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German Bitcoin Sales, US CPI Data, and More

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This week, the German government’s continued Bitcoin (BTC) sell-offs significantly impacted the crypto market. The release of the US Consumer Price Index (CPI) data also introduced further complexity to the economic scenario.

Meanwhile, a security breach on Compound Finance’s website has raised alarms in the decentralized finance (DeFi) community, highlighting security concerns. These developments have sent ripples through the market, marking another volatile week.

Experts Weigh In on the Future Impact of German Bitcoin Sales

This week, the German government continued its Bitcoin sell-offs, significantly affecting the crypto market. Data from Arkham Intelligence revealed that Germany’s Bitcoin holdings dropped from 42,000 BTC on July 5 to 6,000 BTC currently.

The government wallet, now holding approximately $349.17 million worth of BTC, has transferred Bitcoins to various addresses. These transactions include crypto exchanges like Kraken, Coinbase, Bitstamp and market makers such as Cumberland and Flow Traders.

Read more: Who Owns the Most Bitcoin in 2024?

The German Government's Bitcoin Holdings.
The German Government’s Bitcoin Holdings. Source: Arkham Intelligence

The persistent sell-offs have undeniably stirred the market, with Bitcoin’s price reflecting the ongoing sales spree. When Germany began these transfers on June 19, Bitcoin traded around $65,000. As of now, it has dropped to $57,000.

However, industry experts believe that as the wallet balance decreases, the sales will end. Consequently, the impact on Bitcoin’s price will gradually diminish.

US CPI Data Provides a Glimmer of Hope for Inflation

Bitcoin experienced a notable price jump, reaching $59,313, immediately after the Bureau of Labor Statistics (BLS) released the June US Consumer Price Index (CPI) data. Inflation in the US dropped to 3% year-over-year, slightly below market expectations of 3.1% and down from May’s 3.3%. This data suggests a 0.1% month-over-month decline.

Federal Reserve Chair Jerome Powell’s recent testimony before Congress highlighted that the Fed is not yet ready to cut interest rates. Powell emphasized that the inflation rate must show sustained progress towards the 2% target before any rate cuts can be considered. This cautious approach aligns with the latest CPI figures.

Lower-than-expected inflation is generally positive for the crypto market. Cryptocurrencies, often considered risk-on assets, tend to react bullishly to favorable economic indicators like low inflation. Jag Kooner, Head of Derivatives at Bitfinex, shared his perspective on the recent CPI data release with BeInCrypto.

“The lower-than-expected CPI reading today signals a more significant slowdown in inflation. This could reinforce the market’s expectation of a rate cut in September, boosting both equities and cryptocurrencies by increasing liquidity and risk appetite,” Kooner explained.

Cardano’s Chang Hard Fork Nears Completion

In a live Ask Me Anything (AMA) session on YouTube, Cardano founder Charles Hoskinson confirmed that the Chang hard fork is practically finished and will roll out next week. He also celebrated the completion of all elements of the Cardano Improvement Proposal (CIP) 1694, which is essential for advancing Cardano’s infrastructure.

The Chang fork will introduce Delegates (DReps) elected by Cardano token (ADA) holders. These representatives will draft the Cardano constitution, establishing the network’s supreme law.

Recently released Node 9.0 supports the initial phase of CIP-1694 in production environments but does not yet include DRep voting and all governance activities. These will be available in Node 10.0.

Named in honor of Cardano enthusiast Phil Chang, who passed away two years ago, the Chang hard fork aims to alter the ownership structure of the Cardano blockchain, initiating the Voltaire era and fully decentralizing network management.

Cardanoscan data shows that exchanges and stake pools are not yet ready for the hard fork despite this update. However, the Cardano community remains optimistic about the network’s imminent changes.

Binance Delists Four Altcoins, Prices Plummet

On Monday, Binance, the world’s largest crypto exchange by trading volume, announced it would no longer support four altcoins: BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS). This delisting will take effect on July 22 at 03:00 UTC.

Following the announcement, the affected tokens saw significant price declines. DOCK plummeted nearly 30%, MDX dropped by 23.65%, and BOND and POLS both experienced over 17% losses. However, prices have slightly recovered since the initial drop.

DNS Attack Targets Multiple DeFi Platforms

On Thursday, Compound Labs, the team behind Compound Finance, announced that its website had been compromised. Around three hours later, Celer Network issued a similar warning, indicating a potential DNS domain attack affecting multiple projects simultaneously.

Blockchain security experts, including 0xngmi, founder of DefiLlama, and Samczsun, a researcher at Paradigm, suspect vulnerabilities in Squarespace, the website registrar, may be linked to the breaches. 0xngmi pointed out that around 65 other DeFi platform domains connected to Squarespace might be at risk, urging the community to avoid these websites for now.

Web3 security firm Blockaid shared its analysis, indicating that attackers hijack DNS records of projects hosted on Squarespace. The Pendle team also commented on this incident, ensuring that their domain and funds are secure. Despite these security breaches, the team claimed that Pendle protocol and smart contracts remain unaffected.

