Market
Major Market Events to Watch
Crypto markets are off to a shaky start, but several events this week could impact portfolios. Traders and investors will be watching closely, hoping to take advantage of the price swings these events might cause.
The common “buy the rumor, sell the news” strategy could come into play as traders make moves around key crypto events this week.
US CPI Data Could Impact Bitcoin and Broader Crypto Market
The Consumer Price Index (CPI) report, set for release on September 11, is one of the most important events this week. After a quiet period in 2023, macroeconomic data is once again impacting Bitcoin (BTC) and crypto markets. Traders are seeing increased volatility around key reports, with CPI being a major focus.
“Bitcoin made a significant bounce and reached $54,800-55,200. I do not know whether we are continuing that pace in one go. It’s CPI week, another big data point. Expecting liquidity to be taken and then <$53,000 before we go back up. Invalidated if break above $56,000 -> positive,” renowned crypto investor Michaël van de Poppe wrote.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Zero1 Labs Announces Technical Roadmap
Decentralized AI ecosystem Zero1 Labs is set to unveil its technical roadmap. Zero1 Labs is focused on building AI systems on the blockchain, promoting a more equitable, democratic approach to AI development.
As the network positions decentralized AI as a key driver of innovation, its token, DEAI, may experience volatility around the roadmap release. Zero1 Labs has also hinted at “something special” for financial solutions company Cypher in its upcoming announcement.
SushiSwap Enters Meme Coin Race
Amid the ongoing meme coin battles between Solana’s Pump.fun and Tron’s SunPump, SushiSwap is entering the scene on September 10 with its new meme coin launchpad, Dojo. As BeInCrypto reported, Dojo aims to address pump-and-dump issues common in the meme coin space.
To make this initiative stand out in an overcrowded market, SushiSwap has partnered with Goat Trading. This collaboration seeks to position Dojo as a safer alternative amid growing concerns about rug pulls and scam tokens in the meme coin ecosystem.
“Using narrow-range liquidity on Sushi V3, we’re able to allow users to sell tokens without any slippage. Instead of dumping on the market, users can provide liquidity that is sold as price rises so it causes no dumps. Whales, snipers, and teams can sell without large dumps,” SushiSwap explained on X (Twitter).
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Like Tron’s TRX token, which benefited from the excitement around SunPump, the SUSHI token could see a similar boost from this new initiative. BeInCrypto previously reported that August was TRX’s most bullish month since April-May 2021.
Starknet Proposes STRK Staking
Ethereum Layer-2 scaling solution Starknet recently announced plans to launch STRK staking through a community vote, marking a new chapter in its governance. For the first time, STRK holders will be able to vote on the Mainnet, giving them direct influence over the staking mechanism and the network’s future.
By staking their STRK tokens, holders can enhance Starknet’s security while earning rewards. The proposal includes a minting mechanism to manage token creation and rewards, alongside a protocol for modifying these parameters, balancing network security with inflation control.
As the proposal moves forward, STRK may experience volatility, presenting opportunities for investors anticipating the token’s future growth.
Polygon’s POL Listing on Binance
Binance, the largest exchange by trading volume, will list Polygon’s POL token on September 13. Polygon recently transitioned from MATIC to POL, boosting token flexibility and network functions.
POL will play a key role in the Polygon 2.0 roadmap, supporting staking and gas functions across its ecosystem.
Read more: Polygon (MATIC) Price Prediction 2024/2025/2030
Traders are increasingly focused on POL, making it a token to watch this week. BeInCrypto data shows growing interest in POL , with the price trending upward to $0.378 at the time of writing.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
TradFi To Become Biggest DeFi Customer
Chainlink co-founder Sergey Nazarov predicts that tokenized real-world assets (RWAs) will soon be more valuable than cryptocurrencies. He points to the increasing involvement of traditional finance in decentralized finance, driven by a growing interest in tokenization.
Nazarov also noted that Chainlink is ready to take advantage of this shift in the blockchain space.
TradFi Interest in Tokenized RWAs To Alter Blockchain
Nazarov anticipates an interconnected world where decentralized finance (DeFi) and TradFi actively transact with each other. Acknowledging the growing interest in tokenized RWAs, he says TradFi would be DeFi’s largest customer.
Speaking at Token2049 in Singapore, Nazarov highlighted DeFi’s ability to generate yield and create reliable markets for RWAs. He urged the industry to prepare for this shift, noting that it’s already happening, driven by asset tokenization. According to Nazarov, blockchain technology is giving TradFi exactly what it needs.
