Altcoin
US CPI and Core CPI Estimates By Wall Street Signals Crypto Market Recovery
Crypto traders await cues from the latest US Consumer Price Index (CPI) and core CPI data to determine whether it’s time for Bitcoin to hit a new all-time high or concerns still prevail. The U.S. Bureau of Labor Statistics will release CPI inflation data for May hours before the US Federal Reserve’s interest rate decision on Wednesday, June 12. The data is crucial after a higher-than-expected US jobs data last week that scaled back bets on Fed rate cuts.
Wall Street giants including JPMorgan, Bank of America, Goldman Sachs, Morgan Stanley, Citigroup, UBS, Nomura, RBC, and Barclays estimate CPI to come in line at 3.4%. Meanwhile, BNP Paribas, TD Bank, and Wells Fargo forecast CPI inflation cooling to 3.3%.
As per economists, the annual CPI inflation to come in line at 3.4%, similar to last month. The monthly rate seen slowing to 0.1% from 0.3% last month. Also, the annual Core CPI is expected to fall to 3.5% from 3.6% last month and month-on-month core inflation to hold steady at 0.3%, after a major drop last month.
Both inflation data estimates by Wall Street and economists signal an overall positive numbers and sentiment for an uptick in the market. US stock futures steadied today as investors braced for double macro event of CPI and FOMC. Meanwhile, China announced its inflation rate falling below estimates.
Bitcoin Traders Eyes Fed Rate Cuts in September
Banks have predicted Fed rate cuts starting in September. A cooling CPI inflation and PCE inflation to confirm September as an official pivot by the Fed. Meanwhile, Fed Chair Jerome Powell remains bullish on the state of the US economy, still expecting three rate cuts, despite two indicated by Fed swaps.
The US dollar index (DXY) dropped ahead of CPI and Fed rate decision. It’s moving around 105.22, likely to drop below 105 after the key macro events. CPI in line with market estimates could raise bets for a rate cut in September, potentially lifting Bitcoin price.
Moreover, US 10-Year Treasury yields (US10Y) pared gains this week amid positive sentiment for market recovery, fading concerns raised after last week’s jobs data. Bitcoin price moves in the opposite direction to the US treasury yields and traders eyeing a further drop with slowing monetary policy tightening.
Also Read: Why The World’s Largest Bank Called Ethereum (ETH) Digital Oil
Bitcoin Price Rebound Post CPI To Bring Crypto Market Recovery
Bitcoin tends to dump into FOMC and CPI as the crypto market overreacts, which should reverse after these events. BTC price is creating a healthy market structure on the bigger timeframe and a buy-the-dip opportunity, said analysts. It has formed an inverse head and shoulders pattern in the lower timeframe, which could bring a recovery in the broader crypto market as BTC rises.
Open interests are increasing once again to hit all-time highs, but met a rough patch due to macro events. Total BTC futures open interest is at $35.47 billion, with fresh hints of buying from the bottom, as per Coinglass data.
Options market data indicate a rebound above $67,500 today and to surpass $69,000 on expiry day on Friday. Options traders have bet Bitcoin to hit highs of $75K and even $80K by the end of June. Traders are bullish after this heavy macro week, as per Deribit.
Meanwhile, spot Bitcoin ETFs saw a $200 million outflow amid macro concerns. Fidelity, Bitwise, ARK 21Shares, VanEck, and GBTC Bitcoin ETFs recorded outflows on Tuesday.
BTC price is trading at $67,265, down 0.57% in the last 24 hours. The support level is at $66K, a drop below this will negate the bullish scenario in the short term. Furthermore, the trading volume has increased slightly in the last 24 hours, indicating a rise in interest among traders.
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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.
Altcoin
Sui Network Back Online After 2-Hour Outage, Price Slips
Decentralized Layer-1 blockchain Sui Network faced a major downtime with no blocks produced in the last few hours. The data from Suivision showed that the network faced a “major outage” as some validators faced problems with approving transactions. SUI price tumbled 10% but recovered as the network started processing transactions again.
Sui Network Faced Major Outage
The Sui Network has been down for more than two hours, according to reports from Suivision. The blockchain didn’t produced any blocks since 09:15 UTC today.
The Sui community members have reported issues with some validators, and the team is currently investigating the cause of the disruption. The official handle on the X platform has acknowledged this downtime:
“The Sui network is currently experiencing an outage and not processing transactions. We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates.”
Dubbed the Solana-killer, this is the first time that the Sui Network has been facing such an outage. Referring to the past outages for Solana, the crypto community members have been taking jabs at Sui. Some wrote “No wonder Sui is the next Sol” while others called it a “Solana moment. Bullish”. It has also triggered a meme frenzy with “first time?” tags on the X platform.
Solana folks to Sui folks right now: pic.twitter.com/jJFY6i2vju
— juzy (@juzybits) November 21, 2024
According to SanXz, the Sui Network is actually not down. The analyst added that the Sui team is actively investigating an RPC issue related to validators, which has caused disruptions.
However, one user ‘reisen’ responded to this analysis by saying: “Having nodes/validators operational is useless when no blocks are produced – So not producing blocks for 1:50h is equivalent to being down”.
The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators.
The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved. https://t.co/TJh2zwvQcD
— Sui (@SuiNetwork) November 21, 2024
Price Tumbled 10% During Downtime?
While the SUI price might see some volatility as the network resumes transactions, the community hasn’t turned bearish yet. One X platform handle Bullishify.sui wrote:
“Sui pulling a Solana? Remember when $SOL went down in Dec 2020, then ripped 1000% right after? $SUI like, ‘Yeah, we’re following the script too.’ Buckle up, fam!”
