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  • Crypto update: Bitcoin tumbles below $111K as Powell dashes December rate cut hopes

    Crypto update: Bitcoin tumbles below $111K as Powell dashes December rate cut hopes

    Crypto update: Bitcoin tumbles below $111K as Powell dashes December rate cut hopes

    • Bitcoin fell below $111,000 after Fed Chair Powell’s hawkish comments.
    • Powell said a December interest rate cut is “not a foregone conclusion.”
    • Major cryptocurrencies like Ethereum, XRP, and Solana also posted losses.

    Bitcoin and the wider cryptocurrency market took a sharp downturn after US Federal Reserve Chair Jerome Powell signaled that a highly anticipated December interest rate cut was not guaranteed, reversing market sentiment that had priced in further easing.

    The hawkish remarks immediately spooked investors, sending Bitcoin below a key support level and triggering a broad sell-off across digital assets.

    While the Fed did deliver an expected quarter-point rate cut, Powell’s commentary on the future path of monetary policy became the dominant driver of the market’s negative reaction.

    Powell pours cold water on December rate cut hopes

    At the conclusion of the Federal Open Market Committee (FOMC) meeting, Powell announced a 0.25% point reduction in the policy rate to a range of 3.75-4.00%.

    However, he quickly tempered market optimism by adopting a cautious stance on future moves, stating a December cut “is not a foregone conclusion.”

    Powell explained that the central bank needs more economic data, particularly after the recent government shutdown obscured key indicators.

    “We may need to slow the pace of policy (rate) adjustments. I hope to obtain more data by December,” he said at the press conference.

    He also revealed a growing divide within the committee.

    “More and more Fed members want to delay rate cuts,” Powell continued, adding, “After two consecutive rate cuts, some members are taking a wait-and-see stance.

    The view that we should wait at least one cycle is spreading.”

    Bitcoin leads broad market plunge

    The market’s reaction to Powell’s unexpected caution was swift and decisive.

    Bitcoin, which had been trading steadily around the $113,000 level before the press conference, broke below its $110,000 support moments after his remarks, hitting an intraday low in the $109,000 range.

    As of Thursday, the token was still struggling around $110,000, down roughly 2% from the previous day.

    The weakness was felt across the entire crypto ecosystem.

    According to CoinMarketCap, other major cryptocurrencies also posted significant losses:

    • Ethereum (ETH) fell 1.93% to $3,899.87.

    • XRP dropped 2.74% to $2.53.

    • Solana (SOL) declined 1.04% to $192.37.

    A silver lining? Fed to end quantitative tightening

    However, Powell’s press conference was not entirely hawkish. He also formally announced the end of the Fed’s asset reduction program, known as Quantitative Tightening (QT), which could increase liquidity in the financial system.

    “We have decided to end QT as of December 1,” Powell stated. He explained that the Fed’s balance sheet had shrunk by $2.2 trillion over three and a half years.

    “We now believe we are close to sufficient reserves,” he said, signaling a shift toward balance sheet normalization.

    With Fed in rearview, all eyes turn to US-China summit

    With the Fed’s immediate policy path now clarified, investors are pivoting their attention to the next major potential catalyst: the US-China summit.

    Following the crypto market plunge, traders are looking to the meeting between US President Donald Trump and Chinese President Xi Jinping as a possible source of positive news that could trigger a rebound.

    The high-stakes meeting is scheduled for Thursday morning at the ‘Naraemaru’ facility at Gimhae Airport Air Force base.

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  • Bitcoin leads rally amid Fed rate cut hopes, major ETFs boost crypto outlook

    Bitcoin leads rally amid Fed rate cut hopes, major ETFs boost crypto outlook

    Crypto Wrap: Bitcoin rallies over 4%, fueled by hopes of a Fed rate cut.

    • Bitcoin rallies over 4%, fueled by hopes of a Fed rate cut.
    • Solana, Dogecoin, and XRP gain momentum on upgrades and ETF excitement.
    • Token unlocks and Fed easing are set to reshape crypto markets this quarter.

