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Will Bitcoin begin its recovery rally ahead of US Nonfarm Payrolls data?Nonfarm Payrolls in the US are forecast to increase by 205,000 in February, after a surprising uptick in January.  Jerome Powell’s relatively hawkish statement on Tuesday pushed Bitcoin and cryptocurrency prices lower.  If upcoming jobs and inflation data beat expectations, the Fed will likely deliver a bigger interest rate hike, pushing BTC and crypto lower.  US Nonfarm Payrolls (NFP) data surprised investors with a relatively high spike to 517,000 jobs in January. The forecast for February is a more modest 205,000, and it remains to be seen whether there will be any surprises in the data.  Analysts expect the Federal Reserve to continue its aggressive interest rate hiking if jobs and inflation numbers continue to exceed expectations. This could increase the selling pressure on risk assets like Bitcoin and cryptocurrencies.  What is Nonfarm Payrolls data and why it acts as key input for US Fed’s policy making? Nonfarm Payroll measures the number of workers in the United States, except those in farming, private households, non-profit and the active military. The Bureau of Labor Statistics (BLS) surveys private and government entities throughout the US and reports Nonfarm Payrolls to the public through a monthly “Employment Situation” report.  The NFP additions and the unemployment rate are the two headlines of the report, however policymakers use all available data to assess the state of the US economy and forecast future economic activity.  It is important to note that an increase in NFP indicates that the economy is growing, spending is expected to increase and a sudden increase in jobs could drive inflation higher. This is viewed as negative for the economy, and factors in the US Fed’s decision making when determining the next interest rate hike.  What has happened in the last five NFP reports? US NFP data has surprised market participants for the past five times. Each time the employment data came in the labor market was tight despite firms bracing for economic slowdown and tech layoffs.  It's important to note that rather than the employment numbers in itself, the difference between actual and forecasted data influences the market’s reaction. As seen in the chart below, Bitcoin price reacted differently to the past five US NFP data releases, where actual numbers were greater than the forecast.  The numbers shown in the chart below account for BTC price reaction in the week following the US NFP data release.  Other factors influencing Bitcoin price during the past five data releases include FTX exchange’s collapse, bankruptcies of several crypto lenders and firms, US regulatory crackdown on cryptocurrency exchanges and stablecoin issuers, announcement of Mt.Gox’s BTC return to creditors, among others.  The chart reveals that the immediate (same day) reaction was a decline in Bitcoin price. When the actual NFP figure has been 300k or higher it typically results in an increase in selling pressure on risk assets like Bitcoin and cryptocurrencies.  The forecast for February is an increase of 205,000, according to data from FXStreet. Jerome Powell’s recent hawkish commentary pushed Bitcoin and crypto lower In a testimony to the Committee on Financial Services at the start of the week, the US Federal Reserve Chair Jerome Powell submitted hawkish remarks. Powell commented on data from January on employment, consumer spending, manufacturing production, and inflation and stated that the softening trends have partly reversed.  Powell was quoted as saying: ...Still, the breadth of the reversal along with revisions to the previous quarter suggests that inflationary pressures are running higher than expected at the time of our previous Federal Open Market Committee (FOMC) meeting. The Fed Chair affirmed that inflation has been moderating in recent months, but the process of getting inflation back down to 2% has a long and bumpy way to go. With the latest economic data coming in stronger than expected, the ultimate level of interest rates is likely to be higher than previously anticipated. Analysts are pricing in a 50 basis point hike, instead of 25, in March.  Expert speak: What to expect from risk assets  Eren Sengezer, Lead Analyst at FXStreet commented on the US Senate’s preparedness to increase the pace of rate hikes. Sengezer notes that hawkish Fed bets have been dominating the markets. The expert believes that a disappointing NFP print, below forecast, could make room for a recovery in risk asset prices. The analyst was quoted as saying: The CME Group FedWatch Tool shows that markets are pricing in a 78% probability of a 50 bps rate hike in March, suggesting that there is more room for additional US Dollar strength in case NFP surpasses the market consensus. In that scenario, risk-sensitive assets are likely to have a hard time finding demand. On the other hand, a disappointing NFP print - at around 100,000 - could cause investors to second guess themselves about the probability of a 50 bps hike at the next meeting. In that case, we are likely to observe a risk rally, at least until next week's Consumer Price Index data. The state of Bitcoin and where BTC price is headed next Bitcoin market participants are bearish ahead of US NFP data release. The Silvergate FUD – read more about it here: Cryptocurrency exchanges reassure saftey after Silvergate bank shuts down – has negatively influenced Bitcoin price.  BTC holders are concerned about rising selling pressure from a combination of Powell’s hawkish commentary and an above-expected increase in Nonfarm Payrolls in February 2023. Bitcoin is fighting an uphill battle to recover from its March 3 decline from $23,539 to $22,259.  As seen in the chart below, Bitcoin price is in a short-term uptrend that started in January 2023. The asset is currently trading sideways since its drop from the $25,200 level in February. BTC price is currently below its long-term Exponential Moving Averages, 100 and 200-day.  At $21,771, Bitcoin price is above the 50-day EMA at $21,315.  If Bitcoin begins its relief rally, the asset is likely to face resistance at the 100-day and 200-day EMAs at $22,325 and $21,797. The upside target is the $25,205 level that has acted as resistance for most of 2022 and 2023. The downside targets are $21,533 and $18,725, both levels acted as resistance and were flipped into support by Bitcoin during its rally to $25,205.  Relative Strength Index is currently 38.40, with no sign of divergence on the one-day price chart. There is room for recovery in the largest asset by market capitalization, although it remains to be seen how US Nonfarm Payrolls data influences Bitcoin price. #Binance #bitcoin #koinmilyoner #buildtogether #BTC

