The latest report from the U.S. Labor Department’s Bureau of Labor Statistics reveals that the consumer price index (CPI) for April climbed by 0.3%. Over the last 12 months, the CPI increased by 3.4%, primarily driven by higher costs for shelter and gasoline. Relief Rally in Financial Markets as April CPI Data Shows Subdued Inflation […]
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Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been a rollercoaster ride for investors lately. After dipping below ,820, it surged to over ,200, only to retrace some of those gains. However, analysts remain optimistic, citing technical indicators and a key regulatory decision on the horizon as potential catalysts for a near-term price increase.
Ethereum Price Poised For A Breakout?
Technical analysts are pointing to bullish signals suggesting a potential bounce back for Ethereum. Analyst Titan Of Crypto believes a successful “Bullish Cypher Pattern” has played out, with all projected targets met. Currently, Ethereum sits at a pivotal support level, the 38.2% Fibonacci retracement, often seen as a springboard for upward momentum in bull markets.
#Altcoins #Ethereum Bounce incoming.
The Bullish Cypher Pattern played out perfectly and all the targets got reached .#ETH is currently at the 38.2% Fibonacci retrace level also called “1st stop”. In a bull market this level holds.
I expect a bounce from this level. pic.twitter.com/o9e6VLEREz
— Titan of Crypto (@Washigorira) May 12, 2024
This level has historically acted as a crucial support zone, says Titan. An optimistic outlook anticipates a price rebound from here.
Adding to the bullish sentiment, analyst JACKIS emphasizes the significance of Ethereum’s recent surge above ,000 in March. This, according to JACKIS, represents a significant shift in the market structure towards a long-term uptrend.
THE GIGANTIC CRASH for #ETH isn’t coming
Here is a reality check:
We are in a big HTF range for #Ethereum and with the push to 4K in March we have broken market structure to the upsideAlso, the local Weekly MS leading into it remains bullish, marked on the chart with HL… pic.twitter.com/QisXiDUXxr
— JACKIS (@i_am_jackis) May 13, 2024
The SEC Decision: A Potential Game Changer
The price of Ethereum could receive a significant boost from an upcoming decision by the U.S. Securities and Exchange Commission (SEC). By May 25th, the SEC is expected to rule on three applications for Ethereum-based Exchange-Traded Funds (ETFs).
A green light from the SEC for these ETFs would open the door for institutional investment into Ethereum, potentially leading to a surge in demand and price. Conversely, a rejection could dampen investor sentiment and trigger a pullback.
Related Reading: On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz
Local Market Structure Hints At Underlying Bullishness
A closer look at Ethereum’s weekly chart reveals a bullish undercurrent despite the recent price dip. The presence of higher lows and higher Highs throughout the past few weeks indicates a healthy uptrend, with the current pullback seen as a natural consolidation phase.
Featured image from defense.gov, chart from TradingView
Season of the Meme Coin: Unconventional Cryptos Dominate 3-Month Gains
Over the past 90 days, bitcoin has appreciated by 23.4%. However, eight other cryptocurrencies have demonstrated significantly larger gains, each recording triple-digit increases over the same period. 90-Day Trends Propel Niche Tokens to New Heights Statistics from the past week show lackluster performances for cryptocurrencies against the U.S. dollar. Yet, over the past 90 days, […]
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Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos
Amid a widespread price correction affecting the majority of the top 100 cryptocurrencies, one digital asset has defied the trend, surging to impressive heights. Nervos Network, along with its native token CKB, has not only recorded significant gains but has also climbed to the 79th rank in the market, raising questions about the factors behind its surge.
Nervos Network Decoded
Nervos Network is a proof-of-work (PoW) Layer 1 (L1) blockchain designed to optimize application-specific Layer 2 chains. The network aims to establish its native asset, CKB, as a more sustainable store of value (SoV) compared to Bitcoin (BTC) while providing a more secure smart contract platform than Ethereum (ETH).
Bitcoin’s capped supply and decreasing block rewards raise concerns about long-term economic incentives for miners.
Notably, the Nervos Network tackles this issue by introducing a fixed annual secondary issuance of CKBs and the base supply, providing long-term incentives for miners.
Nervos Network also addresses the potential security risk associated with Ethereum. In Ethereum, the value of its native asset, ETH, is not directly linked to the value of Layer 2 apps built on top of it.