The SUI price recovered after dropping 10% over the last 24 hours, and currently trading at $3.63. As per CoinGape analysis, SUI price can rally to $18 with 750% gains on the monthly timeline and more than 500% gains on the yearly timeline.
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.
Altcoin
SLERF Price Soars 55% Amid Binance’s Extended Support, Rally To Sustain?
Solana meme coin SLERF price has advanced 55% today, emerging as the talk of the crypto town on Thursday. Notably, the coin surfs bullish tides across the crypto landscape as the leading crypto exchange, Binance, unveiled a new listing for it. For context, traders also reacted positively to the listing announcement as the token’s intraday trading volume soared over 200%.
Binance Unveils SLERF Perpetual Contract Igniting Market Bullishness
In an official Binance announcement dated November 21, the crypto exchange revealed that it is launching SLERFUSDT (USD-Margined) perpetual contract today at 11:30 UTC. Intriguingly, the platform’s colossal user base remains poised to enjoy up to 75x leverage trading the asset. This has sparked a SLERF price rally recently, indicating the growing market confidence.
Further, the leading crypto exchange set the capped funding rate for the token at +2.00% / -2.00%. Also, the tick size for the crypto was 0.0001, per the announcement. Notably, the underlying asset remains the abovementioned Solana meme coin, SLERF.
On the other hand, Binance also revealed that it is launching Secret (SCRT) (USD-Margined) perpetual contract at the same date and time. This perpetual contract launch also boasts maximum leverage of 75x in an effort to magnetize investors. Overall, these enhanced offerings have set off optimistic waves for the tokens across the broader market, offering enhanced liquidity and investment opportunities to market participants.
SLERF Price Rallies
At the time of reporting, SLERF price witnessed gains worth 55% and is currently trading at $0.4373. Its intraday low and high were $0.2547 and $0.4266, respectively. The coin’s 24-hour trading volume surged 219% to $271.18 million. Notably, this rising movement falls in line with the abovementioned listing.
Further, investors anticipate more gains in the Solana meme coin’s price against the backdrop of another bullish on-chain metric. A recent CoinGape Media report revealed that SLERF whale accumulation soared remarkably, underscoring significant buying pressure for the asset.
Meanwhile, it’s also noteworthy that SCRT price witnessed gains worth 2% intraday in the wake of the listing and is trading at $0.3393. The coin’s 24-hour low and high were $0.302 and $0.3791, respectively.
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.
Altcoin
Vitalik Buterin, Coinbase’s Jesse Pollack Buy Super Anon (ANON) Tokens On Base
Ethereum co-founder Vitalik Buterin has purchased 30,303 ANON tokens, stirring excitement around the privacy-focused cryptocurrency. The transaction reflects a growing interest in decentralized anonymity, with Buterin’s involvement sparking speculations about ANON’s potential as a revolutionary token in the privacy space.
Joining Buterin, Coinbase executive Jesse Pollak has also acquired ANON tokens. This dual endorsement from prominent crypto figures has bolstered ANON’s debut, fueling curiosity about its role in shaping the future of private, self-sovereign transactions.
Vitalik Buterin and Jesse Pollak Support ANON
According to a November 21 post on X, Vitalik Buterin’s wallet (vitalik.eth) swapped 0.082 ETH for 30,303 ANON tokens on Base. This high-profile transaction has brought significant attention to ANON, a decentralized and privacy-focused cryptocurrency, ahead of its launch.
#PeckShieldAlert vitalik.eth (0xd8d) labeled address has swapped 0.082 $ETH for 30.3K Super Anon (ANON) on #Base pic.twitter.com/ESLwyLb4Wz
— PeckShieldAlert (@PeckShieldAlert) November 21, 2024
In addition, Coinbase executive Jesse Pollak mirrored this enthusiasm by spending 0.333 ETH to purchase 31,529 ANON tokens. The endorsement of ANON by influential industry leaders hints at its potential as the next major innovation in privacy tokens.
ANON, promoted as a self-sovereign and anonymous asset, aims to redefine privacy in cryptocurrency. These notable endorsements have positioned ANON to make a strong impact in the rapidly evolving blockchain ecosystem. Its launch has further amplified discussions on the future of privacy coins and decentralized privacy solutions.
Super Anon: A Revolutionary Step in Privacy?
Vitalik Buterin swapped 0.082 ETH for 30,303 Super Anon tokens to meet the minimum requirement for posting anonymously via Farcaster’s anoncast account. Earlier, the minimum was 30,000 tokens, but it has now been reduced to 15,000 ANON tokens, making it more accessible.
You need to have a minimum 15,000 $ANON tokens to post anonymously via anoncast account on Farcaster (earlier the min. amount was 30,000).
You can post on twitter too.
This is the reason why @VitalikButerin swapped 0.082 $ETH for 30.3K $ANON
good stuff pic.twitter.com/QHeGDlHUZW
— yash (@0x_yash21) November 21, 2024
Since Buterin’s purchase, Super Anon has surged by 550%. The token is currently trading at $0.0402, with a 24-hour low of $0.00887 and a high of $0.6367. This sharp price increase reflects rising interest in decentralized anonymity solutions, positioning ANON as a potential player in the privacy sector.
Buterin, a long-time advocate for Ethereum scalability, has also praised other blockchain projects like Starknet, which aims to enhance Ethereum’s scalability. His involvement in the Super Anon ecosystem further emphasizes his commitment to supporting innovative privacy solutions in the crypto world.
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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