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Firedancer Website is Live: Solana Gradually Gaining Edge Over Ethereum – 99Bitcoins

Are Solana outages over? New Firedancer validator client goes live aims to solve SOL outages, making it even more attractive for meme coin projects and DeFi protocols.

Solana is known for someexciting features: speed, scalability, and low fees.

In fact, proponents say Solana is everything that Ethereum is not. For years, the pioneer smart contracts platform has struggled with scaling issues (it can only process 15 transactions per second).

Subsequently, transacting on the mainnet is expensive, even prohibitive for ambitious meme coin projects.

However, while Solana appears to be this modern blockchain, everything has not been good. In several instances, the network has stopped working. This halting is not part of the script. It is not supposed to happen.

Therefore, to address reliability concerns and compete with Ethereum, Bitcoin, and Litecoin, Solana is making some adjustments: developing Firedancer.

The upgrade is a work in progress but very crucial for Solana and its reliability. The fact that theFiredancer websiteis now live is a huge boost, signaling that work is proceeding positively.

So, what precisely is Firedancer?

Firedancer is a new validator client software for Solana built byJump Crypto. Analysts say the client signifies Solanas commitment to permanently eliminating network outages.

The cool thing about Firedancer is that it is built from the ground up by an independent project. By introducing a diverse client base (similar to Ethereum), the network will be more diverse, making it less susceptible to single points of failure.

Before this planned update, Solana was criticized for its level of centralization. If anything, many validators were run by Solana Labs or entities closely associated with them. Accordingly, this concentration of power raises concerns about potential manipulation and network vulnerability.

So, in 2021 and 2022, when there were multiple network outages, disrupting network operations and frustrating users, it was obvious to Solana developers that something needed to be done for a more robust and decentralized infrastructure.

DISCOVER: The Best Solana Meme Coins to Buy in May 2024

This is when Firedancer was conceived. Work has been ongoing, and optimism is high with the Firedancer websites release. When Firedancer goes live later this year, Solana will be more efficient, scalable, and faster. Additionally, the network will be more secure, considering Firedancers unique architecture.

Protocol deployers need a secure, scalable, and robust network, especially now that Solana is emerging as a home for meme coins. A stable decentralized network will catalyze adoption, giving Solana an edge over Ethereum.

(SOLUSDT)

Whether this will also push SOL prices higher remains to be seen. Currently, the coin has resistance at $160 and support at $120.

It is down -30% from 2024 highs of around $200. Even so, the coin is one of the top performers in the top 10 over the last year.

EXPLORE: PEPE Price Analysis: As PEPE Leads Meme Coin Resurgence, Is 99BTC Next to Explode?

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Ethereum ETF: Grayscale Withdraws Application 3 Weeks from SEC Verdict – FX Empire

Despite the withdrawal, the fate of spot Ethereum ETFs remains uncertain as the SEC has not provided a specific timeline for a decision.

Grayscale Investments, the worlds largest cryptocurrency asset manager, has withdrawn its application for an Ether futures ETF just weeks before the SEC was set to rule on several spot ETH ETFs. The application, filed in September 2023, proposed an ETF that would track Ether futures contracts on the Chicago Mercantile Exchange (CME). The sudden withdrawal has left analysts scrambling to understand Grayscales strategic shift.

Bloomberg ETF analyst James Seyffart has speculated that Grayscale might have been using the futures ETF as a strategic tool to pressure the SEC into approving a spot Ether ETF, a product that directly tracks the price of Ethereum. However, this speculation mirrors the broader market sentiment, as the withdrawal comes just weeks before the SEC has deadlines to rule on several spot Ether ETF applications from other companies.

The SECs stance on spot Ether ETFs remains unclear. In a recent interview, SEC Chair Gary Gensler acknowledged the applications but did not provide a specific timeline for a decision. Grayscales withdrawal leaves the fate of spot Ethereum ETFs uncertain. While applications from other companies are still expected in the coming months, industry experts anticipate a similar batch decision-making process from the SEC, mirroring its approach with spot Bitcoin ETFs in January 2023.