Nervos Network aims to mitigate this risk by ensuring that CKB is used for transaction fees and storage, creating a stronger economic relationship between the native asset and the overall network.
How Secondary Issuance And State Rent Drive Sustainability
Nervos utilizes a perpetual secondary issuance model to increase CKB’s SoV properties. This model incentivizes users to continuously lock up CKB in proportion to the size of their applications.
Furthermore, locked CKBs are subject to “state rent” through inflation, which automates state rent payments and ensures a sustainable economic model.
Nervos Network introduces a secondary market for chain space, enabling apps to unlock and sell CKBs without requiring relevant storage.
Investors can offset inflation by purchasing CKBs and depositing them into NervosDAO, a mechanism that receives a portion of the secondary issuance to counterbalance inflation. Interestingly, this resembles “treasury bonds” and offers potential investment opportunities.
Approaching ATH Amidst Bitcoin Integration Announcement
Having delved into the fundamentals, CKB has recently experienced a significant surge in value, breaking out of a long consolidation phase that lasted almost two years.
After trading in a range of .0024 to .0035, the cryptocurrency has broken through this price level since January 30th and has seen significant gains over the past few months.
Currently trading at .032, CKB is close to its all-time high (ATH) of .043, which was reached in March 2021. The token has seen notable price increases of 47%, 69%, 75%, and 14% over the past fourteen days, seven days, and 24 hours, respectively.
According to CoinGecko data, CKB has also seen a significant increase in trading volume, reaching 7 million in the last 24 hours, 9.7% from the previous day’s trading.
In addition, CKB’s market capitalization has increased significantly, nearly doubling from 0 million on April 2 to approximately .35 billion in just over a week.
The price spike can be attributed to the announcement that Nervos Network’s CKB token will join the Bitcoin network. The token’s introduction of smart contract functionality, along with its interoperability and modularity features scheduled for 2024, has created excitement among investors.
As Bitcoin approaches the Halving that has historically increased its value, Nervos Network is well-positioned to benefit from its strong ties to the largest cryptocurrency in the market.
With its continued bullish momentum and the predicted increase in BTC’s price, CKB may be poised to reach new all-time highs soon.
Featured image from iStock, chart from TradingView.com
ETF Analyst Comments on ARKB Outflows: A Reality Check for Crypto’s Hodler Class
In a modest yet positive development, U.S. spot bitcoin exchange-traded funds (ETFs) saw a net inflow of .5 million, even as the ETF ARKB experienced a substantial outflow of .5 million. Despite ARKB’s significant outflow surpassing that of GBTC, Grayscale’s Bitcoin Trust also faced a reduction, with approximately .9 million being pulled from its funds. […]
Bitcoin News
Best 3 Cryptos To Conquer The Bull Market: Cardano, Monero & Scorpion Casino
In the midst of a booming bull market, investors are eagerly seeking the next big opportunity to capitalize on the surging cryptocurrency landscape. Among the many options, three standout cryptocurrencies have emerged as top contenders: Cardano, Monero, and the innovative newcomer, Scorpion Casino.
Let’s delve into the strengths of each and how they position themselves to thrive in the bullish market, with a special spotlight on Scorpion Casino’s unique approach to crypto presales.
Scorpion Casino: The Rising Star
Amidst the excitement of Cardano and Monero, Scorpion Casino emerges as a promising contender in the bullish market, offering a unique blend of meme appeal and innovative features. Positioned as the best current crypto presale opportunity, Scorpion Casino has captured the attention of investors seeking early access to its tokens before they hit public exchanges. With its Easter40 promotion, offering an enticing 40% bonus on purchases made before April 3rd, Scorpion Casino is generating significant buzz and driving FOMO among prospective investors.
Key Features of Scorpion Casino:
- Scorpion Casino is a cryptocurrency presale, offering early access to its tokens. Joining the project before its public listing is a great way to maximize returns.
- With a fully licensed and regulated platform, Scorpion Casino ensures a secure and trustworthy investment environment.
- Scorpion Casino’s unique buy-back, burn, and reward distribution system ensures continuous value appreciation for investors.
- Collaboration with major iGaming developers enhances the utility and appeal of Scorpion Casino tokens.
- The project boasts partnerships with influential figures in the crypto space, driving community engagement and visibility.
