Layer 2 activity is ramping up and has surpassed Layer 1 Ethereum for some metrics, including transactions per second. I've noticed that TPS are higher on Layer 2 networks than on Ethereum. However, this does not equate to overall activity on those respective networks. Later, I ran across the info that according to Etherscan, there…
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President Jair Bolsonaro has approved law 14.478, which regulates cryptocurrency-related operations and virtual asset service providers (VASPs) in Brazil. The document, approved on the last day of the period allowed, will begin to be applied 180 days after its sanction. This will give all parties a period to adapt to compliance. Cryptocurrency Law Finally Sanctioned […]
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The Bitcoin price could see a significant uptick today Friday, December 23 at 8:30 am (EST) if the Core Personal Consumption Expenditures Price Index (PCE) comes in better than expected. And the chances are high! Bitcoin price has been heavily dependent on macro data and the decisions of the U.S. Federal Reserve (FED) lately. The last FOMC meeting of the year on December 13 provided a bearish surprise, even though the consumer price index (CPI) came in better than expected. However, there was a catch. After the FOMC meeting, rumors emerged that chairman Jerome Powell ignored the CPI data that arrived a few hours before the meeting, although he claimed the opposite in the press conference. Within Wall Street, several analysts spoke out, accusing Powell of hoaxes. Why Today’s Core PCE Is Of Paramount Importance The problem is that the Fed’s forecast for core PCE inflation seems far too high after the surprisingly weak CPI data, as Tomas Lee, an analyst at Fundstrat, writes. As the economic forecast overview shows, the FED raised the core PCE inflation target for 2022 from 4.5% to 4.8%. With that, Powell added to the “higher for longer” narrative. But there is something “odd,” as Lee explained. The month-to-month percentage change in inflation would have to be staggeringly high to reach the FED’s 4.8% target. Related Reading: Bitcoin Price Shows Signs of Life and Could Soon Clear This Hurdle Lee wonders how the FED can forecast 4.8% core PCE inflation in 2022 when inflation is moving toward 4.1-4.2%. “How can Fed forecast be so far??” Lee wrote. The analyst points to a ransomware attack on Haver Analytics as a possible reason for this large divergence. Due to the attack, Haver Analytics may not have been able to update the data, which is why Jerome Powell and the FOMC committee ignored the positive data. Therefore, according to the Fundstrat analyst, today’s PCE release is of massive importance. Lee writes: We think core PCE inflation will be 0.10% compared to Cleveland Fed inflation NOW forecast of 0.26%. Any figure below 0.40% would make #FOMC figure of 4.8% too high. Remarkably, the PCE is also the key data point for the U.S. central bank. The FED’s forecasts and its 2% target are not based on CPI, but on the PCE. Twitter user ZeroHedge estimated based on this fact: If tomorrow’s core PCE is 4.5% or lower (~75% chance), the entire hawkish FOMC repricing is blown out – no way 4.8% core PCE in December, SEP/Dots repriced and terminal rate tumbles. The Impact On The Bitcoin Price If the PCE is significantly below the FED’s expectations, the theory would find confirmation today and could completely wipe out the bearish sentiment. The FED would possibly be forced to revise its forecasts as the PCE shows that inflation is under control. This could prompt the FED to take a more dovish stance at the next meeting, with markets front-running this as early as today. Ultimately, the PCE release could lead to a weaker dollar, spurring risk assets like Bitcoin. Related Reading: Bitcoin Volatility Will Spike By End 2022, Which Way Will It Push BTC? At press time, the Bitcoin price stood at $16,827. Today, like the last few days, the $16,900 level will be of key importance as the most crucial resistance at the moment. If there is a strong push above this resistance, the next target would be the $17,400 region. Otherwise, Bitcoin investors should keep an eye on the support at $16,400. Featured image from Traxer / Unsplash, Chart from TradingView.com
MATIC has shown rapid accumulation or increase in the supply since the final days of November. More so, there was also an increased demand seen in the derivatives market which could be the outcome of positive Binance Funding Rate on the MATIC/USDT pair. CoinMarketCap data shows that MATIC price is now up by 1.48% or trading at $0.8019 at the time of writing. With the rate it’s going, Polygon could further retest of even breach the present support level with sustained momentum. Price still could potentially slide further towards $0.7736 or even lower Polygon token price spikes by 1.48% Shows rapid accumulation since November 21 Related Reading: VeChain Jumps By 4% As VET Investors Look To Profit Before Christmas The overall market sentiment for Polygon has been positive all throughout. Despite its recent hiccups in price, the development activity was observed to have spiked, which pushed the coin enter bearish turf for the most parts of December. After its release in 2017, Polygon quickly became a popular alternative to the Ethereum blockchain due to its faster transaction times and lower transaction fees. Meanwhile, a stop loss is seen hovering above $0.8155, which means a spike going above this range could further invalidate the bearish forecast for the crypto. This uptrend could trigger the MATIC bulls to barrel past the resistance seen at $0.8154. Chart: TradingView MATIC is seen sliced in between the $0.8911 and $0.9492 in the first few weeks of the month. On the other hand, by December 15, the crypto sang a different tune, as the price retreated and found support at the $0.7736 level. MATIC Technical Indicators: Price Pullback MATIC technical indicators suggest a price pullback might settle at the range of $0.7735. The Relative Strength Index (RSI) shows a moderate slope on the charts which means that it’s near the oversold zone. Over the past week, Polygon’s stock has dropped 6.31%. And in the past 24 hours, the price has risen by 1.10%. Price increased by 0.45% in the last hour alone, according to data by Coinbase. Related Reading: Tron Shows Bullish Energy And Attracts Investors To Buy TRX MATIC total market cap at nearly $7 billion on the daily chart | Chart: TradingView.com Polygon Target: $2.26 In 2023 In the meantime, it looks like the market is leaning towards the bears as the crypto’s price could retreat to $0.7392, which traders can treat as short-selling targets especially with increased risk appetite. Notably, famous crypto expert and trader Jason Pizzino also shared his forecast on Polygon with his 279,000 YouTube subscribers, stating that MATIC could potentially dip by more than 30% from the current price of $0.8019, which could be seen as an opportunity to buy low and sell high for many traders. However, with Polygon’s resilience, MATIC price for 2023 could shoot towards a maximum of $2.26, with the average price hovering around $2.00. With a bear market, MATIC’s minimum price could potentially dip to $1.75 come 2023.
I don't understand why people see crypto as a savior for the norms. Bitcoin was not invented so the norms can be rich. It's true value is the decentralization and the utility that it brings. I love bitcoin for the fact that I can send money to my loved ones anywhere in the world without…
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Phishing sites are making the private auction feature look like a way to log in, luring victims to give up their NFTs unknowingly.
Authorities in Italy and Albania have hit a fraud scheme enticing victims with promises of low-risk investments in cryptocurrencies. During an operation coordinated by Eurojust, investigators from the two countries searched a dozen locations and seized assets and computer equipment. Fraudsters Contacted Investors From a Call Center in Tirana, Albania Law enforcement officers in Italy […]
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