Chainlink co-founder also highlighted how decentralized infrastructures like Chainlink and smart contracts are transforming the digital space by removing the need for traditional counterparty relationships. Instead of relying on human decision-making, automated code ensures outcomes, improving efficiency and reducing risks that traditional finance models often face.
Read more: Real World Asset (RWA) Backed Tokens Explained
Nazarov emphasized that this represents a major shift from the current TradFi model, where delays and risks stem from human intervention.
His remarks align with his statements from late August, when he predicted that tokenized real-world assets (RWAs) would surpass crypto in value by 2027, driven by institutional interest and TradFi integration. Currently, the RWA market is growing, with RWA.xyz data showing it is already a $2.22 billion industry.
This development comes as blockchain technology continues to tackle the infrastructure challenges faced by traditional finance, while also opening up new investment opportunities. Blockchain’s ability to streamline workflows and significantly improve settlement times is especially appealing — echoing what Sergey Nazarov explained about the efficiency and certainty that decentralized systems offer.
“TradFi needs all kinds of different data that allow those traditional finance smart contracts to function properly…the Net Asset Value (NAV) data of tokenized funds is an example of a dashboard live on production showing the proof of Reserves of one of the many ETF funds use to prove things about them,” Nazarov said.
Read more: What is Tokenization on Blockchain?
Notwithstanding, the road to a complete transition to digital infrastructure is marred with challenges. Among them are legal considerations, identity standards, and data privacy, which would demand careful evaluation with regulatory systems in mind.
Accordingly, TradFi and DeFi players and the broader financial services industry must work to build infrastructures capable of supporting broader tokenization adoption while ensuring security and compliance before Nazarov’s dream can become a reality.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Vitalik Buterin’s Speech, and More
The Token2049 conference in Singapore has once again proven to be a key event for the crypto industry, showcasing major advancements and collaborations.
The event covered everything from Ethereum’s growth to new partnerships in sports and AI, highlighting how the industry continues to evolve.
Vitalik Sings Ethereum’s Progress: Fees, Speed, Future
Ethereum creator Vitalik Buterin surprised Token2049 attendees by delivering his speech in the form of a concert. Despite the unusual presentation, he shared key updates on Ethereum’s progress.
Buterin highlighted how Layer-2 networks have reduced transaction fees and improved transaction confirmation times to just 5 to 15 seconds.
He also stressed the importance of balancing mainstream adoption with Ethereum’s core values of decentralization and open-source development. Buterin briefly mentioned the ongoing competition with Bitcoin, which currently dominates 58% of the market.
On the second day of Token2049, global crypto exchange Bitget announced a partnership with LaLiga. The collaboration, timed with Bitget’s sixth anniversary, will focus on leveraging blockchain technology alongside LaLiga’s ventures into AI, virtual reality, and the metaverse.
Bitget CEO Gracy Chen highlighted the alliance’s potential to connect with millions of football fans in emerging markets. This follows Bitget’s 2022 partnership with Lionel Messi, reflecting the growing overlap between crypto and sports.
Solana Mobile Unveils ‘Seeker’: Next-Gen Web3 Smartphone
Solana Mobile, a subsidiary of Solana Labs, has unveiled its second-generation Web3 smartphone, called “Seeker”. Previously referred to as “Chapter Two,” Seeker has already secured over 140,000 presale units across 57 countries, according to Emmett Hollyer, Solana Mobile’s general manager. The device is set for release in 2025 and aims to further Web3 mobile development within the Solana ecosystem.
Seeker’s key features include a seed vault wallet, Solana dApp Store 2.0, a Seeker Genesis token, and enhanced hardware. The Early Founder price is $450 until September 21, 2024.
This launch comes after the Saga phone faced initial struggles with sales, but later sold out following a surge in the value of the BONK meme coin.
Read more: 6 Best Platforms To Buy Solana (SOL) in 2024
Chainlink’s Sergey Nazarov Predicts RWA Surge
Chainlink co-founder Sergey Nazarov once again predicted that tokenized real-world assets (RWA) will soon surpass cryptocurrencies in value on Web3. During his keynote at Token2049, he stated that TradFi will become decentralized finance’s (DeFi) largest customer, reshaping the blockchain industry.
Nazarov highlighted Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as crucial in connecting various financial systems. He noted that Chainlink’s oracle network has already enabled $15.49 trillion in transaction value since 2022.
To integrate with blockchain, TradFi needs access to diverse data types and cross-chain connectivity. CCIP offers programmable token transfers, allowing value and data to be included in single transactions.
CertiK, the prominent blockchain security firm, announced a major upgrade to its Web3 services. The company introduced two free community security tools: Token Scan and Wallet Scan, aimed at increasing user asset protection.
