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Liquidity of Ether on US exchanges has plunged as much as 40% since the first spot Ether exchange-traded funds entered the market on July 23, 2024. That is a move rather expectedly coming for traders and analysts that had previously viewed the ETFs as a means to improve market liquidity and therefore stabilize prices. Instead, [...]
The post Ether Liquidity Plummets 40% On Exchanges After ETF Debut appeared first on Crypto Breaking News.
Dogecoin has had its ups and downs in the past seven days: from breaking down below a support at $0.095, to bouncing back up and hitting notable resistance at $0.099. Following this brief rally, Dogecoin experienced another downward shift as the bulls were unable to maintain the momentum. It dropped once again, breaking through several [...]
The post Dogecoin Price Prediction: Extended Consolidation Or A Break Below/Above? appeared first on Crypto Breaking News.
Helium (HNT) defeats the markets bearishness as its new developments drive hype for the long term. According to CoinGecko, HNT rose by 13% despite the markets continued fall in the short term. HNT has been boosted by continued on-chain developments that have driven the limelight towards the platform. However, with the market dips continuing to [...]
The post Helium (HNT) Network Expansion Fuels 13% Gains Despite Faltering Market appeared first on Crypto Breaking News.
The crypto market is experiencing a notable shift in liquidity as investors acquire massive amounts of stablecoins due to market uncertainties in the last few months. CryptoQuant analyst with username Percival has provided more insights into this trend of capital rotation. Open Interest In Crypto Market Shrinks As Stablecoins See Liquidity Influx Following a rather [...]
The post Traders Move $4.7 Billion To Stablecoins Amid Crypto Market Uncertainty Details appeared first on Crypto Breaking News.
The Bitcoin price dropped below $54,000 on September 6 as the flagship crypto experienced a massive wave of sell-offs from traders. This price decline was sparked by developments on the macroeconomic side, which painted a bearish outlook for Bitcoin. Related Reading: Cardano Bull Sees ADA Jumping 1,000% In An Insane Rally Bitcoin Slides Following Weak Job Report Bitcoins price retreated following a weak August job report. Data from the US Bureau of Labor showed that the unemployment rate fell to 4.2% while the labor market added 142,000 nonfarm payroll jobs. While the unemployment rate was in line with expectations, the job additions were lower than the expected 164,000, initially estimated by market experts. This further casts doubt on Bitcoins trajectory, considering how fragile the US economy looks at the moment. This poses a threat to risk assets like the flagship crypto. The bearish outlook for Bitcoin was further heightened by the revisions to the July and June job reports, which showed that the US added fewer jobs than was initially reported in those months. Earlier, Bitcoin had already had an unpleasant start to September, which is historically very bearish for the leading crypto. NewsBTC reported that Bitcoin had suffered a price crash earlier in the week due to the markets still feeling the effects of the Yen carry trade and following significant volatility in the US stock market, with over $1.05 million being wiped out on September 3. Macroeconomic factors remain primarily responsible for Bitcoins recent bearish price action and the broader crypto market, especially with a rate cut from the US Federal Reserve still in the balance. It is worth mentioning that the July job reports (the lowest job additions over the last two years) and the Yen carry trade were responsible for the August 5 market crash, which caused Bitcoin to drop below $50,000. Interestingly, Arthur Hayes, the co-founder of the BitMEX crypto exchange, stated that he expects Bitcoin to drop below $50,000 this weekend, revealing that he had opened a short position. A Rate Cut Looking More Unlikely For a while now, the crypto market has been anticipating that the Fed will cut interest rates at its next FOMC meeting, which will be held between September 17 and 18. Bernstein analysts predicted that this move would provide some form of bullish momentum for Bitcoins price. However, a rate cut, especially by 50 basis points (bps), is now unlikely following the release of the job data. Crypto commentator The Kobeissi Letter highlighted in an X (formerly Twitter) post that the odds for a 50bps have dropped to 23% on the prediction markets. The Fed might no longer be in a hurry to cut rates since the situation in the labor market isnt as bad as it was initially feared following the release of the July jobs report. Related Reading: Aptos (APT) Dips 15% As New Innovations Fail To Spark Momentum Whatever happens, crypto analysts like CryptoCon are confident that the worst is almost over for Bitcoin. CryptoCon recently noted that Bitcoin was mirroring its price action from the 2016 market cycle and suggested that the flagship crypto was gearing up for its next leg up, which would take it to a new all-time high (ATH). At the time of writing, Bitcoin is trading at around $54,150, down almost 4% in the last 24 hours, according to data from CoinMarketCap. Featured image from EastMojo, chart from TradingView
WisdomTree, a prominent asset management firm, has withdrawn its S-1 registration filing for the WisdomTree Ethereum Trust. The firm declared in a filing with the US Securities and Exchange Commission. The S-1 filing was intended to pave the way for WisdomTree’s Ethereum Trust to be listed on the stock exchange.
