Monat: Februar 2024

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These catalysts could push Bitcoin, BitBot, and Ethereum high in 2024

Bitcoin, Ethereum, and other cryptocurrencies have entered a consolidation phase in the past few weeks as investors reflect on the recently approved spot ETFs. BTC has been stuck at $43,000 while most altcoins have pulled back by double digits. As I wrote on Monday, the crypto fear and greed index has moved to the neutral point. This article highlights two key catalysts that could have an impact on Bitcoin, BitBot, and Ethereum in 2024.

Bitcoin halving in April

The first important catalyst that could benefit Bitcoin, Ethereum, and BitBot is the upcoming halving event, which is set for April. Halving is a situation where Bitcoin rewards are slashed into half. In this case, the number of Bitcoin daily rewards will drop from 900 to about 400.

Halving is an important mechanism because it ensures the balance between supply and reward. If this halving was not embedded in the software, the number of coins in circulation would be substantially higher. 

Historically, the price of Bitcoin and other cryptocurrencies tend to do well ahead of a halving event. The same could happen this year. If this happens, the coin will likely rise and then push other cryptocurrencies like Ethereum, Cardano, and Solana much higher.

Remember that this halving comes a few months after the SEC approved eleven spot Bitcoin ETFs. This means that the halving event will coincide with a period of moderate strong demand for the biggest crypto in the world.

Federal Reserve rate cuts

The other important catalyst for BitBot, Bitcoin, and other coins is the upcoming interest rates as inflation retreats. Most Fed officials have sounded supportive of rate cuts later this year. However, they have also pushed back against the view that cuts will start in March. 

This view is reasonable since the recent economic numbers show that the US is thriving, with wages rising and the unemployment rate being low. The economy also expanded by 3.3% in the fourth quarter, beating the median estimate of 2.2%. 

Therefore, it makes sense that the Fed is waiting for the economy and inflation to cool before starting rate cuts. What is clear, however, is that the Fed will start cutting rates in the second half of the year. In most cases, Bitcoin and other cryptocurrencies tend to do well when the Fed is cutting rates.

Ethereum ETF approval

Further, there are signs that the Securities and Exchange Commission (SEC) will approve a spot Ethereum ETF. Some analysts expect the agency to make this approval by May of this year. If this happens, it will lead to more inflows from institutional investors as we have seen with Bitcoin.

However, there are risks that the SEC will not do that because BTC and ETH are significantly different assets. The SEC believes that Ethereum is a security because of its staking features. It sees Bitcoin as a digital commodity. Still, the anticipation of this ETF approval will likely push these coins higher.

For starters, BitBot is a company that aims to provide the best Telegram trading bot. This bot will be powered by the $BITBOT token, which will be used to reward its users and also offer provide governance features. You can read more about BitBot in this white paper.

The post These catalysts could push Bitcoin, BitBot, and Ethereum high in 2024 appeared first on CoinJournal.

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Hedera inks $250 million deal with Saudi Ministry of Investment

  • Hedera has announced it sealed a five-year, $250 million deal for blockchain and Web3 initiatives in Saudi Arabia.
  • HBAR price rose more than 5% following the major development.

Hedera has secured a $250 million investment deal from the Saudi Arabia government, according to details the blockchain platform shared today.

The deal is part of a five-year agreement The Hashgraph Association, a Swiss-based non-profit helping to develop the Hedera blockchain signed with the Saudi Ministry of Investment, Hedera posted on X.

Hedera launces DeepTech Venture Studio

Per the announcement, The Hashgraph Association has launched DeepTech Venture Studio, a venture targeted at empowering local Saudi as well as companies in the technology space. 

In particular, the project will look to promote adoption across blockchain, artificial intelligence, robotics, and Internet of Things (IoT). Also targeted is virtual reality and quantum computing.

Hashgraph and the Saudi Ministry of Investment officially signed off the agreement for the studio during the Saudi-Swiss roundtable meeting in Riyadh.

