Arthur Hayes, co-founder and former CEO of BitMEX, now managing his family office Maelstrom, has declared the crypto bull market is "reawakening." This follows recent interest rate cuts by the Bank of Canada and the European Central Bank, signaling a shift in global economic policy. Key Points: Interest Rate Cuts: Bank of Canada: First major central bank to cut rates this year, down a quarter-point to 4.75%.European Central Bank: Followed suit, lowering rates by the same amount to 4.25%. Market Reaction: Hayes described these cuts as “fireworks,” predicting they will “catapult crypto out of the northern hemispheric summer doldrums.” Upcoming Events: Bank of England: Speculated to potentially follow the trend.Jackson Hole Symposium (August): Anticipated as a catalyst for further significant changes. Economic Calendar: Fed’s Federal Open Market Committee (FOMC): Meeting on June 11-12.G7 Leaders' Summit: June 13-14 in Apulia, Italy. Fed’s Stance: Hayes believes the Fed will hold rates steady at its next meeting due to ongoing inflation concerns. Investment Advice: Hayes advises the crypto community to go long on Bitcoin and other altcoins, referring to them as "sh*tcoins." Arthur Hayes sees a clear trend of central banks beginning to ease monetary policies, signaling a positive outlook for the crypto market.
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South Korea to Classify Mass-Issued NFTs as Virtual Assets
With the 'Virtual Asset User Protection Act' taking effect on July 19, South Korea's Financial Services Commission (FSC) has issued guidelines on when non-fungible tokens (NFTs) should be considered virtual assets. General NFTs traded for collection will remain outside this scope, but those resembling virtual assets will face regulation. Key criteria for classification include mass issuance, divisibility, and usage as a payment method. NFTs issued in large quantities, divisible NFTs, or those used for payments will be regulated as virtual assets. Businesses issuing such NFTs must report to authorities under the ‘Specific Financial Information Act,’ or face criminal penalties. The FSC provides consultation services for businesses unsure about their NFTs' classification.
UK-based crypto infrastructure firm Ramp Network is establishing its European base in Ireland, joining a growing number of cryptocurrency firms favoring the country for their headquarters. Steven Eisenhauer, Ramp’s chief risk and compliance officer, emphasized Ireland's appeal due to its progressive regulatory environment, crucial for building consumer trust in the crypto sector. Ireland, despite its small size, hosts about 12 registered virtual asset service providers and is a top choice alongside France, Germany, and Belgium for firms preparing for the EU’s Markets in Crypto-Assets Regulation (MiCA). Ramp, a fintech startup that facilitates the conversion between fiat and crypto currencies globally, praised the Central Bank of Ireland (CBI) for its balanced approach to regulation, combining business friendliness with integrity. The CBI's hiring of crypto-savvy personnel has improved its understanding of the industry. Despite this positive sentiment, some firms like stablecoin issuer Circle have relocated from Ireland to the US. Nonetheless, Ireland's favorable business climate and low corporate tax rate continue to attract major crypto firms like Coinbase, which chose Ireland for its EU operations under MiCA regulations.
Cardano ($ADA ) founder Charles Hoskinson expressed his frustration on X with some crypto media, emphasizing a "profound disconnect between reality and opinion with the cryptocurrency influencer and media perception of Cardano versus its actual fundamentals." Hoskinson noted the rapid evolution of the Cardano blockchain, with significant developments underway, including an upcoming hard fork marking a pivotal upgrade for the blockchain. This upgrade, split into Chang Upgrade Number One and Chang Upgrade Number Two, promises substantial enhancements. He highlighted the remarkable growth in Cardano's dApp community and its leading role in R&D scaling. Technologies like Hydra, partner chains, Midnight, and Prism, alongside community initiatives like Catalyst and the constitutional convention in Argentina, exemplify the blockchain's progress. Hoskinson also spotlighted major upcoming events for Cardano, such as the Rare Evo blockchain convention, the global Cardano Summit, and Token 2049. He criticized the crypto media for focusing on negative headlines like “Will Cardano die?” while ignoring these positive developments. Hoskinson urged the media to instead highlight: Major blockchain upgrade: A significant hard fork to enhance Cardano’s features and capabilities.Booming dApp ecosystem: Rapid growth of decentralized applications on Cardano.Scaling Innovation: Leading research and development in blockchain scalability.High-profile events: Participation in Rare Evo, Cardano Summit, and Token 2049.Hydra scaling solution: Advanced technology to significantly boost transaction speed.Community-driven initiatives: Events and projects focusing on real-world impact. Hoskinson concluded by asserting that Cardano is here to stay and will drive the industry forward, addressing real-world economic, political, and social issues.
According to PANews, Token Unlocks data indicates a significant release of tokens next week, totaling over $240 million in value. Moonbeam ($GLMR): Unlocking approximately 3.04 million tokens on June 11 at 8 PM Beijing time, representing 0.35% of the current circulating volume, valued at around $950,000. Aptos ($APT ): Unlocking approximately 11.31 million tokens on June 12 at noon Beijing time, representing 2.58% of the current circulating volume, valued at around $97 million. dYdX ($DYDX): Unlocking approximately 1.55 million tokens on June 12 at midnight Beijing time, representing 0.55% of the current circulating volume, valued at around $3 million. Immutable ($IMX ): Unlocking approximately 25.53 million tokens on June 14 at 8 PM Beijing time, representing 1.72% of the current circulating volume, valued at around $54 million. Starknet ($STRK): Unlocking approximately 64 million tokens on June 15 at 8 PM Beijing time, representing 4.92% of the current circulating volume, valued at around $77 million. CYBER ($CYBER): Unlocking approximately 886,000 tokens on June 15 at midnight Beijing time, representing 3.96% of the current circulating volume, valued at around $7.4 million. Render ($RNDR ): Unlocking approximately 760,000 tokens on June 16 at 8 PM Beijing time, representing 0.2% of the current circulating volume, valued at around $7.3 million.
