bitcoinlfg

Tag: Market

  • Pullix (PLX) price outlook as investors savour bullish market

    Pullix (PLX) price outlook as investors savour bullish market

    • Pullix (PLX) presale price has increased to $0.08 in stage 6.
    • Meanwhile, the broader crypto market outlook is bullish amid anticipated Bitcoin ETF approval.
    • As Bitcoin looks to break higher, analysts say altcoins could follow.

    With investors in an extremely bullish mood, top altcoins led by Ethereum are looking to strengthen their latest upside momentum. 

    Pullix, whose presale has surpassed the $3.2 million mark as investors take an early position, is also poised as it eyes its market debut.

    Altcoins surge as BTC price retests $47k level

    Bitcoin’s price saw a remarkable move on Monday as it soared more than 5% to break to the $47,000 level. The upside came as the crypto market increasingly became convinced the US Securities and Exchange Commission (SEC) is set to approve the US market’s first spot Bitcoin ETF.

    This latest bullish flip coincided with the SEC Chair Gary Gensler’s comment on the potential risks of investing in crypto.

    The broader reaction saw BTC pull altcoins higher, with Ethereum boosted to above $2,300, BNB above $310 and Solana swinging past the psychological $100 level.

    While prices have seen a correction in the past 24 hours, with BTC back to $46,500 and ETH to $2,300 levels, crypto analyst Michael van de Poppe says ETF sentiment remains the main catalyst this week. He expects Bitcoin to hit prices in the $48k to $51k range on approval, while altcoins could see a late flourish. He also says dips are for buying.

    Pullix presale heats up amid bullish market

    The drive behind Pullix (PLX) token sale is its technology and what it could mean for the crypto trading industry, and DeFi in particular, in 2024 and beyond.

    Set to mark its entry in the market after its presale, Pullix will offer a hybrid exchange platform designed to offer the best of both centralised and decentralised exchanges. Importantly, given the recent hiccups around exchanges such as FTX and Binance, Pullix promises a non-custodial exchange where users remain in complete control of their assets.

    Investors eyeing the potential impact of Pullix in the ecosystem see its presale as a perfect phase to make an entry. That and the expected bull run mean buying PLX today could be a smart move. Pullix has so far raised $3.2 million in its PLX token sale.

    PLX price prediction

    Currently, PLX is priced at $0.08 in stage 6 of the presale. The PLX price at the start of the presale was $0.04, which means first stage buyers are looking at a potential 100% upside were the token to launch in the market today. Fortunately, the presale is ongoing, with a small amount of the 60% of total supply available for presale still up for grabs.

    When the presale phase ends, Pullix will go live on trading platforms. Apart from its fundamental strengths, momentum seen across the market could be key to catapulting PLX higher. 

    If you are looking to invest in this token, add your own due diligence. You can visit the Pullix website for more details about its hybrid exchange and tokenomics.

    Share this article
    Categories
    Tags



    Source link

  • Crypto market gains momentum led by Bitcoin & RebelSatoshi despite Aurory Protocol security breach

    Crypto market gains momentum led by Bitcoin & RebelSatoshi despite Aurory Protocol security breach

    In the fast-paced world of cryptocurrencies, Aurory, a gaming platform on the Solana blockchain, recently faced a significant security breach. 

    Meanwhile, the broader crypto market is gaining momentum, with Bitcoin and RebelSatoshi leading the charge. Let’s dive into these contrasting scenarios and see why they’re grabbing headlines.

    Aurory Protocol’s Security Breach

    Aurory, a notable gaming platform on the Solana blockchain, experienced a serious cyber attack. The platform’s AURY-USDC liquidity pool was hit hard, with approximately 80% of its assets compromised. This breach is a stark reminder of the security challenges that blockchain platforms face. The Aurory team, however, deserves credit for their quick response. They swiftly disabled the SyncSpace feature, a crucial move to halt further unauthorized transactions and protect the remaining funds and NFT assets.

    The attack was executed by exploiting vulnerabilities in the SyncSpace bridge connected to Camelot’s DEX on the Arbitrum network, leading to the unauthorized withdrawal of around 600,000 $AURY tokens. These tokens were then sold on the Arbitrum platform, causing a 20% drop in AURY token’s market value. However, the team’s strategic buyback of tokens helped stabilize the market and avert a more drastic devaluation.

    Bitcoin: steady and strong

    While Aurory navigates through its challenges, Bitcoin continues to strengthen its position as a top crypto to buy. It’s the bellwether of the crypto market, often setting the tone for the industry’s overall health. 

