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Bitcoin's (BTC) price may experience significant changes as the US Federal Reserve's interest rate decisions approach, according to Bitfinex Alpha. (Read More)
CCData estimates stablecoins will lose approximately $625 million in interest income for each 50-basis point cut. Further cuts in 2024 could reduce annual revenue by as much as $1.5 billion.
Gold has gained more than 5% in two weeks, reaching a record high driven by rate cuts and geopolitical tensions.
Digital asset investment products posted a second consecutive week of inflows last week, totaling $321 million, CoinShares reported.
Bitcoin must overcome resistance in the $64,000 to $66,000 zone before a new set of growth catalysts initiate the path to six-figure BTC price territory.
According to Steno Research, Ethereums (ETH) days of underperformance against the wider crypto market might be numbered following the US Federal Reserves (Fed) decision to cut interest rates. Its Time For Ethereum To Shine Again Regarding price appreciation, ETH hasnt had a particularly impressive 2024. While Bitcoin (BTC) and altcoins like Solana (SOL) and Tron (TRX) have witnessed considerable price gains, ETH is still trading at its January 2024 price levels. Notably, the second largest digital asset by market cap has tumbled 48% against Bitcoin since the Ethereum merged on September 15, 2022. Related Reading: Ethereum Price Reaches $2,500 Again: Will The Uptrend Hold? For the uninitiated, the Ethereum merge was a major milestone for the leading smart contract platform as it not only changed its consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS) but also razed down the issuance of new ETH from 4% to 1% annually. As a result, there has been a net negative ETH supply growth with more ETH being burned through transaction fees than issued to stakers. Ethereums unimpressive performance against Bitcoin can be confirmed from the following chart, where the ETH/BTC trading pair has fallen to 0.04, eroding all its gains against the flagship cryptocurrency since April 2021. However, a recent report by Steno Research opines that its time for Ethereum to come back. According to the report, the Feds decision to slash interest rates might be the fuel that propels ETHs price surge in the coming months. The report references ETHs performance during the last altcoin season, where it more than doubled in value compared to BTC in less than two months. This sudden growth was powered by a sharp increase in on-chain activity stemming from rising interest in ecosystems such as decentralized finance (DeFi), non-fungible tokens (NFT), and higher issuance of stablecoins. In a post on X, Mads Eberhardt, Senior Cryptocurrency Analyst at Steno Research, said: Lower interest rates -> More on-chain activity -> Greater Ethereum transactional revenue -> Lower ETH supply growth -> Higher ETH price. Let’s go. Several Reasons For Ethereums Underperformance Additionally, the report mentions that Ethereum exchange-traded funds (ETFs) will likely outperform Bitcoin ETFs. Discussing the major reasons why BTC has overshadowed ETH until now, Eberhardt notes: The impact of U.S. spot ETFs for both bitcoin and ether, the persistent buying pressure from MicroStrategy (MSTR), and a notable decline in Ethereum’s transactional revenue in recent months. Related Reading: Ethereum In 2021 Vs. 2024: Fractal Suggests Major Breakout In Q4 Despite the headwinds it has faced, investor confidence in Ethereum continues to be strong. In a recent report, crypto exchange Bitwises CIO called Ethereum the Microsoft of blockchains, hinting it might come back by year-end after the November US presidential elections. ETH trades at $2,543 at press time, up 4.3% in the past 24 hours. Featured image from Unsplash, Charts from Etherscan.io and Tradingview.com
Bitcoin (BTC) may see increased volatility with a potential 25 basis point rate cut by the Fed, according to Bitfinex Alpha. (Read More)
Bitcoin price rallies to $61,000 after the US Federal Reserve cuts rates by 50 basis points for the first time since 2020.
Arthur Hayes connects Federal Reserve actions to a short-lived economic boost with ripple effects on Bitcoin and broader crypto markets, underscoring risks from Japanese yen carry trade unwinding.
The Federal Reserve is expected to begin lowering its benchmark interest rate in September.
Is it a good time to invest in cryptos? I will give you 5 good reasons why you should consider investing in cryptos now. The last one is the most important. 1. Bitcoin Halving This year, in May, we had the Bitcoin halving. It’s an event that happens every 4 years, which cuts the number [...]
The post Is Now a Good Time to Invest in Cryptos? appeared first on Crypto Breaking News.
Declining interest rates along with rising investment in Bitcoin could provide the fuel the DeFi market needs to experience a long-awaited resurgence.
Crypto analyst Benjamin Cowen recently discussed the impact of the death cross indicator, which has appeared again on Bitcoins chart. Thanks to this indicator, the $62,000 price level has become crucial to Bitcoin avoiding another price crash. Cowen noted in a video posted on his YouTube channel that Bitcoin is at risk of dropping lower [...]
The post Bitcoin Death Cross Threatens To Trigger Crash If Price Does Not Hold $62,000 appeared first on Crypto Breaking News.
MAGA is painting a classic bullish reversal pattern ahead of Donald Trumps keynote at the upcoming Bitcoin 2024 conference in Nashville.
The Hong Kong Monetary Authority announced a minor rise in the composite interest rate to 2.62% at the end of June 2024, reflecting higher deposit costs. (Read More)
Hong Kong Monetary Authority announces a 4 basis point decrease in the composite interest rate for May 2024, reflecting lower weighted funding costs. (Read More)
Crypto platform WonderFi has swallowed up several of its competitors in Canada and expects to reap the benefits.
HKMA addresses stability amid Fed's unchanged interest rates. (Read More)
PEPEs rising wedge pattern, rising whale accumulation and increasing rate cut bets could boost the memecoins price in June.
Strong technical resistance levels and a high number of profitable traders pose the risk of modest pullbacks in the Bitcoin market.
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