Patrick Hansen, a senior policy executive at Circle, the issuer of USD and Euro stablecoins, is positive that Euro-based stablecoins will continue rising in the coming days. Taking to X, Hansen noted that the number of transactions conducted using Euro stablecoins is 1.1%. Will Euro Stablecoin Usage Pick Up Steam From July? This figure, the […]
Crypto analyst TechDev has provided insights into the Bitcoin future trajectory. The analyst suggested that the flagship crypto has yet to reach its full potential in this market cycle and that more price surges lie ahead for the crypto token. Not Yet Time For A Bitcoin Blowoff Top TechDev remarked in an X (formerly Twitter) post that the Bitcoin blowoff tops only happen after the four-week Chaikin money flow (CMF) breaks a line he highlighted on the accompanying chart. His analysis suggests that Bitcoin is still bound to make a parabolic move to the upside before it experiences a significant decline. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? Blowoff tops are a chart pattern that shows the rapid increase in an asset’s price followed by a sharp drop in its price. TechDev’s chart showed that something similar happened in the previous bull cycles, with Bitcoin enjoying a parabolic uptrend for about a year before its price dropped sharply. Similarly, based on TechDev’s chart, Bitcoin is again set to enjoy a parabolic uptrend from now to sometime in 2025 before it reaches its market top and begins to decline significantly. In another X post, the analyst suggested that the time has almost for Bitcoin to enjoy its next leg up. As crypto analyst Rekt Capital claimed, this next move to the upside will take Bitcoin into the ‘parabolic uptrend’ phase of this market cycle. Interestingly, this breakout for Bitcoin could happen sooner than expected, with TechDev claiming that in 18 days, Bitcoin will have a chance at a breakout that it has only seen once in its entire history. From a chart he shared, TechDev hinted at Bitcoin rising to as high as $190,000 in this bull run. It is also worth mentioning that crypto analyst CrediBULL Crypto recently predicted that a Bitcoin breakout is imminent. He said Bitcoin would “absolutely giga send” in seven to ten days and rise to as high as $100,000 when this move happens. Bitcoin’s Breakout May Still Take A While Crypto analyst Rekt Capital recently stated that Bitcoin’s breakout from this Re-Accumulation range would occur in September 2024 if history repeats itself. The crypto analyst claimed that Bitcoin’s struggle to break out from this Re-Accumulation range is “beneficial for the overall cycle.” Related Reading: DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020 He noted that Bitcoin has never broken out this early in the post-halving period. Rekt Capital remarked that a Bitcoin breakout this early means that this cycle would be accelerated and that the bull market would be shorter than usual. As such, he believes that this lengthy consolidation is helping Bitcoin’s price resynchronize with historical halving cycles so that the market can experience a “normal and usual bull run.” At the time of writing, Bitcoin is trading at around $66,900, down almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
In a noteworthy move for the cryptocurrency sector, crypto supporter and the Chief Executive Officer (CEO) of San Francisco-based exchange Coinbase Brian Armstrong, has met with United States Senators to advocate for a more consistent and more lucid regulation of digital assets. This engagement from Armstrong demonstrates that industry leaders are taking the initiative to […]
In a pronounced shift in the digital assets landscape, the world’s largest asset manager, BlackRock, signaled a stronger alignment with public blockchain networks, notably Ethereum, over permissioned alternatives. This key insight emerged during the “Beyond Bitcoin ETFs – What’s Next on the Institutional Roadmap?” panel at Coinbase’s State of Crypto Summit 2024 on Thursday. BlackRock […]
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In the cryptocurrency market, the debate revolves around whether the recent Bitcoin movement marks a final push over the past week or two. On Crypto Banter’s The Sniper Trading Show, the analyst, reviewing the chart, said that it’s evident that there was a disappointing fake-out. Essentially, this means that yesterday, signs indicated that the market …
DeFi lending protocol UwU Lend has suffered two attacks in the past three days. The second exploit occurred on Thursday during the protocol’s reimbursement process from the first hack. The ongoing saga has taken around $23 million from the protocol. Related Reading: ZkSync Faces Backlash Amid Token Airdrop Controversy DeFi Protocol Hit With $20 Million […]
In a significant regulatory shift, the US Securities and Exchange Commission (SEC) partially approved the long-awaited Ethereum ETF filings submitted by prominent asset managers three weeks ago, including BlackRock and Grayscale. SEC Chairman Gary Gensler has indicated that full approval for these Ethereum ETFs could come by the end of the summer, providing much-needed clarity […]