Grayscales decision to withdraw it ETH futures application has dampened market demand for Ethereum. Despite the positive sentiment surrounding the broader crypto market, ETH price uptrend now appears to be struggling for momentum.

At the time of writing on May 8, Ethereum price is exchanging hands at $2,991, reflecting a 7.38% dip over the last 48 hours, as depicted in the ETH daily price chart below.

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SEC punts Invesco Galaxy spot Ethereum ETF decision to July – Cointelegraph

The United States Securities and Exchange Commission (SEC) has delayed its decision on Invesco Galaxys application for a spot Etherexchange-traded fund (ETF).

In a May 6 filing, the SEC gave itself another 60 days to decide on the Invesco Galaxy spot Ether (ETH) ETF, with the next deadline set to July 5.

The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein, the SEC wrote.

In recent months, the SEC has delayed decisions on applications from all eight prospective Ether ETF issuers, including BlackRock, Fidelity, Franklin Templeton, Hashdex and Ark 21Shares, in line with analyst expectations.

May 23 is the final deadline for VanEcks Ether ETF application and the only deadline that matters, said Bloomberg ETF analyst James Seyffart in a March 20 X post.

In March, senior Bloomberg ETF analyst Eric Balchunas downgraded his odds of the SEC approving the ETFs from 50% to 35%, as he was less convinced the regulator would approve VanEcks bid by the deadline.

Related: SEC will classify Ether as security, deny spot Ether ETFs Michael Saylor

Speaking to Cointelegraph on March 12, Balchunas looked to a prolonged period of radio silence from the SEC to prospective fund issuers, combined with increasing political pushback for SEC Chair Gary Gensler, as reasons for the decreasing likelihood of approval.

Seyffart said his cautiously optimistic attitude toward the pending Ether ETF applications had changed. As of March 20, he expects that all applications for an Ether ETF will ultimately be denied by the SEC on May 23.

Despite this consensus from ETF analysts, Ethereum advocate Anthony Sassano said he maintains conviction that the regulator could approve the funds by VanEcks final deadline.

Sassano looked to the agencys approval of Ether futures ETF products in 2023, citing a March 9 meeting between the regulator, crypto asset management firm Grayscale and crypto exchange Coinbase as further reasons why the SEC could still approve the applications.

Magazine: The real risks to Ethenas stablecoin model (are not the ones you think)

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Forecasting Ethereum: Expect Lower Prices as Correction Persists – BeInCrypto

The Ethereum (ETH) price is currently undergoing a correction, with the price approaching significant Fibonacci support levels. Whether Ethereum will break this support bearishly or not remains uncertain.

The possibility of Ethereum reaching a new annual low largely depends on market dynamics and investor sentiment. While theres always the possibility of further downside, its also plausible that Ethereum could reverse its trend and move upward again in the near future.

The Ethereum price has experienced a decline of approximately 31.3% since reaching a recent peak of around $4,094 the month before last. This substantial corrective movement has coincided with a bearish trend in the Moving Average Convergence/Divergence (MACD) histogram since last month.

Despite these bearish indicators, the MACD lines are currently still crossed in a bullish manner, while the Relative Strength Index (RSI) remains neutral. Ethereum is presently encountering significant Fibonacci support at approximately $2,866.

Should Ethereum break below this support level, the subsequent significant Fibonacci support is expected around $2,100. However, maintaining a position above this level would likely sustain the bullish momentum in the medium term.

Read More:Ethereum ETF Explained: What It Is and How It Works

Additionally, the 50-month EMA at around $1,900 provides supplementary support to the Ethereum price.

If Ethereum were to break below the current Fibonacci support level, the subsequent significant support is anticipated at the 50-week EMA around $2,520. Notably, the MACD exhibits a clear bearish trend in the weekly chart.