    Crypto markets woke up on Wednesday with a spring in their step, charging higher as investors braced for a major central bank event.

    Bitcoin set the pace, rallying over 4% to clear the $116,000 mark, fueled in large part by growing bets that the US Federal Reserve is finally ready to deliver an interest rate cut on Wednesday.

    As rate-cut speculation took center stage, Bitcoin’s market cap soared to well over $2 trillion, cementing the number-one crypto’s dominance after weeks of volatile swings.

    Markets eye Fed-driven breakout

    Ethereum, the world’s top smart-contract platform, held strong above the $4,500 threshold. Investors have been piling into ETH on prospects for a supply squeeze, as well as ongoing accumulation by institutional players positioning ahead of the Fed’s meeting.

    Traders argued that a successful breakout above the stubborn $4,800 technical resistance could spark a new phase of risk-on flows across crypto, especially if macro conditions cooperate in the coming weeks.

    Solana added even more energy to the rally, gliding near $240, as a string of protocol upgrades and surging developer momentum fueled optimism about the network’s long-term prospects.

    Major exchanges reported large spot inflows, and Solana’s rapid-fire transaction speeds kept it in the conversation as a serious contender among the leading altcoins.

    Meme-friendly Dogecoin, ever the wild card, hovered around $0.27, down slightly on the day, but still up more than 100% from a year ago.

    Increased social activity and new integrations have helped Dogecoin keep its playful reputation, as trade volumes remain lively whenever the broader market shifts.

    Meanwhile, XRP is holding just under $3, stuck in a tight range as markets anxiously anticipate the launch of the first US spot XRP ETF on September 18.

    Speculation around the ETF’s potential inflows and its possible effect on price has helped XRP stay in focus despite the broader sector’s roller-coaster action.

    Technical watchers say a rally through $3.18 could unleash a new round of bullish momentum for Ripple’s token.

    Crypto industry poised for Q4 shakeup

    It isn’t just price charts and volatility levels dictating sentiment this week: all eyes remain locked on Washington as the US Federal Reserve kicks off its most consequential policy meeting in recent memory.

    With inflation trending lower and unemployment ticking up, markets broadly expect Fed Chair Jerome Powell to announce a 25 basis point rate cut, the first since 2020.

    For crypto, where high-growth bets are directly tied to easier money, the Fed’s pivot could drive a decisive shift in market psychology.

    “Fed easing typically gives permission for the crypto rally to keep going,” said one strategist.

    Many in the industry expect fresh liquidity to spark increased inflows, particularly into blue-chip tokens like Bitcoin and Ethereum, and may even encourage more institutional adoption as risk appetite returns.

    Away from the Fed drama, September is seeing a tidal wave of token unlocks, as over $4.5 billion in coins come into circulation across high-profile projects like Sui, Aptos, Ethena, and Arbitrum.

    While some worry about the impact of new supply, others view it as a crucial stress test for market depth and investor demand.

    Finally, excitement around the pending debut of the first US-based spot XRP ETF may mark a turning point for altcoins.

    If the ETF attracts robust inflows, along the lines of Bitcoin and Ethereum ETFs launched earlier this year, it could shift the narrative and trigger sustained price rallies in the sector.

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  • Bitcoin price braces for liftoff: Can a Fed’s rate cut spark a $200K rally?

    Bitcoin price braces for liftoff: Can a Fed’s rate cut spark a $200K rally?

    Bitcoin price braces for liftoff

    • Fed rate cut hopes fuel optimism for a powerful Q4 Bitcoin price rally.
    • Whales, ETFs, and PayPal integration boost institutional demand.
    • Analysts see BTC hitting $140K–$200K this year, with $250K possible if flows persist.

    Bitcoin is once again at a crossroads. After touching an all-time high of $124,128 in August, the price of the world’s largest cryptocurrency has pulled back to trade just below $115,000.