Although the market dips even further after weak macro releases, Starknet (STRK) remains bullish with developments that offset the markets fear, uncertainty, and doubt. According to CoinGecko, STRK rose nearly 23% since last week, keeping much of the bearish momentum at bay. On-chain developments have held investor confidence highly, with a major push for improving [...]
The post Starknet (STRK) Rises 23%, Offsets Crypto Market Fear And Doubt appeared first on Crypto Breaking News.
Analysts claim that since the “merge” to proof-of-stake on the Ethereum blockchain occurred about two years ago, Ether’s performance has lagged behind bitcoin’s by a margin of up to 44%. Almost two years have passed since Ethereum’s upgrade, The Merge, which transitioned to a proof-of-stake network, and next week will
Although the market is attempting to rebound from its weak September start, some altcoins – including Aptos (APT) – continue to freefall despite the bulls’ attempts to make a return. According to CoinGecko, APTs current performance is lackluster with the token falling 15% since last week. Related Reading: Investors Lose Sight Of MATIC As It Drops 16% Ahead Of Network Upgrade Meanwhile, Korea Blockchain Week has generated quite a lot of buzz for Aptos. During this event, several on-chain developments have been revealed. Although positive developments on-chain are a great sign of long-term growth for the platform, investors and traders are still struggling to overcome the markets fear, uncertainty and doubt. Aptos Continues Drive Down Towards $5.74 As of writing, APT bulls have been aiming to wrestle control of the tokens momentum in the short term. However, the bears are pressing their advantage, targeting $5.74 in the short-term timeframe after flipping the $6.12 support to resistance. The markets continuous downward trajectory is the primary reason for APTs underperformance. Driven by FUD from the broader financial market that bled to the crypto market, APT might face continued losses in the coming weeks. APTs relative strength index (RSI) suggests that the tokens downward trajectory will continue well below the $5.74 support level. If this occurs, it might lead to a bigger sell-off localized on APTs market. This thesis has a larger possibility to occur as CoinGlass notes that short positions outnumber long positions in the past 24 hours further strengthening the tokens bearish trajectory. Investors and traders should monitor the coming release of macro indicators due today. As the markets continue to price in a broader downturn, positive macros will provide the needed boost for both the traditional markets and the crypto market in the long term. Korea Blockchain Week Reveals New Developments On Aptos The Aptos Experience in Korea Blockchain Week continues to garner the attention of the community. Arculus, a digital security platform, has partnered with Aptos for the platforms Aptos card. This has made tap-to-pay on Aptos possible, improving the utility of the token and the platform itself. Related Reading: Monero (XMR) Unfazed By Market Jitters, Climbs 13% Details On-chain, Aptos has also expanded since the start of the year. According to the Head of Ecosystem of Aptos Labs Neil Harounian, the platform has recorded $2 billion in bridged volume with the total value locked (TVL) on chain ballooning 3x since the end of 2023. This panel on stablecoin and payments at @Aptos Experience is with panelists from: – @Visa on enabling payments cross-border – @PayPal on the speed and finality of digital payments on Aptos – @IDAfi24 on building regional regulated stablecoin on Aptos Stablecoin summer & pic.twitter.com/R5aeRKMTVn JC | TowneSquare (@realjcz) September 5, 2024 The Aptos Experience also hosted a talk about stablecoins and payments on Aptos. Market giants like Visa and PayPal joined in, providing insight into how stablecoins might be implemented to solve real-world problems. With the ecosystem continuing to innovate and expand through on-chain development, Aptos could still grab a spot in the long-term side of the market. Featured image from Medium, chart from TradingView
Travala.com, a crypto-native travel platform, has announced an integration with the major global travel marketplace Skyscanner. The whole inventory of 2,200,000+ hotels from Travala.com, all of which can be booked using more than 100 cryptocurrencies, is now fully discoverable on Skyscanner’s platforms. As the first cryptocurrency-native platform to be linked with Skyscanner,
A strong outlier in the current market situation, Monero (XMR) moves against the broader downturn that plagues the market. According to CoinGecko, Monero gained nearly 13% since last week, putting the coin under the spotlight as one of the strongest gainers within the bear market. Moneros simplicity lends itself to its focus on privacy and [...]
