Bitcoin, the leading crypto asset by market capitalization, shot up 7% from Thursday’s trough below $59,000 after the hotter U.S. CPI inflation report, bucking this week’s trend of giving up gains during the U.S. trading hours. Recently, BTC was up 5.5% over the past 24 hours, outperforming the broad-market CoinDesk 20 Index’s (CD20) 4.7% advance.
Tokens from Solana (SOL), Avalanche (AVAX) and Render (RNDR) were the leaders among altcoin majors with 6%-8% gains. The only token of the CD20 index with a negative daily return was Uniswap (UNI), which slightly shed some of its Thursday gains that were spurred by the decentralized exchange’s plan to launch its own layer-2 network.
The crypto rally happened as equities also gained, with the Dow Jones Industrial Average and S&P 500 closing the week at record highs. The U.S. dollar index paused below 103 after steeply strengthening over the past week as traders repriced expectations of further Federal Reserve interest rate cuts following solid U.S. jobs reports and hotter inflation readings.
Crypto-related stocks also reflected the positive sentiment. Bitcoin miners including MARA Holdings (MARA), Riot Platforms (RIOT) and Bitdeer (BTDR) soared 5%-10%, while U.S. crypto exchange giant Coinbase (COIN) ended the day up 7%.
MicroStrategy (MSTR), the largest corporate holder of BTC with nearly $16 billion of the asset, surged 16% to its highest price since March 2000. The company’s share price premium versus its bitcoin holdings also broadened to the widest since 2021.
China fiscal policy update may move crypto
Macroeconomic factors influencing crypto prices have shifted away from monetary policy to the U.S. election outcome, Coinbase analysts David Duong and David Han said in a Friday report.
The key catalyst for crypto volatility might be the upcoming China fiscal policy update by the finance minister slated for early Saturday UTC. Investors anticipate more financial stimulus for the ailing Chinese economy and financial markets, which could reverberate in the digital asset market, the Coinbase report noted.
“As most markets will be closed during this next briefing, we expect traders could turn to crypto markets as a way to express their (proxy) views on the size and strength of China’s fiscal announcements,” the authors said.
Markus Thielen, founder of 10x Research, noted that recent U.S. economic data shows a resilient economy and jobs market, allaying past concerns over an imminent recession.
“This sets the stage for risk assets to perform well into year-end, and it may take little to drive crypto prices higher,” Thielen said. “A significant move is likely on the horizon, and diligent traders will be well-positioned to capture it.”
Read more at: Finance
]]>POPCAT reaches an all-time high as its market cap soars past $1 billion. The recent rally also pushed its Commodity Channel Index (CCI) to 143.81, well above the overbought threshold of 100. Such elevated levels often signal a potential correction, prompting traders to exercise caution.
Should POPCAT maintain its upward momentum and break through the $1.070 resistance, the next psychological target could be $1.20. However, failure to hold current support levels may trigger a decline, with the middle Bollinger Band around $0.7482 acting as the first key support zone. Traders should be mindful of possible consolidation or increased volatility around these pivotal points.
POPCAT’s surge is part of a wider rally in cat-themed meme coins. “Cat in a Dog’s World,” a Solana-based token, saw an 8% increase in the past 24 hours, while Mog Coin and Michi climbed by 5.6% and 7.4%, respectively.
Read more in: Finance
Crypto All-Stars (STARS): A Revolutionary Stake-to-Earn Platform for Meme Coins
Crypto All-Stars is making waves in the meme coin space with its unique approach to staking. The platform introduces MemeVault, a highly secure staking system where users can stake popular meme coins like DOGE, PEPE, SHIB, and FLOKI to earn rewards. At launch, MemeVault will support the staking of 11 leading meme coins, with plans to expand its offerings in the future. This staking feature sets Crypto All-Stars apart from other projects in the meme coin space, offering a fresh and innovative way for investors to grow their holdings.
In addition to the innovative staking system, users can enjoy yields of over 650% on their staked assets. However, these high rewards will reduce as more participants join the platform. Rewards are distributed in STARS, the project’s native token, making it especially rewarding for early investors. Furthermore, by staking STARS alongside meme coins, users can unlock additional bonuses, adding even more value to their holdings. Currently in its presale phase, Crypto All-Stars has already raised over $1.9 million, with STARS tokens available at a discounted price of $0.0014769, which will increase soon. Interested participants can purchase STARS with ETH, USDT, or even a bank card.
Despite the overall bearish trend in the market, Crypto All-Stars shows strong potential to deliver significant returns. Early investors could benefit greatly before the project officially launches and gets listed on major exchanges.
Today’s post considers Popcat’s (POPCAT) resilience in the bearish meme market and new projects set to explode in the coming months.
The meme coin landscape is in a bad state, with top players like Dogecoin and Pepe slipping in their prices. This situation exists due to the Middle East crisis, which has returned the entire crypto market index to increased fear and uncertainty (FUD).
