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Crypto News
Turkish Central Bank Releases First Phase of its CBDC Evaluation Report
about 18 hours ago
CoinDesk
CoinDesk
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Bitcoin can reach as high as $150,000 this year fueled by ETFs, halving and Fed rate cuts, Fundstrat's Tom Lee said. Bitcoin's rally has recently stalled below $53,000 and prices may cool for a while, other analysts suggested. Bitcoin {{BTC}} may have stalled over the past week, but FundStrat head of research Tom Lee doubled down on his bullish outlook and said it could reach as high as $150,000 this year. "You have demand improving with the new ETFs, you have supply shrinking with the halving, and if monetary policy eases which we expect, that's supportive for risk assets," Lee told CNBC on Wednesday. Lee's comments came as bitcoin's rally appeared to lose some steam following a 35% gain over the past couple of weeks to $53,000, its highest price in 26 months. It was recently changing hands at $50,900, down 1.8% over the past 24 hours, holding up slightly better than the broader-market CoinDesk20 Index's (CD20) 3% decline during the same period. Lee isn't worried. "Bitcoin's been holding up ," he said "I do not think a drawdown is going to start that soon." However, other analysts suggested that BTC may cool down for a while. Joel Kruger, market strategist at LMAX Group, suggested caution in the short term, noting potential volatility due to shifting central bank policies and fallout from global macro weakness, which could temporarily impact crypto markets. He added that any downturn would provide an opportunity for taking strategic positions. Analytics firm Swissblock said in a Wednesday market update that bitcoin's big picture is still bullish, but may experience a pullback to lower prices first before resuming its uptrend. "While the prevailing sentiment suggests a potential continuation of the upward trajectory, the current scenario may necessitate a period of consolidation or even a retracement to the $47.5k support level," Swissblock analysts said. "This adjustment would serve to alleviate excess volatility and reinforce market stability before potential further upside moves."

about 4 hours ago
Crypto Ahmet
Crypto Ahmet
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😱💥Fed's meeting minutes have been published. Interesting Data What Will It Impact on Crypto? #US Central Bank policymakers have taken a cautious stance on cutting interest rates too quickly, according to the minutes of their January 30-31 meeting. The majority of officials expressed concern about the potential risks of prematurely loosening monetary policy, stressing the importance of inflation moving steadily towards the Fed's 2% target before making rate adjustments. The minutes indicated that while most participants were cautious about cutting interest rates too quickly, a few pointed out the dangers of maintaining a highly restrictive policy over a long period of time. The consensus among policymakers was that there should be "more confidence" in the Deceleration trend in inflation before considering rate cuts. December January The #Fed kept its benchmark overnight interest rate in the range of 5.25%-5.50%, which has been in effect since July. Officials have agreed to consider rate cuts when they are confident that inflation is on a sustainable downward path towards the 2% target. Fed Chairman Jerome Powell, at a press conference on January 31, effectively dismissed the possibility of a rate cut for the March 19-20 meeting, in line with the cautious tone in the minutes of the meeting. Recent economic data, including employment growth and inflation figures that came in stronger than expectations in January, have not significantly changed the Fed's view that inflation will probably fall over the course of the year. However, these reports did not support the level of confidence that the authorities were looking for in order to loosen the tight monetary policy, which has been effective in combating the highest inflation rates seen since the 1980s. The Fed staff pointed out various risks that could reduce economic activity more than expected, such as "significant" vulnerabilities in the US financial system, including the decline in commercial real estate prices, and the potential for the fight against inflation to take longer than expected. #binance

about 6 hours ago
Learn_With_Fullo
Learn_With_Fullo
