Schlagwort: crypto business

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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.

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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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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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XRP, DOGE price prediction amid Memeinator’s epic presale

  • XRP price hovers above $0.50 amid latest Ripple vs.SEC case.
  • Dogecoin price is ranged and could dip further, but is seeing renewed interest.
  • Memeinator (MMTR) presale has surpassed $4.2 million amid massive investors confidence.

XRP price defied latest Ripple news as it held above $0.50, while Dogecoin (DOGE) remains near the $0.08 level that could prove crucial for bulls.

As the Ripple token looks to establish the current level as primary support level and DOGE eyes upcoming crypto bull run, could the Memeinator (MMTR) be one of the best new tokens to invest in 2024?

Here is a price prediction for XRP, DOGE and MMTR.

XRP price prediction: $0.50 is critical for bulls

A recent hack incident involving Ripple saw the price of XRP fall 5% to around $0.48. The altcoin rebounded above $0.50 and has retested the level on multiple occasions in the past few days.

On Monday, US Judge Sarah Netburn ordered that Ripple provide financial statements for 2022-2023 as well as records of post-complaint institutional sales of XRP. The judge agreed with SEC’s motion on these requests, thereby handing the regulator a key win.

While the XRP price has not reacted sharply to this development in the Ripple vs. SEC case, this legal hurdle has weighed on XRP since its filing in December 2020. In July last year, XRP rose to above $0.82 after Judge Analisa Torres’ ruling that XRP was not a security.

As an important technical level over the past year, $0.50 is what bulls need to hold to avoid giving the initiative to bears. If the negative scenario unfolds, the short term bearish outlook could highlight a breakdown towards the $0.40 support level.

Dogecoin price prediction: DOGE eyes positive catalysts

Dogecoin price has traded below $0.08 for the past week, with its price about 4% down in the time frame. A look at the charts shows that the top meme coin failed to hold above $0.1 since the breakdown in November 2022.

The rally in several Solana-based meme coins, including Bonk, contributed to the struggle DOGE experienced in 2023. However, with a number of recent developments, it appears the coming months could be positive for the dog-themed meme coin.

Dogecoin blockchain’s recent welcoming of the Doom video game and this week’s reports claiming SpaceX accepted DOGE payments for the anticipated DOGE-1 launch could be key upside catalysts.

However, a bearish outlook is hinted to by the descending triangle formation on Dogecoin’s daily chart. This and potential broader market weakness means DOGE might dip to support at $0.06. However, the resurgence in meme coin interest suggests a retest of $0.1 in the short term could allow bulls to target the $1.

Memeinator: The meme token to challenge Dogecoin, Shiba Inu?

The meme coin market currently stands around $20.3 billion, with CoinGecko data showing roughly 340 meme tokens. While the meme market cap is projected to grow significantly in coming years, the majority of current tokens are worthless, no utility projects that rely on hype for short-term price gains.

Memeinator (MMTR) is a new meme token that looks to restore meme culture by eliminating the useless copycat tokens. To get to this, Memeinator is building a resistance movement that will leverage an AI-enabled game to target and destroy all subpar meme tokens.

When it launches, the project has its eyes set on hitting the $1 billion market cap, which could see it overtake the likes of Floki, Pepe, and Bonk. Ultimately, the mission is to rule over meme coins and that means challenging Dogecoin and Shiba Inu.

Memeinator price prediction: Can MMTR hit $1 in 2025?

The Memeinator is currently in presale, which has seen more than $4.2 million so far. With partnerships, a token burn and staking already live, this project’s revolution seems to be truly underway. What remains before going full scale is the six presale stages that will see MMTR rise to $0.0292.

Currently, investors can lock in 40% in presale returns by joining the ongoing sale at $0.0208. AI, GameFi and meme coins are all big trends in 2024 and Memeinator has all these at its core. If for instance, Bitcoin’s upcoming halving catalyses a run to a new all-time high, altcoins will definitely mirror it.

In the meme coin market, Memeinator’s hostile takeover of the sector means the $1 billion market cap target is achievable. If it happens, the MMTR price could swell to between $0.5 and $1 amid broader bull market conditions. 

Are eyeing a new meme coin? Find more about Memeinator on their presale page.

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