    Bitcoin’s resilience and potential for steady growth make it a favourite among investors, both seasoned and new. Its ability to weather various market storms has further solidified its status as one of the best crypto investments out there.

    RebelSatoshi: the rising Memecoin

    On the other side of the crypto spectrum is RebelSatoshi, quickly emerging as the best meme coin in the market. 

    Currently, in the midst of its Citizens Round 3 phase of the presale, RebelSatoshi has already seen significant success. With over 83K $RBLZ tokens sold, amounting to over $1,000,000, it’s clear that RebelSatoshi is more than just another memecoin; it’s a movement.

    Why RebelSatoshi is catching everyone’s eye

    RebelSatoshi is turning heads not just for its memecoin status but for its potential as a serious investment. It combines the fun and community spirit of memecoins with real growth prospects. 

    For those looking for altcoins to buy, RebelSatoshi offers an exciting blend of entertainment and investment potential, making it one of the top altcoins in the market.

    The RebelSatoshi presale

    The RebelSatoshi presale is where the action is. The success of the presale is a clear indicator of the crypto community’s growing interest and confidence in RebelSatoshi.

    For savvy investors looking for the next big thing in the memecoin space, the RebelSatoshi presale represents a golden opportunity.

    Conclusion: a market of contrasts and opportunities

    The crypto market is full of contrasts and opportunities. As Aurory works to recover from its security breach, Bitcoin and RebelSatoshi continue to gain momentum, each in its own unique way. 

    Bitcoin remains a solid investment choice, while RebelSatoshi offers a fresh and exciting opportunity for those looking to diversify their portfolio with a meme coin that has serious potential. Keep an eye on these developments, as they continue to shape the ever-evolving landscape of the cryptocurrency market.

    For the latest updates and more information, be sure to visit the official Rebel Satoshi Presale Website or contact Rebel Red via Telegram

    Share this article
    Categories
    Tags

    Source link

  • A Deep Dive into UNI, RUNE, and $RBLZ’s Market Dynamics

    A Deep Dive into UNI, RUNE, and $RBLZ’s Market Dynamics

    TLDR

    • Crypto analysts anticipate a 76% price surge for Uniswap (UNI) by the end of 2024.

    • Market experts predict THORChain (RUNE) will surpass the $10 price mark in 2024.

    • Rebel Satoshi (RBLZ) shakes the market dynamics with predictions of a staggering 150% price growth.

    The crypto market is on the rise, and investors are looking for the best altcoin to invest in. While many top altcoins offer a safe investment opportunity, we are diving deep into the market dynamics of Uniswap (UNI), THORChain (RUNE), and Rebel Satoshi (RBLZ) to pick the right crypto to buy.

    But the main question is, how have UNI, RUNE, and $RBLZ performed so far in 2023 and which coin is the best crypto to invest in now?

    Analysts Foresee Uniswap (UNI) Surging by 76% in 2024

    Uniswap, a pioneer in decentralized exchanges, faced turbulence in 2023 as regulatory uncertainties led to a dip in its price.

    UNI, Uniswap’s native token, commenced 2023 with a strong surge, reaching its peak of $7.5533 in February, in harmony with the broader market. However, regulatory uncertainties, primarily influenced by SEC actions, contributed to a 46% price decrease until early November. The market landscape shifted in November, marking the beginning of a resurgence for UNI.

    In November, Uniswap joined forces with Talos, an institutional investing technology firm, in a pivotal move. This strategic partnership aims to bridge the gap between decentralized finance (DeFi) liquidity and institutional traders.

    The collaboration signifies a broader trend of increasing institutional interest in crypto assets, emphasizing the importance of market depth and breadth. So, is UNI the right crypto to buy now?

    Building on recent positive developments, experts foresee a bullish outlook for UNI in 2024. Considering Uniswap’s strategic partnerships and the optimistic sentiment prevailing in the market, experts predict a substantial 76% surge, with UNI reaching $10.42 by the end of 2024.

    However, acknowledging the volatility inherent in the crypto space, a bearish scenario for Uniswap suggests UNI’s stability below $8.37 in 2024.

    THORChain (RUNE) Eyes the $10 Price Mark in 2024 With Expert Predictions

    RUNE’s year-to-date performance reflects a slow start to 2023, deviating from the bullish trends in the broader market. However, the narrative changed dramatically in late 2023, leading to a staggering 459% increase in December from its year-start price.

    This sudden growth in RUNE’s price can be attributed to the latest developments by THORChain, like a strategic move by Edge self-custody wallet to integrate RUNE, simplifying participation in THORChain’s decentralized protocols.