This is evidenced by the MACD histogram, which has been steadily declining in a bearish manner over the past few weeks. Moreover, the MACD lines have crossed bearishly.

In contrast, the RSI remains neutral, and the EMAs continue to maintain a golden crossover, indicative of a bullish trend in the medium term.

Ethereum seems poised to revisit the .382 Fibonacci support level at approximately $2,866, with further support anticipated around the 200-day EMA at roughly $2,814.

Observing the MACD, the lines are approaching a potential bearish crossover, while the MACD histogram has displayed a downward trend over recent days, indicative of bearish sentiment.

In contrast, the RSI remains neutral, offering no clear indications of bullish or bearish momentum. At the same time, the EMAs maintain a golden crossover, signaling a bullish trend in the short to medium term. Thus, the corrective phase appears to persist at present.

To nullify the ongoing corrective phase, Ethereums price must surpass the 0.382 Fibonacci resistance level at approximately $3,303, followed by the golden ratio at around $3,700, signaling a return to the upward trajectory. However, the indicators on the 4-hour chart predominantly exhibit bearish signals.

The EMAs have formed a death cross, affirming the current bearish trend in the short term. Furthermore, the MACD lines crossed bearishly, accompanied by a downward trend in the MACD histogram, while the RSI maintained a neutral stance.

Ethereums downward trajectory against BTC persists, with Ethereum encountering substantial support at approximately 0.043 BTC, a level it is in close proximity to. The MACD lines have crossed into bearish territory, with the histogram displaying a downward trend since the previous week. Despite this, the RSI remains neutral.

Read more:Ethereum (ETH) Price Prediction 2024 / 2025 / 2030

Moreover, the EMAs are on the verge of forming a bearish crossover, signaling a potentially prolonged bearish trend in the medium term. Ethereums stance against BTC evidently leans bearish.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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Spot The Difference In YTD Returns? Why Ethereum Is Trailing Bitcoin In 2024 – Benzinga

Ethereum ETH/USD has underperformed relative to Bitcoin BTC/USD in the ongoing cycle, with the listing of Bitcoin spot ETFs proving to be the difference.

What Happened: Bitcoin broke past its all-time high last month, spurred by significant demand for new investment vehicles that track its spot price. The King Coin was up 47% on a year-to-date basis, according to Benzinga Pro.

However, this pattern did not hold for Ethereum, which failed to go anyway near its 2021 peak this cycle. Its year-to-date gains have been comparatively mild at 32%.

According to on-chain analytics firm Glassnode, Bitcoin's Short-Term Holders Realized Cap was almost on par with the last bull run peak. On the other hand, Ethereum's STH-Realized Cap was less than half of the previous cycle.

Put simply, short-term holders, or newer market entrants, have shown far greater interest in Bitcoin, while new capital inflows into Ethereum have been lackluster.

Why It Matters: The launch of new spot Bitcoin ETFs made investing in cryptocurrencies easier, providing greater access to newer market participants, Glassnode noted.

Ethereum, on the other hand, was still in a wait-and-watch mode with a decision regarding its spot ETFs due to come later this month.

British multinational bank Standard Chartered which had initially forecasted approval by May, reversed its stance last month, Bloomberg ETF analyst Eric Balchunas too echoed the pessimistic statement last month

Ethereum's status has become the major sticking point, with the SEC allegedly launching a covert operation to brand the cryptocurrency as a security.

If Ethereum is officially declared a security, it could adversely impact sentiment and investments around the coin, resulting in a potential price crash.

Price Action: Ethereum was exchanging hands at $3,015.99 at the time of writing, dropping by 1.56% in the last 24 hours, according to data from Benzinga Pro.

