Bank of England raises interest rates to 3%, largest jump in 33 years
The Bank of England is trying to bring soaring inflation under control by dramatically increasing the cost of borrowing money.
The Bank of England is trying to bring soaring inflation under control by dramatically increasing the cost of borrowing money.
Bitcoin fell towards the $20,000 mark on Thursday, after the U.S. Federal Reserve once again moved to increase interest rates. The Fed hiked rates by 75 basis points (bps), as it chose to maintain its current hawkish policy. Ethereum, which initially surged on the news, was also lower in today’s session. Bitcoin Bitcoin (BTC) dropped […]
Shiba Inu is slowly shedding its gains following the short-lived rally of the crypto market last October 25 as well as its Elon Musk/Dogecoin-inspired price increases. According to data from Coingecko, at the time of this writing, the DOGE spin-off crypto is changing hands at $0.00001217 and has been down by 2.3% over the last 24 hours. It is still enjoying a 12.7% increase for the past seven days and a 23.4% surge over the last two weeks but those numbers used to be higher during the last few days. On October 30, Shiba Inu peaked at $0.00001421 as it increased its market capitalization by almost $2 billion. Currently, the asset is sitting at an overall valuation of $7.177 billion – enough for it to rank 15th among all cryptocurrencies tracked by Coingecko. Related Reading: Rug Pull: 97% Of Crypto Projects On Uniswap Were Scams, Study Reveals Investors Losing Hope for an Immediate Shiba Inu Surge Investors, particularly the members of the CoinMarketCap crypto community, are leaning towards a bearish prediction for the meme dog-themed altcoin this November. According to the findings of Price Estimate tool that aggregated the result of a poll that included 5,133 voters, Shiba Inu is likely to end the month with a trading price of $0.00001093 which is almost 10% lower from the $0.00001209 SHIB price at the time when the voting was conducted. Meanwhile, as for the DeFi asset price towards the end of the year, the decline was slightly lower at 8.46% as it is expected to change hands at $0.00001107. On January 1 this year, SHIB price was at $0.000033. The altcoin, however, failed to sustain its momentum as it was caught in a bearish momentum that slashed more than 63% of its 2022 opening spot price. It only managed to break out of that slump towards the end of October when the crypto market rallied to reclaim the $1 trillion market cap territory and shortly after Elon Musk completed his $44 billion purchase of Twitter. Affected By Dogecoin Movement Over the last few months, Shiba Inu has shown its tendency to follow the directional trend of Dogecoin, which the same crypto community has also given bearish predictions. The dog-themed crypto has recently entered a price correction phase, losing 4.6% of its value over the last 24 hours. Its weekly gain – which stood at over 100% for the past few days – dropped to 80.8% following this recent price dump. As the two digital assets share the same trend almost all the time, Shiba Inu investors are also keeping close watch to Dogecoin to predict when it will move up or go down. Related Reading: Tron Performance Last Month Was Impressive, But Can TRX Do Better This November? SHIB total market cap at $6.6 billion on the daily chart | Featured image from Unsplash, Chart: TradingView.com Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.
First off, I’m not sharing this info for any reason other than the fact that maybe someone can see that it happens and learn from my mistake. I’m an ALGO guy, and I keep my ALGO in Pera ALGO wallet. When I opened the wallet, I took a piece of paper and wrote down the…
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The crypto gateway provider Fasset and Singapore’s Digital Treasures Center are among the startups entering the latest Mastercard Start Path program.
As usual, this bear/inflation crisis has created a lot of armchair economists (myself included) where many people are split on what’s gonna happen to crypto in the near future. Some people watched JPow yesterday and came away with the Idea that a pivot is coming soon or that the bottom could be in. Unfortunately, it…
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Six U.S. senators have questioned the Securities and Exchange Commission (SEC) why its staff is quitting at a record pace. “Efforts to ram through hurried rulemaking without proper analysis, deliberation or consideration of downstream negative impacts is nothing short of regulatory malpractice,” the lawmakers told SEC Chair Gary Gensler. SEC Staff Leaving at Record Pace […]
Day two of Web Summit began with a discussion around NFTs and the future of the metaverse, with major discussions lined up around Web3 throughout the day.
Despite the macroeconomic headwinds, the Bitcoin price has been holding up far better than the traditional markets in recent weeks. As Bitcoinist reported, Bitcoin showed strength just yesterday once again. As the US Federal Reserve sent rather hawkish signals during the FOMC presser, causing the S&P500 to plummet by 2.5%, BTC managed to hold above the psychologically important $20,000 mark. Bitcoin Whales Stacking Sats As the on-chain data indicates, whales may be responsible for the recent weeks’ performance. As an anonymous analyst wrote via Twitter, about 9 new addresses with 10,000 to 100,000 BTC have been created on the network since September 20, accumulating about 190,000 BTC worth about $3.8 billion. #Bitcoin | Since Sep. 20, around 9 new addresses holding 10,000 to 100,000 #BTC were created on the network, accumulating approximately 190,000 $BTC, worth $3.8 billion. pic.twitter.com/rkCJEdqtqz — Ali (@ali_charts) November 2, 2022 According to Glassnode data, there are now 104 addresses holding more than 10,000 BTC. In this respect, the arrival of nine new addresses is quite remarkable. Related Reading: On-Chain Data Suggests Bitcoin Bottom Comparable To Previous Cycles Only guesses can be made about the entities or individuals behind the addresses. Thus, it is not clear whether they are new investors investing in BTC for the first time or old friends continuing their accumulation on new addresses. Since these are only addresses, multiple addresses could also possibly belong to one entity. One pattern in recent weeks, however, stands out. While demand from the Asian market has dropped significantly, American investors are stepping in and accumulating Bitcoin. The Coinbase Premium Gap (14DMA) shows that since July 28, 2022, the main interest has come from U.S. traders, although the BTC price has been unstable and has been dropping repeatedly. Another analysis by Whalemap reveals that whales have been buying Bitcoin in the range between $19,000 and $19,400 amplified. The analytics firm estimates the accumulation by whales in September to be around 120,000 BTC. Therefore, this zone should also serve as the closest support. Has The BTC Price Bottomed? As NewsBTC reported, one of the leading on-chain data analysis firms, Glassnode, recently released a report stating that a number of metrics make a relatively consistent argument that the Bitcoin market has hit a bottom. According to the research, the current numbers are “almost textbook” comparable to previous cycle lows. Related Reading: Bitcoin Will Not Touch $100k Anytime Soon Says Economist Another trusted on-chain indicator, NUPL (Net Unrealized Profit/Loss) also hints at a bottom formation. NUPL looks at the difference between unrealized profit and unrealized loss to determine whether the network as a whole is currently in a profit or loss situation. The anonymous analyst states in this regard: Is the #Bitcoin bottom in? In the last 2 bear cycles, NUPL alerted market sentiment dropped from “fear” into “capitulation.” These 2 events marked the $BTC market bottom of 2018 & 2020. Market sentiment is currently in the capitulation phase since the drop from $30K to $17K. According to TA, a convincing move for Bitcoin requires a close above the 7-week high at just over $21,000. At the time of going to press, the Bitcoin price was not yet able to breach the 100-day moving average at $20.775. The long-term trend indicator, the 200-day moving average, is quite far away and sits just above $24,200.
A $75M financial commitment is set to establish ZoidPay as the go-to open architecture for building the next generation of Web 3.0 financial services. PRESS RELEASE. November 3, 2022, Bucharest, Romania — ZoidPay, the leading Web 3.0 architecture provider, has secured an investment commitment of $75M from digital asset investment firm GEM Digital Limited (“GEM”). […]