How Will Bitcoin Price React To the FED Rate Hike Decision
Bitcoin (BTC) has started a new week in a bullish position as it surpassed $28,000, hitting a nine-month high as crypto markets continue to surge amid the ongoing banking crisis in the United States and abroad. The question on everyone’s mind is, where will they go next?
Federal Reserve Meeting Looms
As markets remain volatile, this week promises to be a challenging one, with the Federal Reserve’s meeting on March 22 at the forefront. The Federal Open Market Committee (FOMC) will decide on its next interest rate changes, which many anticipate could affect Bitcoin’s market outlook.
The unfolding banking crisis has put into doubt the Fed’s ability to keep raising interest rates, a policy that some commentators argue could cause further bank failures. Altcoin Daily’s Aaron Arnold is of the opinion that whatever the numbers are, they will swing in favor of crypto.
The Fed is caught between a rock and a hard place, said Arnold, and the decision will likely add to the instability in traditional financial markets. Meanwhile, Bitcoin’s ecosystem is growing stronger than ever, as network fundamentals launch to fresh all-time highs.
Cryptocurrency Prices Slightly Higher Ahead of Fed Meeting
Investors are looking forward to the latest policy decision to come out of the Fed’s March meeting, which will conclude on Wednesday afternoon. I am anticipating that the central bank will raise interest rates by 25 basis points, with a roughly 83% chance of a quarter-point increase, according to CME Group’s FedWatch tool.
While some investors have attributed the recent crypto rally to dwindling confidence in centralized institutions like Credit Suisse and Silicon Valley Bank, others maintain that inflation and Fed policy remain the biggest catalysts for the price of Bitcoin.
Bitcoin Surpasses $28K and Targets $30K
As the week begins, Bitcoin’s value continues to surge, reaching $28,400, according to data from CoinMarketCap.
The pair managed to beat out bears during a consolidation period last week to return to target levels not seen in almost a year, with $30,000, a psychologically significant level surrounded by considerable historical liquidity.
Monitoring resource Material Indicators and others believe that a key support level to hold is the 200-week moving average. At press time, BTC was worth $28,183.
Elon Musk, Bill Ackman, Peter Schiff Caution US Fed, and FDIC Ahead of FOMC Rate Hike
The ongoing banking crisis has induced a lot of uncertainty in the financial markets around the world. The signs of a market recession continue to pop from the developed markets, including the United States. With the fear of more bank runs, confidence in Bitcoin, among other risky assets, has significantly spiked in the recent past.
Moreover, Bitcoin price has printed its largest weekly gain amidst the banking crisis. Additionally, United States federal officials are exploring ways to allow the FDIC to temporarily insure deposits beyond the current $250,000 cap on most accounts without having to get approval from Congress.
With the risk of hyperinflation similar to Venezuela, Sri Lanka, and Argentina, among other nations, the value of Bitcoin is expected to skyrocket in the coming years. Furthermore, mainstream adoption is expected to kickstart the next parabolic crypto bull run.
Uncertainty from the Elite
The Fed monetary policy statement on interest rates is expected to be released tomorrow, as economists argue whether the Fed should pause or drop the rate to bolster the financial crisis. Accor to billionaire Bill Ackman, the Fed should pause the interest rate hikes or decline during tomorrow’s FOMC statement.
“I continue to believe that the best course of action is a temporary FDIC deposit guarantee until an updated insurance regime is introduced, for if bank number five is closed, the market’s attention will move to banks six, seven, and eight,” Ackman noted.
His argument was, however, countered by Peter Schiff, who noted a pause would be catastrophic for the dollar.
As such, Elon Musk noted that the Fed should drop the interest rate by at least 50 bps to save the economy.
Bitcoin (BTC) Price To Crash More Ahead of Interest Rate Hikes
The well-known cryptocurrency trader Michael van de Poppe posted his most recent technical analysis for the Bitcoin market today in the wake of remarks made by the U.S. Federal Reserve Chairman Jerome Powell on Tuesday that sent the stock market and Bitcoin into a wild dive.
Powell stated in a hearing before the U.S. Senate Banking, Housing, and Urban Affairs Committee that recent inflation data indicates the Fed may eventually need to raise interest rates higher than anticipated.
According to Poppe, the stance was that we would have a relatively hawkish power in which we might receive a higher federal funds rate, meaning that Powell is increasing his interest rates on a monthly basis based on events and the data when it comes to CPI inflation, labor markets, and more.
“However all of a sudden the inflation data comes in higher and as a result, we can see that the markets are correcting right now and the Fed wants to continue doing its policy. The question is are they going to do and are the markets buying it and what’s actually taking place when it comes to the inflation data.”
The inflation data, according to him, has been a little bit twisted. He said one argument could be that China wakes up and comes out of the lockdown, meaning that there is some sort of higher prices coming out of that country and as a result, the inflation every day is a little bit higher at this point.
The other argument he cited is that the metric being used to determine the inflation data has been adjusted, meaning that there is a little higher number coming out right now.
Talking about the Bitcoin price action, he said that it is consolidating right now but it is still in a higher time frame support area.
“Looking at in terms of a technical standpoint here well we’ve got a clear resistance point at 22.6K and we had a clear support level around 22k.”
Here Is Why SHIB Burn Rate Is On A Choppy Ride, Shiba Inu Price
Even though the crypto market opened the year on a bullish note, the start of February has not been a smooth ride. In the last seven days the crypto market led by Bitcoin has experienced a major pull back. However, the second largest meme currency, Shiba Inu, has managed to gain more than 10% during the last seven days before making a down fall today.
At the time of reporting, Shiba Inu has lost 6.49% over the span of 24hrs and is now trading at $0.00001328. The immediate resistance for SHIB lies at $0.000013500 while the support is at $0.00001300.