    In a significant development in late November, Edge self-custody wallet incorporated RUNE into its platform. By adding support for RUNE, Edge enhances accessibility and usability for its users, contributing to the growing adoption of THORChain in the decentralized finance (DeFi) landscape. So, should you consider RUNE the best cryptocurrency to invest in?

    As 2024 approaches, experts are optimistic about the continued growth of THORChain. Fueled by the anticipation of an upcoming bull run and RUNE’s recent impressive surge, predictions suggest a substantial further increase.

    Experts anticipate that RUNE will surpass the $10 mark, reaching an estimated $14.49 by the end of 2024. However, acknowledging the inherent volatility of the crypto market, a bearish scenario proposes RUNE’s stability below $9.78 in 2024.

    $RBLZ Shakes the Market Dynamics by Becoming the Best ICO

    In the dynamic landscape of top altcoins, $RBLZ, the native token of Rebel Satoshi, emerges as a game-changer, reshaping market dynamics and garnering attention as the top ICO choice. Unlike typical meme tokens, Rebel Satoshi’s native token, $RBLZ, transcends the conventional and propels itself into a category of its own, challenging established market norms.

    Led by Rebel Satoshi and a dedicated team of Recusants, the $RBLZ movement is more than a token; it’s a manifesto for a decentralized future. This unique altcoin doesn’t just seek to disrupt; $RBLZ aspires to revolutionize the crypto landscape, awakening the silent majority and challenging the status quo.

    At the core of this rebellion is the Ethereum-based $RBLZ token, symbolizing more than just a digital asset. It serves as a passageway for investors to engage in quests, claim rewards, stake for additional benefits, and be an integral part of a dynamic community.

    As Rebel Satoshi completes a compelling presale performance, selling out the Early Bird Round within three weeks and distributing 25 million $RBLZ tokens, it positions itself as one of the best new ICOs. Offered in the Early Bird Round at $0.010, $RBLZ has soared by 29% to reach $0.013 in the ongoing Rebels Round 1.

    Experts are optimistic that Rebel Satoshi will reach $0.025 before its official launch, bringing a staggering 150% return on investment for early investors. Moreover, new investors can buy $RBLZ tokens and join the passionate community using Bitcoin and 50 other top crypto coins.

    For the latest updates and more information, be sure to visit the official Rebel Satoshi Presale Website or contact Rebel Red via Telegram.

    Share this article
    Categories
    Tags

    Source link

  • Top crypto picks to buy at rising market before it’s too late

    Top crypto picks to buy at rising market before it’s too late

    • A new and promising crypto, ScapesMania, has witnessed impressive presale success.
    • Ethereum is poised for growth with potential regulatory advancements like an ETF while Solana is the 5th most-traded cryptocurrency, stable and growing.
    • Polygon is resilient and attracts investments, Dogecoin balances community projects amid market fluctuations, and Shiba Inu faces uncertainty due to whale transactions and a bearish outlook.

    The cryptocurrency market is currently experiencing a significant upswing, with Bitcoin (BTC) crossing the $42,000 mark, signaling a broader market recovery. This resurgence is not just limited to the flagship cryptocurrency but is also evident in the performance of other players.

    Today, we’ve put together our 6 top picks for investors looking to capitalize on the rising market before it’s too late: Ethereum (ETH), Solana (SOL), Polygon (MATIC), Dogecoin (DOGE), Shiba Inu (SHIB), and the emerging ScapesMania. These coins have the potential to yield significant returns and showcase substantial growth.

    Let’s take a closer look at each coin.

    Growth factors behind promising coins

    ScapesMania: features and vision

    ScapesMania is an innovative crypto project currently in the presale phase. Amidst the volatility experienced by larger cryptocurrencies, it offers a unique opportunity to diversify your portfolio. 

    Upon closer examination, ScapesMania reveals a range of appealing features. By embracing ScapesMania, crypto enthusiasts get a chance to engage with a unique ecosystem thriving within a multi-billion-dollar gaming industry. 

    Furthermore, ScapesMania has implemented mechanisms to keep holders actively involved and incentivized. By participating in DAO governance, backers have a say about ScapesMania’s future direction. Other notable perks for holders include up to $142 in bonuses for early adopters, token buyback and burn mechanisms, and staking rewards.

    As for safety, the project’s smart contract has undergone a thorough audit by leading security-ranking companies. ScapesMania is backed by an award-winning team that has secured a prestigious grant from a major player in the blockchain industry.