Will Bitcoin begin its recovery rally ahead of US Nonfarm Payrolls data?

Nonfarm Payrolls in the US are forecast to increase by 205,000 in February, after a surprising uptick in January. 

Jerome Powell’s relatively hawkish statement on Tuesday pushed Bitcoin and cryptocurrency prices lower. 

If upcoming jobs and inflation data beat expectations, the Fed will likely deliver a bigger interest rate hike, pushing BTC and crypto lower. 

US Nonfarm Payrolls (NFP) data surprised investors with a relatively high spike to 517,000 jobs in January. The forecast for February is a more modest 205,000, and it remains to be seen whether there will be any surprises in the data. 

Analysts expect the Federal Reserve to continue its aggressive interest rate hiking if jobs and inflation numbers continue to exceed expectations. This could increase the selling pressure on risk assets like Bitcoin and cryptocurrencies. 

What is Nonfarm Payrolls data and why it acts as key input for US Fed’s policy making?

Nonfarm Payroll measures the number of workers in the United States, except those in farming, private households, non-profit and the active military. The Bureau of Labor Statistics (BLS) surveys private and government entities throughout the US and reports Nonfarm Payrolls to the public through a monthly “Employment Situation” report. 

The NFP additions and the unemployment rate are the two headlines of the report, however policymakers use all available data to assess the state of the US economy and forecast future economic activity. 

It is important to note that an increase in NFP indicates that the economy is growing, spending is expected to increase and a sudden increase in jobs could drive inflation higher. This is viewed as negative for the economy, and factors in the US Fed’s decision making when determining the next interest rate hike. 

What has happened in the last five NFP reports?

US NFP data has surprised market participants for the past five times. Each time the employment data came in the labor market was tight despite firms bracing for economic slowdown and tech layoffs. 

It's important to note that rather than the employment numbers in itself, the difference between actual and forecasted data influences the market’s reaction. As seen in the chart below, Bitcoin price reacted differently to the past five US NFP data releases, where actual numbers were greater than the forecast. 

The numbers shown in the chart below account for BTC price reaction in the week following the US NFP data release. 

Other factors influencing Bitcoin price during the past five data releases include FTX exchange’s collapse, bankruptcies of several crypto lenders and firms, US regulatory crackdown on cryptocurrency exchanges and stablecoin issuers, announcement of Mt.Gox’s BTC return to creditors, among others. 

The chart reveals that the immediate (same day) reaction was a decline in Bitcoin price. When the actual NFP figure has been 300k or higher it typically results in an increase in selling pressure on risk assets like Bitcoin and cryptocurrencies. 

The forecast for February is an increase of 205,000, according to data from FXStreet.

Jerome Powell’s recent hawkish commentary pushed Bitcoin and crypto lower

In a testimony to the Committee on Financial Services at the start of the week, the US Federal Reserve Chair Jerome Powell submitted hawkish remarks. Powell commented on data from January on employment, consumer spending, manufacturing production, and inflation and stated that the softening trends have partly reversed. 

Powell was quoted as saying:

...Still, the breadth of the reversal along with revisions to the previous quarter suggests that inflationary pressures are running higher than expected at the time of our previous Federal Open Market Committee (FOMC) meeting.

The Fed Chair affirmed that inflation has been moderating in recent months, but the process of getting inflation back down to 2% has a long and bumpy way to go. With the latest economic data coming in stronger than expected, the ultimate level of interest rates is likely to be higher than previously anticipated. Analysts are pricing in a 50 basis point hike, instead of 25, in March. 