On the other hand, the website’s Shibburn tracking data claims that in the last 24hrs the SHIB burn has plunged by 68%. During this period only 6,680,182 Shiba Inu tokens have been moved to dead wallets and this was done in just five transactions. When looking at the previous day’s burn rate, the burn rate jumped by nearly 10,000%, but this meant that only 20.9 million SHIB were sent to the dead wallet.
SHIB Burn Rate Follows Shiba Inu Price
This is the major reason why Shiba Inu price is underperforming. It is often observed that SHIB’s burn rate correlates with its price action. Hence, as per the reports SHIB burn rate was quite positive when the price was surging.
However, while the launch of Shibarium has brought much excitement in its traders and investors, the demand could further push the price once it’s launched. Also the network has been entering into various partnerships which has increased SHIB’s adoption ratio.
Now, if Shiba Inu successfully manages to take over its next major resistance of $0.00001400, the currency might enter its next bull run soon.
Fed’s Interest Rate Decision Crucial For Bitcoin Price!
While the crypto space eagerly waits for the results of the FOMC meeting and its impact on Cryptocurrencies, it looks like Bitcoin bulls are back on their track. Bitcoin price has once again claimed its $23,000 area and is strongly moving towards its next bull run.
At the time of reporting, Bitcoin is selling at $23,097 after a surge of 1% in the last 24hrs.
This is not the first, since the start of 2023, Bitcoin has surpassed many bearish pulls. At the moment, all eyes are on the US Federal Reserve’s interest rate decision after the FOMC meeting which is scheduled for February 1, at 1900 GMT. Once the FOMC meeting concludes, 30 minutes later the Federal Reserve will reveal their decision in terms of interest rate hikes after 30 minutes of FOMC meeting.
Fed’s Decision To Shape Bitcoin’s Future Price Action
Hence, today it is expected that the crypto market will display high volatility, especially the world’s first cryptocurrency, Bitcoin. The Federal Reserve’s interest rate hike decision will be based on two factors – minimum unemployment rate and the controlled inflation rate. It all depends on these two numbers which will decide whether the Fed will have a hawkish or dovish approach. Here hawkish stance refers to a decision that is focused towards inflation control and dovish refers to the decision that leans more towards economic growth rather than inflation control.
However, what needs to be noted is that, until now, the Fed has displayed a hawkish stance where they have even increased the interest rates between 4.25% and 4.50%. Nevertheless, today the interest rates are expected to spike up by 0.25% or 25 bps. This is expected to happen 99.4% whereas the interest rate hike of 50 bps is in probability of 0.6% as claimed by CME’s FedWatch Tool.
Now, even though Bitcoin has claimed $23K level, the King currency is mostly expected to face a rejection at $23,500 and fall towards $22,300. If bulls fail to take control here, the BTC will further be pulled back at $21,232. Nonetheless, it all depends on the FOMC meeting and Fed’s decision.
Bitcoin’s Hash Rate Hits New Records; What Next For BTC Price ?
As the 2023 bull rally drives Bitcoin (BTC)’s price movement to new five-month highs, the largest cryptocurrency’s network is experiencing new records in activity. Data from MiningPoolStats, show that on January 26th, Bitcoin’s hash rate reached a new record high.
The entire amount of computer power that is linked to the Bitcoin network is referred to as the hash rate. If the current rate of increase in BTC prices is maintained, then it is likely that a new level will be registered.
According to the findings of on-chain analyst CryptoQuant, an increase in Bitcoin values would prompt a greater number of users and mining farms to turn on their rigs, which would lead to an even higher hash rate.
CryptoQuant added that the increasing hash rate would be a sign that strong liquidations were about to occur, which may lead to a reduction in mining activity and a subsequent decline in price.
The expert believes that the opposite is true, citing data that is stored on the blockchain. This is despite the fact that there seems to be a direct correlation between the spot price of Bitcoin and the hash rate. He is confident that prices and the peaking hash rate of bitcoin can move in opposite directions, which will affect the coin’s valuation.
Furthermore, the expert pointed up instances in the years 2021 and 2022 in which increasing hash rates led to major price retracements after strong gains in price. The average price drop during the selloff was 19.5%, with the steepest drop being 37%. There were seven events that caused the selloff. He goes on to say that prior to this downturn, the coin’s valuation had a tendency to report a maximum increase of 11%.
BTC is currently valued $22,968 as of the time of this writing, which represents an increase of over 10% in the past seven days but a decrease of 0.06% in the past twenty-four hours.
Rate That Crypto Could Beat Top Cryptos Like Bitcoin and Cardano for Profits
Are you all baffled by the new crypto tradings? Do you want to learn all about crypto trading in a fun and engaging way? What better way to learn such a boring thing than a fascinating game?
Rate that Crypto is your life savior, where you can play, learn and earn in no time. You can easily beat top cryptos like Bitcoin and Cardano for profits. Interesting, isn’t it? Join us today in this video to know more about it.
Here is how you can beat top cryptos like Bitcoin and Cardano for Profits
Cryptocurrencies are always volatile. Thus, it is always risky to invest in them. But if you know how to forecast the current market, you will always be in profit. As boring as it is to learn about the profits, the game is all about making predictions about the currencies to earn profits. You can even make bullish and bearish short-term predictions and stake your points. This game first teaches you the art of forecasting the market and then makes you rank up the board to earn some $RTCs.
To earn a profit, all you need to do is get the token. Then, make a short-term prediction. If your prediction is correct, you will get all the amount of the points staked. If you keep on making the right predictions, you can easily earn all the profit in no time. Soon, you will be able to hold a genesis NFT. This is where you could easily beat all the top cryptos. Genesis NFT will open your doors to becoming a VIP member. You will even get free access to the market and beta testing. As you climb up the ladder, you will also get RTC utility to reward each month. It will add to your rewards for participating in the Rate That Crypto ecosystem.
