Read Crypto
@readcrypto
Get the latest crypto updates with our decentralized news. We focus on clear and accurate news for you.
www.readcrypto.com
Following
Followers
Liked
Shared
Given this trend, Goldman Sachs has also predicted that The US Federal Reserves can raise rates twice in the next 2 years, probably beginning from Q3/2024. The anticipated rate cuts were to have been effected in December of 2024. However, due to persisting inflation rates within the country coupled with recent strong US labour market data which indicated an improvement in the condition of the economy; this has caused a shift for all these cuts to occur These cuts are anticipated to lead to 4.875% at the end of 2024, as predicted by the investment bank. The expected Bitcoin halving event to be witnessed in April together with this monetary policy could have an important influence on the crypto market as low interest usually stimulates risk tolerance and flows of cash to different sectors of investment, including crypto-markets.
The Volcanic bonds which were legalized in March early next year will be introduced on earliest Jan 2024.MICENSE: COPYRIGHT: NULL The launch was tentatively scheduled for March, 2022 which eventually changed to first quarter of year 2024. A 6.5% coupon-bond per annum will constitute them, which is to be published in the Bitfinex Securities platform. These bonds are a component of the move by El Salvador towards incorporating Bitcoin into its financial system. Also, El Salvador is partnering with Luxor Technology on the construction of a one billion dollars and about 241 MW volcano-powered Bitcoin mine at the Conchaqua volcano. Such a remarkable step in adopting Bitcoin as part of the countryâs leading currency was achieved by the most developed nation.
The largest cryptocurrency finance group in Japan which is SBI Holdings have established a strategic partnership with the second-largest company in the world known as Saudi Aramco. As part of the partnership, they will invest jointly in digital assets, help Japanese companies start up in Saudi Arabia, work with semiconductors â construction of respective facilities in two countries. In relation to this, SBI intends to open âSBI Middle Eastâ in Riyadh that will assist Japanese digital start-ups to expand their business horizon in Saudi Arabia. SBI will build an electric chip plant in Miyagi, Japan, where it also holds shares in Power Crystal Manufacturing Co. It could also increase its collaboration with Aramco in the semiconductor industry.
Today, its ecosystem has been resuscitated with high daily sales volumes of NFT on that chain. Compared with Ethereum NFTs, more than 60% of unique wallets have recently started buying Solan NFT, and this is the largest number so far. This makes one know that Solana is expanding indicating increased interest in and adoption of its NFT functional ability. It is a positive sign for Solana based Dapps, but in order numbers throughout the entire network are relatively low, Also, some more NFT activity but without the upside on price or trading volume for SOL. This trend is further indicated by decreasing number of development activities on the platform and future version GitHub contributions that may impact these updates.
The IRS of US is also at loggerheads with a defunct crypto exchange, FTX. The lawyers for FTX have gone head to head with IRS and are asking them to rationalize their calculation that FTX allegedly underpaid an $44billion tax liability later brought down to $24 billion. FTX claims it did not owe any tax because it did not make sufficient profits after it reportedly distributed some of the profits. This case involves tax claims for income and employment during the years 2018 through 2022 which IRS insists is due despite complying with most of the documentation request by FTX. A new date for another hearing in the case of FTC bankruptcy will take place on November 13.
One would infer that there is optimism in Ethereum from data obtained from Deribit which has more call options than its put options. According to Luuk Strijers, Deribitâs Commercial Director, there is a noticeable tilt towards calls put-call ratio that suggests an Ethereum bull market before end of 2024.} The majority of the outstanding calls stand out with the $2,500 striking price, considering Ethereumâs bullish momentum over this period. The biggest Deribit expiry for ethereum options comes out on Dec 29th â almost half (about$3.5 bn) of the total 7 bn USD open interest will settle then, marking fresh capital into the market. The fact that this is a sign of an increasing investor interest means higher chances of a positive price discovery in the cryptocurrency market.
FTX and Alameda research have paid $23.59m, thatâs crypto for the debt, including leading coins like ETH and LINK. Since October last year, they have traded more than $550 million using crypto currencies. As a result, come mid-December, FTX will unveil the means that it will employ in settling its creditorâs claims within the bankruptcy process. Mr. Gary Gensler, who is an American SEC Chairman indicated his inclination towards approving the new order for the merged FTS exchange.
