanced distribution of W Tokens across various stakeholders and initiatives.
Governance and Decentralization Plans
Wormhole’s governance and decentralization strategy revolve around a collaborative and inclusive development model that involves multiple contributing teams. These teams, including Wormhole Foundation, Wormhole Labs, xLabs, Wormhole China, Superteam, Lurk, and Zpoken, among others, collectively drive the platform’s decentralized evolution.
Central to Wormhole’s commitment to decentralization is its token-based governance system and the establishment of the Wormhole DAO. Through token-based governance, Wormhole empowers token holders to influence the protocol’s direction and decision-making processes. The Wormhole DAO serves as the governing body responsible for overseeing key aspects of the platform’s operations.
The responsibilities and decision-making processes delegated to the Wormhole DAO encompass a wide range of critical functions. These include the addition and removal of blockchain connections to Wormhole, upgrades to smart contracts across the platform, adjustments to fees across various products, management of the Guardian set, and implementation of security features such as rate limits.
By entrusting these responsibilities to the Wormhole DAO, Wormhole aims to foster a more transparent, inclusive, and community-driven governance model. Through collaborative efforts between Wormhole Core Contributors and the community, the platform seeks to ensure that its path towards decentralization aligns with the insights and needs of its stakeholders.
The post Interoperability Platform Wormhole Announces W Token Airdrop and Decentralization Plans appeared first on CoinGape.
In a recent hurricane of breakthroughs witnessed across the DeFi realm, Marswap, a DEX on Shiba Inu L2 Shibarium, announced plans to expand its services to various blockchains, revolutionizing its platform further for users globally. Concerning this, the DEX is now offering services across five noteworthy networks: Base Network, Binance Chain, Cronos, Ethereum, and Shibarium.
Notably, aligning with Marswap’s expansion, what comes as a groundbreaking announcement is the DEX’s plans to launch flat fee structured trading fees, nabbing significant attention globally. With this, the exchange eyes a pricing structure that charges a single fixed fee for all transactions across the Shibarium network.
Marswap Brings A Plethora Of Attributes to Shibarium
Following Marswap’s announcement, ShibArmy spotlighted key features the DEX’s soaring expansion brought to Shibarium. This encompassed the launching of new projects through Marswap’s Launchpad, creating personalized digital assets with the Token Creator, jumping into early investment opportunities with the Presale feature, executing bulk transactions with the Multi-sender, and adding Liquidity Pairs (LP) for live trading.
Moreover, Marswap’s flat fee model further revolutionizes its expansion, offering users attractive transaction fees. In contrast to the usual 0.3% transaction fee typically encountered while transacting millions, the facility to pay a mere 10 cents in the governance token of each respective chain for any transaction size is groundbreaking.
Intriguingly, this mind-blowing offer has caught the eyes of crypto traders and investors globally as now, instead of spitting out $3000 fees in a standard DEX, Marswap asks just 10 cents. This monumental announcement appears to have garnered noteworthy attention across the crypto landscape.
Meanwhile, Shibarium tokens BONE, LEASH, And SHIB appear to have noted a jump today, falling in line with the announcement.
BONE, LEASH, & SHIB Prices Rally
As of press time, the Doge Killer (LEASH) price noted a 6.96% surge in the past 24 hours and is currently trading at $278.24. Whereas, its trading volume jumped 3.97%. Meanwhile, the Bone ShibaSwap price jotted a 5.11% jump in the past 24 hours and is currently trading at $0.6346. Even BONE’s trading volume witnessed an 18.44% upswing.
Additionally, Shiba Inu’s price noted a 3.71% upsurge and is currently resting at $0.000009178. The meme coin’s trading volume surged 72.29% and is currently resting at $134.76 million.
The post Shiba Inu Coins: BONE, LEASH, & SHIB Prices Rally, Here’s Why appeared first on CoinGape.
MAVIA, the native cryptocurrency of the free-to-play Web3 game Heroes of Mavia, has registered a strong 33% price rally within two days of launch, shooting all the way to $4.0. The rally comes as crypto exchange Bitget listed MAVIA in the Innovation and GameFi Zone. At press time, the MAVIa price is trading around $3.76.
MAVIA Price Rally and Token Airdrop
Heroes of Mavia has unveiled the MAVIA token, distributing it via airdrop to 100,000 players and holders of 10,000 Ethereum non-fungible token (NFT) land plots within the game.
The MAVIA token made its debut on the Ethereum network on February 6. Trading volumes over the past 24 hours have amounted to $141 million, with the current market capitalization standing at $115 million.
Skrice Studios, the developers of the game, announced that the MAVIA token airdrop will reward 100,000 participants. Each fortunate player has the opportunity to claim up to 6,250,000 tokens, representing 2.5% of the total token supply.
Heroes of Mavia is available on both Android and iOS platforms, operates with MAVIA as its native token and offers players access to NFT land plots within the game. Those players having the Ethereum land plot and the ones who participated in NFT staking programs will also be eligible for the airdrop.
Since its recent launch, the game has garnered over one million downloads. Notably, it has risen to prominence as the top free mobile game on Android devices in China and has seen significant success in the Google Play Store in Nigeria. Additionally, Heroes of Mavia has achieved top rankings on the Apple App Store in Canada, Finland, and Poland.
Bitget, a prominent player in both spot and derivatives trading among centralized exchanges, has been steadily increasing its market presence. The exchange, recognized as a global leader in cryptocurrency trading and Web3 technology, has revealed the addition of Heroes of Mavia (MAVIA) to its Innovation and GameFi Zone. Speaking on this, Gracy Chen, Managing Director of Bitget, said:
“Bitget seeks a good way to support the development of different blockchains and ecosystems. This project showcases the innovative potential and support for the crypto ecosystem, aligning with our commitment to offering our users access to cutting-edge projects. We aim to create a Spot Market with rich choices and excellent quality projects.”
The post MAVIA Price Jumps 33% Amid Bitget Listing and Token Airdrop appeared first on CoinGape.
