Market

Donald Trump’s Crypto App and More

Published

2 months ago

September 16, 2024

Coin2049 Newsletter

This week brings pivotal events in both the economic and crypto spaces. The US Federal Reserve’s anticipated interest rate decision could shake global markets while Donald Trump prepares to launch his new cryptocurrency platform, World Liberty Financial.

In addition, Solana’s Breakpoint event and MakerDAO’s transformation into Sky are adding excitement to the blockchain space. Several high-profile token unlocks, led by Arbitrum, are also set to increase market volatility. With political, economic, and blockchain developments all converging, this week promises interesting developments for the crypto sector.

How the Fed’s Rate Decision Could Shape Crypto’s Near Future

This week, the Federal Reserve’s interest rate decision is causing major speculation, particularly for risk assets like cryptocurrencies. CME Group data suggests a 59% chance of a 50 basis point (bps) cut and a 41% chance of a smaller 25bps cut. Historically, interest rate changes have significantly affected the crypto markets, particularly for assets like Bitcoin, which were under pressure during September, a month traditionally difficult for crypto.

Analysts at crypto research firm Kaiko point to Bitcoin’s (BTC) “September Effect,” a phenomenon in which the cryptocurrency has declined in seven out of the last twelve Septembers. This trend has continued in 2024, with Bitcoin falling 7.5% in August and another 6.3% so far in September.

BTC Monthly Price Change in September. Source: Kaiko

Adding to the mix is a spike in volatility across both Bitcoin and Ethereum. Bitcoin’s 30-day volatility has jumped to 70%, marking almost double last year’s level. Meanwhile, Ethereum’s volatility has also increased, fueled by events like the launch of the Ethereum ETF.

“On a brighter note, the rise in crypto volatility has been accompanied by increased market participation, at least in the Bitcoin market. Bitcoin’s cumulative trade volume for the first eight months of 2024 is up nearly 20% from the previous peak in 2021, approaching a record of $3 trillion,” Kaiko’s analysts noted.

Donald Trump to Launch New Crypto App Ahead of US Presidential Election

Former US President Donald Trump is preparing to launch his new crypto platform, World Liberty Financial, in a live stream from Mar-a-Lago on Monday at 20:00 ET. Trump’s platform aims to position itself as a leading player in the crypto space. It promises to revolutionize finance by offering an alternative to traditional banking systems.

“We’re embracing the future with crypto and leaving the (0:11) slow and outdated big banks behind,” Trump said in a promotional video posted on X (Twitter).

https://x.com/realDonaldTrump/status/1834311432982135015?s=19

The timing of the launch has sparked conversations about the intersection of Trump’s political and business ambitions. However, critics raised concerns about the potential use of government influence to benefit his family’s venture.

Solana Network State, Firedancer, and More: What to Expect at Breakpoint 2024

Solana is set to host its highly anticipated Breakpoint event on September 20-21 in Singapore. Organized by the Solana Foundation, this multi-day event will bring together developers, industry leaders, creators, and blockchain enthusiasts from around the world to explore the latest innovations in the Solana ecosystem. Breakpoint 2024 promises to be the most exciting yet, with discussions on the Solana Network State and Solana 2.0 and keynotes from influential figures like Raj Gokal and Balaji Srinivasan.

Participants can expect workshops, interactive talks, and networking opportunities designed to highlight Solana’s vision for the future of blockchain technology. Attendees will also get exclusive updates on Firedancer, Solana’s next-generation validator client, and other breakthrough developments in the ecosystem.

Sky’s (MakerDAO) Rebranding and New Token Launch

Another key development in the decentralized finance (DeFi) space is MakerDAO’s rebranding to Sky, which will take effect on September 18. Along with the new brand identity comes the launch of two key tokens: USDS, an upgraded version of the DAI stablecoin, and SKY, a governance token that will replace MKR.

Sky’s leadership sees this transformation as necessary to enhance scalability and accessibility within the DeFi ecosystem. The USDS token offers a more resilient, scalable alternative to DAI with the same 1:1 conversion rate. Meanwhile, the SKY token introduces new governance functionalities.

This rebranding is part of Sky’s broader “Endgame Plan,” which aims to address critical challenges in DeFi, including regulatory compliance and scalability. By introducing “Sky Stars,” decentralized projects designed to foster innovation, and Sky.money, a non-custodial platform to simplify access, Sky aims to lead the next phase of DeFi development.

EigenLayer’s Season 2 Stakedrop: What You Need to Know

On September 17, Ethereum’s restaking platform EigenLayer will begin distributing its Season 2 stakedrop. The platform will reward stakers, ecosystem partners, and community members with EIGEN tokens. Approximately 70 million EIGEN tokens, or 4.2% of the total initial supply, will be distributed to participants who actively staked and operated nodes during Season 2. Rewards will be calculated based on each staker’s proportional share of ETH-hours accumulated during the snapshot period on August 15, 2024.

For ecosystem partners, up to 10 million EIGEN tokens, or 0.6% of the supply, will be allocated to contributors who supported EigenLayer through roles in Actively Validated Services (AVSs), Layer-2 rollups, and other decentralized services. Meanwhile, community members, including early advocates, open-source contributors, and supporters since EigenLayer’s inception, will receive around 6 million EIGEN tokens. This amount represents 0.35% of the total supply.

To claim these rewards, community members must verify their social identity through the platform’s portal. This mechanism will ensure that only genuine participants can access their tokens.

ARB and Other Major Token Unlocks This Week

This week, the crypto market will see the unlocking of over $116 million worth of tokens, with Arbitrum leading the charge. Arbitrum’s scheduled token unlock will release over 90 billion ARB tokens, valued at approximately $49.87 million, on September 16. These tokens will be distributed to the project’s team, advisors, and early investors.

