Bitcoin’s price oscillation between ,182 and ,199 within 24 hours underscores a battlefield where bulls and bears vie for dominance. Bitcoin Bitcoin’s 1-day chart reveals a narrative of volatility, with the asset’s price making significant leaps and bounds. This volatility is encapsulated by long wick candles, highlighting the intense tug-of-war between buyers pushing upwards and […]
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Despite Crypto Uptick, Paypal’s PYUSD Stays Quiet in the Top Ten Stablecoin Race
In the last day, the global trading volume has hit 3 billion, with stablecoins accounting for an impressive 3 billion of that total. Among the array of stablecoin assets tied to the U.S. dollar, Paypal’s PYUSD has emerged as a top ten player. Yet, despite the ongoing cryptocurrency market upswing, PYUSD has shown minimal activity […]
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Vitalik Buterin’s ENS Address Trades $100K Worth of ETH for Stablecoins Amid Market Uptick
According to blockchain analytics, the Ethereum Name Service (ENS) domain “vitalik.eth” has engaged in a transaction of 0,000 worth of ether, converting it into an equal amount of stablecoins on the Base blockchain. The address, purportedly belonging to Ethereum’s co-founder Vitalik Buterin, currently possesses 955.58 ether, estimated at .64 million. ‘Vitalik.eth’ Wallet Makes Strategic 0K […]
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Solana’s BODEN Token, Nodding to Joe Biden, Sees Major Uptick After TRUMP Coin Rally
The digital asset known as maga (TRUMP) has experienced significant appreciation, while a newer cryptocurrency, jeo (BODEN), has seen its value skyrocket by 1,597%, as per data from coinmarketcap.com. In the last 24 hours alone, BODEN has witnessed trading volume amounting to .50 million on decentralized exchange platforms such as Raydium and Orca. Biden-Inspired BODEN […]
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Value Locked in Defi Nears $100 Billion Milestone Amidst Broad Market Uptick and Lido Dominance
Five days ago, the total value locked (TVL) in decentralized finance (defi) protocols exceeded the billion mark, and since that point, it has expanded by an additional .66 billion. As it hovers above the billion threshold, the TVL is approaching the 0 billion milestone, a figure not observed since before the collapse of […]
Bitcoin News
Yuga Labs’ Acquisition of Proof Fuels Moonbirds NFT Sales Uptick
Friday saw Yuga Labs, known for creating the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) series, unveiled its acquisition of Proof, a notable NFT startup behind the Moonbirds collection. Kevin Rose, founder of Proof, will assume an advisory role within Yuga, and the startup’s team plans to integrate into the Yuga framework. Moonbirds NFT […]
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Record-Breaking Heights: Injective (INJ) Soars Over 70% Amidst AI Uptick
With the token touching .35 early on Friday, the injective (INJ) price formed a new all-time high, suggesting that it has recovered all of its losses.
In the cryptocurrency industry, altcoins are gaining traction because most of them have started to rise and are outperforming the leading cryptocurrency, Bitcoin.
A couple of the stronger altcoins lately are Avalanche, Bonk, and Solana. INJ, an altcoin that has been making positive noise of late, has attracted a lot of interest as it managed to retain a steady momentum, to the delight of investors.
Injective Surges To All-Time Highs, Marking Impressive Weekly Growth
One of the top AI-based digital currencies in the cryptocurrency market is INJ, since its horizon is accumulating positive sentiments on a global scale.
After breaking over the critical and last region of resistance at , its prior ATH, INJ moves into a price discovery mode. As of this writing, the token’s value has increased by over 70% in the weekly timeframe, marking the third day in a row that it has increased.
A blockchain specifically created for financial applications, the Injective protocol stands out in the ever-changing world of cryptocurrencies.
With a focus on finance, Injective seeks to provide cutting-edge services and solutions by utilizing blockchain technology to improve the financial industry in a number of ways.