Binance, the leading cryptocurrency exchange, has unveiled its latest venture: Pixels (PIXEL), a social web3 game built on the innovative Ronin Network. This marks the 46th project introduced by Binance, showcasing the platform’s commitment to expanding the crypto landscape.
PIXEL stands as a unique social web3 game designed to operate on the Ronin Network. Developed with cutting-edge technology, PIXEL offers users a captivating gaming experience within the realm of decentralized finance (DeFi) and blockchain.
In conjunction with the PIXEL launch, Binance introduces the PIXEL Launchpool on its platform. This initiative allows users to participate in staking and farming activities to earn PIXEL tokens, fostering engagement within the burgeoning web3 gaming ecosystem.
Anticipation brews among cryptocurrency enthusiasts as the countdown to the PIXEL launch commences. With its promise of innovative gameplay and potential rewards, PIXEL garners significant attention within the crypto community. Stay tuned for the latest updates as the launch date approaches.
Participation Details and Launchpool Specifics
To join the PIXEL Launchpool, users can engage in staking and farming activities on the Binance platform. By staking their Binance Coin (BNB) and FDUSD, participants can earn PIXEL tokens over a specified period.
Users can stake their BNB and FDUSD into designated pools to farm PIXEL tokens. The process involves locking in these assets for a predetermined period to receive PIXEL rewards based on their contribution.
The farming period for the PIXEL Launchpool is scheduled to commence on February 9, 2024, at 00:00 (UTC) and will run until February 18, 2024, at 23:59 (UTC). During this time, participants have the opportunity to engage with the PIXEL ecosystem and earn rewards through staking and farming activities.
PIXEL Launchpool Specifics
- Token Details: PIXEL, the native token of the PIXEL project, will be utilized within the ecosystem for various purposes such as in-game transactions and rewards.
- Smart Contract Information: The PIXEL Launchpool operates on both Ethereum and Ronin networks, ensuring efficiency and interoperability.
- Staking Terms and Requirements: Participation in the PIXEL Launchpool requires users to complete Know Your Customer (KYC) verification, ensuring compliance with regulatory standards.
- Hourly Hard Cap per User: There are specific hourly hard caps per user for each pool, with limits set to ensure fair participation and distribution of rewards.
- Supported Pools and Rewards Allocation: The PIXEL Launchpool offers two supported pools: BNB and FDUSD. Rewards are allocated based on the proportion of assets staked in each pool, with 80% of rewards allocated to the BNB pool and 20% to the FDUSD pool.
Stay informed about the PIXEL Launchpool for updates and further instructions on participation.
Participating in the PIXEL Launchpool
Engaging in the PIXEL Launchpool offers participants numerous benefits, including the opportunity to earn PIXEL tokens through staking and farming activities. By contributing their BNB and FDUSD assets, users can unlock rewards while actively participating in the emerging web3 gaming ecosystem.
The post Binance Launches 46th Project, Pixels (PIXEL) Social Web3 Game on Ronin Network appeared first on CoinGape.
As Ripple and Coinbase’s legal battle against the U.S. Securities and Exchange Commission (SEC) escalated, the country’s regulators made conflicting statements on crypto. Ripple’s Chief Legal Officer, Stuart Alderoty, has recently spotlighted the contradictory positions of the SEC and Treasury Secretary Janet Yellen on crypto regulation.
Ripple CLO Highlights Ambiguity On Crypto Regulation
The Ripple CLO recently took to X and noted that the SEC referred to crypto as a “rounding error” in the Coinbase case. In addition, the SEC stated that no legislative gaps exist and it can be easily “swept” into its authority. Moreover, in a recent statement, Treasury Secretary Yellen emphasized the necessity for legislation to address regulatory gaps.
In Coinbase, the SEC told the judge that crypto is a “rounding error,” no legislative gaps exist and thus, crypto can be “swept” into its authority. Yesterday, Sec. Yellen told Congress crypto legislation is needed to fill regulatory gaps. Both statements can’t both be true. pic.twitter.com/RcMF42Rro1
— Stuart Alderoty (@s_alderoty) February 7, 2024
Ripple’s CLO took both these statements into consideration and highlighted the ambiguity of crypto regulation in the country. He noted that “both statements can’t be true,” emphasizing the need for a clearer picture. In addition, his view underscored the need for uniformity in the U.S. regulators’ statements and actions concerning the crypto domain.
These contradictory statements could indeed be helpful for both Ripple and Coinbase in combating the SEC in the court. The companies might leverage these statements to their advantage to highlight that when there is no legal clarity on crypto, these lawsuits aren’t fair. Hence, the regulators should first focus on coming up with a uniform statement.
Coinbase Faces Heat Over SGB Controversy
Amid the legal quandary, Coinbase faced heat from lawyers highlighting the Songbird (SGB) crypto controversy. In a post on X, Fred Rispoli, a lawyer at HODL Law firm, slammed Coinbase for “converting customer property into its possession and control, like when the company did that with customers’ $SGB.” He added that they do so “because Coinbase and its executives will take from you whatever they can get away with.”
In the replies section, the lawyer also noted that HODL Law is engaged in active litigation against Coinbase. Moreover, the lawyer is also following the Ripple vs SEC case closely. While he supports Ripple and suggests ways it could have escaped the SEC’s clutches, he expresses resentment toward Coinbase.
On the other hand, lawyer Bill Morgan, who also provides timely insights on the Ripple vs SEC lawsuit, quoted Rispoli’s tweet and condemned Coinbase due to the SGB controversy. He stated that Coinbase is attracting “sympathy” as it never agreed to participate in the SGB snapshot.”
However, Morgan believes that this doesn’t give them the right to keep or sell SGB tokens not intended for them. Concluding his statement, he wrote, “If I was bringing such a claim in Australia I would consider a claim based on equitable principles of unjust enrichment.”
The post Ripple CLO Spotlights SEC & Janet Yellen’s Clash On Crypto Regulation appeared first on CoinGape.
