Altcoin
Fed Chair Slightly Hawkish After Inflation Data, Bitcoin Jitters
U.S. Federal Reserve Chair Jerome Powell’s speech reflected slightly hawkish comments on restrictive monetary policy and interest rate cuts amid ongoing inflationary pressures and a strong labor market. The progress toward bringing inflation back down to its 2% target this year has stalled as some raised stagflation concerns, which were denied by Powell again.
He said the US economy remained resilient amid a strong labor market. Speaking about inflation, he hinted at concerns over the hotter inflation in recent months causing the Fed to lose confidence in earlier rate cuts this year.
The U.S. Bureau of Labor Statistics released the PPI inflation data for April today, which comes in hot. The monthly PPI increased 0.5% against the expected 0.3%. The monthly core PPI was up 0.5%, much higher than forecasts of 0.2%. The annual PPI was steady at 2.2% and the annual core PPI rate went up to 2.4% from a downwardly revised 2.1%.
Jerome Powell said the Fed will continue to analyze further quarter economic data and fight inflation to bring to the 2% target, denying any rate hike. Other Fed officials were hawkish on rate cuts and commented on lesser rate cuts this year.
Crypto and Stock Market Reactions
Crypto and stock markets remain under pressure as traders await key CPI inflation data due Wednesday. The market expects a fall in annual CPI inflation to 3.4% from 3.5%.
The US stock market has opened flat as traders digest fresh PPI data and wait for CPI numbers for further guidance on market trends. CME FedWatch Tool shows a 49% probability of 25 bps rate cuts starting September, with further rate cuts expected in November and December.
The new inflation data caused US dollar index (DXY) to drop to 105 and the US 10-year Treasury yield also fell 4.471%. As Bitcoin moves opposite to DXY and Treasury yields, a rise in both has caused a downfall in Bitcoin price to $60k, triggering a crypto market selloff.
BTC price fell nearly 3% today but rebound suddenly, with the price currently trading near $62,000 again. The 24-hour low and high are $61,156 and $63,422, respectively. However, the trading volume has increased by 11% in over the last 24 hours, indicating a rise in interest among traders.
Altcoins including Ethereum, BNB, Solana, Toncoin fell 2-8% in the last 24 hours amid PPI inflation and Fed Chair Powell’s speech.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Secret Network (SCRT) saw a remarkable 50% price rise today, driven by three key developments. The network’s inclusion in NVIDIA Inception, a program supporting innovative tech startups, signals growing confidence in its privacy-focused solutions.
Additionally, Binance’s SCRT perpetual contracts launch with high leverage has boosted market activity. Coupled with a dramatic rise in open interest across major exchanges, these factors are fueling increased investor interest and pushing SCRT to new highs.
Secret Network Joins NVIDIA Inception
Secret Network joined NVIDIA Inception, a program designed to support tech startups advancing AI and blockchain innovations. This collaboration provides the platform with access to AI training, expert resources, and venture networks, boosting its development capabilities.
The partnership enhances Secret Network’s Decentralized Confidential Computing (DeCC) solutions, enabling new privacy tools for Web3 applications. Lisa Loud, Executive Director, emphasized that this initiative will revolutionize how sensitive data is handled in blockchain environments.
Binance Launches SCRT Perpetual Contracts
Binance, one of the world’s top cryptocurrency exchanges, introduced USD-margined Secret Network perpetual contracts with up to 75x leverage. The listing on Binance had an immediate effect, with SCRT’s price soaring 55% as Binance extended its support. This surge highlights growing investor interest, raising questions about whether the rally will be sustained.
Moreover, this move boosts liquidity and builds investor confidence, enhancing Secret’s appeal in the market. As trading activity intensifies on Binance, SCRT adoption continues to grow.
Open Interest Jumps 1300%, Fueling SCRT Price Surge
Secret Network (SCRT) saw an impressive 1300% increase in open interest over the past 24 hours, according to Coinglass data, signaling heightened market activity. On Binance, open interest surged by over 905%, with other major exchanges like Bitget and Kraken also showing significant interest. This surge in demand has propelled SCRT’s price to new highs.