    But the pullback has done little to dampen enthusiasm.

    With a Federal Reserve interest rate cut now widely expected, optimism is building that Bitcoin could be gearing up for its next explosive leg higher, possibly toward $200,000 and beyond.

    Over the recent days, the price has been stuck in a narrow band between $114,000 and $116,000 for the past week.

    Market analysis hints at $115,000 being a critical resistance level that will shape the next major move.

    According to analysts at CoinLore, if Bitcoin clears $116,000 and holds above $117,500, it could unlock a rally toward the $122,000–$130,000 range in the short term and $135,000 or even $140,000 in the long term.

    Fed decision looms large

    Notably, the immediate catalyst for a BTC price breakout could come as soon as September 17, when the Fed is expected to cut interest rates.

    Lower borrowing costs generally boost liquidity and favour risk assets such as crypto.

    Sean Dawson, head of research at Derive, in a note to investors, told investors that the market is “only halfway through what could be a very powerful Q4 rally.”

    He predicts Bitcoin’s price could reach $140,000 by year-end, with $200,000 as a conservative cycle peak if institutional flows continue.

    Options data supports this bullish trend with Deribit showing heavy open interest clustered between $140,000 and $200,000 for December contracts, with calls outnumbering puts.

    At the same time, US spot Bitcoin exchange-traded funds (ETFs) have seen $2.3 billion in inflows over the past five days, underscoring robust institutional demand.

    Whales and institutions step in

    On-chain data indicates that whales have resumed accumulation, adding to the buying pressure. Stablecoin liquidity and steady ETF inflows are providing additional fuel.

    Volatility, however, remains likely because the market depth near resistance is thin, although whales and large holders could anchor Bitcoin’s next surge.

    Institutional positioning is also strengthening, with PayPal recently announcing plans to integrate Bitcoin (BTC) and Ethereum (ETH) into its revamped peer-to-peer (P2P) payment system, allowing users to send crypto across PayPal, Venmo, and other wallets.

    PayPal’s move signals a step toward mainstream adoption and adds to the narrative that Bitcoin is becoming more deeply embedded in global payments.

    Galaxy Digital’s Mike Novogratz signals an altcoin season

    While Bitcoin consolidates, altcoins are drawing attention.

    Galaxy Digital’s Mike Novogratz argues that the “real fireworks” are in alternative assets and corporate treasuries tied to coins like Solana (SOL).

    Novogratz pointed to Forward Industries’ $1.6 billion raise as evidence of fresh institutional capital flowing into crypto outside of Bitcoin.

    Even so, Novogratz insists Bitcoin remains “digital gold” with a long-term trajectory that points higher.

    Wall Street’s interest is also growing, with Nasdaq recently filing to list tokenised versions of stocks and ETFs on-chain, while SEC Chair Paul Atkins has pledged to “move all markets on-chain.”

    Together with faster, more secure blockchains, the regulatory pivot is laying the groundwork for broader adoption across traditional finance.

    So, can Bitcoin’s price really hit $200,000?

    Despite an 8% pullback from August’s high, sentiment remains firmly bullish.

    Industry voices from Arthur Hayes to analysts at Bitwise, Bernstein, and Standard Chartered have all predicted Bitcoin will reach at least $200,000 this cycle.

    Hayes goes further, projecting $250,000, while Coinbase CEO Brian Armstrong sees the possibility of $1 million Bitcoin by 2030.

    Sceptics, however, warn that heavy leverage in derivatives and potential whale sell-offs could spark turbulence.

    But falling rates, strong ETF inflows, and corporate adoption are fueling expectations that this is not the cycle top.

    Instead, traders and institutions alike are preparing for Bitcoin’s next move, with $200,000 now firmly in view.