OpenAI, backed by Microsoft, is gearing up to revolutionize task automation with its latest venture into agent software. This cutting-edge technology aims to streamline complex tasks by seamlessly taking control of users’ devices, heralding a new era of efficiency and productivity.
Meanwhile, as the world eagerly anticipates the deployment of these innovative assistants, OpenAI’s CEO Sam Altman unveils ambitious plans to bolster global AI infrastructure, underscoring the company’s commitment to driving economic competitiveness and resilience.
OpenAI’s Innovative Approach To Complex Task Automation
According to a recent report by The Information, OpenAI is in the process of developing agent software designed to streamline complex tasks by assuming control of users’ devices. This revolutionary software, backed by Microsoft, aims to enhance efficiency and productivity by autonomously executing web-based tasks such as data collection, itinerary creation, and flight booking. Notably, termed “agents,” these sophisticated assistants are primed to operate with minimal human intervention, heralding a new era of automation in both personal and professional spheres.
Meanwhile, the advent of OpenAI’s agent software marks a significant leap forward in the realm of artificial intelligence (AI), promising to empower users with advanced capabilities previously unattainable. By harnessing the power of generative AI, OpenAI seeks to democratize access to cutting-edge technology, enabling individuals and organizations to accomplish complex tasks with ease.
As the demand for seamless automation grows, OpenAI’s innovative solutions are poised to reshape the landscape of digital productivity, ushering in a future where human-machine collaboration will play an important role.
Notably, in other recent developments, OpenAI introduces metadata integration into images generated by DALL.E 3 and ChatGPT, enhancing traceability and origin verification, aligning with C2PA standards. This addition aims to facilitate easy identification for individuals, social media platforms, and content distributors.
Sam Altman’s Vision Towards AI Infrastructure Expansion
OpenAI, under the leadership of CEO Sam Altman, is embarking on a groundbreaking initiative to expand AI infrastructure globally, aiming to revolutionize economic competitiveness. Sam Altman, in a recent X post, underscores the critical need for increased investment in AI infrastructure, including fabrication capacity, energy resources, and data centers, to meet the growing demand for advanced AI technologies.
In other words, the OpenAI CEO emphasized the importance of scaling AI infrastructure to meet the evolving needs of society and industry. Additionally, he highlighted the gap between current AI infrastructure planning and the actual requirements of the world, stressing the necessity of building massive-scale AI infrastructure to ensure economic competitiveness on a global scale.
Meanwhile, Altman’s vision aligns with OpenAI’s mission to democratize access to AI technologies and drive innovation across various sectors. By investing in AI infrastructure, including fabrication capacity and data centers, OpenAI aims to accelerate the development and deployment of advanced AI solutions worldwide.
However, it’s worth noting that Altman has also recently hinted at a potential upgrade for GPT-4, addressing recent complaints about its responsiveness and performance. In his post, he emphasized improved functionality following a “slow start” in fulfilling its tasks, suggesting enhancements to the Large Language Model.
Notably, in a rapidly evolving technological landscape, OpenAI remains at the forefront of innovation, driven by a relentless pursuit of excellence and a commitment to pushing the boundaries of what’s possible. With its visionary leadership and groundbreaking research, OpenAI continues to chart a course toward a future where AI-driven automation empowers individuals and transforms industries.
The post OpenAI Software To Automate Complex Tasks; Here’s Sam Altman’s Next Plan appeared first on CoinGape.
Fidelity Digital Assets releases a comprehensive short-term and long-term outlook report for Bitcoin (BTC) and Ethereum (ETH), giving investors further confidence to pour money into their Fidelity Wise Origin Bitcoin ETF (FBTC). The latest inflows to FBTC spot Bitcoin ETF clearly show the impact of the outlook report.
FBTC saw a $130 million inflow on February 7, with a total inflow of $145 million from 10 spot Bitcoin ETFs.
Fidelity Bitcoin and Ethereum Report
Fidelity Digital Assets breakdown key market metrics that are impacting Bitcoin (BTC) and Ethereum (ETH) prices and investor sentiment in a 22-page report. As per the top cryptocurrencies’ performance until Q4 2023, on-chain metrics, and other signal indicators Bitcoin forecasts for 2024, next five years, and beyond 5 years remain ‘positive’. However, Ethereum’s mid-term outlook is ‘neutral’ while short-term outlook is ‘positive’.
Bitcoin Prediction Signals
For short-term Bitcoin prediction, Fidelity used factors such as 200-day moving average, golden cross and death cross, and current price greater than realized price. Moreover, Fidelity’s bullish market prediction for 2024 depends on 3 key factors interest rates, Bitcoin halving, and success of spot Bitcoin ETF.
For the mid-term outlook until 2028, NUPL ratio (neutral), MVRV Z-Score, Reserve risk, Stock-to-flow, Puell Multiple, Hodler net position change, Addresses in profit (negative), and Bitcoin yardstick (neutral) were analyzed. Most metrics are positive for Bitcoin price.
For long-term (above 5 years), price above 200-week, monthly address metrics, new address momentum, Liquid vs. illiquid supply, balance is more than 0.1 BTC. All conditions are met for positive outlook on it.
Ethereum Prediction Signals
Similar 200-day moving average, golden cross and death cross, and current price greater than realized price for short-term ETH price prediction.
For the mid-term outlook until 2028, Fidelity analyzed NUPL ratio, MVRV Z-Score, percent of addresses in profit (negative), and Pi cycle top indicator (neutral).
Monthly address metrics, new address momentum, Addresses over $1K (neutral), Staking by numbers (neutral), Net issuance and burn rate were the metrics analyzed for long-term ETH price prediction.
BTC and ETH Price Action
Fidelity has also noted that Bitcoin’s post-halving price appreciation declining steadily declining in terms of absolute percentages. A growing Bitcoin market cap, frequent trades, and less BTC availability are some key factors reducing the post-halving rally.
BTC price jumped nearly 5% in the past 24 hours, with the price currently trading at $44,465. The 24-hour low and high are $42,845 and $44,728, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders.