Moreover, SCRT is currently trading at $0.4765, up 50% in the last 24 hours and 134% over the past week. With a 24-hour low of $0.3313 and a high of $0.5488, along with a market cap of $138 million and $107 million in volume, the coin shows strong potential for continued growth.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In an unprecedented event, a dormant Ethereum whale caused a stir across the broader market on Friday, heavily dumping tokens amid the hovering bullish sentiment. Recent data pointed out that the whale dumped nearly $224 million worth of tokens, raising price drop concerns among crypto enthusiasts globally. Despite that, ETH price soared today, setting off waves of speculation over future movements across the industry.
Dormant Ethereum Whale Wakes Up To Sell, Investors Apprehensive
According to the latest data by Lookonchain, an Ethereum whale that was dormant for eight years was revived and started selling. According to the data, the whale used various addresses to sell a staggering $224 million worth of the abovementioned token.
Notably, this whale accumulated 398,889 ETH at around just $2.4 million between January 18 and March 10, 2016, at an average cost of $6 per token. Following eight years of dormancy, the whale revived on November 7, 2024, and commenced offloading.
Meanwhile, the whale has been recorded selling 73,356 ETH, worth $224.42 million, the latest data showed. This massive dump brought selling pressure to the asset. Besides, the colossal amount of Ethereum remaining with the whale has sparked speculations over his future moves.
On the other hand, it’s also noteworthy that the latest Whale Alert data indicated nearly 20.8 million ETH dumped to Coinbase. Although these dumps raised bearish market sentiments, the top crypto by market cap has defied usual trends to trade in the green territory.
ETH Price Soars Defying Selling Pressure
Despite the abovementioned selloffs, ETH price today traded dominantly in the green at $3,337, up 5% intraday. Its 24-hour low and high were $3,147 and $3,428.46, respectively. Intriguingly, the monthly chart for the token showcased 29% gains. This bullish trajectory has raised uncertain investor sentiments over the coin’s future movements.
Further, Coinglass data pointed out a 10% increase in Ethereum’s futures OI to $70.79 billion. Moreover, even the derivatives volume soared 63% to $70.79 billion. This data further points to a bullish scenario for the token, adding to market speculations amid massive selloffs.
Additionally, a recent CoinGape Media report spotlighted key indicators that signal further gains for Ethereum price. Considering these bullish trends and the recent rally in the crypto’s price, it appears that market watchers continue to remain optimistic about the asset despite the recent selloffs.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
One of the top Neiro Ethereum holders has surprisingly sparked bearish sentiments amid a bull market, heavily dumping the dog-themed meme token. Recent on-chain data pointed out that the 2nd largest holder of the token, Wintermute, took action to dump $3M worth of coins. This dump has raised substantial investor concerns, further solidified by the coin’s waning price movement amid a broader bull market.
Top Neiro Ethereum Holder Offloads Over 100M Coins
According to data by Arkham Intelligence, Wintermute deposited 35 million Neiro Ethereum tokens worth $3.08 million to Bybit over the past three days. Notably, the market maker remains the 2nd largest holder of the crypto, holding 10.9% of the total supply worth 108.95 million tokens.
Besides, it’s noteworthy that the same market maker totally withdrew 121.466M of the same token from Bybit before the abovementioned selloff to become the 2nd largest holder of this Shiba Inu dog breed-themed crypto. Nevertheless, despite the selloff weighing in, Wintermute is still the 2nd largest holder of the asset.
In light of this dynamic, market participants remain apprehensive as future selloffs by the top holder could negatively influence the renowned meme coin’s price movements. Meanwhile, despite a bullish sentiment over top meme coins, as witnessed by Dogecoin, Pepe coin, Bonk, and other tokens’ phenomenal gains, the Neiro Ethereum selloff has solidified market concerns.
Token Price Remains Volatile
At the time of reporting, NEIRO price traded near the flatline over the past 24 hours to rest at $0.079. The coin’s intraday low and high were $0.0753 and $0.08385, respectively. Notably, the weekly chart for the crypto showcased a 10% dip. This waning action has sparked severe market concerns in the wake of the abovementioned selloff.
However, a recent CoinGape Media report revealed that Neiro Ethereum has partnered with the market maker DWF Labs, adding investor intrigue on future price movements. Notably, another massive holder of the crypto is GSR Markets, a renowned market maker, holding 33.52 million tokens. Wintermute and GSR collectively hold 142.47 million tokens worth 14.25% of the total supply.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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