Venture capital firm Paradigm has reportedly raised $850 million for its third fund, supporting early-stage cryptocurrency initiatives led by Coinbase co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang. Increased Venture Capital Interest In The Industry Paradigm’s previous investments include prominent projects like decentralized exchange (DEX) Uniswap and Optimism, a scaling solution for the Ethereum blockchain. According to Bloomberg, with the capital raised in the latest funding round, Paradigm aims to contribute to early-stage crypto work and plans to prioritize such projects in the future. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? The latest fundraising comes after Paradigm’s notable achievement in 2021 when it secured a $2.5 billion fund, the largest-ever crypto investment vehicle at that time. The current surge in interest and confidence within the venture capital community towards the crypto industry has led to increased funds focused on cryptocurrency strategies. Paradigm’s fundraising success reflects the growing market appetite for crypto investments. Recent developments, such as the introduction of Bitcoin ETF and the impending approval of ETFs centered around Ethereum, have fueled the industry’s expansion. Hivemind Capital Joins Paradigm In Venture Funding Race Paradigm is not the only venture firm seeking to raise funds within the crypto space. Hivemind Capital, for instance, is actively raising a specialized $50 million non-fungible token (NFT) fund. Hack VC, which previously announced a $150 million fund, is also exploring opportunities to raise over $100 million for another investment vehicle. These initiatives highlight the increasing interest and confidence in the potential of the crypto industry from venture capitalists. While Paradigm faced criticism, including temporarily removing cryptocurrency references from its website, the firm rectified the situation and reaffirmed its commitment to the industry. Fred Ehrsam transitioned from managing partner to general partner at the firm in October, further solidifying Paradigm’s dedication to fostering crypto innovation. Despite setbacks, Paradigm continues to support crypto projects actively. Recently, the firm led an investment round in Merkle Manufactory, a company responsible for developing software infrastructure for the Farcaster social media network. The funding round valued Merkle Manufactory at approximately $1 billion, underscoring Paradigm’s ongoing belief in the potential and value of the crypto industry. Related Reading: Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations Overall, Paradigm’s successful fundraising efforts for its third fund demonstrate investors’ continued interest and confidence in supporting early-stage cryptocurrency projects. In recent months, the crypto industry has experienced a consistent outflow of funds, resulting in a decline in the total market capitalization from its yearly peak of $2.7 trillion to the current level of $2.3 trillion. The dominant cryptocurrency in the market has been the primary driver of the recent price drops. It is currently valued at $66,700 and has experienced a 3% decrease within the past 24 hours. Similarly, Ethereum has also declined, with its price dropping by 4% to approximately $3,475. Featured image from DALL-E, chart from TradingView.com
Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls continuing to hold up the support above $67,000. Bullish sentiment also continues to prevail, with the market still being fairly greedy amid expectations that the pioneer cryptocurrency is gearing up for a significant price jump from here. Bitcoin Can Still Make A 35% Jump Crypto analyst CryptoCon has revealed that Bitcoin still has a ways to go before the cycle top is in. In the analysis posted on X (formerly Twitter), the crypto analyst revealed that the digital asset is yet to reach Level 3 of the Magic Bands, so the top is not in yet. Related Reading: Historical Trends Suggest Shiba Inu Price Will Rally 1,000% To $0.00024, Analyst Reveals When The analyst points to previous bull cycles where the Magic Bands had been fully completed before the top was finally in. For the whole band to be completed, there are four levels in total. However, the current cycle is still only in the 2.5 level, which means there is still a ways to go. The next major level from here is the Level 3 Magic Band, which usually comes with a surge in price. Following the completion of the Level 2 that saw the price reach a new all-time high above $72,300, the cryptocurrency is now testing the resistance at the Level 2.5, where a break is needed. If the Bitcoin price is able to break this resistance, the crypto analyst sees a 35% surge to $91,500 sometime in 2024. “Taking some time to reach it at Level 3 of the Magic bands, but it’s the next step,” the crypto analyst stated. $91,539 target left untouched and unchanged for #Bitcoin. Taking some time to reach it at Level 3 of the Magic bands but it’s the next step. All in due time… pic.twitter.com/Pwimj05ZQb — CryptoCon (@CryptoCon_) June 12, 2024 When Will The BTC Price Top? Using CryptoCon’s Magic Bands analysis, it is possible that the Bitcoin cycle top is still far away. As the crypto analyst shows, even after hitting the Level 3 magic band, there is still Level 4 left to go, which is what usually marks the cycle top. Related Reading: Crypto Analyst Predicts Cardano Price Will Rally 370% To $2, Here’s The Timeline This means after hitting $91,500 at the top of Level 3, there could be consolidation before the Level 4 Magic Band is completed. When this happens, the crypto analyst expects the BTC price to actually touch above $123,000 before the cycle top is in. If CryptoCon’s analyst is anything to go buy, then Bitcoin still has another 100% move from from its current price before the bull market is over. The cycle top is expected to hit sometime around 2026, according to the analyst. Presently, the BTC price is still being held up by bulls who have continued to endure an onslaught from sellers. Despite falling 4.3% in the last week, it is still trading at $67,900 at the time of this writing.