    Visit ScapesMania’s website for more information about its standout features.

    Ethereum: regulatory developments and market Impact

    Ethereum price chart

     

    Ethereum is currently experiencing a noteworthy development related to regulatory matters and market dynamics. The United States Securities and Exchange Commission (SEC) is actively engaged in discussions regarding a proposed rule change. 

    This change, if approved, would enable Fidelity Investments to offer shares of its spot Ethereum (ETH) exchange-traded fund (ETF). 

    Fidelity’s latest SEC filing outlines its ETF’s objective to monitor Ether’s performance using the Fidelity Ethereum Index. If approved, the ETF, trading as ETHF on the Cboe BZX Exchange, may mark a pivotal moment in Ethereum’s broader adoption.

    Solana: climbing the ranks in the crypto market

    Solana price chart

    Solana has recently achieved a significant milestone. As of now, it’s the 5th most-traded cryptocurrency in the world. This achievement indicates a rising trend in its adoption and a growing interest from traders and investors. 

    Furthermore, Solana’s blockchain has experienced positive developments. Among notable achievements are inclusion in Visa’s stablecoin trials, a rise in total value locked, and maintaining around nine months of continuous uptime. 

    These factors enhance Solana’s presence and credibility in the market. Ultimately, investors can expect an ongoing upward trend in SOL’s price performance.

    Polygon: navigating through market volatility

    Polygon price chart

    MATIC underwent a significant price correction recently, drawing considerable interest from prominent investors commonly known as “whales.” 

    Capitalizing on the dip in Polygon’s price, these large-scale investors seized the opportunity and injected a substantial $90 million into acquiring MATIC tokens. This influx of funds suggests a strategic move by major players in response to the recent price fluctuations in the Polygon market. 

    Major backers continue to play a pivotal role in shaping the asset’s value amidst dynamic market conditions in the Polygon ecosystem. So, keeping an eye on the movements of these whales remains crucial. 

    Dogecoin: aiming for the moon

    Dogecoin price chart

    The Dogecoin community has embarked on an ambitious mission to send a physical token to the moon, reflecting the coin’s playful and pioneering spirit. This endeavor coincides with a significant technical development in Dogecoin market behavior. 

    DOGE’s price recently broke out from a long-term descending resistance trend line, which had been in place for 900 days. 

    Furthermore, the number of total crypto wallets holding DOGE reaches 5 million. These dynamics indicate the growing adoption and increased user activity within the blossoming Dogecoin network.

    Shiba Inu: whale transactions and network developments

    Shiba inu price chart

    Shiba Inu recently underwent a substantial transaction involving the transfer of 300 billion SHIB tokens to an anonymous wallet. Notably, this transfer originated from the popular cryptocurrency exchange Binance. 

    The occurrence of this transaction has generated curiosity and speculation within the crypto community, driving investors’ interest in the token. However, it’s not the only growth factor behind Shiba Inu.

    Shiba Inu’s advancements, such as the launch of Shibarium, aim to enhance transaction efficiency and reduce costs. These developments can further increase SHIB’s appeal for decentralized finance use cases.

    Current state and prospects

    ScapesMania: ambitious future vision

    The ScapesMania presale unfolds in several rounds, with the current one presenting a substantial 70% discount on token purchases. This discounted entry point provides an attractive incentive for early adopters, offering potential ROIs of 400-500% as the post-listing price hits the $0.1 mark.

    Looking ahead, ScapesMania’s ambitious vision includes listings on major exchanges and continuous improvements. The team is on a mission to develop a unique niche concept not yet explored in crypto circles. This forward-thinking approach contributes to the outstanding presale figures, positioning ScapesMania as one of the potential long-term assets for crypto enthusiasts.

    With its visionary roadmap and current presale offerings, ScapesMania could be a worthy bet for those seeking a foothold in the crypto space. To dig deeper into ScapesMania’s proposition, visit its official website, Twitter account, and Telegram channel.

    Ethereum: potential impact of US ETF

    The prospect of an Ethereum ETF in the U.S. market could lead to increased institutional interest and investment in Ethereum. The anticipation of such developments could create a bullish sentiment among investors, potentially driving up the price of ETH.

    Crypto enthusiasts eagerly await SEC approval for ETFs, given the SEC’s historical reluctance, often citing market manipulation concerns. Optimists believe that ETFs holding major cryptocurrencies could significantly transform the market by facilitating mainstream investors’ entry into digital assets.

