Category: Cryptocurrency News

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Polkadot (DOT), one of the leading cryptocurrencies in the ever-evolving blockchain ecosystem, is currently navigating a critical juncture in its recovery journey. Despite showing promising signs of rebounding from previous price corrections, DOT’s path to sustained growth is encountering significant roadblocks that could potentially lure sellers back into the market.  Related Reading: XRP Smothered In Red Despite Massive Whale Accumulation, Hinman Docs Release In this volatile landscape, one must wonder: Will DOT overcome these obstacles and reestablish its bullish momentum, or will it succumb to the pressures of the market, presenting an opportunity for sellers to seize control once again?  Let us delve into the factors that shape DOT’s recovery and explore the potential implications for market participants. Polkadot Recovery Faces Hurdles Amid SEC Lawsuit  Polkadot (DOT) has been caught in the crosshairs of a recent lawsuit involving Binance and the United States Securities and Exchange Commission. While the SEC failed to mention DOT as a security, the lawsuit still has sparked concerns and contributed to the substantial decline in its value over the past week. After the big news from yesterday about @SECGov and @binance, Crypto Twitter is floated with messages regarding those tokens the SEC mentioned and considers a Security, including SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, and AXS But what about DOT (Polkadot)… well, for… pic.twitter.com/yuGUHpf4s6 — JC Web3 Marketing .DOT (@IamJulianaC) June 6, 2023 The market’s reaction to this classification, coupled with prevailing macro headwinds, has caused DOT’s price to plummet. However, on June 10, the downward trajectory of DOT’s value showed signs of easing, giving the asset a chance to reverse some of its recent losses. Despite this glimmer of hope, the road to recovery remains challenging for Polkadot. As of now, DOT continues to face a considerable setback, with a seven-day decline of 9.31%. CoinMarketCap reports DOT’s current price at $4.65. This substantial decrease in value has raised questions about the asset’s ability to regain its previous strength. DOT 7-day price movement. Source: CoinMatketCap Although a minor 0.45% rally occurred in the past 24 hours, the overall trend for DOT remains on the downside. This raises the possibility that the recent market conditions could entice sellers to re-enter the market, further impeding DOT’s recovery efforts. Bitcoin’s Potential Impact On DOT Price: A Glimmer Of Hope? Meanwhile, Bitcoin has long held the power to sway the prices of other digital assets. As the flagship cryptocurrency, Bitcoin’s movements often have a ripple effect on the broader market. This correlation raises the possibility of a potential lifeline for DOT amidst its recent struggles. DOT market cap currently at $5.5 billion. Chart: TradingView.com Bitcoin’s recent performance has been a topic of intense speculation and analysis among traders and investors. Currently trading below the key psychological level of $26,000, Bitcoin’s journey toward reclaiming this threshold could hold significant implications for the entire cryptocurrency market, including Polkadot. Related Reading: Tether Shuffles The Deck: 750 Million USDT Shifted From Tron To Ethereum If Bitcoin manages to regain the coveted $26,000 level, it could inject renewed confidence and optimism into the cryptocurrency space. Such a resurgence in Bitcoin’s price often leads to a domino effect, with other major cryptocurrencies benefiting from the renewed market sentiment. Polkadot, being one of the prominent altcoins, could potentially ride the wave of Bitcoin’s recovery. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock

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The Bitcoin and crypto market faces the most important event of this week and probably the entire month of June today with the Federal Open Market Committee (FOMC) meeting of the US Federal Reserve (Fed) at 2:00 pm EST (release of the interest rate decision) and the following press conference at 2:30 pm EST. For the first time since the Fed started its rate hike cycle in March 2022, an overwhelming majority expect a pause. The CME FedWatch tool currently indicates a 95.3% probability that there will be no change at today’s meeting. A breather, in other words, keeping interest rates at current levels, would give the central bank more time to observe the effects of its fight against inflation. And big banks agree with these expectations. As macro analyst Ted (@tedtalksmacro) shows, only one of nine major banks, namely Citi, expects another 25 basis point rate hike. All other major banks such as Goldman Sachs, J.P. Morgan and Morgan Stanley expect a pause. Most important, therefore, will be the new “dot plot”, the Fed members’ projection of future interest rate path. Any correction to the upside will likely drive equities down and the dollar index (DXY) up, according to the analyst. Bitcoin and crypto are likely to follow this trend. Happy hawkish pause day! The market gives a 96% probability that the Fed pause today after hiking rates at every meeting since March 2022. Major banks agree. Most important, will be the new ‘dot plot’ — > any revisions higher would spook equities lower and the dollar higher. pic.twitter.com/M8UQkmXoZG — tedtalksmacro (@tedtalksmacro) June 14, 2023 The US bond market is currently pricing in another rate hike by the Federal Reserve and a rate cut by the end of 2023, as Walter Bloomberg reported today. However, it is likely to be more binary, says Michael Contopoulos, director of fixed income at Richard Bernstein Advisors, in a note. Related Reading: FUD Or Real: Is Binance Selling Bitcoin To Prop Up BNB? Either the Fed does not cut, or growth falls off so hard it is cutting a lot,” Contopoulos says. His guess is the former. “Higher than expected CPI could very well tilt them to a hike. Otherwise, I think they will pause,” he says. The bond market is pricing in 200 basis points of rate cuts in 2024, the expert says, adding that this would mean the recession won’t hit until next year. “I tend to agree with that”. However, it is not inconceivable that the Fed could hike further after a pause. As the Bank of Canada (BoC) shows, this is entirely possible. The BoC raised rates again by 25 basis points (to 475 bps) in June after a two-month pause. Related Reading: Bitcoin Price Looks Set To Start Recovery Toward $27K, Here’s Why And the probability of another quarter-point rate hike in July is 63%, according to the CME FedWatch Tool. In this respect, the dot plot could be the trend-setting indicator today to gauge whether equities as well as Bitcoin and crypto are falling or rising. If the dot plot sees any downward revisions, BTC and crypto are likely to start a new upward push. Otherwise, any upward revisions (“higher for longer”) of the projections would be rather bearish. And as on-chain analyst Ali Martinez noted today, the Bitcoin price is on thin ice: Notice the most important support zone is between $22,785 and $23,595 where 1.34 million wallets hold 450,000 $BTC. On the flip side, #BTC faces stiff resistance between $26,000 and $28,250 where 5.18 million wallets bought 2.1 million BTC. At press time, the Bitcoin price remained relatively calm ahead of today’s interest rate decision. In the 1-hour chart, BTC shows a good chance of a breakout from the current mini range (coincides with the $26,250 resistance to the upside of Ali) around the FOMC meeting, which should trigger another round of volatility. Featured image from iStock, chart from TradingView.com

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The company behind the issue of USDT stablecoin, Tether Holdings, has announced that it will work with a third-party exchange to convert 750 million USDT from Tron to Ethereum ERC20 via a chain swap. With a current market valuation of $83.37 billion, USDT is by far the most valuable stablecoin in existence. Stablecoin use has soared over the last few years, and Tether has been working hard to diversify its reserve holdings in response to the growing need for trust in the network. Related Reading: XRP Smothered In Red Despite Massive Whale Accumulation, Hinman Docs Release To maintain the liquidity of the stablecoin, cryptocurrency exchange Binance said through Twitter on Monday that it will arrange a swap of 750 million Tether-Tron token pairs for Tether-Ether. Tether has assured that the overall supply of USDT will not increase or decrease as a result of this. After 12pm UTC today, #Binance will be swapping 750M USDT-TRX for USDT-ETH directly with the Tether team to ensure stablecoin liquidity across all chains for our users. If you see any significant movements of USDT from our wallets today, that’s why. Funds are SAFU. — Binance (@binance) June 12, 2023 Tether Locks On 1:1 USD Anchor Tether, the most popular stablecoin, strives to keep a one-to-one exchange rate with the US dollar (USD) at all times. This token swap will involve Tron, the ninth largest cryptocurrency by market cap at $6.3 billion, and Ether, the second largest cryptocurrency by market cap at $210 billion, after Bitcoin. By exchanging bitcoin from one blockchain to another, or “swapping chains,” investors can get access to all of the blockchains that back the digital money they possess. Their digital assets can be used on other blockchains that support them. Related Reading: Solana Price Plunges Below March Low – Could It Drop Further? The move to rebalance the liquidity base of USDT on Ethereum by shifting from the region of surplus to the region of scarcity remains the most reasonable explanation of the various theories being put forward as to why the USDT is being switched. Meanwhile, the heightened regulatory scrutiny of Binance has been detrimental to the exchange, prompting this strategic shift. Binance is now engaged in litigation with the US Securities and Exchange Commission, highlighting the importance of taking preventative action in light of the current regulatory environment. ETH market cap currently at $210 billion. Chart: TradingView.com Restocking The Ethereum Network Inventory Binance, its CEO Changpeng Zhao, and Binance.US were all named in a lawsuit brought by the SEC last week. Binance has been accused of engaging in alleged deceptive activities, manipulating trading volumes, diverting user funds, and keeping the identity of those in control of the company in the United States a secret. Tether re-minted $1 billion in USDT on the Ethereum blockchain on Monday, prompting the swap. Tether’s CTO Paolo Ardoino tweeted that the recent $1 billion mint was part of the company’s effort to restock its Ethereum Network storage. In a related development, as of March, both the Tron Foundation and its creator, Justin Sun, were hit with fraud charges by the SEC. As a result, Binance USA announced that it will be pulling the digital asset token tron from its exchange. At the time of writing, Ether (ETH was trading at $1,744, down 6.33% in the last seven days, data from crypto market tracker CoinMarkeCap shows. Tether (USDT), on the other hand, is painted in red, and trading at $0.99. Source: CoinMarketCap Featured image from The Cryptonomist

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