Day: January 9, 2023

Price analysis 1/9: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, LTC

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DXY is cooling off and crypto and equities are starting to heat up. Cointelegraph explores how BTC and altcoins could react to the current bullish momentum in the market. Investors across asset classes have been keeping a close watch on the United States Federal Reserve’s monetary policy because that sets the stage for a risk-on or a risk-off environment.  The strong rally in the U.S. stock markets on Jan. 6 and in cryptocurrencies over the weekend suggests that market observers anticipate the Fed to slow down its frantic pace of…

The ‘Elon effect’ shows how opinion leaders shape the fintech market

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The power that influencers have in affecting public perception and therefore causing alterations in the value of a product, service, asset or currency has increased to the point where they can crash or uplift entire markets with their content and takes.  The Elon Effect In 2021, Elon Musk could send the price of the famous memecoin Dogecoin (DOGE) up by 50% with just a single tweet. He still has a lot of power over the crypto markets, and several people in the cryptocurrency world and traditional finance have accused Musk…

Former CCP official apologies for ‘grave losses’ as a result of supporting crypto miner: Report

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Xiao Yi, the former Chinese Communist Party secretary of Fuzhou, has confessed to “acting recklessly” in support of crypto mining during a state-run television broadcast.  In an interview released by state-run media on Jan. 8, Xiao seemed to speak with a very subdued voice from what appeared to be prison, apologizing for being a “sinner” and causing “grave losses” to Fuzhou. The former CCP official pled guilty to corruption charges in December related to accepting more than $18 million in bribes for construction programs and illicitly promoting projects — including…

Is The Bitcoin Bottom In? Here’s What aSOPR Metric Suggests

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A quant has explained using past trends of the Bitcoin adjusted Spent Output Profit Ratio (aSOPR) whether the current cycle has yet met all the bottom conditions. Bitcoin aSOPR EMAs Are Approaching Golden Cross As an analyst in a CryptoQuant post explained, the aSOPR EMAs are looking to form a golden cross soon. The “Spent Output Profit Ratio” (SOPR) indicates whether the average Bitcoin investor is selling at a profit or at a loss right now. The “Adjusted SOPR” (aSOPR) is a modified version of this metric that excludes from…

Galaxy Digital’s Head of Research Sees More Venture Funding for Web3 Firms This Year

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FTX Co-Founder’s Alleged Extravagance Comes to Light in Bankruptcy Court Documents – Bitcoin News

Following the court filing that shows FTX co-founder Sam Bankman-Fried (SBF) wants access to FTX’s $460 million in Robinhood shares, Delaware bankruptcy court documents show tens of millions were spent by the FTX team in 2022 on living accommodations, hotels, food, and flights. Moreover, SBF’s quantitative trading firm allegedly owes more than $55,000 to Jimmy Buffett’s beach resort, Margaritaville, after Alameda and FTX executives occupied 20 suites for a few months last year. New Court Filings Detail Lavish Spending by FTX Co-Founder and Executives With every court filing published, it…

A few tips from an analyst

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There is no excuse for not putting a few hours of research into how to properly custody your crypto, according to Glassnode lead on-chain analyst James Check. Joining the latest debate around self-custody, the analyst pushed back against the notion that managing private keys is too complicated and risky for the average crypto user.  “If you have gold in your vault, if you have cash in your wallet, it’s the same concept: You need to exercise a level of responsibility,” said Check in an interview with Cointelegraph. Check argued that while…

5 cryptocurrencies that could benefit from a positive CPI report

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Bitcoin (BTC) has finally pushed above the $17,000 mark after rallying to $17,375 on Jan. 12,  with both the bulls and the bears eyeing the Consumer Price Index (CPI) readout due on Jan. 12. If the print shows that inflation is cooling off, risk assets may rally, but a negative surprise could attract strong selling. While some believe that a macro bottom could be forming in Bitcoin, others remain skeptical. They draw a parallel between the current bear market and the dot-com bubble burst. The United States Federal Reserve stopped…