10x Research CEO and analyst Markus Thielen predicted an upcoming Bitcoin (BTC) price rally as wave 5 begins. He forecasts Bitcoin reclaiming 50,000 level by the end of this quarter.
Meanwhile, ETH price also climbed 3% in the last 24 hours, with the price now trading at $2417. The 24-hour low and high are $2,353 and $2,442, respectively. Ethereum rising in response to Dencun upgrade and spot Ethereum ETF hype.
- Bitcoin Whales Accumulate Heavily, BTC Price Eyes $51,000 In Pre-Halving Rally
- XRP Whales Move 91 Mln Tokens Ahead Of Ex-Exec’s Big Reveal, What’s Next?
- SOL Price Regains $100 Looking Past the Solana Outage Episode, What’s Next?
The post Bitcoin ETF Issuer Fidelity Reveals Comprehensive Bitcoin (BTC) and Ethereum (ETH) Prediction appeared first on CoinGape.
The latest report suggests that Chinese Bitcoin miners have been moving their base to the African nation of Ethiopia amid the region’s remarkably low electricity costs and the crypto-friendly nature undertaken by the local government.
Despite maintaining a ban on cryptocurrency trading, Ethiopia embraced Bitcoin mining in 2022, aligning with its efforts to strengthen ties with China. Chinese firms, integral in constructing the $4.8 billion Grand Ethiopian Renaissance Dam, will supply power to these miners, underscoring the growing partnership between Ethiopia and China over the past decade.
Ethiopia Emerges as a Promising Destination for Bitcoin Miners
In the midst of a global pushback against the energy-intensive Bitcoin mining industry, Ethiopia has surfaced as an unexpected haven, offering a rare opportunity for cryptocurrency firms. With mounting concerns over climate change and power shortages, the $16 billion-a-year industry faces scrutiny in many parts of the world, making Ethiopia’s welcoming stance all the more attractive.
For Chinese companies, in particular, Ethiopia presents a unique opportunity. Once dominant players in Bitcoin mining, Chinese firms have encountered stiff competition from local rivals in Texas, the current epicenter of the industry. Ethiopia’s favorable conditions offer a chance for these companies to regain their footing in the sector.
However, the move also comes with significant risks for both the companies and Ethiopia itself. Previous attempts by developing countries like Kazakhstan and Iran to embrace Bitcoin mining were met with challenges when the industry’s energy consumption sparked domestic unrest. Speaking on this, Jaran Mellerud, chief executive of Hashlabs Mining told Bloomberg:
“Firstly, countries can run out of available electricity, leaving no room for miners to expand. Secondly, miners can suddenly be deemed unwelcome by the government and be forced to pack up and leave.”
Ethiopian Minorities Are Cautious
Ethiopian authorities are cautious regarding the contentious nature of Bitcoin mining. Despite recent increases in energy generation capacity, nearly half of the population lacks access to electricity, making the topic of mining sensitive. Nevertheless, it presents an opportunity for significant foreign exchange earnings.
Ethiopia has also emerged as one of the leading destinations for Bitcoin mining equipment globally, according to estimates from Luxor Technology, a mining services provider. Luxor’s Chief Operations Officer, Ethan Vera, noted that while their initial significant equipment shipments to Ethiopia occurred in September, the country has swiftly risen in prominence in the mining sector.
The state-controlled power utility has confirmed agreements to supply electricity to 21 Bitcoin mining firms. However, a majority of them are Chinese-owned, which underscores the foreign investment dominance in this sector within Ethiopia.
The post Chinese Bitcoin Miners Flock to Ethiopia for Cheap Electricity, the New Mining Haven? appeared first on CoinGape.
Coinbase’s recent State of Crypto Report exposes how legacy financial apps perpetuate high costs, accessibility issues, and delays. Thus, Coinbase proposed blockchain-based transactions that are cheaper, faster, and run on a more accessible system. Such systems favor crypto for its ease, affordability, and legacy-free digital nature.
Growing Demand for Instant and Global Transactions
The leading cryptocurrency exchange Coinbase emphasized the increasing expectation among consumers, particularly the younger demographic, for seamless and instantaneous transactions akin to the speed of the internet.
The company noted that as more individuals, especially those aged 18-40, embrace cryptocurrencies, there’s a growing belief that these digital assets have the potential to revolutionize the financial system, making it more efficient, affordable, and accessible globally. Interestingly, this sentiment transcends political affiliations, with both Democrats and Republicans expressing agreement on the transformative power of crypto and blockchain technology.
Coinbase underscored that the future of money is rapidly evolving, driven by the demand for borderless, 24/7 transactions without traditional barriers or delays.
Coinbase – Blockchain Much Better Over Traditional Systems
In its study, Coinbase found that a staggering 71% of Americans want lower fees through a new updated financial system. It notes that Americans could have saved a staggering $74 billion in 2022 alone using blockchain-based transactions instead of traditional credit cards.
Coinbase also notes that blockchain-based crypto settlements could be 5,000 times cheaper than traditional transactions, especially for international transfers. On the other hand, blockchain fees can cost merchants as little as $0.01 while credit card processing fees range anywhere between 1.5-2.5%.
Similarly, blockchain-based transactions can process payments 24 times faster than traditional wired payments and services like Western Union. In their research, Coinbase also finds out that a staggering 76% of American owners believe that cryptocurrencies can make the financial system easier to access.
Furthermore, blockchain-based solutions like decentralized finance (DeFi) can offer much faster loan approval and processing in comparison to traditional financial systems.
Coinbase had a pretty good time on Wall Street with the COIN stock clocking 180% gains in 2023. Just at that time, some of the top executives at Coinbase offloaded their COIN holdings after a solid run-up. The COIn stock registered a major pullback in January and is currently trading at $$122.
The post Coinbase Challenges Credit Card Giants By Proposing Blockchain Transactions appeared first on CoinGape.