Expert speak: What to expect from risk assets 

Eren Sengezer, Lead Analyst at FXStreet commented on the US Senate’s preparedness to increase the pace of rate hikes. Sengezer notes that hawkish Fed bets have been dominating the markets. The expert believes that a disappointing NFP print, below forecast, could make room for a recovery in risk asset prices.

The analyst was quoted as saying:

The CME Group FedWatch Tool shows that markets are pricing in a 78% probability of a 50 bps rate hike in March, suggesting that there is more room for additional US Dollar strength in case NFP surpasses the market consensus. In that scenario, risk-sensitive assets are likely to have a hard time finding demand.

On the other hand, a disappointing NFP print - at around 100,000 - could cause investors to second guess themselves about the probability of a 50 bps hike at the next meeting. In that case, we are likely to observe a risk rally, at least until next week's Consumer Price Index data.

The state of Bitcoin and where BTC price is headed next

Bitcoin market participants are bearish ahead of US NFP data release. The Silvergate FUD – read more about it here: Cryptocurrency exchanges reassure saftey after Silvergate bank shuts down – has negatively influenced Bitcoin price. 

BTC holders are concerned about rising selling pressure from a combination of Powell’s hawkish commentary and an above-expected increase in Nonfarm Payrolls in February 2023. Bitcoin is fighting an uphill battle to recover from its March 3 decline from $23,539 to $22,259. 

As seen in the chart below, Bitcoin price is in a short-term uptrend that started in January 2023. The asset is currently trading sideways since its drop from the $25,200 level in February. BTC price is currently below its long-term Exponential Moving Averages, 100 and 200-day. 

At $21,771, Bitcoin price is above the 50-day EMA at $21,315. 

If Bitcoin begins its relief rally, the asset is likely to face resistance at the 100-day and 200-day EMAs at $22,325 and $21,797. The upside target is the $25,205 level that has acted as resistance for most of 2022 and 2023.

The downside targets are $21,533 and $18,725, both levels acted as resistance and were flipped into support by Bitcoin during its rally to $25,205. 

Relative Strength Index is currently 38.40, with no sign of divergence on the one-day price chart. There is room for recovery in the largest asset by market capitalization, although it remains to be seen how US Nonfarm Payrolls data influences Bitcoin price.

#Binance #bitcoin #koinmilyoner #buildtogether #BTC
SHIB Burn Rate Skyrockets Ahead of Shibarium Beta Launch As Interest in Shiba Inu Ecosystem GrowsPopular meme-based cryptocurrency $SHIB’s token burn rate has reportedly surged in the past 24-hour period as the Shiba Inu community impatiently awaits the upcoming launch of the beta version of Shiba’s Layer 2 (L2) scaling solution Shibarium. Here is what Binance Academy says about Shiba Inu ($SHIB): “Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain. “SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 ‘Shiboshi’ NFTs, and an NFT game Shiboshi Game. “Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.“ As of 11:35 a.m. UTC on March 9, $SHIB burn tracker Shibburn is reporting that in the past 24-hour period, the $SHIB burn rate was up an insane 27,954%, with over 410 trillion SHIB tokens burned so far, i.e. permanently removed from the supply or sent to an inaccessible Ethereum address. The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation. In the past few weeks, there have been several major listings for $SHIB — and other tokens in the Shiba Inu ecosystem — as the community impatiently awaits the launch of Shibarium, a Layer 2 blockchain designed to address the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost. #SHIB #shibainu #shibarium #buildtogether #koinmilyoner

SHIB Burn Rate Skyrockets Ahead of Shibarium Beta Launch As Interest in Shiba Inu Ecosystem Grows

Popular meme-based cryptocurrency $SHIB’s token burn rate has reportedly surged in the past 24-hour period as the Shiba Inu community impatiently awaits the upcoming launch of the beta version of Shiba’s Layer 2 (L2) scaling solution Shibarium.

Here is what Binance Academy says about Shiba Inu ($SHIB):

“Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain.

“SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 ‘Shiboshi’ NFTs, and an NFT game Shiboshi Game.

“Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.“

As of 11:35 a.m. UTC on March 9, $SHIB burn tracker Shibburn is reporting that in the past 24-hour period, the $SHIB burn rate was up an insane 27,954%, with over 410 trillion SHIB tokens burned so far, i.e. permanently removed from the supply or sent to an inaccessible Ethereum address.

The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.

In the past few weeks, there have been several major listings for $SHIB — and other tokens in the Shiba Inu ecosystem — as the community impatiently awaits the launch of Shibarium, a Layer 2 blockchain designed to address the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost.