With the major deal in Saudi in place, Hashgraph has added to recent initiatives aimed at driving further development of the Hedera network. These include the partnership with Algorand that introduced the Decentralized Recovery (DeRec) protocol. 

Announced earlier this year DeRec is an initiative that seeks to bolster digital asset security and recovery efforts. The program also involves the HBAR Foundation and Algorand Foundation.

Today’s news saw the price of Hedera native token HBAR surge by more than 5% to above $0.076.

The post Hedera inks $250 million deal with Saudi Ministry of Investment appeared first on CoinJournal.

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Bybit launches free crypto investing toolkit

  • Bybit has launched Crypto Investment Analysis Toolkit, a free technical toolkit investors can use to analyse opportunities in the crypto investing space.
  • The toolkit is accessible on Google Sheets, the crypto exchange noted in an announcement.
  • Bybit says users can peer beyond price speculation and hype to find investments that add quality to their portfolio.

Bybit has unveiled a free toolkit that crypto investors can leverage to unearth hot investment opportunities across the market.

The crypto exchange revealed in an announcement on Tuesday that the new Crypto Investment Analysis Toolkit taps into an extensive input from internal experts.

Empowering investors to make informed decisions

According to Bybit, the toolkit outlines potential investment strategies that investors can explore to elevate their knowledge of the market. The exchange says the smart investing tips are tailored for beginner and seasoned investors and will be accessible free on Google Sheets.

“Our mission is to empower investors with the tools and knowledge to make more informed decisions,” Ben Zhou, CEO of Bybit, said in a press release.

Noting that investors could find real value from this tool, Zhou added:

“This toolkit embodies our commitment to enhancing the crypto investment landscape, combining simplicity with powerful analytical capabilities to unlock the true value of digital assets.”

With the crypto market still largely hype-driven, investors can utilize the technical toolkit to get a clear perspective of the market beyond price analysis. In this case, Bybit experts say investors tapping into the toolkit can build a higher quality portfolio.

Users will have a chance to dig into a project’s fundamentals, including economic factors, platform health and social influence. The aim is to give the investment community a tool that they can leverage for a comprehensive approach to their investing.

Bybit, which ranks as one of the largest crypto exchanges by trade volume, believes the analysis tool will boost the crypto trading community.

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Optimism and Aptos Holders Take Notice of NuggetRush’s Promising Presale Figures

TLDR

  • The recent market-wide correction has taken a chunk of Optimism’s (OP) December gains.

  • Aptos (APT) has announced partnerships with high-quality data providers.

  • NuggetRush (NUGX) could dominate the play-to-earn market with the launch of its mining game.

Optimism (OP) has lost bullish momentum in 2024 following the recent market downturn. Aptos (APT) aims to get real-time data by partnering with mega blockchain data providers.

Still, NuggetRush (NUGX) and its sale of 168 million tokens continue to draw attention among digital asset investors. NUGX’s first buyers now enjoy an 80% token value increase. Yet, can NuggetRush (NUGX) join the best DeFi projects in the gaming industry? Let’s discuss.

>> Buy NuggetRush Now <<

Optimism Loses December Gains in Market-Wide Correction

The crypto market has been filled with bullish momentum since the end of 2023. Top altcoins had rallied impressively. Optimism (OP) recorded over 100% price increase in December 2023. Its market capitalization had also risen by $1 billion in the same time frame. 

Yet, Optimism (OP) has lost some of its December growth in January 2024. OP traded at $3.9887 on January 1. It fell by 19.8% to $3.1979 by January 18. OP declined by 10.6%, reaching $2.8561 on January 24 before a 10.5% recovery to $3.1571 on January 30.

Optimism’s (OP) fall shocked many analysts as the network enjoyed bullish sentiments following its recent upgrades. On January 25, Optimism (OP) launched its bedrock upgrade. Market experts believed the ensuing bullish sentiments would sustain Optimism’s (OP) rally. 

However, there were many people disappointed by Optimism’s decline. They say OP might rise by 22.2% to $3.8590 due to excitement around its network upgrades.