The Memeinator presale has reached a significant milestone, with 70% of the allocated tokens already sold. Currently in its 14th stage, the presale has shown notable progress, indicating strong investor interest in the project. With only 30% of tokens remaining available for purchase, investors face limited opportunities to participate in the presale.
During the course of the presale, the price performance of the MMTR token has been noteworthy. Initially sold at $0.01, the token has seen a substantial increase in value, now trading at $0.022. Further appreciation is anticipated, with the price expected to reach $0.0485 by the end of the presale. This upward trajectory represents a potential 264% return on investment for early backers, underscoring the attractiveness of the Memeinator presale to investors.
Memeinator Presale Raises $4.4 Million, Attracts Investor Interest
The Memeinator presale has garnered significant fundraising success, amassing a total of nearly $4.4 million in investments. This achievement underscores the strong interest and support from investors towards the Memeinator project.
One of the key factors contributing to the presale’s success is the ease of purchasing MMTR tokens. Investors have the flexibility to acquire MMTR tokens using various cryptocurrencies, including ETH, USDT, and USDC stablecoins. This accessibility enhances the attractiveness of the presale to a wider range of investors.
The Memeinator project offers a unique value proposition that resonates with investors. By providing content creators with a powerful tool for filtering out irrelevant memes, Memeinator aims to address a common issue in the online space. The integration of MMTR tokens within the ecosystem further enhances its appeal, offering features such as deflationary mechanisms and rewards for token holders.
Evaluating Memeinator as an Investment Opportunity
Investor interest in the Memeinator presale has been steadily growing, driven by several key factors. Firstly, the project’s unique value proposition as a solution for filtering out irrelevant memes resonates with a broad audience, particularly content creators and consumers alike. The promise of leveraging AI technology to enhance content curation adds a layer of innovation that attracts investors seeking opportunities at the intersection of technology and entertainment.
Furthermore, Memeinator’s use of blockchain technology, particularly its integration of the MMTR token, enhances its appeal as an investment opportunity. The decentralized nature of blockchain ensures transparency and security, while the utility of MMTR tokens within the ecosystem adds tangible value. Features such as deflationary mechanisms and rewards for token holders incentivize participation and contribute to the project’s long-term sustainability.
The post MMTR Token Surges as Memeinator Presale Hits 70% Sold appeared first on CoinGape.
XRP, one of the most prominent cryptocurrencies by global market cap, once again echoed a sense of frenzy across the crypto horizon on Thursday, following three noteworthy whale transactions noted by the Ripple-backed token. As per blockchain insights revealed by the blockchain tracker Whale Alert, a staggering 91 million XRP, shuffled between wallets and exchanges recently, piqued the interest of crypto market fanatics globally.
Meanwhile, XRP’s price jumped remarkably today, surging past the $0.51 mark, birthing additional inferences for the token. A noteworthy cause for the jump in the token’s price may be due to Sean McBride’s recent announcement of upcoming significant news for XRP. While, the crypto community also anticipates the jump to be because of Ripple’s strategic legal maneuvering in the SEC lawsuit, scouring for an extension.
XRP Whale Transactions: A Detailed Report
According to the data revealed by Whale Alert, the three whales collectively shifted 91.3 million XRP, worth $46.35 million, nabbing significant attention globally. Out of these, 51.3 million XRP was dumped to CEXs Bitstamp and Bitso, whereas 40 million XRP was accumulated from Bybit by an unknown wallet.
As per the data, the unknown wallet, …Rzn, dumped the aforementioned amount to Bitstamp and Bitso. Whilst, the wallet address …kJN accumulated the abovementioned amount from Bybit, a crypto exchange headquartered in Singapore.
Intriguingly, amid the whales’ significant shuffling of funds, the XRP price appears to be on an upward momentum. The Ripple-backed token’s options data further aligned with the price jump.
Data unveiled by Coinglass suggests an upswing of 3.68% in the token’s open interest, mirroring today’s price surge. In the interim, the token’s options open interest also sprung 15.02%.
XRP Price Surges
As of press time, the XRP price traded in the green, jumping 2% over the past 24 hours, reaching $0.514. Moreover, the token’s market cap and trading volume also jotted down a 2.03% and 18.87% upswing, respectively.
The sudden jump, despite today’s whale dump, appears to come as a result of Ripple’s former director’s recent cryptic message of a significant announcement shortly ahead. In addition, Ripple’s strategic legal maneuvering in its lawsuit appears to have further aided this upward momentum.
The post XRP Whales Move 91 Mln Tokens Ahead Of Ex-Exec’s Big Reveal, What’s Next? appeared first on CoinGape.
The top crypto prices today witnessed a substantial increase as Bitcoin (BTC) surged past the $44,000 mark. Whilst, Ethereum sustained the $2,400 level and registered a notable upswing. Whilst, the top altcoins also recorded significant gains, intensifying the rebound process.
Major Crypto Prices Today
The Bitcoin price rebounded significantly. The Bitcoin price was up by 3.80%, reaching $44,525.26 at the time of writing on Thursday, Feburary 8. On the other hand, it’s trading volume soared by 38.40% to $23.67 billion in the last 24 hours. Meanwhile, the crypto held a market cap of $873.63 billion
Turning to altcoins, the Ethereum price gained 2.91% to $2,430.03 at press time with market valuation of $291.65 billion. Moreover, ETH recorded a 1.32% increase in its trade volume, reaching $9.92 billion. On the contrary, the Binance Coin (BNB) price increased by 3.76% in value, reaching $312.64 Whilst, its 24-hour trade volume spiked by 41.72% to $982.30 illion.
The Solana price surpassed the $100 mark today. The Solana price was up by 6.57%, reaching $101.84. Furthermore, SOL witnessed a 16.86% hike in trade volume to $1.95 billion in the last 24 hours. Moreover, the XRP price registered a rebound. The XRP price recorded an increase of 1.83%, settling at $0.5133. Additionally, XRP’s trading volume soared by 19.97% to $964.12 million.