Photo by Kanchanara on Unsplash

Read Next: Pro-Bitcoin President Javier Mileis Argentina Introduces 10,000-Peso Notes As It Combats Hyperinflation, Currency Collapse

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Grayscale backs off from its Ethereum futures ETF application – Crypto Briefing

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Grayscale, a leading crypto asset manager, has withdrawn its rule change application to the Securities and Exchange Commission (SEC) for an Ethereum futures exchange-traded fund (ETF), citing multiple delays by the federal regulator since the initial filing in September 2023.

The notice of withdrawal, submitted on Tuesday, did not provide specific reasons for Grayscales decision to abandon its plan for the Grayscale Ethereum Futures Trust ETF. The SEC had invoked several delays in reviewing the proposal, most recently on March 22, after previously extending the review period on November 15 and December 18.

Bloomberg analyst James Seyffart described the move as interesting, suggesting that the filing was essentially a trojan horse designed to create similar circumstances to Grayscales successful lawsuit against the SEC over its Bitcoin trust (GBTC).

In August, a federal appeals court sided with Grayscale after the firm accused the agency of approving Bitcoin futures ETFs while denying Bitcoin spot ETFs.

Seyffart speculateds that Grayscale wanted the SEC to approve futures, deny spot again, potentially setting up another legal showdown. However, he noted that the withdrawal could be a sign that Grayscale is not pursuing a lawsuit this time around.

Notably, however, Seffart did not dismiss the possiblity of Grayscale re-filing an amended application, which would be less work for the SEC but would eliminate the opportunity for a lawsuit.

The move comes amid growing skepticism about the SECs willingness to authorize Ethereum spot ETFs, despite the agencys approval of Bitcoin spot ETFs in January, which sparked a bull run for the top cryptocurrency.

The odds of approval for Ethereum spot ETFs have continued to decline, further diminished by recent revelations that the SEC allegedly classified Ethereum as a regulated security last year, contrary to public statements indicating that no decision had been made.

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Rollblock (RBLK): The Next Moonshot After Bitcoin and Ethereum Slump Predicted by Analyst – Crypto Reporter

Cryptocurrencies might be recovering from their recent plunge, but investors will remember the call of the analyst before the market crash. After acing the recent sell call that saw Bitcoin (BTC) and Ethereum (ETH) decline by more than 20% in April, this top analyst has made a big call for a new altcoin, Rollblock (RBLK).

Rollblock is a new DeFi project that has caught the attention of many top analysts thanks to its disruptive nature. According to the analyst who called the recent crypto market crash, Rollblock has all the elements to become one of the top crypto coins in 2024. While Rollblock is currently in the first stage of its presale, it has been tipped to hit $10 before the end of this bull cycle. Lets find out why.

Bitcoin (BTC) and Ethereum (ETH) are two of the most identifiable names in the cryptocurrency market today. Bitcoin and Ethereum, along with other top crypto coins today earned their popularity by doing something differently.

Bitcoin, the OG cryptocurrency, set a trend of payment and transaction that was not popular then. Moreover, its decentralized character aimed at altering the mode of how the traditional finance industry ran. Its pioneering technology fuelled its popularity and pushed the price of Bitcoin to unprecedented levels.

Like Bitcoin, Ethereum was also a revolutionary tech, introducing a programmable blockchain that allowed developers to build and work on new smart contracts, DeFi, and NFTs. Thanks to its disruptive technology, the Ethereum marketcap is currently the second-largest, at over $370 billion.

Rollblock falls into this category of disruptive cryptocurrency projects. This new DeFi project has gained popularity for blending decentralized and centralized gaming to create a new hybrid model. The specific niche of Rollblock, casino and gambling, increasing the potential of the project.

Rollblock casino are reinventing the roulette wheel of online gambling by using blockchain technology to address a number of issues typical of the gambling industry. Calling it Gamble-Fi, the transparency and decentralization of the Rollblock platform offer complete solutions to the main fairness and trust concerns of players towards the traditional online gambling industry.

Security is another challenge Rollblock is designed to solve. The architecture of the gaming platform itself is such that all transactions and player data are secured using the latest technology in encryption and blockchain.