The post List of strong altcoins to stack before the bull run appeared first on Coinpedia Fintech News
The crypto market is known for its volatility, but seasoned analysts know how to spot potential in the chaos. One such analyst of Selected Investments recently brought to attention a selection of altcoins that show resilience and potential for rapid growth once market sentiment shifts. Here’s a detailed analysis: Identifying Resilient Altcoins Livepeer: Livepeer is …
Certain on-chain indicators paint a bullish picture for Solana (SOL), suggesting this may be an excellent time to purchase the crypto token. This aligns with Solana’s price movement on the chart, with technical analysts predicting that an upward trend might be on the horizon. Solana Enjoying Greater Adoption Data from the market Intelligence platform IntoTheBlock shows that the number of daily addresses on the Solana network has been growing at an impressive rate. On June 11, over 1 million new addresses transacted on the Solana network. This development is significant as SOL could enjoy future price surges as more new users continue to trade on the network. Related Reading: Famous Analyst Dave The Wave Says Bitcoin Still Has Wiggle Room, Sets $300,000 Target The massive growth enjoyed by the Solana network has also translated to greater trading volume on the network, which is also bullish for the crypto token. Data from DappRadar shows that there has been a 62% increase in transaction volume on the Solana chain in the last 24 hours, with over 8.83 million transactions processed during this period. Interstingly, Solana stands tall in this metric, as no other chain has processed this many transactions during this period. Solana has also processed more transactions than every other chain in the last seven days, with over 59.55 million transactions processed within this timeframe. The growing interest in SOL has been partly thanks to the meme coin ecosystem on the network. Solana has become the go-to platform for traders looking to make massive profits from meme coins, which have so far been the best-performing crypto assets in this bull run. Solana’s reputation as the home for meme coins has even attracted celebrities like Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate to the network. Bearing this in mind, it only seems like a matter of time before Solana’s price reacts positively to its network growth and ever-increasing network activity. Time To Buy SOL? Crypto analyst Altcoin Sherpa suggested that now might be a good time to buy Solana ahead of the meteoric price rally, which it could enjoy soon enough. The analyst said he expects “bigger things” for SOL later this year. For now, he expects Solana to keep chopping between $185 and $120 and just continue to witness a “prolonged period of consolidation.” Related Reading: Bitcoin Price Prediction: Major Analysts Say BTC Is Headed For 6-Digit ATH This period of consolidation is usually a good time for investors to accumulate the crypto token, considering that coins typically enjoy a parabolic uptrend after consolidating for a while. Meanwhile, Altcoin Sherpa claimed that this period of consolidation is healthy for Solana, given the huge run it has already had, rising to a yearly high of $209 on March 18. As to how Solana can rise, Altcoin Sherpa previously predicted that the crypto token will rise above $500 this year.