Meanwhile, the Cardano price witnessed a surge of 5.34% to $0.5121 today. In addition, it recorded a 67.72% increas in its 24-hour trading volume, settling at $512 million. In the meme cryptocurrency market, the Dogecoin price gained by 2.12% to $0.08004 while its competitor, Shiba Inu, registered a 2.67% increase in value and traded at $0.000009077.
Top Crypto Prices Today Are
Pepe Coin Rebounds
The Pepe Coin (PEPE), a renowned meme crypto, registered a rebound today. At press time, the Pepe Coin price was up by 3.55% to $0.0000009546 with a market valuation of $401.93 million. In addition, its 24-hour trade volume soared by 25.83% to $84.41 million.
Dymension Emerges As Top Crypto Gainer
The Dymension (DYM) crypto, which made its debut on Binance lately, surged over 20% today. The DYM price soared by 20.88% to $6.01 at the time of reporting. However, its trade volume dropped by 12.53% to $352.45 million.
Celestia Crypto Rallies 12%
In recent times, Celestia (TIA) has lured investors with its gains and airdrop rewards. As of writing, the Celestia price was up by 12.61% to $19.51. Moreover, its trade volume spiked by 48.31% to $202.07 million. Moreover, it recorded a peak of $19.64 amid the bullish rally.
The post Crypto Prices Today: Bitcoin, Pepe Coin, XRP Extend Rebound Spree As DYM Leads Rally appeared first on CoinGape.
Amid the broader market recovery, the world’s largest cryptocurrency Bitcoin (BTC) is making strong moves aging over 4% and shooting closer to $45,000. The development comes amid huge whale accumulation happening in Bitcoin over the past four weeks.
Bitcoin Whale Supply at 14-Month High
On0-chain data provider Santiment noted that the Bitcoin price has reclaimed the $44.5K mark for the first time since the commencement of the ‘ETF hangover’ retracement on January 12th. This resurgence in price is being attributed in part to the increase in holdings within wallets containing 1,000 or more Bitcoin.
The data reveals that these large wallet holders, each possessing over 1,000 BTC, are currently holding their largest collective amount of Bitcoin in over 14 months. This accumulation trend among whales, or large investors, suggests a growing confidence in Bitcoin’s long-term value proposition, potentially contributing to the recent upward momentum in its price.
Renowned crypto analyst Ali Martinez has shed light on a crucial development in the Bitcoin market, emphasizing a significant support zone for the leading cryptocurrency. According to Martinez, over 3 million addresses have collectively purchased nearly 1.50 million BTCs within the price range of $41,800 to $43,080.
Renowned crypto analyst Michael van de Poppe has suggested that the correction phase for Bitcoin may be drawing to a close, indicating a potential pre-halving rally. Van de Poppe also forecasts that Bitcoin’s price trajectory could lead it toward the range of $48,000 to $51,000 in the near future.
However, the Bitcoin miners have been selling recently in order to raise capital to purchase sophisticated mining rigs and boost operations.
Catching Up to Equities
Given the assumption that the long-term correlation between crypto and the S&P 500 remains intact, there’s an argument suggesting that BTC and other cryptocurrencies will eventually catch up, possibly before Bitcoin’s halving in April. But with the Fed chair signaling a delay in the rate cuts, one cannot ignore the chances of strong volatility going ahead.
With equities reaching new all-time highs, this presents a unique situation where cryptocurrency traders may hope for market values to closely align with the performance of publicly traded companies. Historically, crypto experiences its most significant bull runs when its correlation with stocks is minimal or nonexistent.
The post Bitcoin Whales Accumulate Heavily, BTC Price Eyes $51,000 In Pre-Halving Rally appeared first on CoinGape.
As the broader cryptocurrency market registers a formidable recovery by surging 3.5% in the last 24 hours, Solana registers the most gains shooting past $100. At press time, the SOL price is up 6.58% currently trading at $101.73 with a market cap of $44.4 billion.
Solana Rebounds Strongly, Outperforms Bitcoin
According to on-chain data provided by Santiment, Solana (SOL) has emerged as one of the standout performers among altcoins this week, showcasing a notable surge in value compared to Bitcoin. The cryptocurrency has surged back above the $102 mark, indicating a resurgence in investor confidence.
Over the past 36 hours, the SOL/BTC pair has experienced a significant increase of 4.5%, marking a positive turn of events for Solana. This surge comes in the aftermath of an outage that had concerned traders earlier in the week. Interestingly, what was initially perceived as a setback for Solana turned out to be a local bottom, with the fear, uncertainty, and doubt (FUD) surrounding the outage serving as a catalyst for the subsequent price rebound.
Earlier this week on Tuesday, February 6, the Solana blockchain network suffered a massive outage with 5-hours of downtime. Later, the blockchain network resumed production as developers released an upgrade to v1.17.20 and a restart of the cluster by validator operators.
The downtime occurred because of a malfunction in the BPF loader, also known as the “Berkley Packet Filter,” which is responsible for deploying, upgrading, and executing programs on the Solana network. To resolve the issue, developers have reworked the BPF code lines on the development network.
On-chain Indicators and SOL Price Prediction
On January 31, the Solana blockchain logged its highest number of active users on the layer-1 network since its inception in 2020, reaching a total of 875,940 users. However, as per the data from Token Terminal, the network activity has been on a bit of a decline in the first week of February. Besides, the network activity seems to have taken a further hit amid the outage episode.
On the upside, the major resistance level for Solana stands at $110. If the SOL price manages to breach that, it could stage another 50% rally all the way to $170.
The post SOL Price Regains $100 Looking Past the Solana Outage Episode, What’s Next? appeared first on CoinGape.
Once touted as the ‘Bitcoin saviour’, crypto firm Bakkt has recently announced that it’s getting dry of cash to continue any further operations. The announcement came on Wednesday, February 7, through its filing with the U.S. Securities and Exchange Commission (SEC).