Developed as a Layer 2 application on top of the Cosmos blockchain, the platform makes use of cross-chain bridges to enable cryptocurrency access from Ethereum and Polkadot.
AI Excitement Propels INJ’s Meteoric Rise
The substantial increases in the price of Injective seem to be attributable to the heightened enthusiasm surrounding artificial intelligence, especially with the release of ChatGPT-4 and the broader story surrounding AI advancement.
Injective’s value rises in response to the market’s reaction to the rising prominence and potential influence of AI technologies as the tech community is abuzz with excitement about the newest developments in the sector.
The spike is also consistent with recent market statistics that Santiment, a platform that streamlines on-chain monitoring, released. According to the data, the market capitalization of the INJ coin had a significant surge, rising by almost 250% since the middle of October.
The data also shows which three wallets have the highest percentage of INJ accumulations. At .18 billion, these stocks make up almost 80% of the entire INJ supply. The aforementioned accumulations contain over two-thirds of all tokens in circulation.
The three biggest INJ wallets have added more over 7 million tokens to their holdings during the last three months, according to Santiment. It is unclear whether INJ price increases are long-term because large pocket investors are probably taking profits.
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Uptick in Token Generation Events Signals Market Shift
The behavior of the cryptocurrency market has changed, with a newfound interest in Token Generation Events (TGEs) and rapid listings, pointing to a potentially revitalized crypto market and an influx of new projects.
Crypto Market Shifts Gears With Surge in Token Generation Events
In a development in the token launch sector of the cryptocurrency market, there has been a marked increase in Token Generation Events (TGEs), suggesting a notable shift in market behavior, according to Andrei Grachev, managing partner of DWF Labs. Grachev, in a recent statement on X (formerly Twitter), highlighted a surge in TGE projects, “We are observing a huge flow of TGE projects, I would say that this amount has increased +15 times in the last month. And many of them are eager to be listed ASAP. Market behavior changed completely.”
A TGE is a crucial early event in the lifecycle of a crypto project that involves the technical generation of the token in a blockchain-based network, and its launch to the market, normally in the form of a public sale, private sale, or initial coin offering (ICO). It is a process where a new blockchain-based project or platform raises capital by selling its native tokens to investors and supporters. In addition to simply raising funds to support the project, TGEs are critical in publicizing and engaging with the crypto community.
Grachev clarified the above post to Bitcoin.com News that the uptick in TGE projects refers to his investment firm seeing an increasing number of ventures seeking fundraising, rapid listing, and a TGE. “It’s about a number of projects that are approaching our venture / [market making departments]. 1-2 months ago, it was a lazy fundraising with listing plans Q2-Q3 2024. Now, same and new projects raised rounds or almost raised but are actively asking for listings and TGE.”
This shift from a more laid-back approach to a call for funds plus TGE along with an accelerated listing suggests a belief among these projects that the market is picking up steam, and that these projects aim to leverage the rejuvenated markets.
Additionally, Grachev observed an increased activity among listing agencies, indicating a renewed demand. “Listing agencies are actively working again. It is important because it’s demanded again. Why? New market players want to be listed but have no connections,” he said. This resurgence is seen as a positive sign, as each cycle includes survivors from previous cycles and introduces new entrants with fresh ideas, potentially leading to significant changes in the crypto landscape.
The recent spike in TGEs coupled with greater urgency for listings underscore a potentially transformative phase in the cryptocurrency market, with new players eager to make their mark in a rapidly evolving digital asset space.
Do you think the increase in interest in TGEs and preference for faster listings indicates bullishness? Share your thoughts and opinions about this subject in the comments section below.
US CPI Sees Slight Uptick in November, Fed Likely to Maintain High Rates
In November, the U.S. Consumer Price Index (CPI), a principal measure of inflation, registered a modest rise of 0.1%, maintaining a consistent annual increase of 3.1%. This minor growth in prices reflects subtle economic shifts, with energy costs witnessing a marked reduction, in contrast to the gradual rise in expenses for housing and food.