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  • Altcoins soar, Bitcoin stalls as Fed rate cut speculation hits fever pitch

    Altcoins soar, Bitcoin stalls as Fed rate cut speculation hits fever pitch

    Altcoins soar, Bitcoin stalls as Fed rate cut speculation hits fever pitch

    A simmering crypto rally boiled over into a full-blown frenzy during late US trading hours on Tuesday, after Treasury Secretary Scott Bessent dropped a bombshell suggestion that sent shockwaves through the market: the Federal Reserve should consider an aggressive 50 basis point rate cut.

    His words acted like rocket fuel for risk assets, unleashing a powerful new leg higher for altcoins while leaving Bitcoin watching from the sidelines.

    The market-moving comments came during an interview on Fox News, where Bessent openly questioned the central bank’s next move. 

    “The real thing now to think about is should we get a 50 basis-point rate cut in September,” Bessent stated. He went further, criticizing the central bank’s information-gathering process, adding that the Fed could have cut rates as early as June if it had been given accurate data, which he described as a “foundational issue.”

    The Bessent fffect: unleashing the bulls

    While markets had already almost fully baked in a standard 25 basis point cut for September, the mere mention of a 50-point move from a figure of Bessent’s stature completely reset expectations.

    Although the Treasury Secretary is not a member of the Federal Reserve, his words carry immense weight.

    President Trump has tasked him with leading the search for a replacement for current Fed Chair Jerome Powell, making his views a potential preview of the central bank’s future policy direction.

    The reaction was immediate and fierce. Ether (ETH), already enjoying a positive day, blasted higher, surging nearly 9% over the past 24 hours to trade above $4,600 for the first time since the heady days of November 2021.

    An altcoin affair

    This was emphatically an altcoin-driven rally. Other major cryptocurrencies joined the surge, with Cardano (ADA), Solana (SOL), and Litecoin (LTC) each rocketing ahead by about 8%. XRP also caught a bid, rising 3.5%.

    This flood of capital into digital assets mirrored a rally in equity markets, which climbed more than 1%, while the dollar weakened against all major currencies.

    Conspicuously absent from the party were the Bitcoin bulls.

    The world’s largest cryptocurrency remained largely unchanged, hovering around the $120,000 mark, suggesting traders were selectively deploying capital into assets perceived to have more immediate upside in a “risk-on” environment.

    The stage for this dramatic late-day surge had been set earlier on Tuesday morning. The initial spark for the rally came after new data showed US consumer prices in July rising roughly in line with economist estimates, providing a sigh of relief.

    But it was Bessent’s unexpected words that turned that sigh of relief into a roar of speculative excitement.

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  • Bitcoin stays above $104k as Fed leaves interest rate unchanged

    Bitcoin stays above $104k as Fed leaves interest rate unchanged

    Bitcoin trades near $105K amid low volatility; analysts offer mixed outlooks

    Key takeaways

    • BTC continues to trade above the $104k level despite the ongoing Middle East crisis.
    • The U.S. Federal Reserve left interest rates unchanged but expects inflation to decline in the coming months.

    Federal Reserve leaves interest rates unchanged

    The major financial news of the week took place on Wednesday, with the FOMC confirming what many analysts already predicted. The U.S. Federal Reserve kept its key borrowing rate targeted in a range between 4.25%-4.5%, where it has been since December.

    Despite that, the apex bank stated that it expects inflation to remain elevated and sees lower economic growth ahead. Furthermore, the Fed expects to make two rate reductions later this year, as previously stated.

    Bitcoin, the leading cryptocurrency by market cap, didn’t react to this news as the market had already priced it in. However, Bitcoin could rally higher in the near term as traders anticipate two rate cuts before the end of the year. At press time, the price of Bitcoin continues to trade around $104,700. 

    BTC could rally towards $106k amid improved technicals

    The market fundamentals continue to be poor, with the United States now increasingly involved in the ongoing conflict between Iran and Israel. However, technical indicators favour a short-term rally for the world’s leading cryptocurrency.

    BTC surged above the 20-day exponential moving average ($105,851) on Monday. However, the bulls failed to sustain the higher level, and it dropped to the 50-day SMA on Tuesday.