Bakkt Raises Concerns for Investors
In a recent filing with the Securities and Exchange Commission (SEC), Bakkt expressed doubts about its financial stability in the coming year. The company stated that its current cash reserves, including restricted cash, may not be adequate to sustain its operations for the next 12 months.
The uncertainty arises from the company’s ambitious plans to expand into new markets and grow its revenue base within the rapidly evolving landscape of cryptocurrency assets. Given these challenges, the company admitted it cannot guarantee substantial revenue growth beyond its historical levels. Thus, it could hinder its ability to achieve sustainable profitability and generate sufficient cash flow without securing additional capital in the near term.
Furthermore, Bakkt anticipates some operating losses along with the existing cash burn to continue. If they run dry of sufficient funds either through debt or equity arrangements, Bakkt might lose its ability to maintain sufficient liquidity and effectively operate the business. This raises major concerns about Bakkt’s ability to continue operations. Thus, investors should be cautious going forward. In its filing, the digital assets platform noted:
“We have limited accounting and finance personnel and other resources and must develop our own internal controls and procedures consistent with SEC regulations. We intend to continue to evaluate actions to enhance our internal controls over financial reporting, but there is no assurance that we will not identify control deficiencies or material weaknesses in the future”.
Stock Price Tank 7.5%
Digital assets platform Bakkt went public three years back in 2021. Soon after yesterday’s filing, the Bakkt stock witnessed strong selling pressure in the aftermarket hours tanking 7.5% trading at $1.34.
Founded by Intercontinental Exchange (ICE), a company that owns major derivatives exchanges and the New York Stock Exchange (NYSE), Bakkt initially aimed to facilitate Bitcoin (BTC) payments for Starbucks customers.
Kelly Loeffler, who later became a U.S. Senator, served as its inaugural CEO. In 2021, Bakkt launched a digital wallet, which was later discontinued as the company pivoted its focus towards providing business-to-business technology services.
The post Crypto Firm Bakkt Is Cash Strapped, Can Shutdown In 12 Months appeared first on CoinGape.
Once again, BlackRock’s spot Bitcoin ETF is leading the others in terms of trading volume with $341.2 million recorded on February 7, 2024.
BlackRock Leads Spot Bitcoin ETF Performance
Data from Bloomberg Intelligence shows the broad spot BTC ETF market registered a total volume of more than $1 billion on the said date and a total flow of almost $2 billion. Noteworthy, IBIT is leading the entire spot Bitcoin ETF landscape after its trading volume surpassed that of Grayscale.
Compared to the Sonnenshein-led GBTC which had $296.5 million in trading volume, BlackRock’s IBIT made up to $341.2 million in volume, indicating almost a $50 million difference. This rivalry between Grayscale and BlackRock has been ongoing since the United States SEC approved their respective spot BTC ETFs applications in addition to that of Fidelity Investments, Bitwise, Invesco Galaxy, and others.
— James Seyffart (@JSeyff) February 7, 2024
The spot Bitcoin ETF market kicked off officially on January 11 with Grayscale dominating but it was not long after that BlackRock and Fidelity started threatening its reign by the volume of transactions recorded on their spot BTC ETF. Moving on, the market fluctuation progressed for a few trading days before BlackRock eventually overtook Grayscale.
On February 1, BlackRock’s spot Bitcoin ETF cumulative volume came in at around $303.4 million while that of Grayscale’s GBTC was $291.7 million. This victory was, however, short-lived as GBTC returned as the lead in the spot Bitcoin ETF market with a trading volume almost $100 million above BlackRock’s IBIT.
However, current data shows that it is now BlackRock’s turn to hold the baton of the highest traded spot Bitcoin ETFs. Per the current data, Fidelity raked in a trading volume of $200.5 million and remains in the 3rd position.
Spot Issuers Upscaling Personal Performances
Generally, the spot ETF issuers including Valkyrie’s BRRR are performing better than they previously did a few days back.
BRRR had a recorded $3.6 million, and it remains the spot BTC ETF with the lowest trading volume. It follows Franklin Templeton’s EZBC which registered $5.3 million. As of Feb.7, the total volume from the ten spot BTC ETFs was approximately $32.7 billion while the total flows was $1.6 billion.
In the coming days, the rivalry between BlackRock and Grayscale is bound to get tougher and even Fidelity could inch closer than it already is at the moment.
The post Spot Bitcoin ETF: BlackRock Shines Strong as Total Volume Tops $1B appeared first on CoinGape.
Florida-based financial services provider TradeStation Crypto, Inc. has settled with the Securities and Exchange Commission (SEC) and state regulators to pay $3 million in penalties. This settlement addresses claims that the firm unlawfully sold and marketed an unregistered crypto-lending product to investors. This incident highlights the growing attention paid by regulatory bodies to crypto-based financial products.
SEC’s Crackdown on Crypto Lending
The SEC’s enforcement action against TradeStation is a watershed moment for the regulatory environment surrounding crypto lending products. Based on the SEC’s description, the TradeStation program that offered investors interest earnings from their crypto deposits was considered a security.
As such, it needed to be registered under the federal laws, which TradeStation failed. Consequently, the firm’s decision to provide this product without registration triggered regulatory intervention that resulted in halting the service in June 2022.
In addition to the SEC’s $1.5 million fine, TradeStation has also agreed to settle with the North American Securities Administrators Association (NASAA) for another $1.5 million. This settlement addresses similar charges from a collective of state securities regulators.
This coordinated effort between state and federal authorities highlights the collaborative approach being taken to regulate the burgeoning crypto market and protect investors from potentially risky unregistered securities.
A Comprehensive Investigation
The TradeStation crypto interest-earning program investigation was a unified action by eight state securities regulators. These states, such as California and Washington, along with Alabama, Mississippi, North Carolina, Ohio, South Carolina Wisconsin operated under the NASAA’s Enforcement Section Committee.
Their results were greatly instrumental in the complete settlement, bringing to the fore the need for investor protection through adherence to registration regulations.