#SHIB #shibainu #shibarium #buildtogether #koinmilyoner
Legal counsel suggested that the Ripple case with the SEC could end in trial. XRP could breakout as whales moved large amounts of tokens. The unending Ripple [XRP] tussle with the SEC might end in another legal proceeding, according to Scott Chamberlain.#buildtogether
Legal counsel suggested that the Ripple case with the SEC could end in trial.

XRP could breakout as whales moved large amounts of tokens.

The unending Ripple [XRP] tussle with the SEC might end in another legal proceeding, according to Scott Chamberlain.#buildtogether
Bitcoin Dealt Another Round Of Blows, Is The Bear Market Back?In another shocking twist that has dealt a severe blow to the price of bitcoin, crypto-friendly bank Silvergate announced that it would be winding down operations as the contagion from the FTX collapse spreads. Naturally, this led to a swift decline in the price of BTC, dragging it to the mid-$21,000s once more. This recent event, coupled with other developments in the market, could mean that bitcoin and others are moving back into the bear market. U.S. President Biden Comes For Crypto Gains According to a Wall Street Journal report, U.S. President Biden has once again turned his attention toward the cryptocurrency market in a way that would affect how investors trade assets in the space. A fiscal 2024 budget plan that is expected to be revealed on March 9 included a proposal to increase the capital gains from 20% to almost 40%. One of the reasons given for this is to stop the phenomenon known as “tax loss harvesting” in crypto. What this means is that sometimes, investors would sell their cryptocurrencies at a loss to make it a claimable loss on their tax filings, but then repurchase the assets right after. This will however be limited to higher net-worth individuals making at least $1 million a year. Despite this cutoff, the broader market has not received the proposal well. Participants in the space have expressed their displeasure at the proposal. One of these is crypto analyst Lark Davis who took to Twitter and posted the tweet below. Bitcoin Returns To Bear Market Levels As the news of Silvergate’s collapse and the new tax proposal by President Biden spread, digital assets in the crypto space quickly responded. Bitcoin lost its footing above $22,000 and fell to $21,500 for the first time in over three weeks. Other digital assets in the space followed this trend with the likes of Ethereum, Cardano, and Dogecoin all cascading down with over 2% losses. This has pushed the crypto market farther back into the bear territory, increasing the possibility of a prolonged bear market. The tumble in price also saw market liquidations cross $100 million in the last 24 hours. However, bitcoin has held up better than expected so far. The digital asset found support above $21,500, suggesting that there was still a reasonable amount of buy pressure in the marketing holding the pioneer cryptocurrency up. As such, liquidations have slowed down significantly in the last 4 hours to only $6.7 million. Whether bitcoin will continue to fall remains to be seen at this point. If BTC is able to reclaim the $22,000 level before the trading day is over, then this would have only been a temporary setback and the cryptocurrency could resume its upward trajectory. #bitcoin #crypto2023 #buildtogether #koinmilyoner #BTC

Bitcoin Dealt Another Round Of Blows, Is The Bear Market Back?

In another shocking twist that has dealt a severe blow to the price of bitcoin, crypto-friendly bank Silvergate announced that it would be winding down operations as the contagion from the FTX collapse spreads. Naturally, this led to a swift decline in the price of BTC, dragging it to the mid-$21,000s once more. This recent event, coupled with other developments in the market, could mean that bitcoin and others are moving back into the bear market.

U.S. President Biden Comes For Crypto Gains

According to a Wall Street Journal report, U.S. President Biden has once again turned his attention toward the cryptocurrency market in a way that would affect how investors trade assets in the space. A fiscal 2024 budget plan that is expected to be revealed on March 9 included a proposal to increase the capital gains from 20% to almost 40%.

One of the reasons given for this is to stop the phenomenon known as “tax loss harvesting” in crypto. What this means is that sometimes, investors would sell their cryptocurrencies at a loss to make it a claimable loss on their tax filings, but then repurchase the assets right after. This will however be limited to higher net-worth individuals making at least $1 million a year.

Despite this cutoff, the broader market has not received the proposal well. Participants in the space have expressed their displeasure at the proposal. One of these is crypto analyst Lark Davis who took to Twitter and posted the tweet below.

Bitcoin Returns To Bear Market Levels

As the news of Silvergate’s collapse and the new tax proposal by President Biden spread, digital assets in the crypto space quickly responded. Bitcoin lost its footing above $22,000 and fell to $21,500 for the first time in over three weeks.