Fully licensed, operational and already generating revenue, there is a diverse collection of casino classics available in the Rollblock casino. One reason investors are going all-in on RBLK is because of their unique revenue sharing model, sharing up to 30% of revenue with token holders. This will be in the form of token buy backs of which half will be burned, adding heavy buying pressure to the token as well as making it deflationary. The other half will be made available to holders via staking rewards offering some of the best APYs in the crypto space and investors the chance to receive passive income.

According to Statista, the online gambling industry could be home to over 281.3 million users by 2029. Rollblock is building to accommodate the growing industry. The platform is designed with the latest scalability technology but without compromising performance or user experience.

As the native token of the platform built to accommodate the future of the online gambling and casino industry, RBLK has been tipped to become the top DeFi token of 2024. In addition, the extensive utility, revenue share and opportunities for token holders give RBLK greater room for growth. RBLK is currently priced at only $0.01, making it the best time to start to stack the Rollblock token.

Discover the Exciting Opportunities of the Rollblock (RBLK) Presale Today!

Website: https://presale.rollblock.io/ Socials: https://linktr.ee/rollblockcasino

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.

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4 AI-Based Altcoins Outpacing Bitcoin, Ethereum, XRP In 2024 – CoinGape

Just-In: BitMEX Launches Bitcoin, ETH, SOL, XRP, DOGE Options

BitMEX, a leading cryptocurrency derivatives exchange, has officially launched a new options trading platform in collaboration with PowerTrade, a specialized crypto options platform. This partnership leverages the robust features of

50 mins ago 24/7 Cryptocurrency News

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Technical Analyst Who Called Ethereum’s (ETH) ATH Not Impressed by Ripple (XRP) Price Performance in 2024 … – Crypto Reporter

Technical experts forecasts and analysis are frequently quite reliable in guiding investors through the choppy trading environment. An analyst who gained notoriety for correctly predicting the all-time high (ATH) of Ethereum has now shifted their focus to Ripple (XRP) and the popular meme currency Hump. Even with the outstanding success of Ethereum, the analyst is still not satisfied with XRPs 2024 price trend. But their prediction for Hump points to an astounding 2000% increase, which has investors looking for the next big opportunity intrigued.

Despite being one of the top cryptocurrencies by market capitalization, Ripples XRP has faced challenges in 2024. The technical analyst, renowned for their accurate predictions, expressed disappointment in XRPs price performance. In their assessment, XRP has failed to impress, facing strong rejection from key resistance levels and struggling to regain bullish momentum. The analyst highlighted XRPs recent price action, noting significant volatility and a lack of sustained upward movement. Despite occasional spikes, XRP has failed to maintain its bullish trajectory, facing strong selling pressure and struggling to establish solid support levels.

Drawing insights from technical indicators, the analyst emphasized the prevailing bearish sentiment surrounding XRP. Key resistance levels have proven formidable barriers, thwarting attempts at sustained upward movement. Furthermore, the failure of XRP to find solid support has exacerbated selling pressure, leading to further downside potential. The analyst cautioned investors against underestimating the significance of these technical signals, highlighting the potential for continued downward pressure on the price of XRP. While short-term fluctuations may offer trading opportunities, the overall outlook remains bearish unless significant positive catalysts emerge.

Based on their analysis, the technical analyst offered a cautious outlook for the future price of XRP action. While short-term rallies are possible, sustained bullish momentum appears unlikely without significant fundamental developments or market catalysts. Investors in XRP are advised to closely monitor key support and resistance levels, as well as broader market trends, to gauge the cryptocurrencys trajectory. Prudent risk management and a long-term perspective are essential in navigating XRPs volatile price movements.

While Ripples XRP struggles to gain momentum, the technical analyst has set their sights on a different digital asset: Hump Token (HUMP). Recognizing the growing popularity of meme coins and the potential for outsized gains, the analyst predicts a remarkable 2000% jump for HUMP in the near future.