Additional Bonuses
If this is not enough to beat the top cryptos to earn profits, the amazing gameplay also distributes some of the revenue back to the community. They use a proportion to buy back the $RTC on the open market to allocate it to the prize pool. Then, the remaining will be given to the prize pool. The ones that are still left will be given to all of you as revenue. To add to this, who gives the Bitcoin bonus points? No one. But you can get an $RTC bonus point if you meet the minimum threshold. This again adds to the profit.
But how will you learn how to forecast the market? Well, this app has it all. It teaches you everything you need to know about predicting the currencies so that you can always forecast the right market to win amazing profits in no time.
Conclusion
So what are you waiting for? If you want to earn more profit than Bitcoin and Cardano, then here is your golden opportunity. Download the Rate That Crypto app and make some easy $RTCs by learning the art of forecasting.
For the latest news on Rate That Crypto check out the RTC Discord Server and join the telegram group.
For more information on Rate That Crypto visit the links below:
Presale Website: www.ratethatcrypto.com
Linktree: https://linktr.ee/ratethatcrypto
HOW TO BUY RATE THAT CRYPTO (RTC)
NOTE:
- USD Coin (USDC) on the Polygon network is required to buy the $RTC presale
- Ensure that you have a small amount of Polygon (MATIC) to cover gas fees.
- MetaMask is highly recommended (either desktop or in-app). However, TrustWallet and Coinbase Wallets are also supported
HOW TO BUY USDC (PoS)
OPTION 1: BUY USDC DIRECTLY
A) IMPORT THE USDC TOKEN
Copy the Polygon USDC token address: 0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174
In your MetaMask Wallet, Press ‘Import token’ and paste the address.
B) BUY VIA TRANSAK/ MOONPAY USING YOUR CARD
From MetaMask, press Buy and you choose either MoonPay or Transak. You will need to follow their additional steps, likely including KYC depending on your local region
OPTION 2: POLYGON BRIDGE
A) BRIDGE ETHEREUM TOKENS
Go to the Polygon Bridge and select your Ethereum based token that you wish to bridge to Polygon. Ideally USDC, but you can also bridge ETH, MATIC, USDT etc.
*If you bridge Ethereum based USDC to Polygon USDC, you can skip Step 2 and are done!
B) SWAP FOR USDC (IF NEEDED)
Select Polygon Swap on the left pane and enter the token value amount that you wish to swap for Polygon USDC. Approve and Confirm the transaction in your Wallet
HOW TO BUY RTC
A) VISIT RATETHATCRYPTO.COM AND CONNECT YOUR WALLET
Ensure the Polygon Network is selected and then press ‘CONNECT WALLET’
B) ENABLE PERMISSION
Confirm that you allow the contract to access your USDC balance. Don’t worry, no transaction will occur yet
Enter the $USDC amount that you wish to invest. The minimum investment is $10.
C) ENTER AMOUNT
D) APPROVE TRANSACTION
Press ‘Approve Transaction’ and confirm the request in your Wallet when prompted
E) PURCHASE $RTC!
Press ‘Purchase RTC’ and confirm the transaction once more in your Wallet
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Toncoin (TON), VeChain (VET), And Rate That Crypto (RTC)
Reddit has quickly become one of the most reliable sources for crypto traders. It has provided a platform for comprehensive analysis and discussion. Although some Redditors may have biases toward specific projects, the platform still enables hopeful investors to discover significantly undervalued cryptos before they become well-established.
With that in mind, this article discusses the best cryptos to buy right now on Reddit, showcasing a selection of top-rated cryptocurrencies before presenting a step-by-step walkthrough of the benefits attached to these promising crypto projects.
With lots of options in the crypto market, it can take time for investors to decide where to put their money. Luckily, there’s a community of crypto enthusiasts and investors on Reddit who are willing to share their knowledge with the ecosystem. Investors on Reddit suggest that Toncoin (TON), VeChain (VET), and Rate That Crypto are significantly undervalued millionaire tokens worthy of investment.
Explore this article to find out why Reddit highly recommends these tokens.
Toncoin (TON) Seeks to Solve Common Problems Plaguing the Blockchain Network
Toncoin (TON) is a network that offers secure, fast, and scalable services. This blockchain project is designed to handle numerous transactions per second. The Ton network also produces a genuine Web3 universe with decentralized services.
This flexible multi-blockchain platform, Toncoin, executes its functions via smart contracts. It achieves this via multi-cryptocurrency value allocation, upgradable blockchain specifications, and influencing micropayment mediums. These services include instant payment, the peer-to-peer model, and other decentralized services.
TON is the governing currency of the Toncoin platform. The token functions in transaction execution and payment of gas fees. This token is also used to pay for and issue new currencies and work chains. Users can also use these TON tokens to pay for services offered by other dApps created on the network.
This platform was designed to solve common blockchain problems by providing speedy transactions and other efficient and user-friendly services.
VeChain (VET) Serves Not Just the Digital World, But Also the Real World
VeChain (VET) is a platform that seeks to bridge the existing gap between the digital and real worlds. This platform seeks to solve the problems that coexist in both worlds. VeChain has the primary aim of building a ledger platform that is trustworthy, transparent, efficient, and affordable. This platform is a unique cryptocurrency utility designed to grant investors ease in the ecosystem.
The VeChain Thor (VET) is the primary token of the network that runs its mainnet. This VET token functions for value and asset transfer and fuels the platform’s liquidity. The platform has a secondary token, VeChain Thor Energy (VTHO). The VTHO token is used in the execution of transactions as well as the payment of gas fees. This altcoin, VET, possesses excellent prospects as it is constantly in demand.
Rate That Crypto (RTC) Features a Unique Utility that Proves Profitable For Investors
Rate That Crypto (RTC) is a mobile platform built for iOS and Android users. This platform features intriguing gameplay that allows users to earn crypto by making accurate price predictions on various cryptocurrency tokens. Players can lay stakes via pointers to place short-term predictions on the direction of a coin on the chart.