Other digital assets in the space followed this trend with the likes of Ethereum, Cardano, and Dogecoin all cascading down with over 2% losses. This has pushed the crypto market farther back into the bear territory, increasing the possibility of a prolonged bear market. The tumble in price also saw market liquidations cross $100 million in the last 24 hours.

However, bitcoin has held up better than expected so far. The digital asset found support above $21,500, suggesting that there was still a reasonable amount of buy pressure in the marketing holding the pioneer cryptocurrency up. As such, liquidations have slowed down significantly in the last 4 hours to only $6.7 million.

Whether bitcoin will continue to fall remains to be seen at this point. If BTC is able to reclaim the $22,000 level before the trading day is over, then this would have only been a temporary setback and the cryptocurrency could resume its upward trajectory.

#bitcoin #crypto2023 #buildtogether #koinmilyoner #BTC
If you couldn´t watch Spanish women in crypto webinar today, you can see it any time. 🇪🇸 With Almudena de la Mata (Blockchain Intelligence), Eva (Binance Fan Token) and me Chibiguardians (Binance Angel) https://www.binance.com/es/live/video?roomId=2125284 #buildtogether
If you couldn´t watch Spanish women in crypto webinar today, you can see it any time.

🇪🇸 With Almudena de la Mata (Blockchain Intelligence), Eva (Binance Fan Token) and me Chibiguardians (Binance Angel)

https://www.binance.com/es/live/video?roomId=2125284

#buildtogether
54,308,468,786,386 Shiba Inu (SHIB) Now in Hands of World’s Largest Ethereum Whales#ShibaInu (SHIB) has cemented its status as the largest altcoin holding among the 500 biggest whales on the #Ethereum (ETH) network, according to the blockchain tracking service WhaleStats. Over $606.3 million in SHIB, representing about 54 trillion tokens at current prices, are sitting in the deep-pocketed investor’s wallets. According to WhaleStats, the whales SHIB holdings outweigh their other altcoin positions by a vast margin. Ethereum scaling solution Polygon (MATIC), the second biggest altcoin holding among the whales, currently trails SHIB by nearly $440 million. “The top 500 ETH whales are hodling: A number of Ethereum whales have been spotted rapidly accumulating Shiba Inu over the last several months as the Dogecoin rival’s ecosystem gears up for the launch of Shibarium, a layer-2 scaling project meant to make the network more efficient. Late last year, a wallet that has yet to be identified began rapidly accumulating SHIB, and is now the single largest unknown address holding SHIB. And last week, the wallet tracking platform Etherscan identified a large crypto whale who received 118,058,494,947 SHIB worth $1.34 million in one day. #SHIB had an explosive start to the year, rising from $0.00000814 on January 1st to a high of $0.00001549 on February 4th – representing a 90% increase. It has since retraced and at time of writing, SHIB is trading at $0.00001117. #buildtogether

54,308,468,786,386 Shiba Inu (SHIB) Now in Hands of World’s Largest Ethereum Whales

#ShibaInu (SHIB) has cemented its status as the largest altcoin holding among the 500 biggest whales on the #Ethereum (ETH) network, according to the blockchain tracking service WhaleStats.

Over $606.3 million in SHIB, representing about 54 trillion tokens at current prices, are sitting in the deep-pocketed investor’s wallets.

According to WhaleStats, the whales SHIB holdings outweigh their other altcoin positions by a vast margin.

Ethereum scaling solution Polygon (MATIC), the second biggest altcoin holding among the whales, currently trails SHIB by nearly $440 million.

“The top 500 ETH whales are hodling:

A number of Ethereum whales have been spotted rapidly accumulating Shiba Inu over the last several months as the Dogecoin rival’s ecosystem gears up for the launch of Shibarium, a layer-2 scaling project meant to make the network more efficient.

Late last year, a wallet that has yet to be identified began rapidly accumulating SHIB, and is now the single largest unknown address holding SHIB.

And last week, the wallet tracking platform Etherscan identified a large crypto whale who received 118,058,494,947 SHIB worth $1.34 million in one day.

#SHIB had an explosive start to the year, rising from $0.00000814 on January 1st to a high of $0.00001549 on February 4th – representing a 90% increase.

It has since retraced and at time of writing, SHIB is trading at $0.00001117.