    The relative strength index (RSI) is approaching the midpoint, signalling a possible rally in the near term. If Bitcoin breaks above the 20-day EMA in the short term, it could rally higher towards a new all-time high at $112k.

    However, if the bears remain in control and push the price below the 50-day SMA, the BTC/USDT pair could plunge to $100,000. Bulls will likely defend the $100k psychological level, as any drop below that could see Bitcoin test the $93k support level.
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  • Bitcoin (BTC) price targets $63k as crypto market awakens after Fed rate cut

    Bitcoin (BTC) price targets $63k as crypto market awakens after Fed rate cut

    Bitcoin (BTC) price breaks above $62K as crypto market awakens after Fed rate cut
    • Bitcoin has broken past $62K post-Fed rate cut; next resistance at $63K.
    • Ethereum and Solana have also surged, reflecting a broader crypto market rally.
    • Caution remains due to economic uncertainties and potential regulatory issues.

    Bitcoin (BTC) price has surged past $62,000 following the US Federal Reserve’s decision to cut interest rates by 50 basis points.

    The move by the Fed, aimed at bolstering economic growth and mitigating recession risks, has ignited a rally across digital assets. The monetary policy adjustment has not only energized Bitcoin but also lifted a broad range of altcoins and risk assets.

    Next Bitcoin (BTC) price resistance level at $63k

    Currently trading around $62,096, Bitcoin’s price has demonstrated a solid 24-hour gain of 2.29% and a more impressive 7-day increase of 6.20%.

    Most notably, the price breach above the $62,000 mark represents a crucial psychological milestone for Bitcoin, following a period of consolidation near $60,000.

    Technical analysis highlights that Bitcoin’s next significant resistance level is positioned at $63,000, with the potential for further gains if this barrier is surpassed. The upper boundary of Bitcoin’s Bollinger Bands indicates heightened volatility, suggesting that while a short-term profit-taking phase may occur, the overall trend remains strongly bullish.

    Support is firmly established at around $60,100, acting as a critical floor that has been repeatedly tested and held firm.

    Investor sentiment towards Bitcoin is largely positive, with increased trading volumes reflecting growing institutional interest.

    As Bitcoin’s (BTC) price continues to climb, it benefits from a broader narrative of cryptocurrencies serving as a hedge against traditional market volatility and inflation fears, which have been exacerbated by the Fed’s dovish stance.

    Ethereum and Solana lead as altcoins mirror Bitcoin’s surge

    The rate cut by the US Federal Reserve has not only impacted Bitcoin price but has also spurred a broader rally in the cryptocurrency market, lifting major altcoins alongside Bitcoin (BTC).

    Ethereum (ETH), for instance, has surged past $2,400, marking a 24-hour increase of 4.94% and a 7-day rise of 2.97%. Ethereum’s price reached $2,430 before settling slightly, mirroring Bitcoin’s bullish trend. Technical indicators show Ethereum facing immediate resistance at $2,430, with potential for further gains if it breaks above this level.

    Solana (SOL) has also seen significant price movements, surging by 6.03% to reach $138.65. This gain underscores renewed confidence in Solana’s ecosystem and its applications in decentralized finance (DeFi) and NFTs.

    Other altcoins, such as Ripple (XRP) and Shiba Inu (SHIB), have also experienced notable increases, with XRP rising by 1.20% to $0.59 and SHIB climbing 7.85% to $0.00001427.

    Analysts remain cautious

    Despite the overall positive sentiment, market participants remain cautious. Mixed reactions and concerns about the sustainability of the rally are prevalent. Analysts suggest that while the rate cut has provided a significant short-term boost, the broader economic uncertainties and potential regulatory challenges could impact future performance.

    In particular, Presto Research notes that the market remains divided, highlighting the need for relief from growth concerns to maintain upward momentum.

    Amid the mixed market outlook, the coming months will be critical in determining whether the current Bitcoin (BTC) price rally can sustain momentum and push digital assets to new highs.

