Category: Cryptocurrency News

Bitcoin will be just one of the risk assets which “crater” as the Federal Reserve is forced to abandon quantitative tightening in future, the ex-BitMEX CEO warns.

After a 48-year relationship solely with the U.S. dollar, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, said the kingdom is open to trading in currencies other than the U.S. dollar. The statements follow China’s president, Xi Jinping, urging the Gulf monarchs to accept yuan for oil, and Riyadh officials saying last March the country would consider […]

Tezos (XTZ) network is readying itself for its latest upgrade, called the ‘Mumbai Upgrade.’ On January 17, Nomadic Labs, which is a blockchain developer within the Tezos community, mentioned the Tezos protocol proposal, Mumbai, which is headed toward the implementation process. This will be the 13th upgrade made to the Tezos network. This upgrade will implement various new features. The main features include transfer tickets between accounts and a much shorter block time of 15 seconds. Related Reading: Solana Gleams 30% In Last 7 Days As SOL Bulls Try To Break $21 Barrier Further, this upgrade will add Epoxy, a new technology on Mainnet, which is precisely a validity rollup that can also be referred to as a new layer 2 scaling solution. The Mainnet will gain further strength due to Epoxy, which introduces SNARKs’ proof-of-validity, which will be the reason for quicker transactions. This 13th upgrade, which is called the ‘Mumbai Upgrade’ will be implemented after a number of tests are carried out. However, once implemented, the system will get closer to Tezos’ target of achieving one million transactions per second, according to the Nomadic Lab’s report. The implementation of the upgrade will, as a consequence, increase the value of Tezos’ native token XTZ. The price of the altcoin, XTZ, has reacted positively to this development. XTZ experienced a price reversal, but the altcoin has since resumed its bullish momentum. Tezos Price Analysis: One-Day Chart XTZ was trading at $0.99 at the time of writing. Although the coin started to retrace over the 48 hours, it has regained bullish momentum on the chart. The altcoin has formed a prominent cup-and-handle trading pattern, which is an extension of bullish momentum. This change in price momentum can be attributed to the announcement of the ‘Mumbai Upgrade’. Immediate resistance to XTZ stands at $1.02, but the coin is expected to retrace to $0.97. Once it reaches the $0.97 mark, Tezos can target $1.19, which will mean an 18% appreciation. Over the last week, the coin managed to surge over 8%. The amount of XTZ traded in the last session increased, signifying an increased amount of buying. Technical Analysis XTZ had secured a multi-month high with regard to the buying pressure it witnessed. The Relative Strength Index (RSI) touched the 80 mark a few trading sessions ago, signifying an overvalued tendency. Often, a coin that is overbought experiences a price correction and a fall in demand; Tezos also displayed the same, but at press time, the RSI again noted an uptick. This uptick could mean that the altcoin might head back close to the 80-mark. This unusual uptick can be because of the newest development. On the same note, XTZ rose above the 20-Simple Moving Average (SMA), which indicated that buyers were driving the price momentum. Related Reading: Bitcoin Drops To $20,700 As Miner Outflows Surge The coin was above the 50-SMA (yellow) line too. So with increased accumulation, XTZ can soon breach the 200-SMA (green) line. Overall, Tezos remains quite optimistic on the chart; however, the coin has to remain above its local support line of $0.97 for the uptrend to continue. Featured Image From UnSplash, Charts From TradingView.com