#buildtogether
Elon Musk Says it’s Possible for Twitter to Become “Biggest Financial Institution Globally”.Elon Musk has often faced criticism ever since he acquired the social media giant, Twitter. Musk had also begun implementing numerous changes to the social media behemoth from day one of the acquisition. Watcher.Guru had earlier reported that Twitter had begun applying for regulatory licenses to enter the payments business in the US. The report that went live on Jan. 30 stated that Musk’s social media platform is curating software to enter the payments realm. Musk recently spoke at Morgan Stanley’s Technology, Media & Telecom Conference, where he voiced his goal for Twitter in the payments realm. Can Elon Musk’s Twitter emerge as the biggest financial institution? Speaking at the conference, Musk stated that it is possible for Twitter to become the “biggest financial institution in the world.” It is a part of his larger vision to make Twitter an “everything app.” He also said at the conference that 800,000 accounts that distributed child sexual abuse material in February were suspended. The actions definitely speak louder than words, as it is definitely a positive step towards making Twitter a better platform. Considering his relentless workaholic nature and desire to achieve a goal, Musk is likely not the person to give up on a vision, especially if he envisions Twitter becoming the world’s largest financial institution. #buildtogether #Binance #ElonMusk #twitter

Elon Musk Says it’s Possible for Twitter to Become “Biggest Financial Institution Globally”.

Elon Musk has often faced criticism ever since he acquired the social media giant, Twitter. Musk had also begun implementing numerous changes to the social media behemoth from day one of the acquisition.

Watcher.Guru had earlier reported that Twitter had begun applying for regulatory licenses to enter the payments business in the US. The report that went live on Jan. 30 stated that Musk’s social media platform is curating software to enter the payments realm.

Musk recently spoke at Morgan Stanley’s Technology, Media & Telecom Conference, where he voiced his goal for Twitter in the payments realm.

Can Elon Musk’s Twitter emerge as the biggest financial institution?

Speaking at the conference, Musk stated that it is possible for Twitter to become the “biggest financial institution in the world.” It is a part of his larger vision to make Twitter an “everything app.”

He also said at the conference that 800,000 accounts that distributed child sexual abuse material in February were suspended. The actions definitely speak louder than words, as it is definitely a positive step towards making Twitter a better platform.

Considering his relentless workaholic nature and desire to achieve a goal, Musk is likely not the person to give up on a vision, especially if he envisions Twitter becoming the world’s largest financial institution.

#buildtogether #Binance #ElonMusk #twitter
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Web2 vs. Web3 ...
Centralization vs. Decentralization

Web3 is important because it represents the next phase of the internet, where data is decentralized, secure, and controlled by users rather than centralized entities.

The current version of the internet, Web2, is dominated by big tech companies who control the data of their users. This creates issues such as privacy violations, data breaches, and censorship. Web3, on the other hand, is built on blockchain technology, which enables decentralized and secure data management.

Web3 also enables new possibilities for innovation and collaboration through the use of decentralized applications (dApps) and smart contracts. These dApps and smart contracts can automate processes, reduce costs, and increase efficiency in a wide range of industries.

Furthermore, Web3 enables a new paradigm of digital ownership, where users can truly own their data and digital assets. This is a significant departure from the current model where users do not have full control over their data and digital assets, and must rely on centralized entities to manage and protect them.

Web2 and Web3 are two different generations of the internet.

Here are some of the main differences between the two:

Centralization vs. Decentralization: Web2 is a centralized platform, controlled by a few large corporations. Web3, on the other hand, is a decentralized platform, where power is distributed among many participants.

Ownership and Control: In Web2, users do not have full ownership and control over their data and digital assets. In Web3, users have full ownership and control over their data and digital assets, thanks to blockchain technology.

Interoperability: Web2 platforms are typically closed systems that do not communicate with each other. In Web3, platforms are designed to be interoperable, so that users can easily move data and assets between different platforms.

Privacy and Security: Web2 platforms are vulnerable to hacking and data breaches, as user data is stored in centralized databases. Web3 platforms use cryptography to secure data and transactions, making them much more secure and private.

Monetization: Web2 platforms are primarily monetized through advertising and data collection. In Web3, users can earn cryptocurrency for their contributions to the network, such as creating content or providing computing power.

Web2 vs Web3

Overall, Web3 represents a significant shift from the centralized, profit-driven model of Web2 to a more decentralized, user-centric model that empowers users and rewards them for their contributions.

