The world’s largest producer of application-specific integrated circuit (ASIC) bitcoin miners, Bitmain Technologies, has revealed the company is offering a discount on Antminer S19 Pro mining rigs. The 100 terahash per second (TH/s) machine is selling for $19 per terahash or $1,900 per unit. The Antminer mining rigs are 80% cheaper than they were five […]
Officials with Indonesia’s Commodity Futures Trading Regulatory Agency could implement a rule for two-thirds of directors and commissioners at crypto firms to be citizens.
As of 3 hours ago “The Senses” Eyes sold for .84ETH. Original price was £8.99, that’s a insane return on investment, however, the total supply of the eyes is 1000, which is way more than what’s for sale on OS. I am curious how many people own one of these and are either unable to…
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📷Big D@bigdsenpai·11h Hypothetical: say all of crypto was basically dead, except for some super cucked SEC-compliant fed chain. A golden shitcoin season kicks off on FedChain (easy 10x – 100x coins popping off every single day, anyone w/ a brain is printing) on their KYC AMM. Are you participating?Yes No 📷c-node (credibly-neutral)@colludingnode·4m question is why…
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Bitcoin and other cryptocurrencies in the market have had an interesting week-and-a-half. From the CPI report to the completion of the Ethereum Merge, it has been a rollercoaster of volatile activity across the market. Even with this, the market is still not done with its big events. The FOMC meeting is held on Wednesday, which, like in the past, promises unpredictable movements for the crypto markets. Expect Volatility For Bitcoin The FOMC meeting has always triggered volatility across not just the crypto markets but various financial markets. Bitcoin’s reaction to the FOMC meeting has also gotten more prominent with the increased correlation with the stock and macro markets. Given this, any FOMC meeting is expected to have a significant impact on the crypto market. Related Reading: https://www.newsbtc.com/altcoin/ethereum-proof-of-work-ethw-gains-30-is-more-upside-coming/ This is no different from the FOMC meeting that is happening on Tuesday. Previously, the FOMC meeting hours have been very volatile in the space as the market awaits the results of the meeting. As such, it is expected that Wednesday will see a lot of volatility, especially during meeting hours. More specifically, volatility is expected to hit its peak between 17:00-21:00 UTC as had been observed during previous meetings. Volatility expected during FOMC meeting | Source: Arcane Research Naturally, bitcoin’s price will respond to the equity indexes during this time and will tend to move in tandem with it. So while investors keep an eye on the crypto market, it will be prudent to also keep an eye on the macro markets during this time as well. High Swings In Crypto The reaction of bitcoin and other cryptocurrencies can vary during this time but the wild swings are to be expected. This time around, the volatility is also expected to be very high because there is uncertainty across the markets regarding if there will be further rate hikes or not. It actually gives an idea of the importance of the FOMC meeting to different financial markets and now the crypto market, as it becomes a larger contender. Presently, there are reports of an expected rate hike of 100bps. The market has reacted to this by pricing a 20% chance of such a hike. BTC remains below $20,000 | Source: BTCUSD on TradingView.com Interestingly, the volatility from the FOMC meeting does not seem to last beyond the end of the meeting. In some cases, it has lasted a few hours more, but by the next day, the volatility usually settles and normalizes. Related Reading: Bitcoin Price Recovers Above $19,000, But Is The Onslaught Over? So, in the end, the volatility from this meeting does not command much relevance over a longer period of time. It often acts as a clue for traders regarding how trades should be constructed during this time. If rate hikes continue though, bitcoin’s price may break below $18,000 for the second time this year. Featured image from Yahoo Money, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
A growing number of physical items are being immortalized in NFT form. What are the opportunities here… and the challenges that need to be addressed?
Is it me or is this just so obvious? First SEC and the Feds are roasting all CEX, then they jumped on to Bitcoin, XRP and Ethereum, now we can see that Stablecoins are also under the loop, especially with a new Bill that will basically make it possible for Stablecoins to comply within the…
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I wish to claim an ENS name so the address is nice and memorable. Is this something I should consider using my actual name? Examples FirstnameLastname F.Lastname I've not done this but obviously security is always a top issue. But assuming I want to receive payment from someone, seems my name would be better than…
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A Bitcoin-themed bar and education center has popped up in Northern England and Cointelegraph swung by to interview the founder and raise a glass.
The Bitcoin price has been moving sideways over the past few days bound solely to macroeconomic factors. The benchmark cryptocurrency was rejected north of $20,000 after “The Merge” and seems poised to face volatility over today’s trading session. Related Reading: Reef Finance (REEF) Breaks Out Of Long Isolation, Is This A Fake Rally? At the time of writing, Bitcoin (BTC) trades at $19,200 with sideways movement in the last 24 hours and a 5% loss over the past week. As the market moves past “The Merge”, crypto has returned to its correlation with global markets and the most important factors driving the price action: inflation and interest rates. What To Expect For The Bitcoin Price Ahead Of The FOMC Meeting? Later today the U.S. Federal Reserve (Fed) will hold its Federal Open Market Committee (FOMC) meeting where it will announce its upcoming interest rate hike. As it has happened in the past month, the crypto market is poised to see an uptick in volatility ahead of this major event. Market participants seem to be expecting another 75 basis points increase after the latest Consumer Price Index (CPI) print and the Non-Farm Payrolls (NFP) metrics. The results of these reports hinted at persistent core inflation in the U.S. dollar, according to trading desk QCP Capital. The firm believes that the market will be looking at today’s interest rate hikes, the Fed’s plan for the future of its monetary policy, and its reaction to inflation. In that sense, today’s FOMC will be critical for market participants to have a deeper insight into the Fed’s strategy. The trading desk wrote: (…) we believe the focus will be on the Dot plot. Markets will look for clear guidance on the expected number of hikes for the last 3 FOMC meetings of 2022, as well as the updated terminal rate FOMC members are forecasting for next year. Without “The Merge” acting as a bullish catalyzer, and with Ethereum trading under a “sell the news” setup, the Bitcoin price and crypto market have flipped to extreme fear levels. This sentiment seems to be the norm across all financial sectors. As seen below, even Gold is displaying a high correlation with risk-on assets, QCP Capital stated. The precious metal has underperformed in circumstances where Gold should be rallying, with high inflation, and a major arm conflict in Europe (Russia invading Ukraine). Bitcoin Price Set For A Relief Rally? Finally, QCP Capital believes the Bitcoin price and the crypto market could see some relief. If the Fed stays within market expectations, announcing a 75-bps interest rate hike, cryptocurrencies and other risks on assets could react to the upside. Related Reading: U.S. House Legislation Looks To Place Two-Year Ban On UST-Like Stablecoins As trading firm noted, every FOMC meeting in 2022 has led to a crypto relief rally, this time seems poised to move in tandem with historical data. QCP Capital added: How long this rally lasts is another question though. Will it just be a single day short squeeze like in May and June? Or can we finally sustain some positive momentum into Q4 and the next CPI pivot in 3 weeks.