Hump Token (HUMP) has rapidly emerged as a standout performer in the meme coin space, fueled by its unique features and strong community support. The technical analyst points to the impressive price performance of HUMP and growing market acceptance as key indicators of its bullish potential. Unlike traditional cryptocurrencies, HUMP distinguishes itself with innovative features such as tax-free transactions, fostering a more vibrant trading environment, and attracting a diverse range of investors. Coupled with its listing on popular decentralized exchanges and tier-1 centralized exchanges, HUMP is well-positioned for further growth and adoption.

The technical analyst identifies several factors driving HUMPs meteoric rise, including:

With its strong momentum and growing market acceptance, the technical analyst predicts a substantial 2000% jump for HUMP in the near future. This bullish outlook is supported by the innovative features, strong community support, and favourable market conditions of HUMP.

In conclusion, the technical analyst who accurately predicted Ethereums all-time high have turned their attention towards Ripple (XRP) and a trending meme coin known as Hump. While XRPs lackluster performance in 2024 may have dampened investor enthusiasm, Hump presents an intriguing opportunity for those seeking high-growth investments in the cryptocurrency market. With a projected 2000% jump on the horizon, Hump has captured the imagination of investors and analysts alike, signalling the potential for significant gains in the months ahead. As the crypto landscape continues to evolve, seizing the opportunity with Hump could prove to be a lucrative decision for savvy investors looking to ride the next meme coin sensation to success.

Click here to Buy Hump Token (HUMP):

Website: https://hump.io/

Twitter: https://x.com/Humptoken

Telegram: https://t.me/humptoken

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.

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Bitcoin and Ethereum bounce back after week of brutal losses here’s why – DLNews

Crypto markets have recouped losses after last weeks crash, which saw Bitcoin fall as low as $56,000.

The renewed bullishness comes amid slowing job growth a possible sign of easing inflation and hopes of rate cuts later this year.

Today, the largest cryptocurrency is back trading at just above $65,000. The second-largest Ethereum is up 11% since its low last Wednesday.

Overall, the wider cryptocurrency market added some $200 billion, according to CoinGecko, since Federal Reserve Chair Jerome Powell spoke on May 1.

He signalled that a rate hike when the central bank raises interest rates and increases borrowing costs for banks and businesses would be unlikely.

Still, the coast is far from clear for the Federal Reserve to begin lowering interest rates soon, according to Noelle Acheson, author of the Crypto is Macro Now newsletter.

Interest rates in the United States have risen to record highs as the Federal Reserve combats rampant inflation stoked by the COVID-19 pandemic. High interest rates also increase the amount people earn on their bank holdings, another incentive to keep cash rather than spend it.

Rate hikes are thus less beneficial for stocks and riskier investments like cryptocurrencies, as seen in last weeks dramatic drop in Bitcoin and Ethereum.

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In the first quarter, economic growth in the US slowed to its lowest level in nearly two years. The deceleration was partly attributed to a moderation in consumer spending and a widening trade deficit, or when a country imports more goods than it exports.

When rates are higher, business loans become more expensive, which discourages owners from expanding or hiring. The ripple effects can slow the wider economy as well.

Recent employment data released Friday, for instance, revealed the slowest job growth in six months and lower than the average monthly gain over the last year.

High unemployment combined with inflation and slowed economic activity would spell even more trouble for Powell.

Powells key objective these days is to avoid stagflation, an economic climate in which the economy continues to face high inflation while in a recession.

According to crypto venture capital firm Ryze Labs, that situation looks less likely to occur.

With rate hikes off the table and markets already pricing in little to no cuts for 2024, we think this bodes constructively for risk assets, Ryze Labs analysts told DL News.

The worst of stagflationary headwinds might be behind us, they said.

Sebastian Sinclair is a markets correspondent for DL News. Have a tip? Contact Seb at sebastian@dlnews.com.

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