Leave your thoughts💭 in the comments,

and feel free to follow and like ❤️‍🍀

#Web3 #Binance #educational #decentralized #buildtogether

Bitcoin vs DXY ... inverse CorrelationBTC vs DXY ... The DXY (US Dollar Index) is a measure of the value of the United States dollar relative to a basket of foreign currencies. Bitcoin is a decentralized digital currency that operates independently of central banks. When the DXY (US Dollar Index) rises, it typically means that the value of the US dollar is increasing relative to other major currencies. In general, an increase in the value of the US dollar can lead to a decrease in the price of cryptocurrencies, including Bitcoin and other altcoins. Orange Bitcoin, Blue DXY Dollar Index The reason for this is that many cryptocurrencies are priced in US dollars on trading platforms, and as the value of the dollar increases, it takes fewer dollars to purchase the same amount of cryptocurrency. This can lead to a decrease in demand for cryptocurrencies, as investors may perceive them as less valuable compared to the US dollar. However, it's important to note that the relationship between the DXY and cryptocurrencies is not always straightforward, and other factors can also impact the price of cryptocurrencies. For example, positive news, a Tweet from Elon Musk or developments in the cryptocurrency industry can lead to an increase in demand for cryptocurrencies, even if the value of the US dollar is rising. DXY value History... The value of the DXY (US Dollar Index) is influenced by various factors, including economic data, geopolitical events, and central bank policies. It's difficult to predict with certainty how low the DXY can go since it's subject to fluctuations and changes in these factors. However, the DXY has historically traded within a range of 70-103 since its inception in 1973. Its lowest level in history was 70.698, which occurred in March 2008 during the global financial crisis. In recent years, the DXY has been trading in the range of 89-103, with its lowest point in the last decade being 88.253 in February 2018. DXY Chart The correlation between DXY and Bitcoin can be simplified as follows: When the value of the US dollar strengthens (as measured by the DXY), the price of Bitcoin tends to decrease. This is because Bitcoin is often seen as an alternative to traditional currencies, so when the US dollar is strong, investors may choose to hold dollars instead of Bitcoin. Conversely, when the value of the US dollar weakens (as measured by the DXY), the price of Bitcoin tends to increase. This is because investors may view Bitcoin as a hedge against inflation or a safe haven asset during times of economic uncertainty. Leave your thoughts💭 in the comments, and feel free to follow and like❤️‍🍀 #BTC #DXY #Binance #Educational #buildtogether

Bitcoin vs DXY ... inverse Correlation

BTC vs DXY ...

The DXY (US Dollar Index) is a measure of the value of the United States dollar relative to a basket of foreign currencies. Bitcoin is a decentralized digital currency that operates independently of central banks.

When the DXY (US Dollar Index) rises, it typically means that the value of the US dollar is increasing relative to other major currencies. In general, an increase in the value of the US dollar can lead to a decrease in the price of cryptocurrencies, including Bitcoin and other altcoins.

Orange Bitcoin, Blue DXY Dollar Index

The reason for this is that many cryptocurrencies are priced in US dollars on trading platforms, and as the value of the dollar increases, it takes fewer dollars to purchase the same amount of cryptocurrency. This can lead to a decrease in demand for cryptocurrencies, as investors may perceive them as less valuable compared to the US dollar.

However, it's important to note that the relationship between the DXY and cryptocurrencies is not always straightforward, and other factors can also impact the price of cryptocurrencies. For example, positive news, a Tweet from Elon Musk or developments in the cryptocurrency industry can lead to an increase in demand for cryptocurrencies, even if the value of the US dollar is rising.

DXY value History...

The value of the DXY (US Dollar Index) is influenced by various factors, including economic data, geopolitical events, and central bank policies. It's difficult to predict with certainty how low the DXY can go since it's subject to fluctuations and changes in these factors.

However, the DXY has historically traded within a range of 70-103 since its inception in 1973. Its lowest level in history was 70.698, which occurred in March 2008 during the global financial crisis. In recent years, the DXY has been trading in the range of 89-103, with its lowest point in the last decade being 88.253 in February 2018.

DXY Chart

The correlation between DXY and Bitcoin can be simplified as follows:

When the value of the US dollar strengthens (as measured by the DXY), the price of Bitcoin tends to decrease. This is because Bitcoin is often seen as an alternative to traditional currencies, so when the US dollar is strong, investors may choose to hold dollars instead of Bitcoin.

Conversely, when the value of the US dollar weakens (as measured by the DXY), the price of Bitcoin tends to increase. This is because investors may view Bitcoin as a hedge against inflation or a safe haven asset during times of economic uncertainty.