U.S. Inflation Rate Holds Steady: Minor CPI Rise Amid Falling Energy Costs
The data released on Tuesday by the U.S. Bureau of Labor Statistics highlighted a significant 2.3% fall in energy prices. This decline, led by a 6% drop in gasoline and a 2.7% fall in fuel oil prices, played a pivotal role in moderating the overall inflation rates. The latest inflation figures had a subdued effect on Wall Street, as major stock indexes exhibited little fluctuation in early trading. Similarly, the cryptocurrency markets and precious metals sectors remained largely unaffected.
“The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in November on a seasonally adjusted basis, after being unchanged in October, the U.S. Bureau of Labor Statistics reported today,” the inflation report notes. “Over the last 12 months, the all items index increased 3.1 percent before seasonal adjustment.”
The Federal Reserve is likely to sustain its present interest rate stance, a decision significantly swayed by the recent CPI statistics. While some market forecasts indicate a pause in rate hikes, with potential reductions envisaged in the future, Fed analyst Jim Grant predicts persistently high rates, not foreseeing a reduction in the near term.
The Federal Open Market Committee (FOMC) is scheduled to convene on Dec. 13, 2023, with market anticipations currently not favoring a change in rates. There’s a 98.4% probability that the federal funds rate will stay constant, with only a slim 1.6% likelihood of an increase on Wednesday, according to the CME Fedwatch tool.
What do you think about the latest CPI report? Share your thoughts and opinions about this subject in the comments section below.
Cardano: AI Chatbot Starts Beta Phase, ADA Price Eyes 22% Uptick
CardanoGPT has officially announced the beta launch of its AI-powered chatbot, Girolamo. This initiative marks a substantial advancement in the integration of artificial intelligence (AI) technologies with the Cardano blockchain ecosystem. Named after the influential Italian mathematician Girolamo Cardano, the chatbot intends to symbolize the fusion of historical intellectual legacy with contemporary technological innovation.
Girolamo is engineered to provide a range of functionalities, including content generation, image generation, and image interpretation, which are tailored to accommodate diverse user inquiries. This suite of capabilities enables the chatbot to offer real-time, contextually aware responses, extending its utility beyond standard blockchain applications. The inclusion of image-related functionalities represents a significant technological stride, enhancing the interactive experience and broadening the scope of its applicability.
To participate in the beta testing phase of Girolamo, users are required to hold a minimum of 5000 CGI tokens, as outlined by CardanoGPT. Access to the chatbot is facilitated through the CardanoGPT Discord server, where users undergo a wallet verification process. Upon successful verification, users are granted the @cyborg role, enabling them to interact directly with Girolamo in the designated chat channel.
CardanoGPT’s announcement emphasizes that Girolamo is still in its beta phase, suggesting ongoing development and potential enhancements. This phase is critical for assessing the chatbot’s performance, user experience, and overall functionality within the Cardano ecosystem. The company has highlighted its commitment to continuous innovation and development, aiming to maintain a leading position in the convergence of AI and blockchain technology.
Cardano Price Poised For 22% Surge?
ADA has seen a strong upward trend since breaking out of the downward trend (black line) on October 21, which has caused the price to rise by over 60%. For the past two weeks, however, the rally has come to a standstill. The price is in a consolidation after the ADA was rejected at the 0.786 Fibonacci retracement level at .411.
However, the AI narrative and potential hype in this market segment could be significantly bullish for the Cardano price once the launch of Girolamo is on the horizon. AI tokens have seen some sharp price movements over the past few months, driven by news around the progress of OpenAI and other companies.
In the short term, the ADA price may need a retest of support at the 0.618 Fibonacci retracement level at .37 to herald the next upward move. Remarkably, the price level is of double importance as the 20-day exponential moving average is also at this price level.
If this price level is defended in the next few days, it could be the precursor to the next move higher. The obvious target would be the yearly high at .463. Reaching this price would mean a 22% rally from the current price.