This week also saw developments in the celebrity meme coins. Daddy Tate (DADDY), a Solana-based meme coin related to controversial influencer Andrew Tate, reached more than 55,000 holders. DEX Screener data shows that DADDY is currently trading at $0.1380, with a market capitalization of $82.7 million.

Read more: 11 Top Solana Meme Coins to Watch in July 2024

DADDY Price Performance.
DADDY Price Performance. Source: DEX Screener

Additionally, the crypto market buzzed with Argentine soccer player Lionel Messi joining the list of celebrities promoting meme coins through social media. However, some believe Messi’s Instagram account was hacked to promote WATER, another Solana meme coin.

Despite speculation, the publication had not been removed, and Messi had not reported his Instagram account as compromised. This has led to disappointment among fans and further speculation within the crypto community.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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3 Meme Coins to Watch For The Last Week of February 2025

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DOGEai, TST, and BROCCOLI are three meme coins drawing attention for the last week of February. DOGEai, launched on Solana, is up 110% in the past seven days, positioning itself as a leading AI meme coin.

TST remains one of the most popular meme coins on the BNB chain despite a recent correction. At the same time, BROCCOLI, inspired by Binance co-founder CZ’s dog, has also seen significant volatility.

DOGEai (DOGEAI)

DOGEai is an artificial intelligence coin launched on Solana. Its market cap is now $32 million, up 82% in the last seven days. This rise has positioned DOGEai as one of the most talked-about AI meme coins in recent days.

DOGEAI Price Analysis.
DOGEAI Price Analysis. Source: TradingView.

DOGEai leverages multiple narratives, including Dogecoin’s popularity, the growing interest in DOGE (Department of Government Efficiency), and the broader AI cryptos trend. It defines itself as “an autonomous AI agent here to uncover waste and inefficiencies in government spending and policy decisions,” offering bill summaries and insights into government expenditures.

If the current uptrend continues, DOGEai could test the resistance at $0.048, with potential targets at $0.059 and $0.069. However, if a downtrend emerges, DOGEai has support at $0.030, and if that level is lost, it could drop to $0.018 or even $0.0092.

Test (TST)

TST has emerged as one of the most popular meme coins on the BNB chain, benefiting from the chain’s growing volume, which recently even surpassed Solana.

In the days following its launch, TST reached a market cap close to $500 million, then entered a strong correction phase. Its market cap has since dropped to $78 million.

TST Price Analysis.
TST Price Analysis. Source: TradingView.

If the BNB narrative gains strength again, TST could benefit as one of its most popular meme coins and may test the resistance at $0.10. A breakout above this level could push TST to $0.20 or even $0.25 if buying pressure intensifies.

However, if TST fails to regain strong upward momentum, it could test the support at $0.0719 and potentially drop to its lowest levels since February 9.

CZ’S Dog (BROCCOLI)

BROCCOLI was launched a few weeks ago after Binance co-founder CZ revealed his dog’s name, sparking a flood of BROCCOLI tokens on the market.

The largest of these tokens quickly surged to a $249 million market cap in its early days but has since dropped to $52 million.

Like TST, BROCCOLI benefited from the recent rise of the BNB ecosystem but has since entered a strong correction phase. It is down 40% in the last seven days.

BROCCOLI Price Analysis.
BROCCOLI Price Analysis. Source: TradingView.

If the downtrend continues, BROCCOLI could test support near $0.04, and a break below this level could push it to its lowest price since launch.

However, if the BNB ecosystem and meme coins regain traction, BROCCOLI could benefit, especially given the popularity of dog-related meme coins like Dogecoin and Shiba Inu. In this bullish scenario, BROCCOLI could rise to test the resistance at $0.113.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum Rollback Debate Intensifies After Bybit Hack

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The crypto community is divided over calls for an Ethereum blockchain rollback following a massive security breach at Bybit.

On February 21, the exchange lost nearly $1.5 billion in ETH to hackers, sparking discussions about whether Ethereum should intervene to recover the stolen funds.

What is a Blockchain Rollback?

A blockchain rollback, also known as a reorganization, involves reversing confirmed transactions to restore the network to an earlier state.

This process usually happens after a major security breach or exploit. Validators must reach a consensus to discard the affected blocks, effectively erasing the malicious transactions.

Despite its potential benefits, a rollback remains a controversial and rarely used measure due to its impact on a blockchain’s trust and decentralization.

Blockchains operate on the principle of immutability, meaning transactions are expected to be final once confirmed. So, rolling back transactions challenges this principle, raising concerns about the security and reliability of the network.

Crypto Leaders Clash Over Ethereum Rollback Proposal

BitMEX co-founder Arthur Hayes has been vocal in advocating for a rollback to solve the ByBit hack. He pointed to the 2016 DAO hack, where Ethereum underwent a hard fork to recover stolen funds, as precedent.

Hayes argued that since Ethereum previously compromised on immutability, another intervention should not be off the table.

“My own view as a mega ETH bag holder is ETH stopped being money in 2016 after the DAO hack hardfork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016,” Hayes said.