    The future of Ethereum looks promising with the potential approval of an ETF. However, the SEC’s history of caution in approving spot cryptocurrency ETFs suggests that the road ahead may not be smooth. 

    Solana: stable growth amid volatility

    The price situation of SOL is currently stable, showing signs of steady growth. The stability in its price, despite the volatile nature of the cryptocurrency market, is a positive sign for investors looking for a relatively less volatile asset.

    Looking ahead, the future of Solana appears bright, with its rising adoption and stable price situation. The increasing interest from traders and its position as one of the most-traded cryptocurrencies could lead to further growth in its value. 

    Solana’s price surged by approximately 550% this year, emphasizing its strong network. Given Solana’s remarkable performance and robust infrastructure, it holds the potential to extend its ascent.

    Polygon: resilience and whales’ interest

    The price of MATIC has shown resilience in the face of volatility. After a retracement from its peak, MATIC has managed to rebound from its recent lows, retaining a substantial portion of its monthly gains with an overall 20% increase within the evaluated period. 

    At the same time, Polygon is seeing a rise in the MATIC exchange reserve. This signal indicates increased net deposits possibly driven by profit-taking motives.

    The future of Polygon appears to be on a recovery path. The network’s heightened activity and continued interest from influential whales contribute to the optimism surrounding Polygon MATIC

    Dogecoin: fluctuations and bullish signals

    The price of Dogecoin DOGE has seen fluctuations since reaching a high of $0.087 on November 17. The decrease caused a deviation above the $0.082 horizontal resistance area. 

    The future of Dogecoin seems to be a blend of optimism and caution. The weekly timeframe suggests a bullish trend, while the daily timeframe indicates the potential for a retracement before a possible increase. 

    Considering the high levels of adoption and usage, the odds are certainly looking in favor of the bulls. Still, if DOGE manages to close above the $0.082 resistance area, it could signal a bullish takeover, potentially leading to a significant price increase. 

    Shiba Inu: a rebound potential

    The technical analysis of the SHIB price chart shows a descending triangle formation, with a recent break below the lower trendline, suggesting a bearish outlook. However, the price is hovering above a crucial support level, with the 50-day moving average potentially acting as a springboard for a rebound.

    The future of Shiba Inu is shrouded in uncertainty. If the wallet’s accumulation strategy positively influences market sentiment, we could see an upward price correction. However, the bearish indicators and unpredictability of large-scale transactions make it challenging to forecast SHIB’s prospects. 

    Investors are keenly anticipating Shiba Inu to surpass the $0.01 mark, aiming for the significant milestone of $1. Despite this optimistic outlook, reaching the price of $1 doesn’t look realistic. The Shibarium layer-2 network’s lack of burning trillions of SHIB adds complexity to the token’s growth.

    Bottom line

    In this dynamic phase of the cryptocurrency market, these six coins represent a blend of established reliability and exciting potential. Ethereum and Solana continue to demonstrate stability and growth, Polygon and Dogecoin offer a mix of stability and innovation, while Shiba Inu presents an opportunity for those willing to navigate its uncertain waters. 

    Meanwhile, ScapesMania emerges as a dark horse, offering potentially high returns and an opportunity to save big for early adopters. This affordability opens doors for investors with varying budget sizes to explore ScapesMania without significant financial commitments.

    Discover more details about ScapesMania on the official site.

    Share this article
    Categories
    Tags



    Source link

  • SHIB burn rate soars, PEPE market cap nears $500M, as Memeinator token presale thrives

    SHIB burn rate soars, PEPE market cap nears $500M, as Memeinator token presale thrives

    • Shiba Inu has removed over 260 million tokens in the past 24 hours.
    • PEPE Coin’s market cap approaches $500 million.
    • Memeinator’s MMTR token presale gains traction, featuring regular price increases.

    There have been significant developments in the world of meme coins with Shiba Inu (SHIB) witnessing a remarkable surge in burn rate, PEPE Market Cap approaching $500 million, and Memeinator’s MMTR token gaining momentum during its presale.

    In this article, we delve into the latest occurrences surrounding Shiba Inu (SHIB), PEPE Coin, and the Memeinator (MMTR) token.

    SHIB burn rate skyrockets by 20,000%

    The Shiba Inu (SHIB) community is abuzz with the recent surge in token burn rate. According to data on the Shibburn website, SHIB’s burn rate skyrocketed by a staggering 20,000%, resulting in the removal of over 260 million tokens in the past 24 hours.

    This record-breaking burn rate, unseen in the last two months, underscores the commitment to reducing the token supply.