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Amid concerns over the alarming depreciation of the Nigerian currency, the government is considering measures to restrict access to online platforms of major cryptocurrency firms like Binance. Officials reveal that this move is prompted by perceived manipulation of the forex market and illicit fund movements, which are exacerbating the currency’s decline.Reports indicate that platforms such as Binance are being exploited by currency speculators and money launderers. This is significantly contributing to the devaluation of the naira. The government is alarmed by this trend and is contemplating stringent actions against these crypto firms.Binance’s Compliance MeasuresIn response to regulatory pressures, Binance has taken steps to comply with local regulations in Nigeria. It has imposed a cap on the selling price of certain tokens to align with directives from local authorities and demonstrate cooperation with regulatory bodies.Despite Binance’s efforts, some traders are finding ways to circumvent these restrictions by turning to alternative exchanges. This poses challenges for regulatory authorities in their efforts to combat illicit financial activities facilitated by crypto platforms.Collaborative Efforts and ConcernsCollaborative efforts between Nigeria’s security agencies and the Central Bank underscore the seriousness of addressing forex speculation. It also addresses its impact on economic stability. A senior executive at the Central Bank expressed concerns over the role of platforms like Binance in misleadingly devaluing the naira in global markets, exacerbating inflation and economic instability.Furthermore, the proliferation of money laundering and terrorist financing through crypto exchanges underscores the urgency of regulatory intervention to safeguard Nigeria’s financial integrity and national security.Balancing Innovation and RegulationAdditionally, recognizing the role of crypto firms in driving innovation and financial inclusion is pertinent. The government emphasizes the importance of adherence to regulatory standards to mitigate risks and safeguard financial stability. Nigeria’s contemplation of a clampdown on crypto firms reflects a global trend of regulatory scrutiny. It primarly aims at ensuring accountability and transparency in the cryptocurrency ecosystem.As the debate over crypto regulation intensifies, Nigeria’s efforts to address challenges posed by these firms signal a proactive stance toward safeguarding financial sovereignty and promoting sustainable economic growth. #Nigeria #dyor

about 11 hours ago
CryptoPotato
CryptoPotato
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TL;DR One of the largest banks in Egypt collaborates with Ripple for blockchain-based cross-border payments and enters the NFT space. Ripple supports global CBDC initiatives and partners with banks worldwide, focusing on sustainable and efficient blockchain solutions. The Latest Bank to Collaborate With Ripple One of the biggest banks in Egypt – Commercial International Bank (CIB) – teamed up with Ripple “to implement blockchain technology, enhancing the efficiency of cross-border payments.” The financial institution also hopped on the non-fungible token field, allowing customers to create unique and collectible NFTs. “This initiative establishes a digital token ecosystem for the tourism industry, streamlining payments and offering loyalty rewards to travelers,” the bank emphasized. The CIB’s leap into crypto coincides with the Egyptian government’s intentions to actively explore the potential of blockchain technology and harness it for “innovative advancements across diverse sectors.” This is the second major local financial institution to announce a partnership with the American company, with the National Bank of Egypt doing so in 2021. Ripple has been eyeing global expansion in the past few years due to the regulatory uncertainty in the US and the ongoing lawsuit against the United States Securities and Exchange Commission (SEC). Other financial institutions that have inked deals with the company over the years include Thailand’s oldest bank – Siam Commercial Bank (SCB), and Morocco’s Attijariwafa Bank. Ripple and CBDCs Ripple has also supported the efforts of several countries to launch a central bank digital currency (CBDC). In 2021, it collaborated with the Royal Monetary Authority (Bhutan’s central bank) to create a digital version of the ngultrum. The small land-locked country in the Himalayas is known to be the only carbon-negative nation across the globe. Ripple explained that the CBDC would double down on that policy: “Ripple’s commitment to sustainability was important for Bhutan. The CBDC solution is carbon-neutral and, because it’s based on the public XRP Ledger, is 120,000x more energy efficient than proof-of-work blockchains.” Another institution that picked Ripple to introduce a CBDC plot project is the National Bank of Georgia (NBG). James Wallis (VP of Central Bank Engagements at the company) claimed the solution could drive transformative progress in the country’s public sector. The post Ripple Inks an Important Deal With a Major Bank: Details appeared first on CryptoPotato.