JAN3 CEO Samson Mow also supported the rollback, stating it could prevent North Korea from using the stolen funds to fund its nuclear weapons program.

However, not everyone agrees. Pseudonymous crypto trader Borovik strongly opposed the idea, arguing that a rollback would jeopardize Ethereum’s credibility and neutrality.

Bitcoin advocate Jimmy Song also dismissed the possibility, stating that the Bybit hack cannot be compared to the 2016 DAO exploit. Song emphasized that the DAO hack allowed for a 30-day intervention, whereas the Bybit attack is already finalized, making a rollback impractical.

“I know people are expecting the Ethereum Foundation to roll back the chain, but I suspect it’s already too much of a mess to do it cleanly,” Song added.

Meanwhile, Ethereum supporter Adriano Feria introduced an alternative perspective. He argued that Bybit could have avoided this situation by using a Layer 2 (L2) solution with conditional reversible transactions.

According to Feria, blockchain technology needs some form of reversibility to ensure real-world adoption.

“Whether through social recovery or another pre-determined, immutable, and transparent decision-making process, real-world mass adoption will not work without reversible transactions. Without this capability, transactional activity will inevitably gravitate toward TradFi systems that already provide it,” Feria stated.

This debate raises a fundamental question for Ethereum: should it prioritize immutability or intervene in extreme cases?

While some see a rollback as a necessary response to an unprecedented loss, others fear it could undermine the core principles of decentralization. Ethereum’s next steps will likely shape its long-term credibility and trust within the crypto space.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Berachain (BERA) Falls 15% After Recent Rally Surge

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Berachain (BERA) is down almost 15% in the last 24 hours, with its market cap now at $778 million, although its price remains up nearly 20% over the past seven days. This sharp pullback comes after a strong rally between February 18 and February 20, when BERA reached levels above $8.5.

BERA’s Relative Strength Index (RSI) has dropped from overbought levels, signaling a loss of bullish momentum, while its Directional Movement Index (DMI) shows growing bearish pressure. As BERA navigates this correction phase, it faces key support at $6.1, with potential resistance levels at $8.5, $9.1, and $10 if bullish momentum returns.

BERA RSI Is Dropping Steadily After Touching Overbought Levels

Berachain Relative Strength Index (RSI) is currently at 50.6, down sharply from 86.7 just two days ago when its price surged above $8.5. RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.

It is commonly used to identify overbought or oversold conditions, with values above 70 indicating overbought levels and below 30 suggesting oversold territory.

The steep decline in BERA’s RSI reflects a significant loss of bullish momentum after reaching overbought levels above 86, where a correction was likely.

BERA RSI.
BERA RSI. Source: TradingView.

With RSI now at 50.6, BERA is in a neutral zone, suggesting that buying and selling pressures are relatively balanced.

This could indicate a period of consolidation as the market digests recent gains. If RSI continues to decline below 50, it could signal increasing bearish momentum. This could lead to a further price drop for BERA.

Conversely, if RSI stabilizes and begins to rise, it could suggest renewed buying interest and a potential recovery in Berachain price.

BERA DMI Chart Shows Buyers Are Losing Control

Berachain Directional Movement Index (DMI) chart shows its Average Directional Index (ADX) currently at 50.5, after peaking at 60.2 yesterday, up from just 13.3 five days ago. ADX is an indicator used to measure the strength of a trend, regardless of its direction, ranging from 0 to 100.

Values above 25 typically indicate a strong trend, while values below 20 suggest a weak or sideways market. The sharp rise in ADX reflects a significant increase in trend strength, confirming that BERA has been experiencing strong directional movement recently.

BERA DMI.
BERA CMF. Source: TradingView.

Meanwhile, BERA’s +DI is at 24.4, down from 48.4 two days ago, indicating weakening bullish momentum. Meanwhile, -DI has risen to 15.1 from 4.9, suggesting growing bearish pressure.

This shift signals that the bullish trend that drove prices higher is losing steam, and selling interest is beginning to increase.

If -DI continues to rise above +DI, it could indicate a bearish crossover, signaling a potential reversal or deeper correction in BERA’s price. However, if +DI stabilizes and moves upward again, it could suggest a continuation of the uptrend, albeit with reduced momentum.

Will Berachain Fall Below $6 Soon?

Berachain surged 53% between February 18 and February 20, pushing its price above $8.5 after the coin struggled following its airdrop. However, after this sharp rally, BERA entered a correction phase and is currently down almost 15% in the last 24 hours.

This pullback suggests profit-taking and a shift in market sentiment as buyers hesitate to push prices higher. If the downtrend continues, BERA could soon test the support at $6.1, and a break below this level could lead to a further decline towards $5.48, reflecting increased selling pressure.

BERA Price Analysis.
BERA Price Analysis. Source: TradingView.

On the other hand, if Berachain can regain its bullish momentum from a few days ago, it could rise above $8.5 again, potentially testing the next resistance levels at $9.1 or even $10.

To confirm this bullish scenario, Berachain would need to see renewed buying interest and strong upward momentum. If buyers can defend key support levels and push the price above resistance zones, it could indicate the continuation of the uptrend.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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