Shiba Inu, the second largest meme coin, has been undergoing a sideways price movement in the past 30 days, with an emphasised decline in the past seven days. On-chain data indicates this decline might continue in the short term as selling pressure continues to increase. Some of the major holders of Shiba Inu have lately […]
Peer-to-peer payments company and stablecoin (USDC) issuer Circle has announced its integration with the Solana (SOL) blockchain, bringing several important new features to its Web3 services. According to Wednesday’s announcement, the strategic move will enable Circle to offer programmable wallets and gas stations and allow developers and businesses to build and launch on-chain applications. Advantages […]
Meme coins have received a high-risk score from Coin Metrics reports, underscoring the increased volatility and market manipulation within this market. The analysis conducted by Coin Metrics aims to spread awareness of the speculative nature of these digital assets, urging caution for investors considering jumping on the meme coin bandwagon. Report Flags Meme Coins As […]
Terraform Labs, the company at the center of a significant collapse in 2022, has agreed to pay a substantial settlement of $4.47 billion to resolve a civil lawsuit filed by the US Securities and Exchange Commission (SEC). This legal action was undertaken following the collapse, which resulted in the loss of $40 billion in investor […]
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There is still a big question mark if certain coins, like Solana and Ethereum, are likely to lead the impending pump, with Bitcoin paving the way. While altcoins may initially lag behind, they typically catch up in a few days and analysts have started rolling out lists of coins to keep an eye on and …
Zimbabwe is taking an exciting step into the future by launching a public consultation to get opinions on regulating cryptocurrency operations in the country, Bloomberg reports. This is a big change for a nation that has historically struggled with currency issues. Related Reading: Europol Drops Bitcoin Bomb: Mining Hotbed For Criminal Activity By asking for […]
The post Apple Exits X Amidst Musk’s Criticism; Shiba Inu Exec Calls It A Bearish Move appeared first on Coinpedia Fintech News
Apple has deleted all its posts on X and now follows no accounts on the platforms amidst heightened tensions between Apple and Elon Musk as Musk had recently criticized Apple for integrating OpenAI technology into its devices. Lucie expressed her concerns over Apple’s move calling the move as extremely bearish. Musk had stated that If …
The Memecoin world never sleeps as it keeps evolving, innovating, and expanding regardless of the market condition. Despite the abundance of innovative memes, most of them have a fundamental flaw- meme coins with unrealistic hype go insanely high and drop back down at the same pace as the hype fades. Investors lose millions to the […]
The Australian government has cracked down on online gambling by banning crypto and credit card use for online bets. The measure comes as an effort to reduce investors’ losses in the country. Related Reading: Solana-Based DePIN Project CEO Steps Down Ahead Of Token Launch Australian Gov’t Bans Use Of Crypto In Online Gambling On Monday, […]
Crypto analyst Altcoin Sherpa recently outlined five altcoins that could provide crypto investors and traders with significant gains. He noted that these coins were looking “pretty strong” at the moment despite a lot of other tokens looking like “crap.” Five Altcoins To Keep An Eye On In an X (formerly Twitter) post, Altcoin Sherpa mentioned Injective, Wormhole, JasmyCoin, Stacks, and Toncoin as the altcoins that are looking strong at the moment. He revealed that he has eyes on these coins and is looking to actively trade them at some point. In a series of other X posts, he explained why he believed some of these coins were strong. Related Reading: Crypto Analyst Predicts 800% Rally To $6,000 For BNB, Here’s The Timeline In one X post, he talked about Wormhole and claimed that it was one of the strongest coins. He advised traders to keep an eye on it if they are actively trading. He further revealed that he would be looking to buy Wormhole if it breaks out. He added that if Wormhole pulls back strongly, it will likely continue to trade within its current range as it is not ready for that “big move.” In another X post, Altcoin Sherpa touched on JasmyCoin and stated that the coin is “extremely strong,” seeing as it didn’t “budge” despite the pullbacks in the crypto market. He claimed that JasmyCoin could rise to as high as $0.067 before it experiences any significant pullback. He added that he wasn’t actively trading it, but it is one to watch. Altcoin also provided insights into Toncoin’s price action, which he claimed was “weird,” with the top end being a supply zone and its price pulling back. However, he remarked that he is still bullish on the coin because it is enjoying a lot of attention, mainly thanks to Notcoin. The analyst views the $6 price