about 17 hours ago
Binance OTC
Binance OTC
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  After passing $51,000 last Wednesday, Bitcoin encountered strong resistance at $53,000 and is currently trading sideways in the $51,000 to $53,000 range. While Bitcoin struggles to gain another leg up, the altcoin space is brimming with strong performers. The recently released text-to-video model Sora by OpenAI reignited market interest in artificial intelligence (AI). Worldcoin ( $WLD ), founded in 2019 by Sam Altman, Max Novendstern, and Alex Blania, is one of the winners following the product's release. Sam Altman is also the CEO of OpenAI. WLD prices increased from $3.50 to $7.80 in only four days following the introduction of Sora. Livepeer ( $LPT ) has also benefited from Sora's introduction. Livepeer is a decentralized live video streaming network protocol that leverages decentralized technology to provide a viable alternative to traditional, centralized broadcasting methods. LPT's market capitalization nearly tripled in two days following the news, and it now trades at $15.Prom ($PROM) also had a volatile week, with a more than 90% increase in a few hours after DWF Labs CEO Andrei Grachev publicly confirmed his personal investment in the project. Prom is a gaming non-fungible token (NFT) marketplace and rental platform that allows for uncollateralized rentals of NFTs and mortgage services. Overall Market The above chart shows the BTC price movement since December 2021.As we discussed last week, BTC faces significant resistance above $53,000, as shown by the red zone. If BTC overcomes this resistance level, there will be no significant resistance until it reaches $59,000. As a result, the bears will try to defend this resistance level as much as they can.While BTC has been trading sideways over the last few days, inflows from Bitcoin spot ETFs remain strong. A constant $300 to $500 million in net inflows to Bitcoin ETFs per day demonstrates the high demand from investors for risk exposure to bitcoin.However, the Bitcoin price has increased by 35% last month, rising from $38,500, the lowest level since the FTX bankruptcy estate liquidated $1 billion of GBTC, to $52,000. It's not surprising that investors and traders are rotating their capital from Bitcoin to other altcoins. This capital rotation is completely normal given BTC’s significant price movement. The above chart shows the ETH/BTC price movement in the last two weeks. After Bitcoin surged and passed $51,000 last Wednesday, our desk noticed a strong demand for Ethereum. In the last seven days, the ETH/BTC price has increased from 0.0531 to 0.0572, with ETH outperforming BTC.Our desk expects this upward trend in ETH/BTC to continue in the coming weeks, as the ETH network will have the long-awaited Dencun upgrade in March.Another factor contributing to the ETH price's outperformance is the potential approval of an Ethereum spot ETF. Currently, the market expects the SEC approval in May. Options Market The above table shows the at-the-money implied volatility for BTC and ETH options with different expiries.While the implied volatilities for BTC options are all above 50%, they stay at the same level as last week. On the other hand, the implied volatilities for ETH options are around 60%, except for the 30-day expiry one.With a large difference in IVs between ETH options and BTC options in the front end, it seems options traders are buying ETH options and pushing the options in the front-end tenor to be higher. It signals that a potential large movement in ETH price in the next few days is priced in the options market.It will be interesting to monitor the IV on ETH near-term options and see if it retraces to the normal range soon. As the bulls failed to hold their ground and keep the ETH price above the $3,000 critical level, our desk expects to see both bulls and bears push forward and crash on the other side.Given the high IVs on ETH front-end options, selling covered calls and covered puts can yield nice returns. For example, selling an ETH-3000 call expiring March 1 will collect an 86.4 USDT premium, a 119% annualized yield, with a spot reference of 2940 USDT. Macro at a glance  Last Thursday (2024-02-15)In January, US retail sales fell 0.8% month on month, more than the expected 0.2% drop. The retail sales growth rate in December was revised to 0.4% from 0.6%. Core retail sales fell 0.6% on a monthly basis in January, compared to