    However, despite the remarkable burn rate, SHIB’s price has yet to reflect substantial gains, currently consolidating with a 5% decrease on a weekly basis.

    PEPE market cap approaches $500 Million

    In a separate development, Pepe Coin (PEPE) has surged back into the limelight, with its market cap approaching a formidable $500 million. Following a downtrend, PEPE witnessed a remarkable revival in October 2023, doubling its market capitalization. At press time, the meme coin’s market cap was $458,176,826 according to data from Coinmarketcap.

    The coin’s unique features, including a deflationary mechanism and redistribution system, contribute to its appeal.

    As PEPE continues to attract attention, experts speculate on potential future price increases, with the advancement of the Shibarium layer-2 blockchain solution considered a key factor.

    Memeinator MMTR token presale thrives

    Meanwhile, the Memeinator project is making waves with its MMTR token presale. Leveraging cutting-edge technology, AI insights, and a mission to eliminate subpar memes, Memeinator aims to be the ultimate meme coin.

    During its presale, MMTR token prices are experiencing regular increases every few hours, contributing to the token’s momentum. The project also introduces innovative products like the Memescanner and the Memeinator game, adding utility beyond the meme trading space.

    For those eager to participate in the Memeinator MMTR token presale, the process is straightforward; connect your wallet, select a payment method from available networks, such as Ethereum or Binance Smart Chain, or use a card for payment, and buy your MMTR.

    Those who purchase the MMTR tokens during the presale can claim their tokens at the end of the presale using the same wallet used for the purchase. Details for the collection will be communicated closer to the end of the presale in Q4 2023.

    Adding to the rising MMTR price, Memeinator regularly runs competitions that are open to anyone, including flagship competitions for MMTR token holders. For more information about Memeinator and its presale, visit the official website here.

    Share this article
    Categories
    Tags

    Source link

  • Bitcoin ETF approvals to drive $1T crypto market surge: CryptoQuant

    Bitcoin ETF approvals to drive $1T crypto market surge: CryptoQuant

    • CryptoQuant forecasts Bitcoin’s market cap could hit $900 billion if Bitcoin spot ETFs are approved.
    • The report also forecasts that $1 trillion could be added to the entire crypto market.
    • The various spot Bitcoin ETFs may be approved by March 2024, signalling a new era of crypto adoption.

    In a recent report, data analytics firm CryptoQuant revealed compelling insights into the potential impact of Bitcoin spot exchange-traded funds (ETFs) on the cryptocurrency market.

    The report suggests that, if approved, these ETFs could trigger substantial growth in the crypto space, raising Bitcoin’s market capitalization to a staggering $900 billion and boosting the overall crypto market by a monumental $1 trillion.

    Spot Bitcoin ETFs approval could be a game-changer

    The first wave of institutional involvement in the cryptocurrency market, which occurred during 2020-2021, was characterized by institutions adding Bitcoin to their balance sheets.

    CryptoQuant’s report highlights that the second wave of adoption may come from financial institutions enabling clients to access Bitcoin through spot ETFs. CryptoQuant believes that these ETFs present a significant opportunity for investors to gain exposure to the crypto market.

    Several major financial institutions in the United States have applied for regulatory approval to launch spot Bitcoin ETFs. These approvals could potentially be granted by March 2024 at the latest with some US lawmakers requesting the SEC to approve the applications. This marks a critical milestone in the evolution of cryptocurrency investment instruments.

    Potential inflows and market impact

    CryptoQuant’s analysis indicates that should the issuers of Bitcoin ETFs allocate just 1% of their Assets Under Management (AUM) to these ETFs, it could result in a remarkable influx of approximately $155 billion into the Bitcoin market. This influx, equivalent to nearly one-third of Bitcoin’s existing market capitalization, could potentially drive Bitcoin’s price into a range between $50,000 and $73,000.

    The report also draws upon historical data, revealing that during previous bull markets, Bitcoin’s market capitalization typically expanded by a factor of 3 to 5 times more than its realized capitalization. This historical pattern suggests that for every $1 of new investment entering the Bitcoin market, the market’s capitalization could surge by $3 to $5, indicating substantial growth potential.

    The market got a test after some false news about BlackRock Bitcoin ETF approval pushed Bitcoin to $30,000.

    In general, the approval of Bitcoin spot ETFs holds the promise of attracting significant institutional investment and contributing to the cryptocurrency market’s expansion. Despite its volatile nature, this development could become a catalyst for further institutional involvement, bringing the crypto space closer to the $1 trillion milestone.

