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
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…
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…
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
INTERSUBJECTIFYING THE FORKIFICATION: The Ethereum restaking project EigenLayer, whose plan to repurpose the Ethereum blockchain’s security to hordes of additional protocols has prompted systemic risk warnings from Vitalik Buterin himself, released a 43-page whitepaper on its forthcoming EIGEN token – more than twice as long as the original 19-page whitepaper on EigenLayer. To address the concerns, the project, led by the sesquipedalian computer engineer Sreeram Kannan, came up with a new plan for something called “intersubjective forking.” The purpose of this mechanism would be to take care of “instances of…
The bitcoin sell-off could get worse before it gets better, according to analysts who look only at price charts. The flagship cryptocurrency just posted its first negative month in eight and worst month since November 2022. The downtrend intensified on Wednesday when it tumbled under the $60,000 level for the first time since February, as stubborn inflation and uncertainty around Federal Reserve interest rate policy kept markets under pressure. That was a key support level for bitcoin, representing the approximate convergence of the March low and 100-day moving average, according…
Sergio Demian Lerner, a Buenos Aires-based programmer known for his early research on Bitcoin founder Satoshi Nakamoto’s mining activities and later for contributing to the Ethereum blockchain’s development, discussed the project onstage Wednesday at the Bitcoin++ conference in Austin, Texas. Original
Bitcoin has finally broken below the $60,000 support level for the first time in two months. The world’s largest digital asset has largely been in a euphoria phase since the beginning of the year, particularly after the launch of Spot Bitcoin ETFs in the US market. However, the current consolidation of the price of Bitcoin indicates the euphoria might be fading. According to a new report from Glassnode, an on-chain analytics firm, the euphoria surrounding Bitcoin, which has been active for the past 6.5 months, looks to be fading. At…
Bitcoin’s price fell below $60,000 shortly after the verdict was announced for Binance Founder Changpeng Zhao. According to CoinMarketCap data, Bitcoin (BTC) is trading at $56,900 at the time of writing. Source: CoinMarketCap Against high volatility, the volume of liquidations on futures contracts on the crypto market has increased. The figure reached almost $380 million per day, according to Coinglass. Source: Coinglass The crypto market began to decline shortly after Changpeng Zhao, the former head of the Binance crypto exchange, was sentenced to four months in prison. Alex Kuptsikevich, the FxPro senior market analyst, told…
Bitcoin prices plunged or traded sideways after the halving, prompting opinions that BTC price activity could cool as spot ETF outflows proceeded. The U.S. spot Bitcoin (BTC) ETF data from April 30 showed that GBTC single-day net outflows amounted to over $93 million, contributing to a cumulative outpour worth more than $162 million from four tradable funds. Grayscale’s Bitcoin ETF outflows have recently decelerated, but historical GBTC exits remain staggering at over $17.3 billion since its conversion in January. Grayscale CEO Michael Sonnenshein previously said outflows should decline as the…