According to crypto analyst Ali Martinez, SOL price might go up to $90 making it become a viable alternative for ETH. He points out that SOL should keep support above $68.20 else risk falling to $47. SOL has highly appreciated compared to the beginning of this year. Martinez cautions LINK investors about the tokenâs price action beyond a critical support area. He also mentions crucial support points for BTC at $43,700, along with further growth to approximately $47,300 assuming the upward trend remains in full force and emphasizes these crucial support and resistance zones grounded on wallet activity.
Shytoshi Kusama, the creator of shiba inu made the announcement confirming the Shib and Bone burning that was worth $75k. It is a rumour, it runs along the Shibarium project. According to Kusama, only SHIB tokens will be burned. These will be met through use of 1.35 million allocated BONE tokens. Burn, one of the objectives, aims at increasing the price of Shibaâs token and reducing its supply. In the recent times, the SHIB has burnt close to 9 billion tokens. It with new proposal of burn method will add value in Shib price.
A renowned crypto analyst named Altcoin Sherpa forecasts continuous gains for Solana (SOL) that could challenge Ethereum. He also noted SOLâs optimum buying level. In his social media Sherpa talked about an expectation for Solana to go up over time despite the possibility of some sort of short-term pullback that could occur as a result of FTXâs bankruptcy and its effect on SOL prices. He regards this reduction in SOLâs price as a short-term impact of FTXâs selling off its SOL store into the open marketplace. At this stage, Sherpa tells investors to exercise patience with Solana. He says he would be a buyer of SOL at price points ranging from $65 to $50 because SOL has been consolidating and Bitcoin is bullish. Sherpa has highlighted that Solana appreciated by about 72.21% today trading at just above $68.5 which may be signaling for a minor pull back.
Ethereumâs altcoin is staging a comeback as it hits new records in the midst of Bitcoinâs wild price movement. There have been an upsurge that is associated with anticipation for spot ETH ETF applicants and an expansion of open positions in the future market. Despite this pullback in bitcoins value, the price of ethereum has just hit $2,353 levels which we havenât seen since May 2022. A portion of the increase can be attributed to an additional amount of $730 million in futures market positions which signals continued strong demand. Once ethereum surpasses the estimated target of $2,536 that is induced by 2024 ETF outlooks, the expected end point may be around $3,549. The drop of bitcoinâs price accompanied by an increase in the future will be the base of it. An additional factor would be an affirmation of the spot ETFs for bitcoin as well as ethereum, which will additionally increase the institutional desire and the willingness-to-risk.
The recent rise of dogecoin above $0.1 was largely driven by volatility in the bitcoinâs pricing. Weekly charts show DOGE breaks the 900 day trendline, posts a new local high of .106 but needs to sustain this for an attempt four not to fail. However, DOGE rallyâs future depends strongly on how stable is price of Bitcoin has been recently bounced back up to $43,780. Nevertheless, DOGEâs daily chart reveals worries with long upper wicks, reflecting considerable selling pressure. Turkey crypto analyst floud left his positions at the 0.095 resistance which is considered as a possible movement of the market. On the other hand, the fate of DOGEâs price is determined by whether Bitcoin will go up or if it will not remain in resistance level. Its success could mean that it will record a considerable increase, but a breakdown might be followed by a great fall.
The main players in the crypto industry have been diverted towards giants such as BTC, XRP, and ETH. However, special focus has been drawn towards ORDI that had shot up by more than five hundred percent per month. However, these market fluctuations were particularly strong after dissatisfied words of Bitcoin core programmer Luke Dashjr resulting to a fall in altcoins price including ORDI. The market volatility notwithstanding, on chain data demonstrates that the dominant number of âwhalesâ/big investors continue to accumulate their ORDI positions which accounts for almost 80 % of the circulating tokens supply. On the other hand, some of the whales were making huge purchases of ORDI but others sold due to dashjrâs response.
Shiba Inu (SHIB), Dogecoin (DOGE), and the recently established Meme Moguls (MGLS) are becoming important in meme coin market as it awaits 2024. Selling the vision as a meme-backed marketplace that allows people to trade memes just like stocks, Meme Moguls has certainly got a few tongues wagging with its presale and subsequent massive returns. In 2021, the value of Dogecoin surged exponentially due to Elon Muskâs endorsements and is still among the leading meme coins, with more growth anticipated from upcoming events like DOGE-1 Mission to moon. Shiba Inu, which was first modeled after Dogecoinâs breakthroughs, is moving to decentralize finance with ShibaSwap and the Shibarium blockchain signifying its development beyond a meme coin. Currently, Shiba Inu is set to break-out from the steep downward trend and record massive gains. In general, all these three coins show how meme coins are transforming from internet silliness to real cryptocurrency investment gateways with a wide range of applications in the crypto market.