Rate That Crypto is a community-friendly platform that enhances users’ knowledge of cryptos by providing them with vast information. It provides its users with opportunities to learn about the ecosystem and teaches them how to make accurate predictions on lucrative investments.
The utility token for this platform is the RTC. It was created to possess enough utility for granting rewards. It also functions by generating liquidity and contributing to the prize pool of the network. The holders of the RTC tokens are awarded exclusive access to random airdrops and bonus draws across the platform.
RTC also seeks to dominate the gaming industry in the ecosystem and the NFT universe. RTC possesses a premium collection of NFTs that enhances players’ experiences in the network. Owners of these NFTs will gain access to an exclusive prize pool and exclusive access to community merchandise. Rate That Crypto is one unique token that investors should consider when scouting for new investments.
For the latest news on Rate That Crypto check out the RTC Discord Server and join the telegram group.
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3 Major Advancements Rate That Crypto (RTC) Is Bringing To The Crypto Industry
Introduction
The idea of a new cryptocurrency bursting onto the scene may seem like an anti-climax for some investors. Hundreds of new projects are being launched daily, promising investors astronomical returns. Usually, the quote “if it sounds too good to be true, it probably is” can be applied to many of these projects as they have no practical use. However, this is not something that can be said about Rate That Crypto (RTC).
What is Rate That Crypto? (RTC)
Rate That Crypto is an immersive play to earn crypto that emphasises education. You can use your knowledge and expertise to use points to establish whether or not the price of a cryptocurrency will be going up (bullish) or going down (bearish). Once you reach the top of the leaderboard, you will receive a prize pool percentage. As the amount of users grows, the prize pool will also increase.
In essence, it is a demo system where you do not need to wager your money to win one of the available prizes. You can use your points and analytics on the website to move up the leaderboard. In addition, there is a non-custodial wallet where you can store your cryptocurrency.
Risk-Free Gameplay
This could be the main selling point of this unique project. Rate That Crypto (RTC) is unique because it isn’t a project solely after your money. The mechanism in place is a points system which utilises a points-based leaderboard.
It is fully authentic, based on bullish and bearish predictions, and you cannot purchase places on the leaderboard. Users can watch video ads to generate new points if they run out. This opportunity is provided three times a day.
Educational
As we touched on in the introduction, the main purpose of Rate That Crypto (RTC) is for educational purposes. You can use the real market sentiment and price to predict whether a cryptocurrency will be bullish or bearish.
By learning how the markets move without having to stake your own money, you can become familiar with the patterns to look out for, so building your knowledge of the market will better equip you to use your money when you trade in the future. However, the market is unpredictable. Even if you do begin to understand how it works and think the price will move in a specific direction, your capital is always at risk.
Gameplay
Combining education and gameplay can be a hard sell. Usually, it isn’t easy to combine the two. However, this is where Rate That Crypto (RTC) stands out in the market. Not only is it risk-free and educational, but you can also have fun whilst combining these other two features. Racing to the top of a leaderboard to receive Rate That Crypto (RTC) tokens as a reward is where the fun lies with this project.
Conclusion
Having to boil this list down to just three positives proved to be quite difficult. There are a huge number of other benefits to this cryptocurrency. Other key features include a fully developed app available on iOS and Android stores during phase two. In addition, the team has been fully doxxed. You can see the team’s extensive experience and expertise by looking at the whitepaper.
As well as the fact NFT holders can obtain revenue distribution, which could be worth thousands of dollars in the future. This depends on token volume and how the project develops once it enters the second phase of its launch. Phase three includes the token launch on PancakeSwap and listings on both CoinGecko and CoinMarketCap.
Whilst some of these features are part of a process that a lot of coins follow when they first start, it shows the project has solid fundamentals and has a clear and concise road to becoming a success.
More Details :
Twitter – https://twitter.com/ratethatcrypto
Telegram – https://t.me/ratethatcrypto
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Rate That Crypto, Decentraland and MetaToyCity
Blockchain technology has ushered in various outstanding platforms where individuals can earn money while playing games they enjoy. However, it might not seem easy to figure out which play-to-earn game to explore and invest in. Crypto gamers suggest Decentraland (MANA), Meta Toy City (ZMT), and Rate That Crypto (RTC) as the best crypto gaming platforms.
Let’s examine the various attributes of these play-to-earn games.
Rate That Crypto (RTC) offers individuals the opportunity to earn while learning about cryptocurrency.
Rate That Crypto (RTC) is a decentralized play-to-earn platform on the blockchain network. A person without formal knowledge of cryptocurrency can download the application on a mobile phone to read and learn about cryptocurrency in a user-friendly way. Rate That Crypto was founded by Andrew Thomas, Aaron Thomas, Josh Best, Aaron Foster, and Asif Zamil. To stay up to date with all things Rate That Crypto check out the RTC Discord Server and join the telegram group.
RTC offers its users the latest news in the crypto world through the mobile app and enlightens them on how to set up their crypto accounts on the Polygon network. Rate That Crypto NFT holders get interest distribution as passive income, which could be worth thousands of dollars depending on the monthly trading volume of the token.
RTC users can easily climb the leaderboard by playing the in app game, where points are multiplied for making correct bullish or bearish calls on top cryptocurrencies.Rate That Crypto brings to the blockchain fun and addictive games where players do not need to spend money to win money as the game is completely free to play.
Decentraland (MANA) allows various players to communicate while playing games.
Decentraland (MANA) is a decentralized Ethereum-based digital game where players can control the actions of their avatars in a three-dimensional virtual world. The project was launched by Ari Meilich and Esteban Ordano as a blend of virtual reality, augmented reality, and the internet.
Decentraland has three native tokens used to run affairs in the system: LAND, Estate, and MANA. LAND and Estate do not act as currency for purchases, so they are not convertible, but they are NFTs used to create avatars. MANA, on the other hand, is the official digital currency. Users can use MANA to make purchases on the platform.
