Category: Cryptocurrency News

Bitcoin price touched a high of nearly $18,400 in anticipation of today’s Federal Reserve meeting, where the US central bank was expected to raise interest rates by 50 basis points. Volatility picked up as the Fed meeting commenced, with Bitcoin suffering a sudden pullback to $17,700. Here’s what you need to know about the last Fed meeting of the year.  No Pivot: Fed Hikes Rates 50 Basis Points All eyes were on today’s Fed meeting and if Fed Chair Jerome Powell would follow through and soften interest rate hikes from the previously aggressive 75-basis points, to a more tolerable 50-basis points increase.  Related Reading: Bitcoin Price Prediction: What Elliott Wave Theory Suggests Is Next For BTC Although Powell’s speech was the most dovish in nearly twelve months of meetings, the end result was still an increase in rates, with no true pivot in sight.  What this means for risk assets like crypto or the stock market, remains to be seen.  Explosive volatility struck BTC ahead of the Fed meeting | Source: BTCUSD on TradingView.com Bitcoin Pulls Back Promptly As FOMC Meeting Begins November CPI data came in lower than expected yesterday, prompting Bitcoin to front run today’s Fed meeting slightly.  In the hours leading up to the meeting. Bitcoin climbed to close to $18,400 at the daily high. The moment the meeting began the top brass cryptocurrency by market cap plunged by $700 in one five-minute candle.  Related Reading: Bitcoin Fundamental Expert Breaks Down Why The Bottom Is In The move could have been investors in slight profit selling the news, or potentially a shakeout ahead of a larger breakout. Bitcoin has been entrenched in an arduous downtrend for more than a year and counting and sellers could also be taking an opportunity to exit at each sign of a rally.  Bitcoin will need to reclaim today’s high of $18,400 and push through the $20,000 range before considering a potential bottom in the crypto market.  A slightly softer Fed stance is certainly a good sign.  Featured image from iStock, charts from Tradingview.com

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Ethereum saw an increase in its price on Tuesday along with the rest of the crypto market following the positive CPI data release. The jump in price saw Ethereum finally beat the $1,300 price point after hovering around $1,200 coming out of the weekend. However, the digital asset had met significant resistance at the $1,350 price level, which could end up being a bearish development for the cryptocurrency. Related Reading: Ethereum Price Aim Big After Recent Breakout Above $1,300 Ethereum Trades Are Wary Currently, Ethereum traders are still very on edge regarding the cryptocurrency. Even the Tuesday recovery has not done much to actually instill faith in buyers, especially given the Fed’s announcement that is expected to happen on Wednesday. Expectations remain narrow because even though inflation saw a slowdown, it still remains high at 7.1%. Given this, traders are still being conservative in their positions and are not placing too much emphasis on ETH at this time. This is expected to continue through much of the midweek trading day until Powell’s announcement is live. There are also expectations to follow depending on what stance the Fed takes this time around. Over the last couple of months, the Fed had been hawkish due to the rising inflation in the country. But given that inflation had actually come out lower this time around, it could see the Fed soften its stance. If not, then a continuous hawkish stance from the Fed would no doubt see a retracement in the crypto market, which could see Ethereum lose all of its gains from Tuesday. Binance FUD Affects ETH Over the last couple of days, the Binance crypto exchange had been the target to crypto users’ ire as questions about its reserves were raised. As a result, there was massive withdrawals from the exchange, with Binance Ethereum withdrawals accounting for the majority of ETH withdrawals from centralized exchanges over the past week. As it is now, there are still rumors that the exchange may be insolvent and some are beginning to prepare for another FTX-level event if Binance were to fall.  Naturally, this has led to caution among investors who expect a downtrend if such a thing were to happen. Related Reading: BNB Price Prediction: Breaking This Barrier Could Spark a Significant Surge Alternatively, the withdrawals from centralized exchanges could also point towards accumulation among ETH holders. The reduced volume on centralized exchanges could mean a bottom for the digital asset, and if the Fed announcement turns out to be positive, ETH is likely to see $1,400 before the close of day.

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“Short of enacting draconian authoritarian policies, cryptocurrency cannot be stopped,” said Senator Pat T

Binance, the largest crypto exchange in the world by trading volume, has been the target of massive FUD (Fear, Uncertainty, and Doubt, for the uninitiated) over the last couple of days. After FTX collapsed, users in the space began to question if exchanges actually held enough in their reserves to honor all customers. Given what happened to FTX, is it possible for Binance to come out of this unscathed? Related Reading: Why Goldman Sachs Expects This Asset Class To Outperform Bitcoin Binance Withdrawals Intensify As the FUD spread across social media platforms, Binance users had taken to withdrawing their deposits from the exchange en masse. Data aggregator platform reported on Tuesday that Binance’s withdrawals had crossed $1.9 billion, and by the end of the day, reports were that the withdrawals were eventually higher than $3 billion in a single day. According to the data released, the withdrawals were one of the highest single-day volume for the crypto exchange, which understandably had users at the edge of their seats. However, Binance CEO Changpeng Zhao had come out to quell fears, explaining that it was nowhere near the highest single-day withdrawals the exchange had processed. Zhao explained that Binance had seen higher volumes when the LUNA cryptocurrency had collapsed, as well as during the FTX implosion. Most of the FUD had stemmed from the ‘audit’ report from Mazars which had drawn criticism from some experts in the industry. The multiple tweets saying that the Mazars report did not qualify as an audit had gained traction, leading to the current situation. Can The Crypto Exchange Survive? So far, Binance has been able to wade through the enormous FUD without much of a problem. Reports on social media say that despite the large withdrawal volumes, the crypto exchange continues to honor all of them in a timely manner. Also, data on Nansen show that deposits into the crypto exchange has been high during this time, offsetting the outflows to a significant degree. This tweet retweeted by “CZ” includes a screenshot of Nansen’s dashboard that showed Binance inflows were almost as high as outflows, resulting in negative net flows of only $378 million for the 24-hour period. CEO Zhao has referred to the current FUD as a “stress test” that “helps to build the credibility for exchanges that passes the test.” Haters: Omg omg!! #binance saw over 6 bn in withdrawals yesterday!!But these fudders did not tell that it got more deposits (6.56B) than withdrawals. The overall volume 12.6B $!! Many exchanges cannot even handle 100 M volume!!@cz_binance we support #Binance unconditionally!! pic.twitter.com/tIazDsLN0H — Spidey_ElonFan (@spideycyp_155) December 14, 2022 Related Reading: Dogecoin (DOGE) Climbs 2.58% In 24 Hours, Can It Reach $0.1 Before The Week Runs Out? At this time, there have been no obvious signs of struggle for the crypto exchange. Ki Young Ju, CEO of CryptoQuant, also took to Twitter to publicly state that there are no “shady on-chain activities” on the part of the exchange.

Allie Rae of WetSpace joins Cointelegraph’s new podcast The Agenda to discuss how crypto and blockchain can empower adult content creators.

Because of the “ridiculous amount” of NFTs being minted, entrepreneur Gary Vaynerchuck argued that it’s unlikely for another market boom to happen.

I figured I'd give everyone a heads up to be able to check for yourselves! https://new.reddit.com/avatar/claim It seems as though these are being dropped in batches, again.. and unfortunately I'm not qualified for a drop at this time, like many others. I really wish they had released them to all users simultaneously, I understand that…
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