Token Scan offers instant security checks for tokens, helping users detect potential scams on networks like Solana. Wallet Scan allows users to assess their wallets for risks such as approval vulnerabilities, and interactions with phishing addresses.
These tools were developed based on CertiK’s extensive experience, including over 70 white hat operations, reporting of 4,000+ security incidents, identification of 115,000 code vulnerabilities, and protection of approximately $360 billion in assets.
Read more: 15 Most Common Crypto Scams To Look Out For
Hollywood Veteran Critiques Celebrity Meme Coins
Andrew Saunders, a former Hollywood executive and now Skale’s chief marketing officer, voiced criticism of celebrity-backed meme coins at Token2049. Despite his background in entertainment, Saunders warned against these tokens due to concentrated supply and high risk, likening them to a player-versus-player game where early entry is key to making a profit.
Looking ahead, Saunders predicted a shift in the landscape as crypto regulations become clearer and public understanding improves. He envisioned a future where celebrities use blockchain to connect with fans in a more meaningful way, accessing unique data through an “arm in” model.
As a better alternative to meme coins, Saunders suggested that celebrities develop decentralized applications (DApps) where fans could earn points through social interactions. These points could then be redeemed for exclusive experiences or merchandise.
Solidus Ai Tech and SambaNova Partner for Web 3.0 AI
Solidus Ai Tech has partnered with SambaNova Systems to advance AI in Web 3.0 by integrating SambaNova’s RDU stacks into Solidus Ai Tech’s AI marketplace and European HPC Data Centre. This collaboration promises unprecedented speeds in AI inferencing and fine-tuning.
Set to launch in September, the AI Marketplace will feature advanced AI models powered by SambaNova’s SN40L chip, making high-performance AI accessible across various industries. Paul Farhi, CEO of Solidus Ai Tech, described it as a major leap for AI, while Su Le from SambaNova emphasized the potential for decentralized intelligence in Web 3.0.
Venture Trio Launches Fund for Aptos Ecosystem Growth
MEXC Ventures, Foresight Ventures, and Mirana Ventures have joined forces to establish a new fund aimed at boosting the Aptos ecosystem. This collaborative initiative will focus on supporting promising projects built on the Aptos platform, with a particular emphasis on developing crucial Web3 use cases.
The fund will prioritize projects that leverage Aptos infrastructure, including technologies like Block-STM, and those that facilitate seamless interoperability with key EVM ecosystems. This strategic investment demonstrates strong confidence in Aptos’ technological advancements and future potential.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
How Fed Rate Cut Could Help LINK
Chainlink’s (LINK) price has risen above $11 following the recent Fed rate cut. This increase has ignited fresh speculation about the coin’s short-term outlook.
In this analysis, BeInCrypto examines the factors contributing to the hike, the potential implications of the rate cut, and what traders can expect from LINK.
Chainlink Key Drivers Want More
According to Santiment, alongside the recent rate cut, Chainlink’s 90-day Mean Coin Age (MCA) has risen. The MCA reflects the average age of tokens in circulation, with a low MCA suggesting that previously inactive tokens are being moved from cold wallets, potentially leading to a sell-off and putting downward pressure on the price.
Conversely, a rising MCA indicates that investors are holding onto their tokens and engaging less in trading activity, often signaling a long-term hold strategy. In Chainlink’s case, the spike in the MCA suggests that many investors are choosing to keep their LINK tokens dormant or moving them into self-custody, reducing selling pressure.
Read more: How To Buy Chainlink (LINK) and Everything You Need To Know
Beyond the rising coin age, the 4-hour LINK/USD chart reveals a surge in the Cumulative Volume Delta (CVD), a key indicator of market sentiment. Each bar on the CVD shows whether the market is dominated by buying or selling activity. Red bars signal selling pressure, which could drive the price down.
In LINK’s case, the chart shows five consecutive green bars, indicating sustained buying pressure. This suggests that the market’s demand for LINK is growing, potentially supporting the continuation of its uptrend.
LINK Price Prediction: Further Gains
The daily chart shows that Chainlink is holding strong at the $10.02 support level, which played a key role in its recent breakout above the $10.83 resistance. Currently, LINK is trading at $11.30, with no significant resistance in sight to halt the uptrend.
Using Fibonacci retracement levels to assess potential price targets, LINK’s next likely move could take it to $11.86, corresponding to the 38.2% Fibonacci level. If it breaks past this point, the next target could be around $12.98, a level that appears within reach given the current momentum.
Read more: Chainlink (LINK) Price Prediction 2024/2025/2030
However, the cryptocurrency could experience a pullback if it fails to surpass $11.86. If that happens, LINK might drop to $9.25.
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 our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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