range as a level to bid for anyone who believes that Toncoin will still break past its previous highs. Altcoin Sherpa also seems bullish on Notcoin. He recently claimed that he has changed his mind about the token since its price action has calmed down and there is less volatility. He highlighted the consolidation pattern that has formed on Notcoin’s chart, which suggests that it is still primed for major moves to the upside. A Meme Coin To Watch Out For Altcoin Sherpa is also bullish on Dogecoin and suggests that it is a meme coin to watch out for. He noted that Dogecoin is still looking pretty good on the high-time frame charts despite many memes looking choppy in the short term. He added that he expects Dogecoin to still do “big numbers” later in the year. Related Reading: Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery For now, he revealed that he is still expecting more chops for the next stretch and that he won’t be rushing to buy any fresh positions for Dogecoin at its current price level. Altcoin Sherpa had previously predicted that Dogecoin would eventually rise to as high as $1 in this market cycle as it still has a lot of firepower. Featured image created with Dall.E, chart from Tradingview.com
The fusion of artificial intelligence (AI) and blockchain technology has captivated the crypto market, propelling the introduction of new tokens and their subsequent listings on prominent exchanges like Binance. Interestingly, Binance recently published an updated article exploring the synergy between blockchain and AI, underscoring the potential of combining these two technologies. Crypto analysts known as “Crypto Symbiote” confidently predict that this emerging trend and increased acceptance of AI will result in 10 AI-related tokens experiencing significant price surges, with the potential for gains ranging from 10x to an astonishing 100x. After analyzing approximately 500 similar projects, “Crypto Symbiote” handpicked the top 10 AI tokens poised for exponential growth. Related Reading: Bitcoin Price Crashes Below $67,000: Key Reasons AI-Related Tokens Poised For Major Growth Omni Network (OMNI): OMNI is an Ethereum-native protocol that facilitates rapid communication between Ethereum rollups. According to the analyst, unifying Ethereum as a single operating system provides a comprehensive learning, development, and operations environment. Given its use cases, this could increase its prospects for further price growth. OMNI is currently trading at $15, with a market cap of $163 million. Numerai (NMR): Numerai presents a data science competition where participants build machine learning models to predict the stock market using obfuscated financial data. Stakeholders can earn or lose based on the performance of their models. With a current price of $24, NMR commands a market cap of $168 million. SSV Network (SSV): SSV is a decentralized Ethereum staking network using Secret Shared Validator (SSV) technology. This approach splits validator keys into multiple KeyShares, allowing for fault-tolerant and non-custodial staking across multiple nodes. With a price of $36, SSV is one of the most popular AI tokens, and it has a market cap of $278 million. From Crypto Web3 Domains To AI Monetization Space ID Protocol (ID): SPACE ID serves as a universal name service network, providing a comprehensive platform for discovering, registering, trading, and managing web3 domains. Its offerings include a multi-chain name service, software development kit (SDK), and application programming interface (API) for developers. ID is currently valued at $0.6, with a market cap of $279 million. Golem Project (GLM): Golem is a decentralized platform that facilitates the sharing and access of computational resources. Users can share their unused computing power or utilize additional resources, with the GLM token facilitating transactions between providers and requestors. Priced at $0.44, GLM boasts a market cap of $445 million. AltLayer (ALT): AltLayer is a decentralized protocol designed to enhance rollups’ security, decentralization, and interoperability. With a current price of $0.29, ALT’s market cap stands at $449 million. NFPrompt (NFP): NFPrompt introduces a Web3 tool that enables users to monetize AI-generated content. Leveraging blockchain technology provides verifiable ownership of AI art, empowering users to express their creativity and profit from it. Priced at $0.43, NFP holds a market cap of $110 million. Related Reading: Ethereum Buying Pressure Reaches Critical Level Amid Massive Whale Buying Ultimately, the crypto analyst firmly believes that these selected AI tokens possess tremendous growth potential due to their underlying technology, potential for widespread adoption, and current undervaluation. However, investors must conduct thorough research and exercise caution when making investment decisions. Featured image from DALL-E, chart from TradingView.com