Impact on TradeStation and the Crypto Market
Trade Station, founded in 2018 and a subsidiary of the larger TradeStation Group acquired by Monex in 2011, has been an important player as regards the provision of crypto-asset related services.
This settlement has serious effects not only on the company’s operations, resulting in a termination of its crypto-related products and services within the U.S., but also serves as an important indication to all actors from the world of cryptocurrency about following securities laws
The company’s commitment to reimburse investors, including interest and earnings, and the suspension of its crypto-interest earning program point out at financial and operational implications arising from the violation of regulatory standards. In addition, this case shows the determination of the SEC and state regulators to enforce securities laws in an increasingly fast-paced crypto industry.
The post SEC & NASAA Fine TradeStation $3M Over Unregistered Crypto Product appeared first on CoinGape.
Vitalik Buterin, co-founder of Ethereum, became a victim of fraudsters using deepfake technology again. Security analysts at CertiK have released a new video on deepfakes, revealing that Buterin is endorsing a phishing website for draining wallets. This is yet another episode in the dangerous trend whereby increasingly credible digital fakes are used to manipulate the reputations of high-profile individuals in cryptocurrency.
Vitalik Buterin Fake Endorsements Threaten Crypto Security
The misuse of deepfake technology has been on a slow yet alarming increase within the crypto community. These advanced digital forgeries employ artificial intelligence to create highly convincing fake videos or audio recordings, often featuring famous personalities to endorse scams or spread misinformation. The recent disclosure by CertiK serves as a stark reminder of the evolving sophistication of cyber threats targeting cryptocurrency users and investors.
We have seen deepfake of @VitalikButerin used to promote a wallet drainer
The scam site is strnetclaim[.]cc
Still of the video can be seen below pic.twitter.com/R8AY5CVOea
— CertiK Alert (@CertiKAlert) February 7, 2024
This is not the first instance of cybercriminals exploiting Vitalik Buterin’s influence. Previously, a viral campaign featured a deepfake of Vitalik Buterin promoting a new meme token, which was a scam. Such incidents underscore the critical need for heightened awareness and vigilance among the crypto community to detect and prevent falling victim to these fraudulent activities.
Notable Deepfake Incidents in the Crypto Industry
One of the most noteworthy cases involved the former CEO of MicroStrategy, Michael Saylor, whose likeness was used in deepfake videos circulated on hijacked YouTube channels. These videos promoted fake Bitcoin giveaways, luring unsuspecting viewers into parting with their digital assets. Similarly, a deepfake impersonation of Sam Bankman-Fried, the former FTX founder, was created to offer false compensations to users in the aftermath of FTX’s bankruptcy.
Furthermore, Australian businessman Andrew Forrest was also targeted, with deepfakes promoting a crypto trading software that promised unrealistic profits. These incidents highlight the diversity of strategies fraudsters employ to leverage the credibility of well-known figures in the crypto industry to advance their scams.
The post Deepfake Vitalik Buterin Video Lures Users to Fraud Site appeared first on CoinGape.
Crypto markets have long tried to pick up cues to take an upward trajectory. However, since Bitcoin ETFs were approved, the digital asset world has been severely rangebound. An event that could have provided some sense of relief for the crypto markets was the US Fed’s interest rate decision. However, the hawkish tone from various Fed officials has signaled that rate cuts might take longer than anticipated. In the latest development of the Fed pushing rate cuts away, a non-voting member of the Federal Open Market Committee has taken a bearish jib at the future of interest rates.
Susan Collins signals a delay in Fed rate cuts
According to a report by Yahoo Finance, before cutting interest rates, Boston Fed President Susan Collins stated she needed more proof that inflation is returning to the Fed’s 2% target. However, she added that rate reduction may occur “later this year.” During a lecture in Boston, Collins stated, “I will need to see more evidence before considering adjusting the policy stance.” Collins is a non-voting member of the Federal Open Market Committee of the Federal Reserve, which sets interest rate policy.
The Federal Open Market Committee had previously decided to maintain the target range for the federal funds rate at 5.25%–5.5. It had also voted unanimously to maintain the interest rate paid on reserve balances at 5.4 percent, effective February 1, 2024. The market had priced in a near 96% chance of the Fed keeping the rates steady according to the CME FedWatch Tool.
Collin’s remarks resonate with those made by other Fed officials, especially Chair Jerome Powell. Powell had signaled in his speech that economic conditions as such do not pave the way for rate cuts to happen soon. However, global markets, including the crypto sphere had expected the Fed to signal rate cuts as early as this March.
Economic data points towards delay in rate cuts
Various data points in the US have solidified the idea that the Fed might be right with its decision to not start cutting rates soon. According to Deloitte, the United States had a startling and unexpected surge in employment in January. Current data suggest that job growth is well above expectations.
In a similar tone, the ISM Manufacturing PMI index for January came in at 49.1%, beating Wall Street’s forecast of 47.2 percent. The numbers also came higher from 47.1% in the previous month. Even though it falls short of the 50 readings required to indicate a sector increase, this value was the highest since October 2022.
Though the Fed’s rate decision trajectory is not only based on these two data points, it does significantly fan concerns that a rate cut might take time in the future.
Crypto markets to face volatile trading as Fed concerns loom
The Federal Reserve’s rate decisions have long been a key indicator that investors use to assess investments. Lower interest rates frequently increase the allure of assets like crypto by devaluing government securities. According to The New York Times, in recent months, there has been a fluctuation in the anticipation of rate reductions. Following the Fed’s December signal that rate cuts would probably come sometime in 2024, the futures market started to anticipate that the rate cuts would begin at the Fed’s March meeting.
However, with the latest developments, financial markets have braced themselves for volatility in the future. Even a slight signal of future rate cuts by the Fed can help boost risk appetite amongst investors, resulting in more trading volumes in the crypto market. But at present, with the absence of positive cues, trading in the crypto market seems to be on track for some turbulence.
The post Crypto Markets Brace for Volatility As Fed Signals Delay in Rate Cuts appeared first on CoinGape.
Leave A Review
How are we doing? How can we improve?