Day: August 23, 2024

A Response to Bloomberg’s Crypto Editorial

I mean, first of all, politicians aren’t investment advisors and their words shouldn’t be treated as investment advice. But what does this “real economy” mean? Is a government bond part of the real economy, if that money is going to pay off debt from government spending during, say, COVID? Is that real? Is investing in Coca-Cola or Raytheon, investing in the real economy? Or are we really just investing in sugary drinks and missiles that do a lot more harm to kids than Ethereum does? Did mortgage-backed securities, pumped by…

Bitcoin raced to $62k as Fed teased September rate cut

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Bitcoin surged by $1,100 in just 10 minutes after Federal Reserve Chair Jerome Powell shared dovish remarks during his Jackson Hole speech. “The time has come for policy to adjust,” Fed chair Powell said on Aug. 23 at Jackon Hole ahead of a Federal Reserve policy meeting in September. Powell’s remarks affirmed the Fed’s confidence in driving inflation to 2%, meaning rate cuts may be inbound. The price of Bitcoin (BTC) briefly traded above $62,000, though it later retraced as the broader crypto market reclaimed some of the initial gains.…

Market Reacts To Powell’s Speech

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In a week marked by economic anticipation and turbulence, the crypto market experienced a rollercoaster ride as the Bitcoin price surged and retreated in response to Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium. Bitcoin Price Rallies On Powell’s Dovish Tones Powell’s remarks struck a dovish tone, indicating that the central bank is open to further interest rate cuts in the coming months to address potential cooling in the labor market. This stance was positive for risk assets like Bitcoin, as it signals a more accommodative…

Bitcoin Investors Are Still Fearful: What Needs To Happen For A Turnaround?

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Data shows that Bitcoin investors still hold a sentiment of fear as the cryptocurrency’s price continues to consolidate. Bitcoin Fear & Greed Index Is Currently Pointing At ‘Fear’ The “Fear & Greed Index” is an indicator created by Alternative that, in short, tells us about the general sentiment present among the traders in the Bitcoin and wider cryptocurrency markets. To determine this sentiment, the index uses the data related to the following five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends. The indicator represents this…

WazirX announces INR withdrawals, provides update for crypto holders

Indian cryptocurrency exchange WazirX has announced that customers will be able to withdraw their Indian Rupee balances starting from August 26. The WazirX team noted in its announcement on Aug. 23 that customers would not yet be able to access their cryptocurrency balances for withdrawal. This update follows the exchange’s halting of all withdrawals following the $230 million hack suffered in July. According to WazirX, the decision to halt withdrawals and trading was made to “mitigate impact” and to assess the next steps toward resolving the situation for its customers.…

The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, What’s Going On?

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Shiba Inu’s Shibarium recently suffered a major setback following a massive crash in active accounts on the layer-2 network. This development undoubtedly presents a bearish outlook for Shiba Inu, considering Shibarium’s impact on the meme coin’s price.  Related Reading The Shiba Inu Shibarium Records 97.6% Crash In Daily Active Accounts Data from Shibariumscan shows that the layer-2 network suffered a 97.6% crash in its daily active accounts between August 20 and 22. Daily active accounts on Shibarium peaked at 2,955 on August 20. However, this figure significantly declined on August…

Render’s Trading Volume Up 41% As Investors Make A Move For New ICO at $0.001777

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In a surprising turn of events, Render (RNDR) has seen its trading volume skyrocket by 41% over the past week. This surge comes as investors flock to capitalize on the latest Initial Coin Offering (ICO) for Mpeppe (MPEPE), currently priced at $0.001777. As Render (RNDR) continues to assert itself as a leader in the decentralized rendering space, savvy traders are diversifying their portfolios by including Mpeppe (MPEPE), which has shown promising potential for exponential growth. Render (RNDR) Continues to Lead in the Market Render (RNDR), known for its innovative approach…

Bitcoin Price (BTC) rises to $61,000 After Powell at Jackson Hole Signals Rate Cuts

After years of near-zero Fed policy rates, the U.S. central bank in early 2022 embarked on a long series of rate hikes, eventually taking its fed funds rate up to the 5.25%-5.50% range in 2023. Since, it’s been a waiting game, with the Fed wanting to see crystal clear signs that inflation was meaningfully slowing to its 2% target before moving to begin trimming rates. That day surely has now arrived. Source