    Share this article
    Categories
    Tags



    Source link

  • Stafi (FIS) defies crypto market outlook, token up 13%

    Stafi (FIS) defies crypto market outlook, token up 13%

    Stafi Fis Price Hike
    • Stafi (FIS) price is up 3% in the past 24 hours and 13% this past week.
    • The Staking Finance governance token has seen a spike in whale transactions of $100k+, on-chain data shows.
    • Interest is seeing FIS outperform major altcoins.

    Stafi (FIS), the governance token of the StaFi protocol, has seen a decent spike in the past 24 hours to bring total gains in the past week to more than 13%.

    Currently trading at around $0.29, FIS has outperformed the major cryptocurrencies as they continue to struggle for volatility. All top altcoins by market cap are 2%-5% down in the past seven days, with Bitcoin (BTC) perched above $26k but down 4% in the outlined period. Ethereum, which came under renewed downward pressure following news of Vitalik Buterin’s latest ETH transaction, remains below $1,600 with -3.8% in the past week.

    Why is the price of Stafi (FIS) up today?

    As noted, FIS is a governance token for the Staking Finance, a DeFi protocol that offers access to liquidity of staked assets.

    Other than its use in staking, FIS is used as transaction fees. But traders and investors are increasingly turning to the protocol rTokens, reward tokens that one receives when they stake Proof-of-Stake coins and tokens like Ethereum. These tokens are tradable and act as collateral on lending platforms. In other words, FIS holders have various opportunities of earning, including from staking rewards and lending of rTokens.

    Stafi has recently added rTokens for Polygon (MATIC) and Cosmos Hub (ATOM).

    Interest in FIS has skyrocketed over the past few weeks, reflecting in the token’s price performance. According to data by market intelligence platform Santiment, FIS is among a few smaller cap altcoins to see a significant uptick in whale accumulation.

    Per on-chain data the firm shared on X, whales have been “most active,” in the ecosystems of aelf (ELF), Cream (CREAM), Stafi (FIS) and Linear (LINA). The networks have witnessed a surge in whale transactions involving $100,000 or more.

    “These projects have a higher probability to see big swings this week,” Santiment analysts have noted.

    Share this article
    Categories
    Tags



    Source link

  • Stacks and Toncoin lead the bull cycle as global crypto market cap surge

    Stacks and Toncoin lead the bull cycle as global crypto market cap surge

    • Stacks (STX) has gained 18.43% today to trade at $0.5319 at press time.
    • Toncoin (TON) has gained 15.51% today to trade at $1.74 at press time
    • Bitcoin Cash (BCH) had jumped by 12.33% to trade at $216.57.

    The cryptocurrency market has turned green today with a majority of the top cryptocurrencies by market cap registering significant price surges. Stacks (STX), Toncoin (TON), and Bitcoin Cash (BCH) have come out as the top gainers as the global crypto market cap increased by 4.35% to hit $1.09 trillion. 

    But what is making the crypto market surge? Well, let’s delve into the factors behind today’s crypto price surges.

    Why is the crypto market rising today?

    Today’s crypto market price surge coincides with Grayscale’s win against the US SEC in the Bitcoin ETF case.

    The US Court of Appeals for the DC Circuit on August 29 ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

    The ruling was monumental for the crypto industry which has been agitating for SEC’s approval of Bitcoin ETFs. The ruling not only paves the way for the approval of the Bitcoin ETF petition filed by Grayscale but also for the BTC ETF applications made by BlackRock and Fidelity.

    Bitcoin price chart

     

    After a long consolidation of around $26k, Bitcoin price momentarily surged above $28k minutes after the court ruling on August 29. Although the price of BTC has since slightly pulled back the bulls still seem to be squarely in control.

    Ethereum (ETH), the second-largest cryptocurrency by market cap has also surged above $1,700 after staying below $1,700 for two straight weeks.

    Share this article
    Categories
    Tags

    Source link

  • China will lead crypto’s next bull market

    China will lead crypto’s next bull market

    • Arthur Hayes says the crypto autumn rally will be catalysed by Chinese traders.
    • According to the BitMEX co-founder, a weakening of the yuan amid massive credit issuance will drive capital into crypto markets.
    • He notes that “Hong Kong will be the conduit through which Chinese capital is allowed to own crypto.”

    Arthur Hayes, the co-founder and former CEO of crypto exchange BitMEX, believes the next crypto market rally will be shaped by the Chinese trader.

    In an opinion laid out in his latest blog post, Hayes highlights that the US Securities and Exchange Commission (SEC)’s current crackdown on crypto might be a negative trigger. The crypto market is likely to freak out and crater even further due to this.