Decentraland (MANA) permits its users to take part in a shared digital adventure. Users can buy or sell land, properties, or costumes for their chosen avatars. It also allows users to communicate and socialize with each other, play games, and trade rare collectibles.
The Decentraland (MANA) platform rewards NFTs to players who participate and win in the various play-to-earn games. Those NFTs can be sold by users and converted to MANA.
Meta Toy City (ZMT) is a play-to-earn, Guild-fi multiplayer gaming platform powered by NFTs and tokens on the Polygon blockchain network. Meta Toy City allows users to own and control their virtual world. It is a software application that is open for download on the Android or Apple Play stores.
Meta Toy City (ZMT) exists in a universe called Meta Toy, where various independent worlds are found. Players can transfer NFTs from one Meta Toy world to another and sell those NFTs in the new world. The goal of the Meta Toy is to have a community where many crypto fans can benefit while having wonderful gaming experiences and become committed and loyal followers of the platform.
In Meta Toy City, players can possess, buy, sell, and exchange resources received in the game. Players can also earn ZMT tokens when they become masters and own the Meta Toy Guild House NFT.
Rate That Crypto (RTC) is here to stay and is one of the best play-to-earn cryptocurrencies to add to your portfolio. Unlike most gaming platforms where users have to pay first before they can access the application to play, RTC is different. It means anyone has the opportunity to get the app and enjoy playing while they earn. RTC is the best among other play-to-earn games.
>>> Register & Buy Rate That Crypto Now <<<
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Bitcoin is Breaking Down While the Hash Rate Marks new ATH, Are the Bottoms In?
The bitcoin price is heading to form new bottoms, as after rebounding a couple of times, it dropped below $16,000 and formed new yearly lows at $15,476. The capitulation period, which is speculated to have begun with the fresh sell-offs, is expected to drag the BTC price lower as the MVRV ratio has plunged below 0.6.
The ratio has plunged to these levels only a couple of times in the past decade, in Jan 2015 and December 2018. Meanwhile, the capitulation appears extremely high but the possibility of a bullish reversal from the bottom appears high.
With the recent drop in the prices, the traders are experiencing huge losses and they may be compelled to liquidate their assets at a loss. As per the on-chain data provider, Santiment, the network has recorded the lowest amount of BTC transactions in Profit since 2019.
The BTC ratio of daily on-chain transaction volume in profit to loss has slashed to -0.390 from the levels within the positive range. Meanwhile, the ETH ratio also has dropped to -0.30, indicating that traders facing extreme losses at the moment.
The BTC long-term holders were at loss for a pretty long-time. However, the rise in the BTC hash rate, which marked new highs, has made it more difficult for the miners to sustain. The Bitcoin hash rate, which determines the total computing power required to mine and process the transactions on the blockchain, has marked new highs.
With a rise in the BTC hash rate to 316 TH/s, the miners may now face actual pressure as they appeared to be hoaxed at the present prices. Hence, many may be compelled to sell their holdings to compensate for the mining activities.
Collectively, Bitcoin’s (BTC) price appears to be in extreme danger as all the technical & on-chain indicators point toward a bearish close for the month. Meanwhile, some volatility may be expected as the trade approaches the end of the yearly trade, but if the bulls remain aloof, the price may eventually mark a bearish close for the year 2022.
Ethereum’s Burn Rate Has Overtaken That Of Minting Rate
The second largest cryptocurrency, Ethereum which recently switched from proof of work (PoW) to proof of stake (PoS) has found its ground for the first time since its upgrade. The ultrasound.money suggests that Ethereum’s annual inflation rate has plunged to 0.029% which states that the network’s ether burning rate has surpassed the rate of minting.
Now, this negative inflation is pointing towards Ethereum’s net supply which has dropped by 5,598 since the network upgrade on September 15. As per the findings, if Ethereum had continued with PoW the supply would have increased by around 670,000. This is because the upgrade has replaced miners with validators which has pulled down the ETH mint.
U-Turn In FED’s Hawkish Stance Toward Rate Hikes? Here’s What You Should Know
Risk assets like cryptocurrencies have recently gained immense traction. This is due to the rising expectations that the Federal Reserve may change course and abandon its plan to raise interest rates from December, thus ending the so-called ‘liquidity tightening’ earlier than anticipated.
However, major investment banks feel that the Fed may keep hiking rates at the current level and that switching to smaller rate increases would not necessarily mean that the liquidity tightening process would end.
Risk assets have been in constant turmoil this year as a result of the Fed’s 300 basis point (bps) increase in borrowing costs. The central bank is anticipated to announce the new rate increase today, and shall probably heighten the borrowing cost to a range between 3.75% and 4%. In addition, it might indicate a reduction to a 50 bps increase in December.
However, some might argue that the markets have gotten ahead of themselves. According to the futures linked to the Fed funds rate, traders anticipate the rate hike cycle will peak at roughly 4.8%, down from the terminal rate of 5% price two weeks ago. While the dollar index has fallen by more than 2% in the past two weeks, Bitcoin has increased by 10%.
The core PCE, the Fed’s preferred measure of inflation, increased by 0.5% month over month in September, the same as it did in August, according to statistics released on Friday, bringing the annual increase to 5.1%. Additionally, the cost of employment is still rising at a rate that is twice what it has been during the last 15 years.
Longer rate increases by the Fed at a slower rate might push borrowing prices well over the terminal rate of 4.8% that is anticipated by the markets.
In a recent note to clients, Bank of America’s analysts provided their thoughts:
“Next week, the Fed will emphasize the importance of data. Before the [December] meeting, they will receive two more NFP and CPI prints; if they continue on their current trajectory, another 75 bps is likely; otherwise, a deceleration to 50 bps is feasible.” “Slower doesn’t mean lower,” despite the market’s strong desire for a shift.