Stablecoin issuer Tether and its investment arm, Tether Investments, have revealed their intention to allocate more than $1 billion to various investment opportunities over the next 12 months. According to a Bloomberg report, Paolo Ardoino, Chief Executive Officer behind the USDT stablecoin, shared insights into the company’s next investment strategies and areas of focus in […]
In a shocking turn of events that has stirred the tech and crypto communities, business mogul and the Chief Executive Officer (CEO) of SpaceX and Tesla, Elon Musk has issued a stark warning to tech company Apple, threatening to forbid Tesla from using Apple devices if the tech giant integrates OpenAI into its operating system. […]
In a recent report, the European Union Agency for Law Enforcement Cooperation (Europol) has expressed grave concerns about the potential misuse of crypto mining and layer-2 blockchain solutions by criminal elements. The agency warns that these technologies could pose significant challenges for law enforcement investigations, potentially hindering their ability to trace illicit funds and recover […]
Retail investors in the cryptocurrency space are exhibiting signs of turning into long-term believers, with a recent exodus of Bitcoin (BTC) and Ethereum (ETH) from centralized exchanges. Latest data shows user balances for both leading cryptocurrencies have sunk to four-year lows, with analysts interpreting the move as a bullish signal for the future. As investors […]
The post Can Ethereum kickstart an altcoin season by surging towards the $4000 mark? appeared first on Coinpedia Fintech News
The cryptocurrency market currently presents a mixed outlook, with Bitcoin trading below the $70,000 mark. Most leading altcoins, including Ethereum, have experienced declines and are in the red zone. Analyst Josh from Crypto World has provided details into what lies ahead for Ethereum, focusing on analysis and technical factors. The analyst said that Ethereum on …
As the financial markets brace for the upcoming Federal Open Market Committee (FOMC) meeting on Wednesday, June 12th, the Bitcoin and crypto community is poised to assess the implications of any Federal Reserve announcements on digital assets such as Bitcoin. With the consensus forecast suggesting that the Federal Reserve will hold the federal funds rate steady at 5.25%-5.50%, the primary interest of investors has turned to the nuances of the Fed’s forward guidance and economic projections. Crypto analyst Tomo (@Market_Look) shared his insights on X, framing the upcoming FOMC meeting as a non-event for those expecting drastic moves. He stated, “Interest rates are likely to remain unchanged (5.25%-5.50%). There will likely not be any major changes to the statement or economic outlook, and the dot chart is expected to shift in a hawkish direction.” Tomo also highlighted the anticipated adjustments in the rate projections for the coming years, noting, “In 2024, the rate will shift from 3 cuts to 2 cuts. The hawkish surprise will be 1 cut.” He explained that the market has already priced in these expected adjustments, suggesting minimal surprise and limited market volatility in response. Related Reading: Hedge Funds Heavily Betting For Bitcoin To Fall: Will This Strategy Fail? “As of March, the distribution of dots for 2024 is 9 people in favor of keeping interest rates unchanged or cutting them twice, and 10 people in favor of cutting interest rates three or more times… a shift from three to two is already factored in.” Banking giant ING’s team of economists, including James Knightley and Padhraic Garvey, CFA, share a similar conservative outlook on the Federal Reserve’s potential moves. They anticipate that the Fed will underscore its cautious stance due to persistent inflation and strong employment figures, potentially delaying rate cuts further into the future. The ING team elaborated on their expectations, “The US Fed accepts that monetary policy is restrictive, but lingering inflation and strong jobs numbers mean it will indicate it’s prepared to wait longer before seriously considering interest rate cuts.” They anticipate that the dot plot, which will reveal individual FOMC members’ rate predictions, will show a reduction in the number of projected rate cuts for 2024 from three to possibly one or two. According to Nick Timiraos of the Wall Street Journal, JPMorgan and Citigroup have withdrawn their predictions for a rate cut in July following the recent jobs report last Friday. Currently, the majority of sell-side economists and other experts monitoring the Federal Reserve anticipate one or two rate reductions in either September or December of this year. JPM and Citi scrapped their calls for a July rate cut after last Friday’s jobs report. Most sell-side economists and other professional Fed watchers now anticipate one or two rate cuts this year in either September or December pic.twitter.com/x9tUD06Pmi — Nick Timiraos (@NickTimiraos) June 10, 2024 Impact On Bitcoin And Crypto Bitcoin and the broader crypto market have been quite sensitive to macro economic data recently. The anticipation of a dovish turn—particularly any hints of rate cuts—could weaken the dollar and bolster Bitcoin and other digital