Schlagwort: crypto business

Veröffentlicht am

As the US dollar’s strength persists, Bitcoin remains trapped in tight ranges

  • Bitcoin has moved in tight ranges since it broke above $30k in 2023
  • Market participants await key economic events in September
  • All eyes are on the Fed and its monetary policy decision 

Bitcoin investors probably have lost their patience during the summer months, as the cryptocurrency did not move. Known for its high volatility levels, Bitcoin is simply consolidating current levels. 

Make no mistake, the start of the year was a promising one. After all, Bitcoin rallied from 16k to $32k, doubling in price. 

But since it traded above $30k for the first time this year, it began a consolidation that currently lasts for more than five months. Moreover, the ranges become tighter and tighter, making it difficult to swing trade. Speculators, therefore, must scalp or wait for the market to move first and act second. 

Bitcoin chart by TradingView

Financial markets await key events in September

Most likely, financial markets (and the cryptocurrency market) do not move because market participants await key events due in September. 

More precisely, they await the Federal Reserve of the United States September decision and the US CPI data for August. Both events will increase volatility for the US dollar, so Bitcoin might finally break the range it held during the summer. 

The latest inflation data showed that the prices of goods and services in the United States have come down nicely. Sure enough, inflation is way above the Fed’s 2% target. 

Nevertheless, the disinflationary process suggests that inflation has peaked and what remains is to give the interest rate hikes time to make their way through the economy. 

Therefore, the Fed’s focus might not be on inflation anymore but on job creation – the other part of its dual mandate. As such, if the current inflation trend remains unchanged, the Fed might not see the need to raise the funds rate again. 

It means the US dollar might weaken in September if the Fed does not pause and delivers a dovish message. Bitcoin may resume its bullish 2023 trend if that is the case. 

The post As the US dollar’s strength persists, Bitcoin remains trapped in tight ranges appeared first on CoinJournal.

Veröffentlicht am

Bitcoin eyes $25k as Chancer’s presale approaches $1.8M

Key takeaways

  • Bitcoin continues to trade below the $26k level and could drop lower as investors await new CPI data.

  • Chancer’s stage two presale is fast closing in on the desired $2 million mark. 

The cryptocurrency market has underperformed over the past seven days. Bitcoin continues to trade below the $26k mark, while the total cryptocurrency market cap now stands at around $1.03 trillion. 

Despite the bearish trend in the market, Chancer’s stage two presale is set to hit the $1.8 million mark. 

Bitcoin could drop to $25k as investors await new CPI data

Bitcoin, the world’s leading cryptocurrency by market cap, is down by less than 1% over the last 24 hours. At press time, the price of Bitcoin stands at $25,706 per coin.

The leading cryptocurrency could experience a further decline in prices as investors await this week’s CPI data. The US Core CPI figures for August are set to be released on Wednesday, September 13, 2023.

Market analysts predict the August core CPI to rise at a 0.4% monthly rate. An increase in inflation levels could see the US Federal Reserve raise interest rates at once one more time this year. If that happens, Bitcoin could drop toward the $25k level in the near term. 

What is Chancer?

The broader cryptocurrency has been underperforming since the start of the month, but that hasn’t affected Chancer’s presale. Chancer is a Web3 project designed to decentralise the betting ecosystem. 

According to its whitepaper, Chancer is a web3 peer-to-peer (P2P) custom betting platform that allows users to place bets on a wide range of events, including custom-made ones. Bets on the platform can be live-streamed to ensure transparency. 

Furthermore, Chancer will operate as a completely decentralised online gaming platform. The platform seeks to improve the current services offered by traditional sports and casino betting platforms. Chancer users can bet on any event, even ones they make up themselves. 

The team revealed that the funds generated from the presale rounds would be channelled towards building Chancer’s decentralised P2P betting platform. They would develop the platform to have exciting features, including betting markets in real-time and based on user interests, social media connections, and expertise. 

Furthermore, users can launch custom P2P betting markets, allowing other users to bet on their events and games. 

Chancer’s second presale closes in on $1.8 million

Chancer is currently in its stage two presale and has raised nearly 90% of the required funds. The team is close to hitting the $1.8 million mark in the second presale stage. 

According to the Chancer team, there would be 12 presale events, with a combined target of $15 million. In this current stage, CHANCER, the native token of the ecosystem, is going for $0.011 per token, with the price set to increase to $0.012 in the third presale round.

The token would have numerous utilities on the platform. Token holders can create custom P2P betting events on the Chancer platform and also participate in markets launched by others. 

CHANCER token also allows users to create, participate in, and profit from their predictive markets. The token can be purchased via the official Chancer website. Simply connect any supported wallets to the presale link. Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow are some supported wallets. 

Visit the Chancer website to get more information about the presale. 

Should you buy CHANCER tokens now?

One of the best times to invest in Web3 projects is during their presale. During this period, the tokens can only be purchased by a limited number of investors, and their prices are usually low. 

Chancer is an exciting Web3 project and could become a leader in its niche. If the project succeeds, Chancer could gain massive adoption over the coming months and years.

The post Bitcoin eyes $25k as Chancer’s presale approaches $1.8M appeared first on CoinJournal.

Veröffentlicht am

Bitcoin price outlook as ETH, XRP eye key support areas

  • Bitcoin, Ethereum, XRP traded lower on Monday as FTX-related news saw Solana slump.
  • Analysts are pointing to a potential Death Cross for BTC as bad news for the market.

The crypto market is seeing yet another day of downside pressure as major altcoins show weakness. Bitcoin, which traded higher towards the end of last week, has retreated below $26k and could hit key levels near $25k.