“The Fed won’t stop raising rates until the data indicate it. While U3 unemployment is near cycle lows, Core CPI is at cycle highs. Corporations tell us that hiring is their biggest challenge. The United States and China are apart. The cost of capital is increasing. Food and energy are getting harder to come by. The threat of inflation appears widespread and entrenched. Expectations for inflation in the near term have increased. The work of the Fed is not done,” said the strategists.
In the weekly report, the credit research team at Barclays expressed a similar viewpoint, arguing that a probable tilt in favour of lower rate increases wouldn’t constitute a truly dovish turn.
“Before making a significant move, the Fed must observe a turn in inflation and weakening labor market conditions. As a result, we believe it will probably still be optional in December, which limits the [U.S. dollar’s] potential downside and raises the possibility of a broad dollar recovery this week.”
A dollar resurgence will negatively impact risky assets like cryptocurrencies as Bitcoin typically moves the opposite way from the dollar.
“If the Fed does slow the pace of hikes in December, it does not necessarily mean as well that the total amount of tightening delivered in the current tightening cycle will be less, although that will be the initial assumption,” currency analyst Lee Hardman of MUFG Bank wrote in a client note on Tuesday.
Hardman continued, “It’s possible that the Fed lowers the rate of raises but ultimately hikes for longer.
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Bitcoin , A Stable Asset, Non-Impacted By FED Rate Hikes
The crypto market has turned red again as the majority of cryptocurrencies have dropped in value. Bitcoin has lost its crucial level of $19,200 and is leading the bear trend, causing other assets to crash as well.
The crypto market is known for its correlation with the US stock market, especially Bitcoin and S&P 500. The US market is riddled with uncertainty at the moment, which has led to a similar scenario in the crypto space too.
However, a well-known Bloomberg commodity strategist, Mike McGlone, believes that Bitcoin might soon be stepping into a massive maturation phase. To explain the claim briefly, he compared this to the current crude price of $84 per barrel, which was last seen in October 2007.
He further says that during the recent interest rate hike by the Federal Reserve, the flagship currency was not highly affected, which indicates Bitcoin’s stability.
Decrease In Bitcoin Supply
McGlone also throws light on the latest developments such as the increase in outflows. Recently, on October 18, crypto exchanges saw an outflow of around $40,000 Bitcoins, which is the largest outflow in the last two months.
The same is reported by analytical firm, Santiment, which claims that the currency’s supply on exchanges has dropped by 8.48%. The report also asserts that as supply decreases on exchanges, it also decreases the chance for sell-off in future.
Conversely, the firm also reports that the social dominance of Bitcoin has dropped, indicating increased bearish momentum.
Hence, the next few days are very crucial for the Bitcoin price.
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Shiba Inu Makes It To The Bitmex Platform, Burn Rate Sees A 395% Rise
The popular cryptocurrency exchange, BitMex, recently announced the listing of six new cryptocurrencies on its platform. Interestingly, the Shiba Inu token, SHIB, will also be available for trading on BitMex, along with other assets.
It is also significant to note that the total amount of Shiba Inu burned during the last week has plunged substantially. It was low on a daily basis during that period as well.
However, according to the Shibburn tracker, the burn rate has shown a significant rise today. In the meantime, over the weekend, whales purchased a huge chunk of SHIB.
44 Million SHIB Burned, Burn Rate Rises by 395%
Shibburn platform, which takes up the work of tracing the SHIB burn transactions and removing meme tokens from dead-end wallets, shared via its Twitter handle that the amount of burned coins has dropped massively over the past week than before.
According to the calculations by Shibburn, a total of 108,611,459 meme coins were sent to unspendable wallets because of the joint efforts of the SHIB army. In the past 24 hours, another 44 million SHIB were removed from circulation, which takes the total to 155 million till now. On reports of October 2, the SHIB community had managed to burn approximately half a billion meme coins during the previous week.
Anonymous Wallet Owner Pays $1.1 Million for SHIB Tokens
On Saturday, a whale bought a whopping 100,000,000,000 Shiba Inu tokens on the KuCoin exchange, in return for $1.1 million at the exchange rate on the day of the buy.
As of today, the overall amount held by the 100 largest whales on Ethereum is a “stable amount” of 12,404,455,214,963 SHIB, i.e. it is the amount that they had not added to or subtracted from over the past couple of weeks. This overall amount of SHIB is valued at $134,295,514 and comprises 4.98% of their portfolios.
SHIB Makes A Debut On BitMex!
With Shiba Inu’s recent listing on one of the most well-known crypto exchanges, users will be able to convert, deposit, and withdraw SHIB to their exchange accounts. BitMex was one of the few significant crypto exchanges that had not yet introduced a Dogecoin competitor.
BitMex got some bad PR earlier for its earlier management comprising crypto celebrity Arthur Hayes, who was convicted of failing anti-money laundering measures within the exchange.
The most recent event within the exchange includes the launch of derivatives on the foreign exchange market. In July, the exchange also cut down its staff by 75 people.
Shiba Eternity Is A Direct Test Of Shibarium
Another recent development around Shiba Inu includes the disclosure of Shibarium and the game Shiba Eternity by the main developer of the project, Shytoshi Kusama.
He responded to the questions pouring in on Discord about when the long-awaited Layer 2 solution will be released by saying that the game should be a direct test of Shibarium.
He also added that testing Shibarium as a blockchain via the game Shiba Eternity is a logical step. Notably, the game has gotten a great start and managed to inculcate significant hype around it in the United States, India, Turkey, and Iran.
At the time of writing, the second most popular canine token was trading at $0.00001088, as per figures provided by the CoinMarketCap platform.
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Crypto Market To See New Lows Amidst Increasing Rate Hikes ?