the expected 0.2% increase.US initial jobless claims remained in the low range, with 212k new claims reported last week, slightly exceeding the expected 219k.British retail sales increased by the most in nearly three years in January as consumers regained their appetite for spending, implying that the economy could recover more quickly than expected from its recession in the second half of last year. Retail sales increased by 3.4% in January, far exceeding the estimated 1.5% increase and December's 3.3% decrease.Last Friday (2024-02-16)The US PPI increased by 0.3% on a monthly basis in January, surpassing both the previous month's -0.1% and the estimated 0.1% increase. The rising PPI will put upward pressure on inflation and could lead to a later rate cut by the Fed.According to Statistics Canada, Canada's CPI fell to 2.9% year on year in January, down from 3.4% the previous month. This reading came in lower than the market's expectation of 3.3%. On a monthly basis, the CPI remained unchanged, despite the expected 0.4% increase. The annual Core CPI increased by 2.4% during the same period, down from 2.6% in December.  The disinflationary numbers in Canada raise the possibility of an early rate cut by the Bank of Canada.On Tuesday (2024-02-20)China's central bank cut the 5-year loan prime rate by 0.25 basis points to 3.95%, while leaving the 1-year rate unchanged at 3.45%. This rate cut is regarded as the latest effort to relieve pressure on the country's struggling real estate market. Convert Portal Volume Change The above table shows the volume change on our Convert Portal by zone. This week our desk observed massive trading demand on AI and Fan Token zones. The impressive 374.5% volume increase in the AI zone is mainly due to the strong demand for Worldcoin ( $WLD ). The newly released OpenAI product Sora renewed the market's enthusiasm for Worldcoin, an iris biometric cryptocurrency project founded by Sam Altman, OpenAI's CEO.The trading volume in the Storage zone also doubled. The main drivers of increased demand are Arweave ($AR) and Filecoin ($FIL). Filecoin ($FIL), a peer-to-peer file storage network, announced on Sunday that it will collaborate with smart contract platform Solana (SOL) to develop decentralized blockchain storage solutions. The announcement caused Filecoin to rise from $5.8 to $7.4 in three days. Why trade OTC?   Binance offers our clients various ways to access OTC trading, including chat communication channels and the Binance OTC platform (https://www.binance.com/en/otc) for manual price quotations, Algo Orders, or automated price quotations via Binance Convert and Block Trade platform (https://www.binance.com/en/convert) and the Binance Convert OTC API.  To access manual price quotations, you may visit our Binance OTC platform (https://www.binance.com/en/OTC-Trading/spot), where you can RFQ (request-for-quote) and trade directly with our OTC trading team via a live chat. To utilise our Algo orders features, you may visit our BinanceAlgo Orders platform (https://www.binance.com/en/OTC-Trading/AlgoTrading).  For any other inquiries on OTC trading, please reach out to us via our email at trading@binance.com for our trading desk to get in touch with you and get started.  OTC trades may also be automatically quoted on Binance Convert and via API, offering users a quick and simple way to execute trades across 60,000+ pairs with one simple click. Binance Convert supports over 350 tokens listed on the exchange including fiat pairs. Begin trading from as little as 1 USD. To start, simply navigate to the Binance Convert & Block Trade platform (https://www.binance.com/en/convert), select the coins you wish to trade, preview and confirm the quote with settlement reflecting almost instantly in your wallet balance. For details and access to Binance Convert OTC API, please refer to our Convert Endpoints (https://binance-docs.github.io/apidocs/spot/en/#convert-endpoints) and reach out to us at trading@binance.com if you have any questions or require assistance. Visit Binance OTC (https://www.binance.com/en/otc) for more information on our OTC products and solutions.  Experience the main benefits of Binance Convert and OTC Trading:  Fast & Competitive Pricing Instant settlement Widest availability of coins Bespoke service with unique market insights Zero fees and slippage  Email: trading@binance.com  Join our Telegram (https://t.me/BinanceOTC) to stay up to date with the markets!

