Category: Cryptocurrency News

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A week could not be more important for Bitcoin and the broader crypto market! On Tuesday, at 08:30 ET, there will be the release of the Consumer Price Index (CPI). Just one day later, on Wednesday, December 14 at 14:00 ET, the Federal Open Market Committee (FOMC) will hold its last meeting of the year. For the fourth time this year, there will be an updated forecast for inflation and interest rates (dot plot). Generally, there is a simple base case scenario: if the numbers are better than expected, there will be a rally for risk-on assets like Bitcoin. If the CPI falls short of expectations, Bitcoin could face a new bear market low. Did Bitcoin Overreact To The PPI? To assess how likely both scenarios are, it is also worth looking back at the recent producer price index (PPI) release. The PPI was higher than expected. However, expectations were relatively high. The core PPI was forecast at 7.2% in October, but actually fell to 6.7%, a 0.5% month-to-month decline. Related Reading: Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin – Watch Out For The Dot Plot The core PPI November forecast was 5.9%. In reality, though, the PPI came in at 6.2%. While this looks bearish at first, it really wasn’t. This still represented a 0.5% decline month-over-month. The PPI shows the same story. The value fell for two consecutive months, 0.5% and 0.6%. The expectation was a 1.1% decline in one month, which was extremely unrealistic. The markets’ projected target was an extremely low number, and the failure to meet that expectation was, in a sense, an overreaction. Inflation has continued to fall significantly, just less than less than expected. Ultimately, expectations were a bit out of touch with reality. In addition, the PPI is fundamentally more volatile than the CPI, and also fluctuates seasonally. With the Christmas and gift-giving season, fluctuation is not uncommon. A Game Of Expectations So what are the expectations for the CPI? CPI fell 0.5% in October to 7.7%, while 8.0% was predicted. Tuesday’s expectations are now 0.4% lower. The forecasted CPI is 7.3%. Core CPI is expected at 6.1%, which would represent a 0.2% decline. The October reading was 6.3%, while the expectation was 6.5%, creating a positive surprise. The forecast for the CPI and the Core CPI are thus much more moderate and less unrealistic than for the PPI. Unlike the PPI, there are no extremely high expectations. Related Reading: Bitcoin Price Stuck In Key Range, Why The Bulls Remain In Action Even a “small” surprise could be enough to turn the market bullish. In a best-case scenario, we see a number of around 7% for the CPI on Tuesday. Moreover, a renewed drop in the CPI could confirm that inflation peaked. If the CPI falls for the sixth month in a row, fears of a second wave of inflation would also be allayed for now. All Eyes On The FOMC Meeting Last but not least, the CPI numbers will be quite crucial for the FOMC decision on Wednesday. The market has priced in a 78% probability that the Fed will slow the pace of rate hikes to 50 basis points at that meeting. However, the words spoken at the FOMC press conference are likely to be even more important, as well as the forecasts of updated economic projections. For the first time since September, the market will see an updated dot plot, an extremely important piece of information, as NewsBTC reported. Banking giant ING, meanwhile, laid out some potential scenarios that could put the market in risk-off or on mode. ING’s base case is that the Federal Reserve will hike rates by 50 bps, with 5% end 2023. As the monetary policy works with long & varied lags, ING expects a slowdown in future rate hikes, and clear cuts in 2024. This scenario could provide the bulls with the powder they need to start a rally. At press time, the Bitcoin price dropped to $16,920 in Monday morning trading in Asia.

Ben Bernanke, former chairman of the Federal Reserve and also the winner of the 2022 Nobel Prize in economics, has recently blasted the concept of cryptocurrencies. In an interview with Dagens Nyheter, one of the biggest Swedish journals, Bernanke remarked that cryptocurrencies have not proven they have any economic value at all. Ben Bernanke Blasts […]

Bitcoin price action, sideways since FTX, could see snap volatility thanks to the “most important” CPI print of the year.

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While some execs chose to double down on assuring the funds’ safety on their platforms, Ray Youssef, the CEO of crypto exchange Paxful, sided with the idea of self-custody.