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  • 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.

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  • BTC/GBP and GBP/USD diverge after the BoE rate decision

    BTC/GBP and GBP/USD diverge after the BoE rate decision

    • The Bank of England delivered another interest rate hike.

    • The BTC/GBP and GBP/USD pair diverged after the report.

    • It has formed a bullish flag pattern on the daily chart.

    The BTC to GBP pair moved sideways after the latest Bank of England (BoE) interest rate decision. Bitcoin was trading at £23,000 on Thursday, where it has been in the past few days. This price is about 7.2% below the highest level this month. On the other hand, the GBP/USD pair slipped to a low of 1.2625, the lowest level since June 30th.

    Bank of England decision

    The BTC/GBP pair moved sideways after the latest interest rate decision by the BoE. In a statement, the bank decided to hike interest rates again by 0.25% to a 15-year high of 5.25%.

    The committee did that in a bid to fight the elevated inflation. In a statement, Governor Andrew Bailey said that the hike was necessary to combat the stubbornly high inflation. In a statement, he said:

    “Inflation is falling and that’s good news. We know that inflation hits the least well-off hardest and we need to make sure that it falls all the way back to the 2% target. That’s why we’ve raised rates to 5.25% today.”

    The most recent data showed that the headline consumer inflation dropped from 8.3% in May to 7.9% in June while wage growth jumped by 7.7%. There are signs that the British economy is slowing. 

    For example, data published this week by Nationwide showed that the country’s house price index plunged at the fastest pace in over a decade. Still, the bank believes that the UK will narrowly avoid a recession this year.

    Bitcoin reacts moderately to the actions of central banks like the Bank of England (BoE), the European Central Bank (ECB), and the Bank of Japan (BoJ). It also reacted mildly to actions of the Federal Reserve, which delivered its last rate hike of the year.

    BTC/GBP technical analysis

    The daily chart shows that the BTC/GBP pair rose to a key resistance level at 24,711 in July. This was an important price since it was the highest point in April. A closer look shows that the pair has formed a bullish flag pattern. Also, it has risen above the 25-day and 50-day moving averages.

    Therefore, the BTC to GBP price will likely have a bullish breakout in the coming weeks. If this happens, the next level to watch will be at 24,711.

    How to buy Bitcoin

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

    Public

    Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

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  • Bitcoin network hash rate hit a record high in May

    Bitcoin network hash rate hit a record high in May

    bitcoin network hash rate record high may
    • Bitcoin network activity climbed for the fifth month straight.
    • Mining difficulty and transaction fee also climbed in May.
    • The world’s largest cryptocurrency lost about 8.0% last month.

    Bitcoin may have lost about 8.0% last month on macro uncertainty but the network activity remained incredibly strong.

    JPMorgan analyst expects a slowdown in hash rate

    In May, the daily network hash rate – a closely followed metric that indicates network’s health climbed to a record high. It was the fifth consecutive month of increase for the said indicator.

    Simply put, larger the hash rate, the more secure is the network. Nonetheless, Reginald Smith – a JPMorgan analyst said in a note on Friday:

    Our sense is that network hash rate growth could slow over the coming months (possibly lagging BTC price appreciation) as funding available rack space is hard to come by.

    In terms of market cap, the 13 U.S. listed miners that JPMorgan tracks noted an aggregate increase of 5.0% last month to $6.7 billion.

    Mining difficulty and transaction fee also increased

    Mining difficulty – another metric that typically moves in tandem with the Bitcoin hash rate – also climbed to a record high in May.

    Recent data confirmed the crypto transaction fee to have increased last month as well. JPMorgan’s Smith also said in his research note:

    Transaction fees spiked to over 5 Bitcoin per block mined in early May, which should drive modest C2Q23 earnings upside for the industry at large.

    In recent weeks, though, Bitcoin transaction fees have returned close to its historic average of about 0.5 BTC per block mined. Last week, JPMorgan said Bitcoin should be trading at $45,000.

