Day: May 10, 2023

Price analysis 5/10: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

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Bitcoin and select cryptocurrencies are trying to start a rebound following the CPI data release but bulls may find it difficult to continue the recovery at higher levels. The United States consumer price index rose 4.9% annually, which was slightly less than estimates of a 5% increase. The CPI’s monthly rise of 0.4% in April was in line with expectations. Although inflation remains stubbornly higher than the Federal Reserve’s 2% target range, traders will take comfort from the slower pace of increase. That suggests the Fed rate hikes are having…

TRON Nears Crypto Top 10, as MATIC Extends Declines – Market Updates Bitcoin News

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Tron moved closer to being in the cryptocurrency top 10 on Wednesday, as the token rose for a second straight day. Prices climbed by nearly 2% in today’s session, despite the global market cap moving marginally lower. Polygon, which currently occupies the tenth position, fell to a five-month low. TRON (TRX) TRON (TRX), rose by as much as 2% on Wednesday, as the token moved closer to entering the cryptocurrency top 10. Following a low of $0.06841 on Tuesday, TRX/USD climbed to an intraday peak of $0.07031 earlier in the…

Why Passive Portfolios Can’t Compete with Bitcoin’s Returns

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We compared BTC’s returns to passive, market-cap weighted portfolios of the top 10, 25, 50, and 100 tokens over the past five years. None of these passive portfolios were able to outperform BTC. And some of them lost money over this period. BTC is also one of the lowest volatility digital assets, so this outperformance is impressive on a risk-adjusted basis as well. Original

Bitcoin cracks $28K on CPI amid warning US inflation ‘highly elevated’

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Bitcoin (BTC) ticked higher around the May 10 Wall Street open as United States inflation data beat expectations. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Markets eye June Fed rate hike pause Data from Cointelegraph Markets Pro and TradingView showed BTC/USD responding instantly to the April Consumer Price Index (CPI) print, up 1.7% on the day. The pair saw local highs of $28,328 on Bitstamp before consolidating immediately above the $28,000 mark. CPI had come in at 4.9% year-on-year, a shade below the expected 5.0%. This gave a clear signal…

ParaSpace team clashes with CEO over alleged whereabouts of protocol funds

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On May 10, nonfungible token (NFT) financialization protocol ParaSpace published several alleged irregularities tying its CEO, founder and chief technology officer Yubo Ruan to the mismanagement of funds equaling 2,909 Ether (ETH) recovered through a white hat interception that occurred on March 18. Ruan denied any wrongdoing, writing: “Manufacturing claims with the intent to take over and force me to step down as CEO. This is highly problematic and the legal team has taken action.“  Dear ParaSpace Community, TL;DR: There have been no malicious acts from the team. All funds…

Mortgage Demand Swells amid Suspended Interest Rate Hikes

The Mortgage Bankers Association said there was a 10% jump in homeownership demand last week in anticipation of paused rate hikes.  Mortgage demand in the US recently climbed considerably after the Federal Reserve signaled that it could pause interest rate hikes. The increase in applications for home-buying was a direct result of reduced mortgage rates last week. Although last week’s drop in mortgage rates was not substantial, it was enough to induce current homeownership demand. As it stands, more homeowners look to refinance their mortgages to lower rates. Mortgage refinancing…

We Need Regulatory Clarity to Keep Crypto Exchanges Onshore and DeFi Permissionless

Therefore, our framework calls for strictly voluntary, not mandatory, DEX registration to embrace the competitive benefits of rapid DEX development without prior restraint. DEXs that want to signal their compliance with the same standards as CEXs – for example, through automated controls – can do so with voluntary registration. But making registration optional allows for greater experimentation in consumer protections, as DEXs need not seek pre-approval from inherently risk-averse regulators before launching novel technical safeguards. In addition, voluntary registration avoids creating adverse selection, where low natural barriers to entry in…

Cryptocurrency Hearing in U.S. House Opens With Discord

In his own brief opener, House Financial Services Committee Chair Patrick McHenry (R-N.C.) said, “the purpose here is to make law.” His Democratic counterpart, Rep. Maxine Waters (D-Calif.), seemed to agree, talking of the need to “quickly return to developing legislation together.” Source