The post Monero (XMR) Unfazed By Market Jitters, Climbs 13% Details appeared first on Crypto Breaking News.
The recent hike in the petroleum price by 45% might continue to put pressure on the Central Bank of Nigeria to pause the interest rate hike meeting scheduled this month. The central bank has raised its interest rate by 15.25 percent since 2022, taking it to a record of 26.75%
dWallet Network rebranded to Pera yesterday. The project’s growth and emphasis on expediting developer access to Zero Trust Protocols (ZTPs) are reflected in the new name. The platform’s primary purpose of securely maintaining digital assets across many networks is still unaltered, and the dWallet primitive continues to be the fundamental building
A Kamala Harris-inspired memecoin recently jumped over 10% after the US Vice President received public endorsement from Vladimir Putin. The Russian president expressed his support for the Democratic candidate on Thursday, fueling a surge in the PolitiFi tokens activity. Putin Endorses Kamala Harris’ Campaign As the US elections get closer, the presidential candidates continue to [...]
The post KAMA Memecoin Soars 10% Following Putins Endorsement Of Kamala Harris appeared first on Crypto Breaking News.
Bearish sentiment remains supreme in the market today as RENDER flashes red, losing more value on the weekly timeframe. According to CoinGecko, the token bled by 18% since last week, continuing the bearish market consensus. With the market continuing to underperform, the altcoin might be on the pain train in the next couple of weeks. [...]
The post RENDER Flashes Red With 18% Short-Term Loss Details appeared first on Crypto Breaking News.
MATIC suffers another string of losses as the broader market pullback forces the bulls to the defensive. According to CoinGecko, the Polygon Network native coin has bled 16% more since last week as the bears reverse gains made back in August. This move occurred despite Polygon Networks upcoming upgrade that switches MATIC to POL, improving [...]
The post Investors Lose Sight Of MATIC As It Drops 16% Ahead Of Network Upgrade appeared first on Crypto Breaking News.
The crypto market shed millions of dollars and consolidated with negative sentiment. However, the end of Q3 2024 presented the market with bullish cues. Following Binance founder CZs release, Bitcoin (BTC) climbed to $64K, catalyzing multiple altcoin rallies. On that positive note, the market marches into Uptobera bullish October when
Raoul Pal, the founder of Real Vision and a recognized figure in the crypto community, has issued a stark warning about the rapidly approaching transformations in the global economy, driven by unprecedented technological advancements. In his latest video, Pal, who has long advocated for an understanding of what he calls the “exponential age,” claims that the coming years will bring about the largest changes humanity has ever experienced, due to the rapid development of artificial intelligence (AI) and robotics. According to Pal, we are nearing what he terms the “economic singularity,” a point beyond which current economic, market, and business frameworks will no longer be applicable. By about 2030, things are going to become not understandable by using the existing frameworks of economics, financial analysis, markets, and that kind of stuff, Pal explains. Pal He asserts that AI and robotics are advancing at a pace that will soon outstrip human capacity to adapt under current economic systems. Falling birth rates and aging populations across developed nations are leading to a decline in the traditional economic drivers of GDP growth. Moreover, Pal notes that productivity has not kept up with technological capability, and most new debt is simply servicing old debts, not creating new economic value. Related Reading: Grayscales Bullish Forecast: The Top 20 Crypto To Watch In Q4 The most significant aspect of Pal’s warning concerns the role of AI in the economy. He believes that AI will reach and surpass human levels of intelligence across all areas of knowledge, fundamentally altering the landscape of labor and productivity. AI is basically infinite human knowledge now […] As these models scale, the breakthroughs come through, and the average IQ of AI goes from 100 to 400, and then on to a million times the intelligence of a human, Pal states. This immense growth in AI capabilities is expected to lead to what Pal describes as infinite productivity and a near-zero marginal cost of electricity, primarily due to advances in renewable energy technologies. He argues that these factors will lead to massive deflationary pressures as goods and services become increasingly inexpensive to produce. The Key Role Of Crypto Pal is particularly bullish on the transformative power of blockchain technology and cryptocurrencies in this context. He describes a future economic model where “AI agents” perform tasks and transact autonomously