    However, according to the entrepreneur, it is not the US but China that could hold the baton as crypto heads into the next bull market. And the one catalyst to watch out for would be the “return of the Chinese trader” amid the weakening of the Chinese yuan.

    “The return of the Chinese crypto trader through the financial pipes of Hong Kong will reignite the market at the same time the broke-ass American mass affluent are effectively shut out,” Hayes wrote in the blog post published June 16.

    Hayes explains how China leads the next bull rally

    The current market setup is much like the summer of  2015, that “nuclear bear market” whose catalyst was the implosion of Mt. Gox. 

    Just as then, the 2022 bear market that included the implosion of FTX has volatility and trading volumes dried up and the sideways price action excruciatingly boring. Indeed, compared to 2015 when Bitcoin price traded near $200 for a long time, 2023 is seeing this with prices ranged below $30k since the breakdown in November 2022.

    “But in August of 2015, the PBOC suddenly sparked a rally in China’s interest for Bitcoin with a “shock” devaluation vs. the USD. From August to November of 2015, the price of Bitcoin tripled, with Chinese traders driving the market higher. I believe something similar could happen in 2023,” Hayes noted.

    According to the BitMEX co-founder, the above is an outlook he sees materializing as the world’s second-largest economy embarks on an insane credit issuance spree. On why selling now amid concerns around the US regulatory environment “is misplaced.” Why?

    “At some point, the selling will stop, and then we get the dreaded sideways. The boring sideways price action will reign until something jump starts the degen spirits of crypto traders.”

    That trigger, he says, will be a slowdown in China’s economy and the subsequent money printing spree that will weaken the yuan and see massive inflows into crypto. He explained:

    “The less the Chinese economy grows, the more credit will be issued. Then the currency will weaken, capital will be allowed to “flee” into appropriate vehicles, and finally, the crypto capital markets will be provided with the spark to hopefully start the autumn rally.”

    To weaken the currency, Hayes says the Peoples Bank of China (PBOC) will look to encourage credit growth sectors of the economy deemed “good.” These areas include semiconductors, artificial intelligence (AI), clean energy, and property. The central bank will allow these “good” sectors to access higher loan quotes, with banks “instructed to lend a certain amount of yuan to these sectors.”

    The weakening of the yuan, and the focused approach to attracting crypto and blockchain in Hong Kong are going to be key factors, he added. It is a trajectory that best suits HODLers. The crypto bull summed up his market outlook:

    “I have predicted before and continue to believe that Hong Kong will be the conduit through which Chinese capital is allowed to own crypto financial assets.” 

    Share this article
    Categories
    Tags

    Source link

  • Why is the crypto market up today? Imminent debt ceiling vote boosts the market

    Why is the crypto market up today? Imminent debt ceiling vote boosts the market

    Key takeaways

    • The cryptocurrency market is up by more than 2% today after underperforming for the best part of May.

    • Bitcoin topped the $28k mark for the first time this month.

    • The rally comes as President Biden and the House leadership reached an agreement on the debt ceiling.

    Crypto Market Cap Reaches $1.16 Trillion

    The cryptocurrency market performed well over the weekend, with most coins and tokens trading in the green zone.

    For the first time this month, the total cryptocurrency market cap reached the $1.16 trillion threshold for the first time this month. 

    The rally comes following an agreement between President Biden and the House leadership on United States’ debt ceiling. President Biden and congressional Republican Kevin McCarthy reached an agreement to suspend the federal government’s $31.4 trillion debt ceiling over the weekend. 

    However, the deal still has to pass through Congress later this week. The vote is expected to take place on Wednesday before the United States runs out of money to pay its debts in early June.

    The deal sparked optimism amongst investors that the United States would not default on its debt. If the US default on its debt, a recession would likely follow, and this could see the financial markets experience massive losses. 

    Bitcoin Rallies To $28k 

    Bitcoin, the world’s leading cryptocurrency by market cap, touched the $28k level for the first time in three weeks. Bitcoin started May trading above $29k per coin but plunged to a low of $26,008 last week. At press time, the price of Bitcoin stands at $27,953 per coin. 

    The leading cryptocurrency is now slowly recovering, thanks to the positive news from the United States. 

    Ether, the second-largest cryptocurrency in the world, also moved past the $1,900 level for the first time in weeks, adding more than 3% to its value in the last 24 hours. At press time, the price of Ether stands at $1,904. 

    Share this article
    Categories
    Tags

    Source link