Category: Cryptocurrency News

The crypto market has turned red even after the latest FOMC meeting. Bitcoin inches towards the $35,511 mark, and altcoins are getting a beating too. Bitcoin responded to the Federal Reserve’s 50 basis-point interest rate hike by dropping more than 10% in one day, its most significant decline in two months. Related Reading | Cardano Prepares For Major Update, Will It Be Enough To Push Bears Back? Most of the crypto market was up early today, with bitcoin hitting $40,000 after yesterday’s Federal Reserve meeting. Other cryptocurrencies that performed well in the early hours are Cardano, Solana, Polkadot, and Avalanche. The afternoon market dived, and all cryptocurrencies, including Bitcoin, recorded a significant decline. BTC fell 10%, while altcoins also saw a considerable fall.  The second-largest cryptocurrency Ethereum fell by 7.8%; other altcoins also had a major decline. For example, DOGE had dropped 5.4% in the last 24 hours while SAND was down 11.8%. As the cryptocurrency landscape was bearish last week following a rejection at $40,000, it quickly returned below that level and kept losing value. This resulted in an almost two-month low of under $35,511 per coin. Yesterday, it was reported that the asset failed to stay above $39,000 and eventually fell below $38,000 again. Bitcoin was trading at around $38,500 before the FOMC meeting. The Fed Chair Jerome Powell said the institution would raise the interest rates by 50 basis points (instead of the expected 75).  This news caused the stock market to go up. Bitcoin also jumped to an intraday high of $40,000. As per Jarvis Labs: (…) the fair price scanner started showcasing potential local bottoming after alerts last night. However, they predict FOMC/trad-fi is more likely to play along for a market relief current week. Any slight dovishness sign and we might see the follow-up. And if not, then further crab or a drop hard. Volatility could go either way. U.S Stock Market Affecting Bitcoin Price Unfortunately, the stock market could not hold the spike and started a downtrend. Bitcoin also followed the US stock rally and lost more than 10% of its value. This brings its total market cap above $692.6 billion. Cryptocurrencies are being affected by the same trend as stocks. Investors seem to be selling off their stocks, causing a “risk-off” trade. This has caused the market for cryptocurrencies to go down sharply. Despite the several positive news like a DDoS attack against a cryptocurrency busted, Congress is considering allowing companies to include cryptocurrencies in their 401(k) plans; the falling stock market is pulling cryptocurrency values down with it. In addition, the volatility of tokens means that when the stock market goes down, the losses are generally more severe in the crypto market. Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up Cryptocurrencies are constantly changing. Thursday’s changes seem regular. People who invest in cryptocurrencies might understand that the value of these investments can go up and down drastically. However, as things stand, what has changed in the last six months is that stock market values have started affecting cryptocurrency values. Featured image from Pixabay and the chart from Tradingview.com

Bitcoin fell to its lowest level in over two months, as Friday’s non-farm payrolls report showed an addition of 428,000. It was expected that last month’s payrolls would show an increase of 391,000 jobs — lower than March’s figure of 431,000. ETH also fell on the news, hitting a six-week low. Bitcoin Bitcoin fell by […]

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De Beers has launched its long-awaited blockchain-powered Tracr platform to track and manage diamond production.

The Spatial Reality Display lets people view the nonfungible tokens in 3D without the need for 3D glasses.

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Authorities in Georgia are now holding discussions with industry representatives to finalize a bill designed to regulate coin trading, among other crypto-related activities. The legislation will be presented to the Georgian society this fall at the latest, a top central bank official announced. Central Bank of Georgia Talks Crypto Regulation With Market Players The National […]

Stablecoin Tether (USDT) is the third biggest cryptocurrency by market capitalization, and it is obviously the biggest stablecoin on the market. However, it's popularity does not necessarily means it is a great invesment. Theter is know in the crypto comunity not for being the best stablecoin in the market, and guess what, a lot of…
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Do they implement it with smart contract? If so, do they create an instance on auction contract for every market item or do they use some library? Or they implement it on the frontend or backend and use the result to transfer the assets? submitted by /u/vromahya [link] [comments]

Bitcoin fell to its lowest level in nearly a month as the optimism that had pervaded global markets following the Federal Reserve’s meeting on Thursday quickly vanished. On Thursday, sellers returned in full force, driving equities and cryptocurrencies down. Despite short-term price movements, the risk-off mood among market participants has been a recurrent trend this year. Bitcoin price fell below the $38,500 support level after failing to cross the $40,000 resistance level. The cryptocurrency has lost 8% in the last 24 hours and is now consolidating about $36,500. Suggested Reading | Bitcoin Seen Dropping To $32K – But Not This Month – As Analyst Sees It Hitting $48K In the past seven days, BTC has also decreased by 8%. This was also one of the worst declines for cryptocurrencies this year. The token is now approximately 10% above its January 2022 low – a far cry from the $66,000 it registered in November last year. Dragged By The Stock Market On April 5, its value opened at $46,614, but since then, between small and slight recoveries, it has declined to Friday’s closing price of $36,230. Bitcoin is the most volatile cryptocurrency, and market observers say these types of declines are usual given that the crypto market increasingly follows the stock market’s price movements. According to CoinMarketCap statistics, the largest cryptocurrency has a 24-hour trading volume of $35,046,532,955. In addition, Bitcoin’s dominance index decreased by 0.3% to nearly 42%. BTC total market cap at $757 billion on the daily chart | Source: TradingView.com Other Cryptos Fall As Well Similarly, the value of the majority of large coins decreased substantially. Ether fell as high as 7.1%. Avalanche and Solana, which were among the biggest gainers following Thursday’s rate hike by the US central bank, plummeted as high as 10% and 7.2 percent, respectively. According to Edul Patel, Chief Executive Officer and Co-Founder of Mudrex, there is a possibility that BTC would fall below the present level. “The 24-hour selling volume of Bitcoin increased slightly. Bitcoin’s support level has risen to $32,000. A similar downward trend could continue for several days,” he said. Rising interest rates are the greatest risk for both cryptocurrency and stock traders. The Federal Reserve has already increased interest rates twice this year and is expected to do so again to counteract excessive inflation. End Of The Bitcoin Golden Days? Meanwhile, as the cryptocurrency market continues to be volatile, Bitcoin is anticipated to rise despite the worst economic and financial conditions. As Bitcoin’s price continues to fall, however, some investors are becoming increasingly dubious of these forecasts and shifting their focus to other investment opportunities, or perhaps other cryptocurrencies. Comprehending what comes ahead is difficult because of the numerous variables influencing Bitcoin’s performance and many crypto investors are still optimistic it can go back to levels it enjoyed during its glory days. Suggested Reading | Bitcoin Struggles To Breach $40,000 Level, Down 4% In Last 24 Hours Featured image from Pexels, chart from TradingView.com