Several small investors have manifested that the constant blackouts in several parts of Cuba have made cryptocurrency mining unsustainable, leaving them unable to operate their rigs. The blackouts also affect telecommunications, leaving some of these operations that rely on off-grid power plants without the internet needed to complete mining tasks. Cryptocurrency Mining in Cuba Not […]

SUSHI is having a hard time gaining some ground as the market declines again. Today, SUSHI has lost more than 5% of its value, following the trend of other major cryptocurrencies such as Bitcoin and Ethereum. Here’s a quick glance at how SUSHI is performing: Optimism manifested itself as an acceleration in development activity and an increase in whale demand for SUSHI Technicals and metrics imply significant bearishness SUSHI could wrap up 2022 in a bumpy ride Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department The token’s dismal showing is in contrast to some positive trends, such as rising developer engagement (as reported by Santiment) and rising whale interest (as reported by WhaleStats). Metrics and technicals, however, suggest that SUSHI may close out the year with negative numbers. JUST IN: $SUSHI @sushiswap now on top 10 purchased tokens among 100 biggest #ETH whales in the last 24hrs 🐳 We’ve also got $MOH, $QRDO, $QWLA, $aDAI & $BOBA on the list 👀 Whale leaderboard: https://t.co/N5qqsCAH8j#SUSHI #whalestats #babywhale #BBW pic.twitter.com/TWNaSe2p5T — WhaleStats (tracking crypto whales) (@WhaleStats) December 10, 2022 SUSHI Technicals Not Looking Great The coin has found support at $1.013 and is presently trading at $1.119. The price is at a red candle, supporting a further drop in the near future. Money Flow Index verifies the decline that has started despite RSI readings near neutral levels. This pessimism is bolstered by the gloomy data from CryptoQuant. Exchange reserve data have grown over the past few days, despite increased development activity and whale interest being incredibly favorable indicators. The oversold level of SUSHI’s stochastic relative strength index (RSI) may serve as a catalyst for a pullback, notwithstanding the stock’s bearish sentiment. The Bollinger band is in a position that is close to neutral, but its moving average acts as resistance at $1.263. However, the present price action is persistently pushing the bottom half of the range, which could result in a negative outcome for the token. Drastic Measures Required? Currently, the price is attempting to settle near $1.114, which could indicate that bulls and bears will remain in a prolonged deadlock. CMF data for SUSHI may suggest a turnaround. Messari’s revealing of a major decline in SUSHI’s volatility could help investors and traders gain some momentume. Sharpe’s ratio indicates that the token’s performance indicates very low returns relative to its volatility. The current state of the crypto may be the result of recent reports that the DEX’s finances are not in good shape, and its CEO Jared Grey is considering severe measures to remedy the situation. With DeFiLlama observing repeated reductions in TVL for SUSHI, investors and dealers of the token may have a colder winter this year. Related Reading: Yearn Finance: What The Final Quarter Of 2022 Has In Store For YFI Price SUSHI total market cap at $141 million on the daily chart | Featured image: Mahmoud Fawzy – Unsplash, Chart: TradingView.com

​ https://preview.redd.it/ty4jkdgr2f5a1.png?width=1400&format=png&auto=webp&s=6293ee2dfced474048fe1b647898160114ce4bde Moderator: ​ Lucas, Senior Research Manager at Huobi Incubator Jenny, Senior Operations Manager at Huobi Incubator Speakers: Kristof Gazso, Co-Author of ERC-4337, PM at Nethermind Praneeth Srikanti, Investment Partner at Ethereal Ventures The details about the discussion here: https://medium.com/@HuobiIncubator/spotlight-of-web-3-0-recap-account-abstraction-and-what-follows-with-erc-4337-co-author-56adb398f0aa submitted by /u/thanhphank34 [link] [comments]

USDD the stablecoin by Tron Dao reserve has just recently fallen below the 3% threshold that most have used as the defacto standard for that coin to be considered "depegged" (despite never truly repegging from an initial depegging on October 18th) https://coinmarketcap.com/currencies/usdd/ Per coinmarketcap – USDD is a cryptocurrency issued by the TRON DAO Reserve…
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