Category: Cryptocurrency News

Bitcoin pushes up on the last day as the market prepares for the upcoming speech from the U.S. Federal Reserve (FED) Chairman Jerome Powell. Despite the recent gains, the general sentiment in the crypto market remains bearish. Related Reading | Bitcoin Seen Dropping To $32K – But Not This Month – As Analyst Sees It Hitting $48K At the time of writing, Bitcoin trades at $38,800 with a 1.5% profit in the last 24-hours. The first cryptocurrency by market cap could surprise market participants. Some operators have started predicting a massive crash ahead of Powell’s intervention. The old market adagio “Sell in May and go away” seems more present than ever as the sentiment turns fully fearful. In a recent report, trading firm QCP Capital revealed their chain is biased as the bearish sentiment seems “slightly over-extended”. In that sense, the firm claims that market participants could have priced in any FED announcement “too aggressively”. Thus, if the financial institution seems dovish or announces an interest rate hike within expectation, the crypto market could be poised for some relief. QCP Capital said: With bearish sentiment at extremes, we could see a potential short squeeze in the near-term. This might be the rally we have been waiting to sell into as the multiple-compressing effect from QT and recessionary pressures from the rate hikes begin playing out (…). This could take some months before it comes into effect. In the meantime, BTC might break back above the $40,000 levels. As NewsBTC reported, there are two scenarios for global markets in 2022. An aggressive or dovish FED. The latter is the best for the price of Bitcoin and other risk-on assets. Why Bitcoin Could Benefit From Market Anticipation The financial institution could be softer at the execution of its monetary policy if the market reacts ahead of future announcements. QCP Capital believes this is already happening: (…) price reactions in anticipation of the FED are effectively serving the FED’s goals. Powell said on 21 April that he was pleased that markets have reacted to the FED’s hawkish indications. (…) we have seen some of the largest moves across markets in years. The firm claims that market participants expect as much as 75 basis points (bps) interest rate hikes. This is a highly aggressive approach which means that anything below that could be beneficial for Bitcoin and the crypto market. In that sense, QCP Capital claims the market is doing the FED’s job by keeping prices down and reacting to announcements. The firm added: “this gives the FED more breathing room in their fight against inflation”. Moreover, QCP Capital believes inflation might be finally reaching a peak. Thus, why the FED might dial down on its rhetoric, or at least it will allow it to stay within expectations. Related Reading | Bitcoin Taker Buy-Sell Ratio Rebounds Back Into “Hold” Zone In case of potential downside ahead of Powell’s speech, the firm pointed at BTC’s price 50% retracement from its all-time high around $36,400 and its 61.8% retracement at $28,700.

When I view the details of a transact record on etherscan, I notice the Txn Savings Fees, any one know how to calculate it? https://preview.redd.it/69wn666a9hx81.png?width=995&format=png&auto=webp&s=0913dae73cb6bcfd53804ec2ea45741edad858b0 submitted by /u/BreadIntelligent4598 [link] [comments]

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It’s been six months or roughly 180 days since bitcoin reached an all-time high at $69K per unit on November 10, 2021, and bitcoin’s USD value is down 45% from that point. Typically after bitcoin’s price tops, the bear market that follows leads to a large 80% or more decline in value. However, because the […]

The NFT market is thriving, actually. Once again, the Wall Street Journal makes a fool of itself by tackling subjects beyond the publication’s comprehension. The author declares “the NFT market is collapsing,” citing suspicious numbers and two cases of bad trades as proof. And then, to top it all off poses a terrible theory. The “NFT Sales Are Flatlining” article is embarrassing beyond belief. Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. Among other things, it proposes the worst definition of NFTs ever written:  “NFTs are bitcoin-like digital tokens that act like a certificate of ownership that live on a blockchain.” No, NFTs are not “bitcoin-like” at all. And the WSJ just forgot about the “non-fungible” aspect of these unique digital assets. And yes, someone bought an NFT of Jack Dorsey’s first tweet for $2.9M, another person bought a Snoop Dogg endorsed one for $32K. Both tried to auction the digital assets and only got embarrassingly low offers. Based on those two cases, the WSJ implies that the whole NFT market is dead on the water. THE DEATH OF NFTs… One buyer purchased a Snoop Dog curated NFT in early April for about $32,000 worth of the cryptocurrency ether. It's now up for auction, with an asking price of $25.5 million. The highest current bid is for 0.0743 ether—about $210.https://t.co/dg54XYijxh — Steven Russolillo (@srussolillo) May 3, 2022 The WSJ bogus numbers about the NFT Market Admittedly, the Wall Street Journal probably has access to a wider array of data than NewsBTC. However, the numbers they use to prove the NFT market is dead are suspicious as hell.  “The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.   The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November.” Notice that they don’t link to NonFungible and provide a few low-resolution graphs that the normal eye can’t audit. However, everyone can go to NonFungible. The number of sales for May 3rd is 104.465 and that represents $206B. Hardly the signs of a dead NFT market. Granted, the number of sales for April 3rd is approximately 14K, but on May 1st the NFT market moved a whooping $778B in 117K sales. That’s not it. The WSJ also presents these stats as if they prove its case: “The imbalance between supply and demand is also hurting the NFT market. There are about five NFTs for every buyer, according to data from analytics firm Chainalysis. As of the end of April, there have been 9.2 million NFTs sold, which were bought by 1.8 million people.” Have they even been to OpenSea? There are hundreds of collections. And NFT aficionados own dozens of pieces. Sometimes, hundreds. Sometimes, thousands. And that’s just one platform that serves one blockchain. Five NFTs for every buyer is nothing. ETH price chart for 05/04/2022 on Coinbase | Source: ETH/USD on TradingView.com The Wall Street Journal’s Off The Mark Theory This might be the most ridiculous part of the article. Let’s let the author bury himself: “There are signs that collectors may also differentiate between NFTs that catalog a vast set of cartoonlike characters—like the CryptoPunks—and tailored, NFT art projects spurred by major artists who already enjoy museum followings.”  And then he talks about Jeff Koons and Chinese artist Cai Guo Qiang, who sold out NFT collections, and director Kevin Smith, who’s planning to. Meanwhile, Moonbirds set the NFT market on fire and the Bored Ape’s Otherside literally broke Ethereum. We’re talking billions of dollars for the “cartoonlike characters” team. Not only that, The Nightly Mint points us towards Nansen’s numbers.  6/ Taking a look at NFT Paradise, volume is robust – the last two weeks are both set to be among the top-10 in history (measured in ETH). Users per Week and Transactions per Week are likewise looking to reverse downtrends that began at the start of the year. pic.twitter.com/edNKzddMQW — Nansen🧭 (@nansen_ai) May 3, 2022 They clearly show that “the last two weeks are both set to be among the top-10 in history (measured in ETH).” And that “the Blue Chips and Social sectors are on a tear, up 81% and 83% YTD.” So, what game is the Wall Street Journal playing? Is this a case of poor research or evidence of malicious intent? That’s for you to decide, dear reader. Featured Image by Philip Strong on Unsplash | Charts by TradingView

The annual supervision report from MONEYVAL concluded that 18 of the 22 jurisdictions have an insufficient level of compliance with AML standards.

Cointelegraph spoke with former U.S. presidential candidate Andrew Yang at Crypto Bahamas to learn more about his thoughts on crypto and politics.