Leave your thoughts💭 in the comments,

and feel free to follow and like❤️‍🍀

#BTC #DXY #Binance #Educational #buildtogether
Is Enjin Coin price poised for a 27% rally as Binance adds the token to its Proof of Reserves?Enjin Coin price saw a 7.41% increase in the last 24 hours following Fed chair Jerome Powell’s testimony. Binance added 11 new assets to the Proof of Reserves systems, including the likes of Dogecoin and 1INCH. ENJ managed to pull back from falling through its critical support, reclaiming the 50 and 100-day EMA support trading at $0.448. Enjin Coin price followed the broader market bullish cues as the altcoin treaded upwards, adding to yesterday's rise. This is despite the hawkish view from Federal Reserve Chair Jerome Powell, who suggested that higher interest rate hikes are on the cards. Binance adds support for Enjin Coin The world’s biggest cryptocurrency exchange introduced the concept of Proof of Reserves right after the collapse of FTX back in November 2022. Encouraging other exchanges to do the same, Binance stated this would improve transparency and trust within the community. In line with the same, Binance began publishing the proof of reserves, starting with Bitcoin and Ethereum and went on to add other tokens as well. As of today, the exchange has published proof for 24 crypto assets, adding 11 more tokens on Tuesday.  The 11 new cryptocurrencies added included MASK, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, as well as Dogecoin (DOGE) and Enjin Coin (ENJ). With these tokens added, Binance now shows over $63 billion in reserves with user funds collateralized at a 1:1 ratio. This inclusion might also have added to ENJ’s price rise, pushing the token up by over 5% in the last 24 hours. Enjin Coin price bounces back Enjin Coin price bounced off the critical support level at $0.415, which coincides with the 100-day Exponential Moving Average (EMA) line. Rising by 7.41%, the cryptocurrency at the time of writing is trading at $0.448. Inching closer to the 50-day EMA, ENJ might be able to recover the losses if the broader market cues turn positive. Some indications of the same can be noted on the price indicators as well. The Relative Strength Index (RSI) noted an uptick suggesting a rise back into the positive zone above 50.0.  The Moving Average Convergence Divergence (MACD) indicator is also showing signs of receding bearishness, as observed on the histogram, even though a bullish crossover is yet to take place.  If the bullish narrative plays out, the Enjin Coin price could rise to test and potentially breach the critical resistance at $0.485. This would allow it to rally toward the year-to-date highs of $0.547. But if the critical support is lost, ENJ could end be in trouble. A daily candlestick close below this level would invalidate the bullish thesis, pushing the price to test the lows of $0.391 and $0.356. #crypto2023 #buildtogether #binancepaymarketplace #Altcoin

Is Enjin Coin price poised for a 27% rally as Binance adds the token to its Proof of Reserves?

Enjin Coin price saw a 7.41% increase in the last 24 hours following Fed chair Jerome Powell’s testimony.

Binance added 11 new assets to the Proof of Reserves systems, including the likes of Dogecoin and 1INCH.

ENJ managed to pull back from falling through its critical support, reclaiming the 50 and 100-day EMA support trading at $0.448.

Enjin Coin price followed the broader market bullish cues as the altcoin treaded upwards, adding to yesterday's rise. This is despite the hawkish view from Federal Reserve Chair Jerome Powell, who suggested that higher interest rate hikes are on the cards.

Binance adds support for Enjin Coin

The world’s biggest cryptocurrency exchange introduced the concept of Proof of Reserves right after the collapse of FTX back in November 2022. Encouraging other exchanges to do the same, Binance stated this would improve transparency and trust within the community.

In line with the same, Binance began publishing the proof of reserves, starting with Bitcoin and Ethereum and went on to add other tokens as well. As of today, the exchange has published proof for 24 crypto assets, adding 11 more tokens on Tuesday. 

The 11 new cryptocurrencies added included MASK, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, as well as Dogecoin (DOGE) and Enjin Coin (ENJ). With these tokens added, Binance now shows over $63 billion in reserves with user funds collateralized at a 1:1 ratio.

This inclusion might also have added to ENJ’s price rise, pushing the token up by over 5% in the last 24 hours.

Enjin Coin price bounces back

Enjin Coin price bounced off the critical support level at $0.415, which coincides with the 100-day Exponential Moving Average (EMA) line. Rising by 7.41%, the cryptocurrency at the time of writing is trading at $0.448.

Inching closer to the 50-day EMA, ENJ might be able to recover the losses if the broader market cues turn positive. Some indications of the same can be noted on the price indicators as well. The Relative Strength Index (RSI) noted an uptick suggesting a rise back into the positive zone above 50.0. 

The Moving Average Convergence Divergence (MACD) indicator is also showing signs of receding bearishness, as observed on the histogram, even though a bullish crossover is yet to take place. 

If the bullish narrative plays out, the Enjin Coin price could rise to test and potentially breach the critical resistance at $0.485. This would allow it to rally toward the year-to-date highs of $0.547.

But if the critical support is lost, ENJ could end be in trouble. A daily candlestick close below this level would invalidate the bullish thesis, pushing the price to test the lows of $0.391 and $0.356.

#crypto2023 #buildtogether #binancepaymarketplace #Altcoin
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