using cryptocurrencies, given their ability to operate independently of traditional banking systems. Related Reading: VP Kamala Harriss First Speech On Crypto Sparks 7% Rise In This Memecoin Obviously, we’ll probably need crypto payments to pay you. […] I think we’ll use cryptocurrency to do that because last thing I checked, AI can’t get a bank account – it’s never going to transfer money over SWIFT, never going to happen, Pal remarks. Pal urges viewers to recognize the urgency of investing in cryptocurrencies. He advises that the window for capitalizing on these technologies is closing fast, with only about six years left to make substantial gains before traditional economic and market structures transform irreversibly. “We’re going to have to go through this together and we have to be smart and try and figure it out as we go but I do know that this idea of 6 years to make as much money as possible is really important and I do think that the real answer to this, as far as I can see, is cryptocurrency because it is the best performing asset in the world and of all time. So I think that’s the one thing we can lean in, it has a huge future, Pal says. At press time, Bitcoin traded at $63,588. Featured image from YouTube, chart from TradingView.com
At a Korea Blockchain Week (KBW) 2024 panel, Dan Albert, executive director of the Solana Foundation, pushed back against accusations that the Solana network is not decentralized, arguing that the capacity to coordinate a patch does not indicate that the network is centralized. The specifics of a serious vulnerability that
Stacks struggles to stand on level ground as it continues to fall despite the markets attempt to rebound in the short term. According to CoinGecko, STX bled 15% since last week with the token attempting to reverse the downward momentum with a nearly 4% uptick in the past 24 hours. Related Reading: SUI Crashes 23% As September Unleashes Market PanicIs A Comeback Possible? Stacks has been teasing the community, creating hype for the upcoming Nakamoto Upgrade with their 21 Days of Nakamoto event. The event, which commenced back on the 28th of August, started September with a whole suite of surprises for investors and community members. NFTs And Financial Grants Back On The Menu For Stacks On a recent X post, Megapont was revealed to be Stackss September 3 surprise for the celebration of the upcoming mainnet release of the Nakamoto upgrade. Megapont is an NFT project, launched and operates primarily on the Stacks blockchain. Lets celebrate a mega upgrade for Stacks! And who better to celebrate with than something truly mega… Welcome back, @MegapontNFT! Orange List: https://t.co/fOeckrNRVH pic.twitter.com/Z46xH5g1QL stacks.btc (@Stacks) September 2, 2024 The project released Nakapack, a 5,000-strong NFT collection to be given out to the Stacks community. Users on the platform can mint the NFTs without a fee, but they need to be whitelisted for this to happen. Despite 95% of circulated NFTs now being deemed worthless by a recent report, Megaponts dedication to its community might spark interest in NFTs within the Bitcoin L2 ecosystem. STXCUSD trading at $1.51 on the 24-hour chart: TradingView.com Another development that will support Stacks in the long term is the second cohort of grants for community-voted programs on-chain. On the thread, seven programs were featured each granted $50,000 to aid their development process. In total, over 31 programs have been given financial assistance. $1.3-$1.6 Chokes STXs Upside Potential As of writing, STX is held tightly by the $1.3-$1.6 trading range, hampering the tokens upside potential shortly. This leaves the bulls in an interesting position which has the opportunity to break through the $1.7 price ceiling. STXs relative strength index (RSI) suggests that the token will attempt to stabilize in its current trading range which gives the bulls a much-needed platform to jump out from. However, its relatively stable level reveals that the bears still have some strength, enough to cancel the bullish momentum thats currently forming. Related Reading: Ripple Unleashes 1 Billion XRP: Could This Trigger A Price Tsunami? In the short term, the bears will have the upper hand unless the market makes another leap forward, creating enough momentum for STX to have a breakthrough. However, the meager gains the broader market experienced have little to no effect on STXs future performance. Fear, uncertainty, and doubt still plagues market sentiment for the token. For now, investors and traders should exercise caution while monitoring the broader markets movement before making a decision. STXs significant correlation with BTC is both a boon and a curse for investors as any swing made by the latter will have a strong influence on the performance of the former. Featured image from Host Merchant Services, chart from TradingView
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