Bitcoin Trades Around $57K, Crypto Market Drops 6% in Run-Up to Fed Decision. BTC is down about 6.3% in the last 24 hours having dropped below the $60,000 support level late on Tuesday.
Bitcoin fell in line with the wider crypto market, with ether and other altcoins also declining. Financial markets have been dogged by risk-off sentiment in the run-up to the Fed's interest-rate decision and press conference later today.10x Research said it's eyeing a price target of $52,000-$55,000 as it predicts further selling pressure. #ScamRiskWarning#BullorBear#BTC$BTC
Bitcoin (BTC) traded around $57,700 during the European morning on Wednesday after sinking to the lowest level since the end of February as the world's largest cryptocurrency recorded its worst month since November 2022. BTC has fallen about 6.3% in the past 24 hours having dropped below the $60,000 support level late on Tuesday, Coin Desk data show. The wider crypto market, as measured by the Coin Desk 20 Index (CD20), lost almost 9% before recovering some of the decline. Cryptocurrencies have been dogged by risk-off sentiment in the broader financial markets amid a stagflationary feel in the U.S. following indications of slower growth and sticky inflation that have tapered hopes of an interest-rate cut by the Federal Reserve. The Federal Open Market Committee is due to give its latest rate decision later today.
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Hong Kong approved the applications for spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs).
China Asset Management, Bosera Capital, HashKey Capital Limited announced that the Hong Kong Securities and Futures Commission (SFC) has approved both spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) applications.
Hashkey Capital was founded in 2015 by current CEO Dr Xiao Feng, and is a digital asset platforms and investment fund prominent in Asia. It has $1 billion in AUM and recently seeked to raise funds at a $1 billion plus valuation. Shenzhen-based Bosera Capital is one of the first fund management companies in China, and manages $200 billion in assets. Meanwhile, China Asset Management is a prominent asset management firm founded in 1998. It manages one of the largest equity ETF products in China, with a total of $266 billion in assets under management (AUM).
Bloomberg first reported about the imminent approval of the spot ETFs, with the listing details being finalized in time with Hong Kong Exchanges & Clearing (HKEX). The report stated that the products could be launched by the end of this month, marking a significant development in the region's cryptocurrency market. #bitcoinhalving#BullorBear#BinanceLaunchpool#TrendingPrediction#TrendingInvestments$BTC
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Viberate (VIB) is a crowdsourced live music ecosystem powered by the Ethereum platform. According to its whitepaper, Viberate functions using a blockchain-based protocol and has contributed to developing a marketplace where anyone can participate. The Viberate platform unites the entire live music ecosystem under one roof, allowing a larger opportunity for both creators and listeners.
According to its website, the mission of the network is to provide an equal opportunity to every musician on the planet to showcase their talent. Th network aims to revolutionize the way musicians are represented worldwide, so that it can open up the world of live music to all who want to participate and build a career in music. Further, musicians can materialize this approach by decentralizing discovery and booking methodologies using blockchain technology, thus allowing the Viberate network to create a platform that can represent talents from worldwide in a single marketplace.
In addition, the Viberate platform seeks to solve decades-old problems live performers face; getting demand, negotiating terms, determining their value, managing agreements, and getting paid. These problems are solved by employing smart contracts that allow musicians to showcase their talent on the platform and determine the price at which they want to sell their music. Further, to support this overall operation of the network, the platform introduced its cryptocurrency, the VIB token.
The VIB is the native token of the Viberate ecosystem developed using Ethereum blockchain technology represented as an ERC20 standard token. The token fulfills many different utilities with the Viberate ecosystem, including:
These utilities of the token have helped develop a sound operational structure within the platform's ecosystem.