Bitcoin lost steam the previous day and seems poised to re-test its support levels in the coming days. The cryptocurrency rallied on the back of favorable macroeconomic winds and high upside liquidity from overleveraged short traders.  Related Reading: Solana Gleams 30% In Last 7 Days As SOL Bulls Try To Break $21 Barrier As of this writing, Bitcoin trades at $20,800 with a 3% loss in the last 24 hours. BTC remained positive during the previous seven days and recorded a 16% profit. The number one crypto by market capitalization is the best performer in the top 10.  The Biggest Obstacle For Bitcoin In The Short Term NewsBTC reported that short positions were piling up as Bitcoin trended to the upside. The market took out over half a billion dollars in short positions. As the market trended upside, these positions were liquidated, allowing BTC to continue climbing.  In that sense, Bitcoin might keep trending upwards but at a slower pace. As the market ate off those shorts during the past week, over-confident long positions might become the target. This shift might push BTC back to the critical supports at $19,600 to $19,700.  These levels have confluence with the 200-Day Simple Moving Average (SMA) and 50x leverage longs. Thus, there is a high liquidity pool sitting at those levels, ready to be taken by market movers.  On higher timeframes, a recent report from QCP Capital claims the macroeconomic winds might change and could negatively impact crypto. 2023 kicked off with a positive outlook on critical metrics, such as inflation, and high expectations of a monetary pivot by the U.S. Federal Reserve. The financial institution has been hiking interest rates and unloading its balance sheet to combat inflation. This metric has been at its highest level in the last 40 decades.  Markets Will Take A “Rude Shock?” Recent data shows inflation is declining; this trend might support the Fed’s slowdown on its monetary policy and provide room for Bitcoin and risk on assets to rally. However, QCP Capital believes that while Q1, 2023 might be positive for these assets, Q2 could see some hurdles:  While we expect the 1 February FOMC to push back strongly against this pricing, we believe the 22 March FOMC will be the moment of truth, when updated rate forecasts will be released. Should there be no adjustment to the median 2023 dot, then we expect markets will be in for a rude shock. The fact that Bitcoin and some stocks have been rallying is evidence of “how quickly financial conditions have loosened,” the firm believes. The Fed has been fighting against this economic environment, so its return could push the financial institution to tighten its monetary policy.  Related Reading: Bitcoin Drops To $20,700 As Miner Outflows Surge For this time next year, the market is expecting much lower interest rates, as seen in the chart above. It remains to be seen if the Fed will indulge these expectations or if inflation will persist, leading to more pain across the crypto and the legacy financial market.

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Tightening reserves and offering real-time pricing data to the market are among the ways the stablecoin space could better weather volatility.

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As the Shibarium launch draws near, the popularity of the blockchain’s native token, BONE, has been on the rise. In today’s announcement, Singapore-based Exchange BingX announced the listing of BONE trading pairs (BONE/USDT) on the beta version of its BingX Spot platform. The exchange said that the deposit and withdrawal service of the BONE token will be available on the BingX exchange starting from January 18, and trading will commence once the pairs are launched. According to the company’s announcement, the move was taken due to the high demand from customers and members of the Shiba Inu and BONE community. BingX cryptocurrency exchange currently has around five million registered users. The Singapore-based crypto exchange provides users with spot, derivatives, copy and grid trading services to more than 100 countries and regions.  Related Reading: BingX`s New Copy-trading Subsidy Vouchers Will Allow Users To Recover Losses BONE Surges Nearly 15% In 7 Days So far, BONE has gained significant momentum to the upside over the past weeks, especially following the developers’ announcement on making BONE the token to cover gas transactions and compensate validators and delegators on the layer-2 Shibarium blockchain. BONE has advanced and reached higher highs both in price and amount of holders. The BONE holder count has surpassed 60,000, indicating rapid accumulation by various investors. Regarding price, BONE has followed suit with the general crypto market rally. The token has surged 72% in the last 30 days. Meanwhile, at the time of writing, BONE is currently trading at $1.33, down by nearly 11% in the last 24 hours, with a trading volume of $12.1 million over the same period. BONE has also been on an active rally to the upside since the start of this year, with its price reaching a four-month high of $1.59 yesterday, December 18. Currently, CoinMarketCap ranks BONE as the 124th largest cryptocurrency in the world based on market capitalization. The Shiba Inu community believes that BONE has the ability to enter the top 100 cryptocurrencies soon after the launch of the Shibarium Beta. Related Reading: Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens Shiba Inu’s BONE Anticipated Catalyst Speaking of BONE, the token’s most anticipated catalyst as of this moment is its use case on the Shibarium blockchain. Earlier this month, Shibarium Developers announced BONE would be the only token that would be used for gas fees as well as other blockchain activities, and “No other tokens will be necessary to operate within the protocol.” Featured image from WatcherGuru, chart from TradingView