So far, billions have been wiped off the meme sector’s market cap, with investors wondering what projects can prove resilience. Notably, Popcat (POPCAT) has proven itself strong despite the “crypto winter,” as it has surged by 70+% over 30 days. Its performance remains a testament to a better time—when all meme coins will recover and deliver impressive gains soon.
RCO Finance (RCOF): A Cutting-Edge AI-Powered Investment Platform
RCO Finance is a new decentralized platform that leverages AI technology to provide advanced investment strategies traditionally reserved for institutional investors. At the heart of the platform is its AI-driven Robo Advisor, designed to guide traders through the complexities of the market and help them maximize profits. Once fully launched, RCO Finance will grant users access to over 120,000 tradable assets, offering a vast range of investment opportunities and expanding the possibilities for both novice and experienced traders.
What sets RCO Finance apart is its user-friendly and accessible approach. The platform offers a KYC-free experience, allowing users to participate without the lengthy identification processes often required elsewhere. Additionally, its smart contract has been thoroughly audited by Solid Proof, ensuring a high level of transparency and security. For those looking to enhance their returns in the crypto space with the support of innovative AI technology, RCO Finance presents an exciting opportunity to do so in a safe and forward-thinking environment. Don’t miss the chance to take advantage of its potential!
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Whales’ bullish stance on XRP aligns with a broader trend of accumulation. Exchange outflows for the token have surged, reflecting increased demand, as more investors adopt a “buy the dip” mentality. XRP traders are hopeful for a trend reversal, bolstered by positive market sentiment following the U.S. Federal Reserve’s recent rate cut.
This rising demand mirrors optimism surrounding Ripple Labs and other market developments. However, XRP remains in a consolidation phase and must overcome key resistance levels to break free. Currently, XRP is trading at $0.5898, up 0.28% over the past 24 hours. While it has rebounded from earlier September lows of $0.51 and found support around $0.58, it still faces resistance at $0.61. Overcoming this hurdle could potentially spark a sustained price rally in the coming weeks.
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The DOJ charged Storm, alongside fellow developer Roman Semenov, with conspiring to commit money laundering, conspiring to operate an unlicensed money transmitter and conspiring to violate sanctions law by creating and operating Tornado Cash, a crypto mixing service designed to anonymize transactions. North Korea’s Lazarus Group and other criminal entities have laundered funds through Tornado Cash, U.S. authorities have alleged.
#DOJ #Disputes #Roman #Storms #Characterization #Tornado #Cash #Operations #Filing
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Companies like Uber and Airbnb pioneered the operator economy when they started delivering valuable services using crowdsourced infrastructure and labor. In the process, they proved that this relatively decentralized business model could compete with, and even outperform, traditional businesses. Today, the United States is home to more operating platforms than anywhere in the world, with apps for food delivery, haircuts, babysitters, car sharing, and many more. The U.S. operator economy has produced a stable of unicorns and is on track to be valued in the trillions by 2031. In a sense, the operator economy is becoming The Economy.
#Spreading #Benefits #Gig #Economy
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Cryptocurrency has become “the payment of choice for perpetrators of child sexual abuse and exploitation,” the lawmakers noted, citing a February FinCEN Trend Analysis from transactions in 2020 and 2021 and a Chainalysis report from this past January. “Existing anti-money laundering rules and law enforcement methods face challenges in effectively detecting and preventing these crimes – and we seek to ensure that Congress and the administration are doing their part to address these challenges.”
#Warren #Flags #Crypto #Ties #Child #Sexual #Abuse #Letter #U.S #DOJ #Homeland #Security
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“The Howey test is a transaction-by-transaction analysis,” Deaton argued. “There are thousands of digital assets and thousands, sometimes millions, of transactions occurring on various blockchains. Because of this inconvenient reality, the SEC adopted an unconstitutional shortcut by effectively saying all transactions of the tokens violate securities laws.”
#Warren #Rival #Senate #Race #John #Deaton #Argues #Coinbase #U.S #SEC #Challenge
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The yen’s devaluation didn’t impact crypto markets yet, but this could change if the BOJ steps in to prop up the currency, Noelle Acheson, analyst and author of the Crypto Is Macro Now reports, said in an email interview. A possible intervention would mean the BOJ selling U.S. dollar assets (U.S. Treasuries) to buy yen, and a weaker greenback could in theory help crypto prices, she added.
#Bitcoin #Chops #64K #Japanese #Yens #Tumble #Signaling #Currency #Turmoil #Analyst
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“Unless Federal Reserve Banks possess discretion to deny or reject a master account application, state chartering laws would be the only layer of insulation for the U.S. financial system,” Judge Scott Skavdahl wrote last month. “And in that scenario, one can readily foresee a ‘race to the bottom’ among states and politicians to attract business by reducing state chartering burdens through lax legislation, allowing minimally regulated institutions to gain ready access to the central bank’s balances and Federal Reserve services.”
#Custodia #Bank #Appeals #Court #Loss #Fed #Membership #Lawsuit
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