The crypto market’s performance for the year 2022 has largely been impacted by Federal Reserve’s interest rate hikes due to increasing inflation. While the Federal Reserve continues with its rate hikes, the cryptocurrencies, especially Bitcoin, are facing the heat. However, amidst unfavorable macroeconomic conditions, the crypto market has not yet hit new lows, instead the currencies are struggling to rise.
Meanwhile, the president and CEO of Atlanta Fed, Raphael Bostic is of the opinion that the struggle to raise the odds of inflation rate is still at the entry level.
At the time of reporting, Bitcoin is valued at $20,129 with a drop of 0.31% over the last 24hrs. Whereas Ethereum, the second largest cryptocurrency is trading at $1,365 after a surge of 1.15% in the past day.
World Bank Warns Against Recession
Also, the OPEC’s (The Organization of the Petroleum Exporting Countries) has planned to reduce oil production so that the petrol price is increased. This move is expected to influence higher inflation.
It’s a known fact that the Fed’s decision to increase the interest rates has negatively impacted the crypto market and other traditional markets. Yet, Bostic believes that the Fed is still in the early stage in terms of fighting inflation. As per the president, the Fed should continue its hawkish move and increase another 150 bps by the end of 2022
On the other hand, the World Bank and the United Nations have issued a warning at the Central banks against upcoming recession
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Bitcoin Hash Rate Reaches Highs Despite Miners Being in Loss, Is it an Indication of BTC Price Rally?
Bitcoin price continues to hover around $20,000, failing to rise beyond the crucial resistance levels of around $20,800. Amidst the sceptical market conditions, the BTC mining difficulty, measured by the hash rate, is reaching new highs. On the contrary, the miners continue to mine BTC at a loss as the revenue fails to compensate for the cost of production.
Recently, the hash rate, which had dropped more than 50% following the unfamous May 2022 crash, rebounded finely and rose high enough to mark new records.
While the mining difficulty has increased, the miner’s revenue has dropped significantly. The revenue has reached a peak at $74.418 million while BTC price marked its highs at $69,000 back in October 2021. Ever since then, the revenue has dropped & reached a low of $13.92 million, presently standing at $20.49 million.
It is a known fact that the miner’s revenue is halved every 4 years, marking the Bitcoin halving event to curb inflation. Presently, BTC rewards have dropped heavily to an all-time low of 4.06 BTC per Exahash. Hence, the revenue in USD equates to $78,000 to $88,000 per Exahash per day, which has dropped back to the October 2020 levels.
The revenue back in October 2020 dropped, marking the 2020 halving event wherein BTC prices were around $10,000. However, the mining difficulty has increased by nearly 66% since then while the revenue remains the same. Despite this, the miners continued to hold around 78.4K BTC in their treasuries. Therefore, they are signalling the possibility of a remarkable bull rally ahead.
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SHIB Burn Rate Drop More Than 88%, Shiba Inu Price To Decline
The popular meme currency, Shiba Inu (shib), has suddenly gained popularity. Though its competitor Dogecoin is ahead of Shiba Inu in terms of market capitalization, SHIB is much ahead in terms of development. On the other hand, Shiba Inu has also been the victim of volatility as the currency has been declining.
At the time of reporting, Shiba Inu is selling at $0.00001111 with a fall of 0.44% over the last 24hrs.
Earlier this year, Shiba Inu launched an option to burn SHIB in order to lower the number of SHIB in circulation as this process will make SHIB scarce and interun help in gaining value. However, since the implementation, SHIB burn rate has declined.
Decline In SHIB Burn Rate
In Fact the Shib Superstore, a Twitter account related to Travis Johnson SHIB burn games, revealed that SHIB can be burnt via Amazon purchases. Here the commission that is received from sales made on Amazon will be spent to purchase SHIB tokens which will be then pulled out of the circulation. At present, this program has burnt nearly 192,169,000 SHIB tokens which is valued at $2,115.
After the program was launched the SHIB community had high hopes as it would make the currency scarce and increase its price value. However, the result has been opposite as the burn rate has been declining. As per ShibburnIn the last 24hrs, the burn rate has plunged by more than 88%.
Meanwhile, the Direction Movement Index (DMI) is neither bullish nor bearish which makes it difficult for investors to know Shiba Inu’s further price action. If the Shiba Inu price decides to move within the declining channel, the price might fall below $0.00001000.
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Ripple (XRP) and Compound (COMP) Recovers Ahead of The Fed’s Interest Rate Decision
Ripple (XRP) and Compound (COMP) are proving more robust than the general crypto market after both tokens posted an impressive recovery on Tuesday.
This was the same session when volatility started taking hold of the US stock market. Anticipation for the Federal Reserve’s rate decision turns attention to safe-haven assets, particularly treasury yields.
Looking unaffected in the middle of the market chaos is The Hideaways (HDWY) which recently doubled its presale price due to high demand.
Ripple (XRP)’s Price Rallied On SEC News But Retracing Down To Support
Ripple (XRP) is among the hottest tokens trading right now. The payment platform is requesting to expedite the lawsuit’s conclusion that will determine if it is a security or not – the general market sentiment is Ripple will win.
This was one of the buy the rumor and sell the news events as Ripple (XRP) is now down 3% to $0.4317 and holds a market capitalization of $20.53 billion.
Its trading volume hit $3.7 billion, up 25% in the last 24 hours. Technical indicators also show bullish consolidation. The Relative Strength Index nears the oversold territory after hiking to 66.10.
On the downside, experts warned of prices falling by 30% by year-end. Why? The macroeconomic environment will hold the coin back from enjoying a higher price.
When this happens, The Hideaways (HDWY) will be a saving grace for XRP investors, given its comparative utility and potential.
Compound (COMP) Jumps 5%, Is This a Sign for Recovery?
Compound (COMP) is exchanging hands at press time with a 4.65% hike to $54.83. The DeFi platform has recently announced allowing institutions to borrow from its pool of funds, with digital assets serving as collaterals.