Aptos Expects Large Developer Influx Following Data Transparency Partnerships

Aptos (APT) has partnered with several large data providers to create easier access to real-time information for developers on its network. Companies involved in the partnership with Aptos (APT) include Dune Analytics, Nansen AI, TokenTerminal, and DappRadar. The partnership would further streamline the development of apps on Aptos (APT).

Furthermore, it could push Aptos (APT) back to the $10.00 range. APT sold at $10.24 on January 2. It fell by 19.1% to $8.2794 on January 9 before recovering by 21.0% to $10.02 on January 13. APT then fell by 9.5% to $9.0673 on January 30.

Aptos (APT) is aiming to boost DeFi activity on its network in 2024. By incorporating real-time data providers, Aptos developers can build flagship services that compete with major altcoins. This could further boost demand for Aptos’ services, potentially pushing APT up by 26.9% to $11.5073.

NuggetRush Mega Presale Growth Indicates Yield Potential of Mining Game

Gamers and investors are thrilled by the overall performance of the NFT gaming market. Yet, NuggetRush, the first-ever blockchain mining game, has everyone talking. Players anticipate a new gaming experience, while P2E enthusiasts and investors are excited by NuggetRush’s (NUGX) financial potential.

The game takes players on a fun yet challenging mining adventure that tests their ability to think critically, strategize, make decisions, and manage resources/workers. NuggetRush’s (NUGX) inclusion of real-world mining skills and high-level decisions gives the game a unique and realistic feel.

It rewards players for successful mining operations and gives more rewards for higher mining efficiency. Players also boost their mining efficiency by collaborating with rival players on mining quests. Collaborations also allow for extra group rewards.

These rewards have immense financial potential as players can trade them for real cash on its P2P NFT marketplace. Additionally, players can earn high-value APY rewards when they stake their NFTs.

For non-players, investing in NUGX tokens is another way to earn from the project. Investors have acquired 168 million NUGX tokens since its blockchain ICO began. NUGX’s price rose by 80% from $0.010 in round one of its presale to $0.018 in round five. News of NUGX’s listing is already making waves as investors jubilate over another 11.1% increase to $0.020.

Visit NuggetRush Presale Website

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Monero (XMR) dips after Binance announced delisting

  • Binance delists Monero (XMR) along with other assets, causing a 19% price drop.
  • Monero’s delisting reflects regulatory pressure on privacy coins in the crypto market.
  • Monero withdrawals from Binance will be supported until May 20.

Monero (XMR), one of the leading privacy-focused cryptocurrencies, is experiencing a significant drop in its price following a delisting announcement from Binance, the world’s largest cryptocurrency exchange.

Binance revealed its decision to delist Monero along with several other assets, including Aragon (ANT), Multichain (MULTI), and Vai (VAI), effective February 20.

Monero price post Binance delisting 

Binance’s decision to delist Monero (XMR) comes as part of its ongoing efforts to uphold compliance standards and ensure the safety and integrity of its platform. The exchange cited various reasons for the delisting, including considerations such as trading volume, liquidity, stability, safety, public communication, and evidence of unethical or fraudulent conduct.

At press time, Monero’s price had dropped by more than 19% in response to the news, trading at $134.24.

Monero price chart

 

This swift decline underscores the immediate impact of exchange decisions on cryptocurrency prices and investor sentiment.

Implications of the delisting

The delisting of Monero from Binance marks a significant development in the cryptocurrency landscape, particularly for privacy-focused digital assets. Monero, known for its robust privacy features that obscure transaction details, has often faced regulatory scrutiny due to concerns about its potential use in illicit activities.

Binance’s move to remove Monero from its platform reflects a broader trend of regulatory pressure on privacy coins. By discontinuing support for Monero trading and withdrawals, Binance aims to mitigate regulatory risks and enhance compliance efforts, aligning with evolving industry standards.

Investors and users of Monero will need to adjust their strategies accordingly in response to Binance’s delisting decision. While withdrawals of Monero will be supported until May 20, users may consider alternative platforms or wallets for trading and storing their XMR holdings.

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