Other notable token unlocks include ApeCoin and Space ID, which are also set to release large quantities of tokens into the market. Token unlocks often increase market volatility as newly available tokens create liquidity but may also prompt sell-offs. Read this article for further detailed information on major crypto token unlocks this week.

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.

Source link

Market

Bitcoin Price Pauses Under $100K: Bulls Eye the Milestone

Published

14 minutes ago

November 25, 2024

Coin2049 Newsletter

Este artículo también está disponible en español.

Bitcoin price is consolidating below the $100,000 resistance. BTC bulls might soon attempt to breach the stated milestone and push the price further higher.

Bitcoin started a fresh increase above the $96,500 zone.
The price is trading below $98,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if it clears the $98,000 resistance zone.

Bitcoin Price Eyes More Upsides

Bitcoin price remained supported above the $92,500 level. BTC formed a base and started a fresh increase above the $96,000 level. It cleared the $97,500 level and traded to a new high at $99,650 before there was a pullback.

There was a move below the $98,000 level. A low was formed at $95,973 and the price is now rising. There was a move above the $96,800 resistance level. The price cleared the 50% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.

Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.

The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000.

A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $105,000 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $98,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $96,800 level.

The first major support is near the $95,750 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $92,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $96,800, followed by $95,000.

Major Resistance Levels – $98,000, and $100,000.

Source link

Market

Harmful Livestreams Prompt Ban Calls

Published

1 hour ago

November 25, 2024

Coin2049 Newsletter

Since its launch earlier this year, the meme coin platform Pump.fun has become a notable name in the crypto industry. This platform allows users, regardless of their technical know-how, to create and launch meme coins swiftly.

However, the live-streaming feature has led to serious controversies and calls for a ban due to inappropriate content and financial malfeasance.

Originally, Pump.fun’s livestream was intended to let developers promote their meme coins. Regrettably, some users have misused it to broadcast extreme and harmful activities. A notable incident involved a developer promoting self-harm if his cryptocurrency reached a $25 million market cap.

Additionally, some users threaten to harm pets or even humans if their coins do not achieve certain market capitalization goals.

The situation reached a critical point when Beau, a safety project manager at Pudgy Penguins, reported an alarming livestream. In it, an individual threatened to hang themselves if their coin did not reach a specific market cap.

“Shut down the livestream feature. This is out of control,” Beau stated.

The platform has also been a hotbed for financial scams, prominently featuring “rug pulls.” A recent case involved a school-aged individual who created a meme coin named QUANT, quickly amassing $30,000 and then exiting the project, leaving investors with worthless digital tokens. This led to the kid’s doxxing, with his personal information and that of his family maliciously shared online.

In response to these incidents, some community members have called for the complete shutdown of the platform. Conversely, others suggest that simply disabling the livestream function might suffice.

Eddie, a legal intern, strongly criticized the platform’s governance. He believes that turning off the livestreams or moderating them is crucial.

“There is an art to shock value on stream. Simply sharing nudity or other shocking and even horrific content is not innately interesting. People seek stories and novel concepts that engage them. The content shared on pump livestreams at the moment are not only uninteresting, but conceptually lazy,” Eddie said.

Yet Alon, a Pump.fun executive, claims that the platform’s content has been moderated since day one.

“We have a large team of moderators working around the clock and an internal team of engineers that’s working on helping us deal with increased scale of coins, streams, and comments. I admit that our moderation isn’t perfect, so if you’re aware of a coin where moderation isn’t enforced, please report it in our support channels immediately,” Alon said.

The ongoing debate reflects the platform’s dilemma. While it offers users significant creative freedom, it also poses serious risks without stringent moderation.

Now, the community and stakeholders await decisive action. The call for stronger moderation is loud and clear, aiming to protect both the platform’s integrity and its users from further harm.

Despite these controversies, Pump.fun has continued to perform well financially. Data from DefiLlama shows that the platform has amassed over $215 million in revenue since March 2024.

Pump.Fun Revenue — Pump.fun Revenue. Source: DefiLlama

Furthermore, the platform has facilitated the deployment of more than 3.8 million meme coins.

Disclaimer

Source link

Market

XRP Price Builds a Base: Can Bulls Ignite a New Rally?

Published

2 hours ago

November 25, 2024

Coin2049 Newsletter

XRP price surged further above the $1.45 and $1.50 resistance levels. The price is now consolidating gains near $1.40 and might aim for more upsides.

XRP price started a fresh surge above the $1.40 resistance level.
The price is now trading above $1.350 and the 100-hourly Simple Moving Average.
There is a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is showing positive signs and might extend its rally above the $1.450 resistance.

XRP Price Holds Gains

XRP price formed a base above $1.250 and started a fresh increase. There was a move above the $1.350 and $1.40 resistance levels. It even pumped above the $1.50 level, beating Ethereum and Bitcoin in the past two days.

A high was formed at $1.6339 before there was a pullback. The price dipped below the $1.50 support level. A low was formed at $1.3007 and the price is now rising. There was a move above the 23.6% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.

The price is now trading above $1.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.420 level. The first major resistance is near the $1.450 level.

There is also a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.

The next key resistance could be $1.500. A clear move above the $1.50 resistance might send the price toward the $1.5550 resistance. Any more gains might send the price toward the $1.620 resistance or even $1.650 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.

Are Dips Limited?

If XRP fails to clear the $1.450 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3450 level. The next major support is near the $1.320 level.

If there is a downside break and a close below the $1.320 level, the price might continue to decline toward the $1.300 support. The next major support sits near the $1.240 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.4200 and $1.4000.

Major Resistance Levels – $1.4500 and $1.5000.

Source link