Uniswap Labs has announced the acquisition of Crypto: The Game (CTG), an onchain experience mimicking mainstream TV shows like Survivor with a crypto element. The experience involves the participation of several contestants in a series of challenges to gain immunity and avoid being voted out. With the acquisition, completed for an undisclosed amount, CTG’s team […]
Ethereum is gearing up for its next major upgrade in the first quarter of 2025, codenamed “Pectra,” which will combine the Prague and Electra upgrades.
As the financial markets brace for the upcoming Federal Open Market Committee (FOMC) meeting on Wednesday, June 12th, the Bitcoin and crypto community is poised to assess the implications of any Federal Reserve announcements on digital assets such as Bitcoin. With the consensus forecast suggesting that the Federal Reserve will hold the federal funds rate steady at 5.25%-5.50%, the primary interest of investors has turned to the nuances of the Fed’s forward guidance and economic projections. Crypto analyst Tomo (@Market_Look) shared his insights on X, framing the upcoming FOMC meeting as a non-event for those expecting drastic moves. He stated, “Interest rates are likely to remain unchanged (5.25%-5.50%). There will likely not be any major changes to the statement or economic outlook, and the dot chart is expected to shift in a hawkish direction.” Tomo also highlighted the anticipated adjustments in the rate projections for the coming years, noting, “In 2024, the rate will shift from 3 cuts to 2 cuts. The hawkish surprise will be 1 cut.” He explained that the market has already priced in these expected adjustments, suggesting minimal surprise and limited market volatility in response. Related Reading: Hedge Funds Heavily Betting For Bitcoin To Fall: Will This Strategy Fail? “As of March, the distribution of dots for 2024 is 9 people in favor of keeping interest rates unchanged or cutting them twice, and 10 people in favor of cutting interest rates three or more times… a shift from three to two is already factored in.” Banking giant ING’s team of economists, including James Knightley and Padhraic Garvey, CFA, share a similar conservative outlook on the Federal Reserve’s potential moves. They anticipate that the Fed will underscore its cautious stance due to persistent inflation and strong employment figures, potentially delaying rate cuts further into the future. The ING team elaborated on their expectations, “The US Fed accepts that monetary policy is restrictive, but lingering inflation and strong jobs numbers mean it will indicate it’s prepared to wait longer before seriously considering interest rate cuts.” They anticipate that the dot plot, which will reveal individual FOMC members’ rate predictions, will show a reduction in the number of projected rate cuts for 2024 from three to possibly one or two. According to Nick Timiraos of the Wall Street Journal, JPMorgan and Citigroup have withdrawn their predictions for a rate cut in July following the recent jobs report last Friday. Currently, the majority of sell-side economists and other experts monitoring the Federal Reserve anticipate one or two rate reductions in either September or December of this year. JPM and Citi scrapped their calls for a July rate cut after last Friday’s jobs report. Most sell-side economists and other professional Fed watchers now anticipate one or two rate cuts this year in either September or December pic.twitter.com/x9tUD06Pmi — Nick Timiraos (@NickTimiraos) June 10, 2024 Impact On Bitcoin And Crypto Bitcoin and the broader crypto market have been quite sensitive to macro economic data recently. The anticipation of a dovish turn—particularly any hints of rate cuts—could weaken the dollar and bolster Bitcoin and other digital assets as alternative investments. Related Reading: Buy Or Sell Bitcoin Now? Analyst Reveals Ultimate Bias Guide Conversely, a reaffirmation of the current rate or a less dovish stance than expected could strengthen the dollar and apply downward pressure on crypto markets. However, the nuanced perspectives of FOMC members, as reflected in the dot plot and the accompanying economic projections, could provide clues about the medium-term trajectory of US monetary policy, which in turn could affect investor sentiment in the crypto markets. A hawkish tilt, suggesting fewer or delayed rate cuts, might strengthen the US dollar and put downward pressure on Bitcoin and other cryptocurrencies. Conversely, any dovish signals or indications of a softer stance on rate increases in the near future could buoy the crypto market. During the FOMC press conference, Chair Jerome Powell’s remarks will be crucial for setting the tone and expectations. Market participants will closely analyze his comments for any shifts in tone regarding inflation, economic growth, and future monetary policy adjustments. The interpretation of these remarks could lead to significant price movements in the Bitcoin and crypto markets. Moreover, the US Consumer Price Index (CPI) data for May 2024 just hours before the FOMC meeting will be critical. These data points will provide essential context for the Fed’s decisions, influencing their assessment of whether the current policy stance remains appropriate. At press time, BTC traded at $67,707, down -3.5% since yesterday’s high at $71,200. Featured image from Shutterstock, chart from TradingView.com
Hello! I want to deposit ETH from Exodus to Binance. Should I use the ERC20 network or the Base one? I suppose, since my ETH doesn't appear in the Base part in Exodus, I should use the ERC20, but I prefer to ask just to be sure. submitted by /u/Petrolid [link] [comments]
The Ethereum scaling blockchain set aside two-thirds of its 21 billion ZK token supply to give to its community, with select users the first to get a share.
submitted by /u/el_comand [link] [comments]
Solana has recommended validators in the network upgrade to the latest Mainnet Beta 1.18.15, which includes several fixes to address network performance and stability. The release includes a central scheduler functionality that can be turned on optionally, focused on solving performance issues identified when there is network congestion. According to Solana Beach, a validator statistics […]
BNB price struggled above $720 and started a downside correction. The price is now moving lower and there is risk of more downsides below $600. BNB price started a fresh decline below the $650 support zone. The price is now trading below $650 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could gain bearish momentum if there is a close below the $600 support. BNB Price Trims Gains After a major increase, BNB price struggled near the $720 resistance. As a result, there was a bearish reaction below the $680 support, like Ethereum and Bitcoin. The price dipped below the $650 support and the 100 simple moving average (4 hours). It traded as low as $613 and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the $724 swing high to the $613 low. The price is now trading below $650 and the 100-hourly simple moving average. Immediate resistance is near the $630 level. The next resistance sits near the $640 level. There is also a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair. A clear move above the $650 zone could send the price higher. In the stated case, BNB price could test $665. A close above the $665 resistance might set the pace for a larger increase toward the $672 resistance. Any more gains might call for a test of the $680 level in the coming days. More Losses? If BNB fails to clear the $640 resistance, it could continue to move down. Initial support on the downside is near the $615 level. The next major support is near the $605 level. The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $580 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $605 and $600. Major Resistance Levels – $630 and $650.
Traders are seemingly going risk-off ahead of a U.S. CPI print and a Fed monetary policy meeting, with Bitcoin falling to a weekly low.
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the Bermuda Monetary Authority (BMA) have signed a digital assets Memorandum of Understanding (MOU). This MOU establishes a framework for collaboration between the two regulatory authorities to support the creation and effective supervision of digital assets entities across their jurisdictions. It […]