assets as alternative investments. Related Reading: Buy Or Sell Bitcoin Now? Analyst Reveals Ultimate Bias Guide Conversely, a reaffirmation of the current rate or a less dovish stance than expected could strengthen the dollar and apply downward pressure on crypto markets. However, the nuanced perspectives of FOMC members, as reflected in the dot plot and the accompanying economic projections, could provide clues about the medium-term trajectory of US monetary policy, which in turn could affect investor sentiment in the crypto markets. A hawkish tilt, suggesting fewer or delayed rate cuts, might strengthen the US dollar and put downward pressure on Bitcoin and other cryptocurrencies. Conversely, any dovish signals or indications of a softer stance on rate increases in the near future could buoy the crypto market. During the FOMC press conference, Chair Jerome Powell’s remarks will be crucial for setting the tone and expectations. Market participants will closely analyze his comments for any shifts in tone regarding inflation, economic growth, and future monetary policy adjustments. The interpretation of these remarks could lead to significant price movements in the Bitcoin and crypto markets. Moreover, the US Consumer Price Index (CPI) data for May 2024 just hours before the FOMC meeting will be critical. These data points will provide essential context for the Fed’s decisions, influencing their assessment of whether the current policy stance remains appropriate. At press time, BTC traded at $67,707, down -3.5% since yesterday’s high at $71,200. Featured image from Shutterstock, chart from TradingView.com
Uniswap Labs made a significant move into the blockchain gaming industry with its recent acquisition of ‘Crypto: The Game’ (CTG), an on-chain survival game. Notably, the second season of CTG witnessed unprecedented success, with all 800 available spots selling out within a mere 13 minutes. Recognizing the game’s popularity among both the core crypto community […]
Crypto analyst Chad Steingraber has made an ultra-bullish price prediction for the XRP price, stating that the crypto token’s price could rise to three figures. The analyst also outlined when this price target will be attained. XRP Will Hit $250 In This Market Cycle Steingraber mentioned in an X (formerly Twitter) post that XRP will reach $250 by 2025, which he believes will represent the market top for the crypto token in this bull run. He made this prediction while stating that Bitcoin and Ethereum will hit $250,000 and $25,000 in 2025, which will also be their market top. Related Reading: Crypto Analyst Gives Reasons Why A Face-Melting Bull Run Is On The Horizon Steingraber has previously provided several reasons why he is so bullish on XRP and believes the crypto token could attain such heights. He once alluded to a potential XRP ETF as one factor that could trigger significant price surges for XRP. He explained that an XRP ETF would give the crypto token an added utility as fund issuers for the XRP ETFs will direct their assets into an institutional liquidity hub. He believes an XRP ETF will drive more demand for the crypto token, ultimately driving up its price when a supply shock occurs. Steingraber also believes that the Securities and Exchange Commission’s (SEC) lawsuit against Ripple is one of the factors suppressing XRP’s price up until now. He had earlier claimed that XRP’s price wasn’t going up because new money wasn’t flowing into its ecosystem and affirmed that the crypto token would likely see an influx of new money once the SEC’s case against Ripple is over. Steingraber isn’t the only one who believes that XRP’s price could skyrocket and climb to three figures once the lawsuit ends. Crypto analyst JackTheRippler also predicted that XRP would rise above $100 once the case ends. The analyst even gave a more bullish prediction than Steingraber’s, stating that XRP hitting $10,000 was achievable after the lawsuit. Crypto analyst CryptoBull also predicted that XRP could reach three figures, rallying 28,900% to $154. XRP Price To $7.5 In The Meantime Crypto analyst Egrag Crypto has suggested that XRP rising to $7.5 is the price target to watch before the crypto token reaches the heights analysts like Steingraber predict. In an X post, he stated that “$7.5 is target number 1.” Egrag went on to outline how this move to $7.5 will likely take place. Related Reading: Litecoin Sees Massive 75% Surge In Major Metric – Can This Trigger A Rally To $200? He stated he is highly convinced that XRP will break the white triangle (on the chart he shared) and hit the measured move at $1.5. From there, he expects XRP to make its move to $7.5. However, he warned that the Fib 1.618 zone where $7.5 is situated is “critical” and that a lot of profit-taking will happen there, suggesting that XRP could significantly decline once it reaches such heights. Egrag added that the next targets for XRP will be “mid-double digits near Fib 2.414 & 2.618” if XRP archives a weekly close above Fib 1.618. Featured image created with Dall.E, chart from Tradingview.com