Cardano: The Beacon of Innovation
Cardano, often hailed as the “Ethereum Killer,” has garnered attention for its innovative blockchain platform designed for smart contracts and decentralized applications (DApps). Led by a team of seasoned experts and guided by a rigorous academic approach, Cardano stands out for its commitment to scalability, interoperability, and sustainability. With its upcoming Alonzo upgrade set to enable smart contract functionality, Cardano is poised to unlock new opportunities and solidify its position as a powerhouse in the crypto space.
Monero: The Privacy Pioneer
Monero, renowned for its emphasis on privacy and anonymity, represents a formidable force in the cryptocurrency world. Built on the principles of decentralization and fungibility, Monero offers users unparalleled privacy features, making it the preferred choice for those seeking financial confidentiality. With increasing concerns about surveillance and data privacy, Monero’s commitment to anonymity has positioned it as a staple in the crypto portfolio of privacy-conscious individuals and institutions alike.
Comparing Top Cryptos in the Bull Market
While Cardano and Monero have solidified their positions as leading cryptocurrencies with distinct value propositions, Scorpion Casino represents a new frontier in the realm of crypto presales. With its innovative approach, lucrative promotions, and strong community support, Scorpion Casino stands out as a promising opportunity for investors looking to capitalize on the bullish market trend.
Use The Bull Market For Your Gain
As the bull market continues to gather momentum, Cardano, Monero, and Scorpion Casino emerge as top contenders poised for success. While Cardano and Monero offer established value propositions, Scorpion Casino presents a unique opportunity for early investors to participate in a groundbreaking presale with significant growth potential. Scorpion Casino has already raised over ,000,000 and continues to grow leading up to its launch on the 15th of April, take the last opportunity to join the community before the public launch.
This insightful exploration of top cryptos in the bull market underscores the undeniable potential of Scorpion Casino, driving brand awareness and instilling confidence in its future trajectory. As investors anticipate the launch of Scorpion Casino on public exchanges, the excitement continues to build, signaling the dawn of a new era in the crypto landscape.
Don’t miss out on this opportunity to seize the future of crypto – invest in Scorpion Casino today.
Presale: https://presale.scorpion.casino/
Twitter: https://twitter.com/ScorpionCasino
Telegram: https://t.me/scorpioncasino_official
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
Analyst Presents Top 10 Cryptos To Turn $5,000 Into $500,000 By 2025
In a thread on X (formerly Twitter), the popular crypto analyst known as cyclop (@nobrainflip) delivered a bold forecast to his substantial following of 394,000. He proclaimed, “We are close to the biggest altseason in history. Everyone will make x50-x100 on their entire portfolio. k portfolio will be around 0k-0k in 2025. All you need is to buy the right lowcaps.”
This assertion hinges on a strategic selection of low market capitalization cryptocurrencies, which, according to Cyclop, are poised for an exponential surge in value. Cyclop elucidates his strategy by detailing the liquidity flow typically observed during a bull market phase, a sequential process starting with Bitcoin (BTC) and cascading down to meme coins.
He explains, “Here is a typical bull run liquidity flow: 1: BTC pump 2: ETH pump 3: High cap alts pump 4: Low caps pump 5: Memecoin pump.” Importantly, he highlights that high cap memecoins have already experienced their growth phase, suggesting that “lowcap/lowcap memecoins – next” are primed for significant value appreciation.
Within this framework, Cyclop underscores the potential for staggering returns without the necessity for professional day trading expertise. “It’s cause each coin has its maximum, and if its MC is already high, it’s not so far away. But when the market cap is almost at zero, the potential is enormous,” he advises, promoting a hands-off investment strategy focused on the ‘right’ coins.
Crypto Watchlist: Top-10 Lowcap Coins
Cyclop’s watchlist is a selection of ten recently launched projects with low market caps and, in his view, substantial growth potential:
#1 Wolf Wif (BALLZ): A meme coin that took the Solana blockchain by storm, achieving a million market cap within a day of its launch. Despite a subsequent correction, Cyclop views this as an optimal entry point, confidently stating, “I’m holding my BALLZ tight.”
#2 Entangle (NGL): Positioned as a potential leading messaging infrastructure for the Web3 space, Entangle aims to enhance liquidity within the ecosystem. It offers secure, flexible, and interoperable solutions for blockchain data communication, positioning itself as a critical infrastructure for dApps and builders.
