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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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  • Bitcoin is rallying due to interest rate forecasts, says Coinjournal’s Dan Ashmore

    Bitcoin is rallying due to interest rate forecasts, says Coinjournal’s Dan Ashmore

    Key takeaways

    • Bitcoin is trading above the $28k level for the first time since June 2022.

    • Coinjournal’s Dan Ashmore believes that the interest rate forecasts are responsible for the ongoing rally by Bitcoin and other cryptocurrencies.

    • Many in the market still consider the recent banking crisis as the reason why investors are entering the crypto market.

    Interest rate forecasts behind Bitcoin’s rally

    Bitcoin, the world’s largest cryptocurrency by market cap, has been performing excellently over the past few weeks. At press time, the price of Bitcoin stands at $28,411, up by 13% over the last seven days.

    Many in the crypto space attribute the ongoing crypto rally to the collapse of a few banks, including Signature Bank, Silvergate Bank, and Silicon Valley Bank. 

    However, during an interview with CNBC, Coinjournal’s Dan Ashmore pointed out that Bitcoin’s rally has to do with the interest rate forecasts rather than the recent banking crisis.

    Regarding the ongoing rally, Ashmore said;

    “It is a reaction to the complete flip in interest rate forecasts in the wider economy. If you go back to before the Silicon Valley Bank collapse, there was an 83% probability that the interest rate would be increased by 100 basis points by the summer. Today, when we look at that, it is completely the opposite, and there is almost 100% of rate cuts.”

    He added that the crypto market is reacting to the probability that the Fed’s recent interest rate hikes are coming to an end.

    Interest rate cut is music to crypto investors

    With Bitcoin trading at $28k per coin, investors would be optimistic that prices could soar higher over the coming days and weeks.

    According to Ashmore, cryptocurrencies trade as risk-on assets, and an interest rate cut is music to the ears of crypto investors. 

    Ashmore also discussed the correlation between cryptocurrencies and tech stocks. According to the Coinjournal analyst, while many expect crypto to be an independent hedge, the assets still very much correlate with the stock market, especially tech stocks. He concluded that

    “The NASDAQ index rises, Bitcoin’s price also rises. The NASDAQ falls, and Bitcoin also falls a little more. The last couple of weeks have been interesting as Bitcoin has outperformed the NASDAQ. But it is a reflection of the fact that Bitcoin is trading in correlation with the interest rate forecasts.”

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  • Shiba Inu | SHIB Burn Rate Surged By 1,318% In The Past 24 Hours

    Shiba Inu | SHIB Burn Rate Surged By 1,318% In The Past 24 Hours

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  • Shiba Inu Burn Rate Surged By 840.49% Over The Past 24 Hours

    Shiba Inu Burn Rate Surged By 840.49% Over The Past 24 Hours

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  • Shiba Inu | SHIB Burn Rate Is Up 159% In The Last 24 Hours

    Shiba Inu | SHIB Burn Rate Is Up 159% In The Last 24 Hours

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  • Shiba Inu Sees Rise in its Burn Rate in the last 24 hours

    Shiba Inu Sees Rise in its Burn Rate in the last 24 hours

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