about 17 hours ago
CryptoNewsLand
CryptoNewsLand
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The cryptocurrency market continues to offer opportunities for investors to grow their wealth exponentially, even amidst periods of volatility. With strategic investment choices and careful analysis, it’s possible to turn a modest sum into a substantial portfolio. In this article, we’ll explore how three promising cryptocurrencies—Retik Finance, Ripple, and Jupiter—have the potential to multiply your investment from $500 to $10,000 in the first quarter of 2024 while mitigating risks. Retik Finance (RETIK): Pioneering Decentralised Finance Retik Finance (RETIK) has emerged as a frontrunner in the decentralised finance (DeFi) space, captivating investors with its innovative approach and robust community engagement. The project, which debuted in December 2023, prioritises security, practicality, and community involvement, laying a solid foundation for sustainable growth. One of the key factors driving Retik Finance’s potential for growth is its community-driven success. The active engagement of the Retik community on social media platforms and forums has created significant buzz around the project, attracting more contributors and investors. This sense of community solidarity and enthusiasm has played a pivotal role in Retik Finance’s rapid ascent. The project’s presale stages have also been instrumental in its success. By providing early investors with the opportunity to acquire RETIK tokens at favourable prices, currently selling at $0.12, Retik Finance has generated substantial interest within the crypto community. The strong demand and contributions from investors have propelled the project forward, with each presale stage achieving impressive fill rates and fundraising milestones. Moreover, Retik Finance’s commitment to security has instilled confidence among investors. The successful completion of a Certik audit, renowned for its rigorous evaluation of smart contracts, has demonstrated the project’s dedication to protecting investors’ assets. This focus on security and trust further enhances Retik Finance’s potential for growth with minimal risk. Ripple (XRP): Transforming Cross-Border Payments Ripple, the company behind the XRP cryptocurrency, has been at the forefront of revolutionising cross-border payments with its innovative solutions. XRP offers fast and low-cost transfers, making it ideal for use cases such as remittances. Its unique consensus protocol, the XRP Ledger Consensus Protocol, ensures the integrity and efficiency of transactions on the network. Recent developments surrounding Ripple and XRP have fueled optimism among investors. The SEC’s dropping of claims against top Ripple executives in October signalled a positive turn of events for the company. Additionally, Ripple’s partnership with the National Bank of Georgia to pilot a central bank digital currency using the Ripple CBDC Platform demonstrates the utility and adoption potential of XRP. Furthermore, XRP’s recent recognition by regulatory authorities, such as the Dubai Financial Services Authority, and its approval for use in the Dubai International Financial Centre (DIFC), highlight the growing acceptance and legitimacy of the cryptocurrency. These positive developments, coupled with XRP’s strong fundamentals, position it for significant growth in the first quarter of 2024. Despite its recent rally and high market capitalization, XRP still offers ample room for growth, presenting an opportunity for investors to multiply their initial investment with minimal risk. The cryptocurrency’s utility in facilitating efficient cross-border money transfers and its expanding ecosystem contribute to its favourable outlook for the coming months. Jupiter (JUP): Expanding DeFi Opportunities Jupiter stands out as a promising cryptocurrency project that taps into multiple liquidity sources on the Solana blockchain to provide users with highly efficient token swaps. Beyond decentralised exchanges, Jupiter offers features such as limit orders and dollar-cost averaging, enhancing the user experience and accessibility of DeFi protocols. The introduction of perpetual contracts and the LFG Launchpad platform further diversifies Jupiter’s offerings, catering to the growing demand for decentralised trading products and investment opportunities in the cryptocurrency market. These new features expand Jupiter’s reach and appeal to a broader audience of investors seeking innovative financial solutions. While Jupiter initially launched without a native token, the introduction of the JUP governance token has empowered holders to participate in key decisions regarding the platform’s development and direction. The token’s distribution through an airdrop incentivizes community engagement and fosters a sense of ownership among users, contributing to Jupiter’s long-term sustainability and growth. Investing in Jupiter presents an opportunity for investors to capitalise on the expanding DeFi landscape while minimising risk. The project’s focus on efficiency, innovation, and community involvement positions it as a promising contender for growth in the cryptocurrency market. Conclusion: Maximising Returns with Minimal Risk Retik Finance, Ripple, and Jupiter offer compelling opportunities for investors to grow their wealth from $500 to $10,000 in the first quarter of 2024. Each cryptocurrency brings unique strengths and advantages to the table, from Retik Finance’s community-driven success to Ripple’s transformative impact on cross-border payments and Jupiter’s expansion of DeFi opportunities. By strategically diversifying investments across these promising projects and leveraging their respective growth potentials, investors can mitigate risks while maximising returns in the dynamic world of cryptocurrency. With careful consideration and prudent decision-making, investors can unlock the full potential of these cryptocurrencies and achieve significant financial gains in the months ahead. Click Here To Take Part In Retik Finance Presale Visit the links below for more information about Retik Finance (RETIK): Website: https://retik.com Whitepaper: https://retik.com/retik-whitepaper.pdf Linktree: https://linktr.ee/retikfinance The post Which Three Cryptocurrencies Can Grow Your $500 to $10,000 in the First Quarter of 2024 With Minimal Risk? appeared first on Crypto News Land.