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  • AltSignals (ASI) presale pace up as Fed hints at rate pause

    AltSignals (ASI) presale pace up as Fed hints at rate pause

    • AltSignals (ASI) token sale continues as crypto is poised to react higher.
    • This follows hints by the US Federal Reserve of pausing interest rate hikes.
    • ASI token could also benefit from expected explosion in interest around artificial intelligence (AI) projects.

    Artificial intelligence continues to make waves, with both consumers and businesses looking to tap into opportunities being presented by the technological leap. Airbnb CEO Brian Chesky said in an interview with CNBC on Thursday that AI could be bigger than the internet revolution.

    AltSignals, a trading signals platform looking to upgrade its algorithm by introducing an AI-powered layer, is among those attracting huge attention. The AltSignals presale is in progress, with the second stage nearly 70% sold out.

    Fed pause could see crypto prices react higher

    Bitcoin price currently hovers near $29,000 after investors reacted positively to the US Federal Reserve’s signal that it could pause its interest rate hike trajectory. 

    The Fed’s hint towards taking a more cautious approach came after it raised rates by another 25 basis points on Wednesday. The US central bank’s interest rate rose to the 5.00%-5.25% range after the latest hike. It comes amid fresh uncertainties amid bank failures, warnings about the US debt ceiling and the continuing issue of inflation. 

    Fed Chair Jerome Powell hinted to this in his speech, with the next FOMC meeting now of key interest to investors. With an end to the rate hike cycle likely coming, it could be time for markets to find new momentum, which we highlight here.

    The scenario in the crypto sector will likely be where interest in established assets like Bitcoin, Ethereum, Litecoin and others, spills into projects in categories such as layer 2s, GameFi, play-to-earn and artificial intelligence.

    Why would now be a good time to buy AltSignals?

    Investors are likely to continue seeing Bitcoin as a safe haven asset amid ongoing bank failures and economic woes that impact traditional assets. Crypto as a whole is also proving quite attractive as a way for people to diversify their portfolios.

    If the expected Bitcoin bull cycle sets in, soaring market could catapult ASI token higher – a scenario seen with other projects that launched during the last bull market. As crypto edges closer to the historically bullish period marked by BTC halving, taking positions with ASI at current presale prices could prove a great investment.

    Even if crypto fails to take on a new bull run going into its 2024 halving, the utility that ASI offers and the growing adoption of AI-powered tools in the trading market could be enough to propel AltSignals higher when it launches.  But as always, it is advisable to remember that investing comes with risks, which is true of crypto, including presales of new tokens.

    What’s unique about AltSignals?

    AltSignals launched in 2017, offering a trading signals and market alerts for cryptocurrencies, stocks and forex. Now the platform has planned an upgrade to its trading algorithm, with artificial intelligence, machine learning and natural language processing.

    The upgrade is set to launch later this quarter via an AI layer dubbed ActualizeAI, and will see traders benefit from 24/7 trading signals with improved accuracy and risk management. The system will be powered by the ASI token, a native token that will offer holders access to all trading signals on the new AI-powered system.

    Unlike many new projects, AltSignals (ASI) is a project that already boasts a growing community and ready market for its product. Trade calls can be traded on major exchanges and brokers, including those for all the top cryptocurrencies and major forex pairs.

    Taking a working product and bumping its capacity with new advanced capabilities is a strategy that could see AltSignals take huge strides as a leading trading signals provider – with traders able to benefit across both bear and bull markets.

    As for the ASI token, holding it will not only give the investor access to ActualizeAI, but also to a membership club, trading tournaments and an upcoming DAO. The AltSignals presale could therefore be an opportunity for interested investors to buy the tokens at potentially low prices.

    The AltSignals presale is expected to end in the next few weeks, with the token’s price set to increase from $0.015 to $0.02274. The ASI token is issued on the Ethereum network and will trade on exchanges such as Uniswap when it goes live.

    You can invest in AltSignals by buying the ASI token here.

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