Day: May 1, 2024

BONK surpasses Floki inu to become fifth largest memecoin

Solana-based meme coins Bonk Inu (BONK) has surpassed Floki Inu (FLOKI) in market capitalization, becoming the fifth-largest meme coin. The cryptocurrency market has undergone a correction in recent weeks, with leading digital assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and others experiencing significant price drops. While the majority of meme coins are in decline, there are a few exceptions. For instance, Bonk Inu (BONK) has seen an increase of nearly 55% over the last two weeks, according to CoinMarketCap data. BONK 24-hour price chart | Source: CoinMarketCap…

Is Bitcoin Bottom In? Analysts Forecast Bounce Back

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As May 1st started, Bitcoin (BTC) faced a new correction that made the price stumble under the $60,000 support level. The flagship cryptocurrency has seen several retraces during this bull cycle, with BTC swiftly recovering the crucial support zones each time. However, in the past 24 hours, the largest cryptocurrency by market capitalization has struggled to regain its momentum. Some analysts believe Bitcoin’s bottom this cycle might be in as this correction officially became its deepest retrace. Is The Bitcoin Bottom Here? In the early hours of Tuesday, Bitcoin started…

Former Binance CEO CZ: I Will Do My Time — Crypto Industry Has Entered a New Phase

Former Binance CEO Changpeng Zhao (CZ) has expressed his gratitude to the crypto community for their support following his four-month U.S. prison sentence for pleading guilty to money laundering charges. “I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important,” Zhao emphasized. CZ: Binance […] Source CryptoX Portal

Achieves Record Net Profit Of $4.5 Billion In Q1

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Stablecoin issuer Tether, a prominent player in the cryptocurrency market behind the widely used USDT stablecoin, has released its audit statement for the first quarter of 2024, accompanied by a report conducted by independent accounting firm BDO.  The report, which provides additional financial information beyond the reserves backing Tether’s fiat-denominated stablecoins, shows the company’s profit for the first quarter of the year, which saw an increased influx of capital into the market.  Tether Q1 2024 Financials Soar Digging into the numbers, the first quarter of 2024 proved highly profitable for…

Bitcoin Investors Remain Unmoved Despite BTC Drop Below $60,000, The Worst Is Almost Over

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On Wednesday, Bitcoin sharply declined, dropping below the crucial $60,000 support level. Despite this recent market downtrend, Bitcoin investors remain confident as they believe the flagship crypto can still reach new heights in this market cycle. Some say this might be what Bitcoin needs before making another parabolic run to the upside.  Bitcoin’s Decline Is Nothing To Be Scared Of Raoul Pal, the CEO of Real Vision, reassured in an X (formerly Twitter) post that Bitcoin’s recent price decline was not unusual, stating it was “pretty ordinary stuff.” He also…

Bitcoin Miners Log Second Highest Monthly Revenue in April, Despite Falling Hash Value

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In April, bitcoin miners amassed the second-highest monthly revenue of the past year, following the unprecedented earnings in March. In total, they collected $1.79 billion, which, although $220 million less than the previous month, still exceeded the revenues of December 2023, which totaled $1.56 billion. Bitcoin Miners Recorded Strong Revenue Last Month On May 1, […] Original

Federal Reserve Holds Rates Steady Amid Inflation Concerns; Outlook Remains ‘Uncertain’

On Wednesday, May 1, 2024, the U.S. Federal Reserve chose to maintain the benchmark interest rates at their highest in 23 years. The Federal Open Market Committee (FOMC) members noted that although inflation has subsided, it still “remains elevated.” No Change in Federal Funds Rate; Fed Continues Watchful Eye on Inflation Risks On Wednesday, the […] Source CryptoX Portal

US prosecutors investigate crypto transactions at Jack Dorsey’s Block

The U.S. Attorney’s Office is examining the financial transactions of Jack Dorsey’s Block. NBC News reported that federal prosecutors spoke with a former employee about alleged widespread compliance violations at Square and Cash App, the company’s two main divisions. Prosecutors want to determine whether the company failed to collect enough customer information to assess risks, whether Square processed transactions involving countries subject to economic sanctions, and whether Block processed cryptocurrency transactions for terrorist groups. Some transactions that interested prosecutors involved sanctioned countries such as Cuba, Iran, Russia, and Venezuela and occurred more recently. Block’s spokesperson…

Bitcoin Is Fine As Long As It Holds Above $49,000: Analyst

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Despite Bitcoin’s 13% drop in the past week, which saw it break below the psychological $60,000 level and drop 20% from its all-time highs, one analyst on X remains resolute. Drawing from the weekly chart, the trader maintains a bullish outlook, saying the coin will shake off weakness in the coming session. This aligns with bulls for the better part of Q4 2023 and Q1 2024. Bitcoin Is Falling, Losses $60,000 Bitcoin is under intense liquidation pressure, struggling against the deluge of sellers. Earlier today, BTC broke below $60,000, melting below…

Bitcoin Price (BTC) Bounces After Fed Holds Rates Steady

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That change in expectations has weighed a bit on traditional markets, with the Nasdaq lower by about 5% since hitting its 2024 high about three weeks ago and the S&P 500 off by a similar amount since touching its year-to-date high in late March. It’s also likely contributed to the plunging bitcoin price, which is now down more than 20% from its record high from mid-March above $73,000. Original