#3 StarHeroes (STAR): This esports-centric, multiplayer third-person space shooter game is making waves with its dynamic and competitive gameplay. Cyclop sees this as a revolutionary blend of gaming and blockchain technology, offering intense gaming emotions and a new avenue for esports within the crypto realm.
#4 Heroes of Mavia (MAVIA): A blockchain strategy game that allows players to build bases, engage in battles for cryptocurrency rewards, and form partnerships with landowners. Cyclop highlights its potential in the play-to-earn space, marking it as a standout project.
#5 VoluMint (VMINT): This project introduces a decentralized, AI-driven market-making service, aiming to redefine market-making in the era of blockchain. Cyclop is bullish on its ability to unlock the potential of crypto projects, emphasizing its innovative approach.
#6 SatoshiVM (SAVM): As a decentralized Bitcoin ZK Rollup Layer 2 solution, SatoshiVM bridges the gap between Bitcoin and Ethereum’s EVM, using BTC as gas. This project aims to combine the value and security of Bitcoin with the programmability of Ethereum, creating a powerful ecosystem for decentralized applications. Cyclop notes, “SAVM’s unique positioning as a bridge between BTC and EVM ecosystems presents a groundbreaking opportunity for growth.”
#7 Graphlinq Chain (GLQ): Offering a no-code interface for automating blockchain tasks, Graphlinq Chain simplifies the creation and deployment of blockchain automations. Its suite of tools, including an IDE, App, Engine, and Marketplace, is designed to make blockchain automation accessible to a wider audience. “GraphLinq Protocol demystifies blockchain automation, paving the way for innovative applications and efficiencies,” Cyclop remarks.
#8 zKML (ZKML): This project addresses the pressing need for privacy in digital transactions and communications. By combining zero-knowledge proofs, homomorphic encryption, and multi-party computation (MPC), zKML offers a secure and private framework for blockchain interactions. “ZKML’s focus on privacy-enhancing technologies is timely and critical, offering a secure haven for digital transactions,” observes Cyclop.
#9 Monai (MONAI): Monai stands out for its development of uncensored generative AI tools, integrated with its blockchain, Monad. It features an advanced, unrestricted Large Language Model as its flagship product, aiming to revolutionize the way we interact with AI. “Monai’s pioneering approach to generative AI within the blockchain space is a game-changer, offering unparalleled possibilities,” Cyclop asserts.
#10 EMC Protocol (EMC): Dedicated to AI applications, EMC Protocol is a blockchain network that includes a computing power consensus mechanism. It aims to facilitate the execution of AI tasks within a decentralized framework, including validator, smart router, and computing power nodes. “EMC’s innovative approach to integrating AI and blockchain could redefine the landscape of decentralized applications,” Cyclop concludes.
At press time, cyclop’s top pick – BALLZ – traded at .04231, down almost 50% from its alltime-high.
FOMC Preview: Bitcoin and Crypto’s Fate Tied To Fed Rate Move
In the lead-up to the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, March 20, the Bitcoin and crypto market is experiencing a severe downtrend. BTC price has plunged roughly -10% in the past two days, and Ethereum (ETH) is down -12% in the same period.
The anticipation surrounding the Fed’s stance on interest rates has heightened in the wake of recent economic indicators, including unexpected spikes in the US Consumer Price Index (CPI) and Producer Price Index (PPI), stirring volatility across markets, including digital assets.
The consensus, with a 99% probability according to the CME FedWatch tool, suggests interest rates will hold steady. Nonetheless, the spotlight turns to the Fed’s dot plot, a graphical representation of the individual members’ expectations for future interest rates, which could provide crucial insights into the monetary policy outlook for the coming months and years.
Anna Wong, Chief US Economist for Bloomberg, remarked via X (formerly Twitter), “Another reason why FOMC [is] not ready to cut: members not yet of broad agreement of that need. Here’s visualizing the dispersion of FOMC views with the help of our new weekly NLP Fed spectrometer. “
Another reason why FOMC not ready to cut: members not yet of broad agreement of that need. Here’s visualizing the dispersion of FOMC views with the help of our new weekly NLP Fed spectrometer. (Interactive version at @TheTerminal BECO models —> Fedspeak —> spectrometer) pic.twitter.com/Kney89BERM
— Anna Wong (@AnnaEconomist) March 19, 2024
How Will Bitcoin And Crypto React?