The news uplifted Compound (COMP)’s a trading volume which hit $67.22 million, up 7.0% from the previous session. Analysts say they do not think the recent hike will carve a path to a steady recovery.
First, ongoing volatility in the crypto market could dent its price anytime. Also, Compound (COMP) has a lot of groundwork to break even with its 83% decline from last year’s price.
The Hideaways (HDWY) Unaffected by Federal Reserve Rate Decision
While Ripple (XRP) and Compound (COMP) dance with macroeconomic factors, The Hideaways (HDWY) is unaffected. The token double in presale price to $0.02 due to high demand but is expected to finish around the $0.1 area – a 500% gain from here in 2 months.
The Hideaways allows you to invest in luxury property wherever you are – for as little as $100.
Not only that, they give you passive income on the property as they handle all the rental management, bespoke events that gather massive passive yields, and more.
This is a once-in-a-lifetime opportunity to get in early to a coin that’s destined for the top 50 market cap – that’s a 80,000% return from here.
$HDWY’s smart contract is already audited by a leading crypto security firm, SolidProof. On top of that, they are locking liquidity forever – that’s the most bullish news for investors.
Check them out before the presale closes:
Website: https://www.thehideaways.io
Presale: https://ticket.thehideaways.io/register
Telegram: https://t.me/thehideawayscrypto
Twitter: https://twitter.com/hdwycrypto
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Ethereum (ETH) Shows A Lower Issuance Rate Post Merge
The post Ethereum (ETH) Shows A Lower Issuance Rate Post Merge appeared first on Coinpedia Fintech News
As promised with the Merge, Ethereum (ETH) is doing well with its claims of greater inflation resistance. IntoTheBlock analysts have disclosed that the inflation rate of ether (ETH) has dropped to a range of 0% to 0.7%, in comparison to 3.5% prior to the Merge. We can note that Bitcoin’s net issuance rate is about 1.75% currently, in contrast to Ethereum. Ethereum’s weakened inflation rate can surely strengthen its appeal among crypto investors.
Ethereum Foundation mentioned that the issuance of Ethereum’s proof-of-work (PoW) mining rewards was around 13,000 ETH per day. As per Ultra Sound Money, around 8,100 ETH have been added to ether’s total supply since the Merge. Now mining rewards have disappeared, and staking rewards would amount to around 1,600 ETH per day as per calculations, following the merge.
However, IntoTheBlock analyst says that the net inflation rate is still “higher than the deflationary ETH many anticipated.” According to Conotoxia’s Kostecki, the newly discovered inflation resistance’s value could be pulled down by investors’ fears about the SEC, which is trying to categorize cryptocurrency as a security.
Shiba Inu Burn Rate Increase 3x in a Day – Will SHIB Price See The Same Spike? – Coinpedia – Fintech & Cryptocurreny News Media
While Bitcoin is facing a downfall, so do other currencies including meme coins like Dogecoin and Shiba Inu. Shiba Inu has recently emerged as the most talked about cryptocurrency in the system.
One of the reasons for SHIB to gain such traction is due to its token-burning campaign which has reached new heights. As per the reports, Shiba Inu has burnt nearly 200 million coins in just a day. The SHIB Burn data also suggests that the token’s burn rate has jumped by 3000% within the last 24hrs.
It’s also important to note that it’s the individual whale accounts through which the majority of SHIB tokens have been transferred to Shiba Inu’s burn wallet. Since the start of September the burn rate has seen a spike and this week alone more than 500 million tokens have moved out of circulation. If this continues, in the coming days the burn rate might peak at 5000%.
Additionally, while the meme currency is experiencing an immense burn rate, Shiba Inu is also seeing huge investments dropping from individual whale accounts. Also in the last week, two whales have acquired the millions worth of Shiba Inu. Etherscan reports that the first whale made a purchase of 702 billion SHIB coins which is worth $8.7 million and another whale bought 541 billion tokens which are worth nearly $7 million.
Increasing Burn Rate To Influence SHIB Price?
At the time of writing, Shiba Inu is selling at $0.0000121 after a drop of 0.28% in the last 24hrs. Amidst the ongoing bear market, SHIB has portrayed quite a well price action as the currency has jumped by 93% in the span of 1 yr.
By the end of October 2021, Shiba Inu managed to hit an all-time high of $0.00004217 but it couldn’t hold on for long and began to plunge. However, still, the question remains unanswered whether the spike in burning will push the SHIB price.
Shiba Inu holds a target of burning trillions of tokens and with the pace at which the burn rate is happening, it appears that it’s much closer to the target. Also, the token developers are looking out for more creative ways of burning the tokens.
However, only the burning mechanism is not enough to fuel Shiba Inu’s price action as there are many other challenges to overcome.
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Bitcoin Price May Recover Marginally as The US Un-Employment Rate Surges High!
The crypto space has been largely captivated which compels the price to remain consolidated at around $20,000. While the BTC price manages to make it towards the upper resistance, an external factor stikes the crypto space to create roughness. The markets which collapsed with the announcement of the interest rates are also expected to recover as the US employment rates normalize.
A Chief Investment officer at a popular Investment Firm AlphaTraI, recently said that heightened values of the U.S jobs report may create a domino effect in the markets that may drag the BTC price to a 2-year low.
However, the fresh data signifies a growth in employment within the state of the US which may be considered a bullish factor for the crypto space.
As per the report, total US employment increased by 315K against the expected 300K in August. The unemployment rate rose to 3.7% as notable job gains were recorded in professional & business services, health care & retail trade. Further, the US Dollar dropped notably with the release of the data, which is a bullish case for the crypto space.
With the employment rates standing elevated, Bitcoin(BTC) price is also gaining traction as the buying pressure is slowly accumulating. However, some analysts still believe it to be a short-term bounce and the asset may be primed to drop hard after reaching close to $21,000 resistance levels.
On a concluding note, BTC price still appears poised to mark the bottoms below $18,000 before igniting a significant jump.