about 19 hours ago
Cryptopolitan
Cryptopolitan
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Settle in, guys. I’m afraid I’ve got some terrible news. Our central banks, those institutions that keep the global economy on a somewhat even keel, are now showing signs that they’re about to throw us all into an apocalypse. Gone are the days when global trends were the main drivers behind price outlooks. Now, it seems domestic drivers are in the driver’s seat, and they have no idea what they’re doing. Once upon a time, New Zealand led the way with its innovative approach to inflation targeting back in the early ’90s, and it looks like they’re about to break ranks again. With whispers of interest rate hikes as early as the end of February, the Land of the Long White Cloud could be signaling the end of monetary policy uniformity as we know it. Diverging Paths Across the globe, the story is much the same, with each central bank facing its unique set of challenges. The United States is wrestling with stubborn inflation and a labor market that’s surprisingly robust, leading traders to second-guess the Federal Reserve’s stance on easing up anytime soon. Meanwhile, the euro area, having narrowly dodged a recession, is seeing price pressures ease more quickly than anticipated, prompting calls for earlier rate cuts. The Swiss are betting on interest rate cuts next month, and the UK is stuck between a rock and a hard place with both a sputtering economy and high inflation. The International Monetary Fund (IMF) isn’t painting a rosy picture either, with its forecasts pointing to a diverging global economy: a brighter outlook for the US, gloomier for the euro zone, and downright dismal for the UK. As if to add salt to the wound, JPMorgan strategists are advising clients to hedge their bets by favoring US equities and the dollar, given the stark growth divide between the US and Europe. Down under, the Reserve Bank of Australia (RBA) and its Canadian counterpart are expected to maintain a more hawkish stance compared to their global peers. The plot thickens in Japan, an economy long haunted by deflation, which is now poised for its first interest rate hike since 2007. Fast forward a year, and traders are betting on lower benchmark rates in the US and Europe but a different story in Australia and Japan. A Tangled Web The central banks are walking a tightrope, trying to balance the risks of acting too hastily against the dangers of waiting too long. The European Central Bank (ECB) is particularly wary of making a U-turn that could signal they’ve underestimated inflation once again. This is not made any easier by the shifting drivers of inflation, with services and wages now playing a more significant role than manufacturing. In New Zealand, unexpected jumps in underlying inflation, despite a slowdown in tradable prices, have caught policymakers off guard. This scenario demonstrates a broader trend towards more localized, idiosyncratic monetary policies, moving away from the coordinated approach we’ve seen in recent years. The IMF’s recent updates offer a glimmer of hope, projecting a slight uptick in global growth for 2024, thanks in part to easing inflation and advancements in artificial intelligence (AI). However, the agency’s chief economist, Pierre-Olivier Gourinchas, cautions against complacency, citing ongoing geopolitical tensions and the potential for disruptions to global trade. The World Economic Forum’s Chief Economists Outlook echoes this sentiment, with a majority expecting global economic conditions to either weaken or remain unchanged over the next year. Despite some positive developments, the outlook is marred by continued financial tightness, geopolitical rifts, and the looming threat of geoeconomic fragmentation. The central banks’ next moves could either steer us towards stable growth or plunge us into economic turmoil. With so much at stake, the world watches and waits, hoping for the former but bracing for the latter.