Macro analyst Ted, expressing his perspective on X, underscores the nuanced relationship between macroeconomic trends and the crypto market at the moment. Ted elucidated that spot Bitcoin ETF flows have taken the backseat while macro factors came to the foreground.
He stated via X, “If BTC is to be considered digital gold, it’s expected to mirror gold’s market movements, albeit with a higher degree of volatility. In the current climate, with the market bracing for the Fed’s upcoming meeting, macroeconomic factors momentarily take precedence, driven by recent developments in PPI and CPI figures.”
He further speculates that “Despite the eventual remarks from [Fed Chair] Powell, the market has already adopted a hawkish stance in anticipation of a ‘higher for longer’ interest rate scenario.”
Michaël van de Poppe, a noted figure in the crypto analysis domain, provided his insights on the recent downward price movement of Bitcoin via X, citing a mix of factors including the anticipation of the FOMC meeting and significant capital outflows from Grayscale‘s Bitcoin Trust. Van de Poppe advises, “It’s typically in these pre-FOMC periods, perceived as risk-off intervals, that the savvy investor finds opportunities to ‘buy the dip’.”
In a reflection of market sentiment adjustments, analyst @10delta on X pointed out the strategic positioning of investors in anticipation of the Fed’s rate decisions. “The market is currently pricing in a reversal to the November ’23 interest rate levels, a clear indication that investors are adjusting their expectations based on the Fed’s potential pivot signaled in the previous dot plot,” he noted.
Accordingly, he argues that the FOMC & dot plot will be a “buy the news” event as the market expectations are being properly adjusted. “The macro worries […] should dissipate & crypto idiosyncratic bullish factors, such as the ETF inflows […] as well as the BTC halving take hold. All considered I think there’s a good R/R for ‘buying the dip’ heading into the March 20 event,” the analyst added.
Goldman Sachs Predicts (Only) 3 Rate Cuts This Year
Goldman Sachs Research recently provided a detailed analysis in their March FOMC Preview. The report highlights the nuanced balance the Fed seeks to achieve between controlling inflation and supporting economic growth.
“Our revised forecast now anticipates three rate cuts in 2024, a slight adjustment from our previous prediction, primarily due to a modest uptick in the inflation trajectory,” Goldman Sachs analysts elucidated. They further speculate, “While the immediate focus is on maintaining current rate levels, the trajectory for rate cuts will hinge on inflation dynamics and economic performance indicators.”
Goldman Sachs further predicts that the Fed will still target a first cut in June. “This combined with a default pace of one cut per quarter implies that the most natural outcome for the median dot is to remain unchanged at 3 cuts or 4.625% for 2024,” the banking giant remarked.
Goldman: Inflation has been firmer in recent months, but we think it is still on track to fall enough by the June FOMC meeting for a first cut. pic.twitter.com/0I1BPYiU8W
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) March 17, 2024
As the crypto market and broader financial ecosystems await the outcomes of the FOMC meeting, the prevailing sentiment is one of cautious anticipation. Market participants are closely monitoring the Fed’s commentary for indications of future monetary policy directions via the dot plot.
The question for the Bitcoin and crypto market is whether there will be an unpleasant surprise or whether market participants were right with their “higher for longer” policy assumption.
At press time, BTC found support at the ,400 price level, trading at ,118.
The Uphill Quest — Top Cryptos Face Significant Hurdles to Reclaim Peak Prices
As of Feb. 29, 2024, at 11:30 a.m. ET, bitcoin’s price stands a mere 9.5% shy of its record high of ,044 per unit, achieved on Nov. 10, 2021. Below is an examination of several leading cryptocurrencies and their proximity to their historical peaks. The Herculean Task for Some of the Top Cryptos to Return […]
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Fed Governor Discusses Crypto’s Impact on US Dollar Dominance — Says Banks Should Avoid Bitcoin ETFs as Primary Asset
A Federal Reserve governor has addressed crypto’s impact on the U.S. dollar’s dominance. Additionally, he expressed reservations about the need for a U.S. central bank digital currency (CBDC) and stated his opposition to banks holding bitcoin exchange-traded funds (ETFs) as their primary asset. Fed Governor on Crypto, CBDC, and the U.S. Dollar Federal Reserve Governor […]
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