Bitcoin Rally Fuels Fresh Growth in Cryptocurrency Market. With the new Bitcoin Spot ETF, investor interest has shifted to higher risk assets and this had hiked crypto prices. Just recently it became known that the value of Bitcoin went below $44 000, a slight decrease was observed with Ethereum and XRP. On the other hand, on Solana network there was significant development that performed better than many altcoins. On meme coins, Dogecoin gained as Shiba Inu slightly increased. However, HNT and TIA as altcoins showed a significant increase, while ORDI recorded a decrease.
Market analyst Jake Wujassy indicates potential break out for Shiba Inu coin (Shib). Wujastyk comments on some of the latest price movements and says that these suggest that shib might be going into a bull phase as it has broken away from years of southward movement. While optimists see positive future prospects in this breakout, market watchers are still cautious. This has led to a rise in the SHIBâs price by 3.5% thus making its current market capitalization $5.5 billion. Also, its layer 2 solution known as Shibarium, has been doing well with many transactions recorded. Nevertheless, the immediate price effect of Shibarium impacts the general hype around Shiba Inuâs market prospect. Currently, SHIB is sold at $0.000009698, and its fate depends on the continuation of business progress and current market events.
As Bitcoin draws closer to the undue hyper clip that is anticipated in April, market footing is appearing better according to network health barometers of record-breaking hash power and less BTC reserves from exchanges. Bitcoinâs hash power is at highest ever 500 exahashes per second which points to high mining activity and the overall strength of its network. Miners are hoarding, probably in anticipation of ETF approvals and the cost impact of halving. Bitcoin Exchange Reserves Lowest Since April 2018 Despite Legal Actions, Coinciding with Price Drop. This is as a result of recent occurrences such as Binance being fined $4.3 billion and suspensions at exchanges like Poloniex. Investorsâ strategies should, therefore, be dynamic to any possible market corrections and considering the imminence of halving as Bitcoinâs market health indicates. Bitcoin is currently trading beyond a major resistance level of $38,174.
Against Bitcoin, Dogecoin is unstoppable as the coin is trending up strongly while Bitcoin struggles to keep its market cap. After breaking a long standing downward trend in October, Dogecoin was spotted to be marking the fifth consecutive week of bull run having hit $0.087. This breakout has possible larger rallies. This has led analysts to be optimistic about the future of Dogecoin, with estimates that it may increase between 50% and 70%, possibly reaching $0.18 by March 2024. Double bottom pattern being formed on Dogecoin which could result in a price of $0.11 by the end of December. In addition, the Dogecoin community intends to launch a space mission to send a physical Dogecoin on the moon thereby increasing its value. But if Dogecoin retests the resistance of $0.082, there is likelihood it will stay above and increase towards $0.1 while a fall could lead to lows around $0.067
The news comes after Colombian President Gustavo Petro joined the Bitcoin bandwagon indicating a possible transition to wider cryptocurrency adoption in Colombia. This comes after El Salvadorâs earlier move of accepting Bitcoin as a legal tender. Itâs the first step to owning bitcoin that Petro traces back to CEO Samson Mow gifting him 100,000 satoshis in one of his gestures demonstrating optimism about benefits cryptocurrency can bring for Colombia. Petro Launches Blockchain Worn Groups to Boost the Venezuelan Economy. Meanwhile, in Argentina, the election of Xavier Milei has resulted in regional collaborative cryptocurrency efforts such as a âBitcoin diplomatic missionâ from El Salvador President Nayib Bukele. There is a growing interest in digital assets and blockchain technology within South America, which could lead to the integration of Bitcoin and other cryptocurrencies; this regional trend denotes that political leaders are moving closer with crypto proponents.
This is evident in the sharply risen prices of over 500% experienced by Solana in 2023, making it a major player within the cryptocurrency market. This growth indicating growing confidence in the Solana ecosystem, rendering it a notable contender in the realm of digital currency. The TVL of the company has shown a strong recovery that depicts immense support from the community and stability in its platform. Thirdly, the weekly active addresses are also increasing in Solana proving higher demand, albeit not as that witnessed in 2022 peak. What is making news within the ecosystem is the emergence of a two-fold trend featuring strong decentralized finance activity and rising airdrop farming. Solana is undergoing quite a forward move in various sectors; however, the NFT market of this chain has shown that it requires a careful approach since trends are ever-changing.