2 days ago
奔跑财经-FinaceRun
奔跑财经-FinaceRun
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This article briefly: The Central Bank of Russia has noticed a sharp increase in the criminal use of cryptocurrencies. · “Almost all” illegal schemes in 2023 involved cryptocurrencies, according to the report. ·Binance exited the Russian market due to compliance issues, marking a change in the cryptocurrency landscape. A recent report from the Russian Central Bank highlighted a significant increase in criminal adoption of cryptocurrencies. While the numbers for 2022 are considerable, nearly all fraud schemes in 2023 are cryptocurrency-related. It is worth noting that by 2023, cryptocurrencies are the main vehicle used by “almost all” pyramid schemes and illegal brokerage firms to conduct fraudulent activities. Cryptocurrency scams increase in Russia, according to central bank The Central Bank of Russia stated in a recent report that by 2022, all other fraudulent investment projects in the country used cryptocurrencies. However, this ratio worsened further in the following year (2023). “Since 2022, there has been a fake investment project attracting cryptocurrencies. By 2023, almost all pyramids and illegal brokers are offering in-house token investments or accepting cryptocurrency donations.” Statista predicts that Russia’s annual cryptocurrency revenue will reach $2.8 billion by 2028. In July 2023, foreign media reported that President Putin had signed a digital ruble law. Just a year ago, in July 2022, Putin signed a bill banning cryptocurrencies as the

8 days ago
CryptoPotato
CryptoPotato
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TL;DR Bitcoin’s price surged above $52,000 as of late, with some factors suggesting even more growth in the near future. Changes in US interest rates may also impact the asset’s valuation. Bitcoin (BTC) has been on a massive upward trajectory in the past few weeks, with its price climbing over 25% on a monthly basis and surpassing the $52,500 mark for the first time in over two years. In the following lines, we will outline some important metrics and upcoming events that hint the rally might be far from over. According to CryptoQuant, Bitcoin exchange outflows have recently been on the rise, showing that investors have shifted to self-custody methods instead of relying on centralized platforms. The trend is considered bullish since it reduces the immediate selling pressure. BTC Exchange Outflow, Source: CryptoQuant Another factor that might play a role in a further BTC price upswing is the halving (scheduled to take place in April this year). The event will reduce the asset’s pre-programmed inflation in half, as the block rewards for miners will decline to 3.125 instead of the current number of 6.25 BTC.  Historically, the halving has acted as a catalyst for future price increases since it cuts the number of newly created BTC. As such, if the demand remains the same or increases, the price should increase. Recall that the asset reached its all-time high price of almost $70,000 in November 2021, a year and a half after the previous such event. Those willing to learn more about the approaching halving could take a look at our dedicated video below: Last but not least, the cryptocurrency’s price might benefit from a possible pivot from the US Federal Reserve on its anti-inflationary policy. The central bank raised interest rates 11 times between March 2022 and July 2023 to combat the galloping inflation caused by the COVID-19 pandemic, the subsequent mass money printing, and the ongoing global conflicts, among other reasons. However, the Fed kept the benchmark untouched during its most recent FOMC meetings, hinting at rate cuts throughout 2024.  High rates make borrowing money more expensive and could hamper people’s interest in riskier investments like cryptocurrencies. On the other hand, lowering the benchmark could allow more individuals and entities to deal with risk-on assets by securing outside funding. A survey conducted in 2022 estimated that 21% of the participants have taken loans to invest in crypto. The post 3 Reasons Why the Bitcoin (BTC) Price Could Skyrocket Further Soon appeared first on CryptoPotato.

3 days ago

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