📉 Ethereum ($ETH ) Price Update Ethereum is currently facing challenges in breaking through key resistance levels, leading to consolidation within a narrow range. The trading volume is not yet supportive of a strong upward movement. 🔮 Will $ETH Drop Below Key Support Levels? ETH is struggling to maintain its position above $1,900. While it occasionally rebounds from around $1,850, the possibility of a bearish pullback is growing due to market sentiment. 📊 Short-Term Outlook: Current Support: Testing the $1,850 level.Potential Drop: If bearish pressure increases, $ETH could drop to $1,800 or even $1,750.Key Levels:Resistance: $1,950Support: $1,850 initially, potentially $1,800 later. Traders are closely watching these levels for signs of either a bearish continuation or a bullish reversal. Stay updated for more market insights!
📉 Is $Solana (SOL) Looking for a Rejection? After a recent rise, Solana's price is struggling to break through a key resistance level. It's consolidating just below this threshold, and trading volume hasn't picked up enough to prevent a possible bearish divergence. 🔮 Could SOL Plunge Below $130? SOL is currently in a narrow range, with bears pushing back each time it nears $175. Though it has rebounded from near $160, hopes of reaching $180 are dimming due to looming bearish sentiment. 📊 Short-Term Outlook: Current Support: Testing a key trend reversal zone.Potential Drop: If bulls weaken, price may fall to $164. A 5% pullback could ensue if RSI hits lower thresholds.Key Levels:Resistance: $175Support: $160 initially, potentially $140 later. Traders are eyeing these levels to either reinforce the bearish trend or inject liquidity to push SOL above $170.
The crypto market is ending the week on a low note, with significant drops in Bitcoin and major altcoins. $Bitcoin fell from around $71,000 to below $69,000, while Ethereum declined from approximately $3,850 to below $3,700. Top altcoins also saw drops of around 10%.
Watcher Guru reported that about $300 million was liquidated from the cryptocurrency market in just the past hour, indicating a rapid sell-off by investors.
The reasons for this selloff could include profit-taking after a recent bull run and concerns over potential regulatory crackdowns, despite no immediate threats. Crypto analyst Michaël van de Poppe remains unfazed by the downturn, viewing it as a "liquidity hunt" by larger players. He advises against selling and suggests that those with available cash consider these dips as buying opportunities. Despite the volatility, the overall bull market sentiment persists, with Ethereum ETFs set to begin trading in two weeks, potentially boosting prices further. Investors are encouraged to view the current dips as opportunities rather than reasons to panic.
Trading arbitrage involves taking advantage of price differences of the same asset in different markets to make a profit. This strategy exploits inefficiencies in the market. Here's an example to illustrate how trading arbitrage works: Example of Arbitrage in Cryptocurrency Markets Let's use Bitcoin ($BTC ) as an example. Assume BTC is traded on two different exchanges: Exchange A and Exchange B. Step-by-Step Arbitrage Process: Identify Price Discrepancy:On Exchange A, the price of 1 BTC is $30,000.On Exchange B, the price of 1 BTC is $30,200.Simultaneous Transactions:Buy 1 BTC on Exchange A for $30,000.Sell 1 BTC on Exchange B for $30,200.Profit Calculation:The difference in price between the two exchanges is $200.Your profit is $200 per BTC, minus any transaction fees. Factors to Consider: Transaction Fees:Each exchange charges fees for buying and selling. These must be considered to ensure the arbitrage opportunity is profitable.Transfer Times:The time it takes to transfer BTC between exchanges can impact the arbitrage opportunity. Cryptocurrency prices can be volatile, and the price discrepancy might close before the transfer is complete.Regulatory and Security Risks:Different exchanges may have different regulations and security measures. It’s crucial to ensure the exchanges are reliable and compliant with regulations.Volume and Liquidity:Ensure there is enough volume on both exchanges to execute the trades without significantly affecting the price. Simplified Example with Numbers: Buying $BTC on Exchange A:Price per BTC: $30,000Amount bought: 1 BTCTotal cost: $30,000Selling BTC on Exchange B:Price per BTC: $30,200Amount sold: 1 BTCTotal revenue: $30,200Transaction Fees:Assume both exchanges charge a 0.1% fee.Fee for buying on Exchange A: $30 ($30,000 * 0.1%)Fee for selling on Exchange B: $30.20 ($30,200 * 0.1%)Net Profit:Revenue: $30,200Costs: $30,000 + $30 (buying fee) + $30.20 (selling fee) = $30,060.20Net Profit: $30,200 - $30,060.20 = $139.80 This example illustrates a basic arbitrage opportunity where a trader can profit from price discrepancies between different markets. The key is to act quickly and consider all costs involved to ensure the trade remains profitable.