Meanwhile, Ethereum is struggling to hold prices near $1,600 and XRP, after giving up all gains from the July court victory, was testing support below $0.50 on Monday morning.

Analysts share price outlook for BTC

Bitcoin is moving closer to its next halving – one of the key bullish catalysts for an anticipated bull market. But the outlook over the past several weeks remains largely negative after the dive from near $30k.

Commenting on the performance, pro-crypto lawyer John E. Deaton wondered if the market had indeed bottomed or not. If not, is BTC primed for a massive flip – 30-40% dive that could see Bitcoin revisit $15k before a possible upside to $50k? FTX-related pressure could be a factor not just for altcoins such as Solana, but for the wider market.

The overall feeling has analysts pointing to technical picture on the daily BTC chart for what could materialize in the coming days.

According to crypto trader and analyst Ali Martinez, the Bitcoin daily chart is sporting a possible Death Cross. The analyst sees a likely dip to below $25,200 leading to a deeper correction for the benchmark cryptocurrency.

XRP price below $0.50

While the technical picture could flip amid any would-be positive catalyst, analysts see its validation as likely to see negative price action cascade across the altcoin market.

XRP’s technical picture on the daily chart features a descending triangle pattern that has extended over several weeks. With sellers having an upper hand near $0.47, its likely XRP price will retest the $0.44 support zone. Further rot portends a decline to $0.35.

The post Bitcoin price outlook as ETH, XRP eye key support areas appeared first on CoinJournal.

Veröffentlicht am

India embarks on crafting crypto regulations after ruling out ban

  • India was long thought to be planning a complete ban on cryptocurrencies.
  • However, in the just concluded G20 Summit, India joined other G20 nations to support IMF-FSB joint recommendations for cryptocurrency guidelines.
  • Crypto investors in India can now breathe a sigh of relief as they wait for the crypto framework.

Based on the combined recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB), India is developing a framework for regulating cryptocurrencies that, if approved, could become law in the next five to six months.

According to Siddharth Sogani, CEO of CREBACO, who has collaborated with governmental organizations and departments, the Indian government is developing a five-point crypto legislation with a global perspective.

India just concluded the G20 summit, which the Chinese president declined to attend, on a high note. The summit resulted in several key economic announcements including some that touched on the cryptocurrency industry. For Cryptocurrencies, the most notable decision came in the form of IMF-FSB joint recommendations for cryptocurrency guidelines that India and other G20 nations supported.

The IMF-FSB crypto recommendations

The IMF-FSB crypto proposals advocate for regulating the cryptocurrency market as opposed to a total ban.

The G20 nations can use the regulatory principles and ideas provided by the IMF and FSB to create their own independent yet cooperative crypto legal framework.

India’s 5-point crypto regulatory framework

According to Sogani, the CEO of CREBACO, a blockchain analytics company that provided consultancy services to a number of G20 committees and countries, based on CREBACO’s discussions with government representatives, India is now developing a five-point regulatory framework with an emphasis on international cooperation on specific issues like crypto taxes whose policy took effect in April 2022.

The five-point crypto regulatory framework includes:

  1. Establishing an advanced Know Your Customer (KYC) system for cryptocurrency enterprises that complies with FATCA and current anti-money laundering regulations.
  2. Crypto platforms would have to provide regulators with Proof-of-reserve audits in real time.
  3. A global taxation system that is uniform.
  4. Under the rules of the Reserve Bank of India (RBI), cryptocurrency exchanges could acquire the status of authorized dealers (like banks).
  5. For crypto platforms, important positions like the Money Laundering Reporting Officer (MLRO) may be required.

The post India embarks on crafting crypto regulations after ruling out ban appeared first on CoinJournal.

Veröffentlicht am

Crypto.com launches new crypto earn programme Earn Plus

  • Earn Plus will allow users to allocate up to $1 million for every supported Earn token.
  • Crypto.com’s revamped Crypto Earn programme also offers a unified reward rate and supports a payout structure for PayPal USD (PYUSD) and USDC Coin (USDC).

Crypto exchange Crypto.com has a new product designed to change the crypto earn landscape. Announced recently is Earn Plus, the crypto platform’s new earn programme tailored to benefit more customers.

What’s new in Crypto.com’s Earn Plus?

The exchange said in its announcement that Earn Plus will offer a simpler reward structure and higher allocations. The new Earn programme that introduces generous yields on two key stablecoins is available via the Crypto.com App.

In terms of higher allocation limits, customers will enjoy up to $1 million for supported token. Raising the limit will allow clients to tap into the potential rewards that come with the ability to allocate more. Earn Plus’ simple rewards also greatly differs from the exchange’s current tiered program, with the same rate applicable to the principal amount rather than the discounted rates applied to amounts above the $3,000 threshold.

The single rate will apply to a customer’s entire allocation as per the terms of CRO deposit and lockup. In this way, Earn Plus users will find it easy to gauge total rewards.

According to Crypto.com, Earn now supports PayPal USD (PYUSD) and USD Coin (USDC) – the former a new stablecoin recently launched by payments platform PayPal. PYUSD and USDC have replaced the old USDC reward structure, with interest on the stablecoins pegged at up to 5% per annum.

Crypto.com’s move to unveil Earn Plus is a boost to the exchange, with its product coming at a time regulatory focus on the crypto market has included a crackdown by the US Securities and Exchange Commission (SEC) on products across the US. For example, crypto exchange Gemini recently criticised the SEC for its outlook on its Earn programme.

The post Crypto.com launches new crypto earn programme Earn Plus appeared first on CoinJournal.