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Bitcoin futures hint at another market correction after FOMC meeting – Crypto Briefing
Posted: June 11, 2024 at 2:49 am
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Bitcoins perpetual futures markets are currently experiencing high funding rates, signaling a premium for long positions and further correction for spot prices, according to the Bitfinex Alpha reports latest edition.
The rising Bitcoin CME futures open interest, reaching $11.4 billion as of June 4th, parallels the March all-time highs before a notable price correction. Traders appear to be leveraging the basis arbitrage opportunity, shorting Bitcoin on the open market while gaining spot exposure through ETFs, aiming to profit from futures and spot market price discrepancies.
Despite 20 consecutive days of ETF inflows since May 10, potential disruptions loom with the upcoming US Consumer Price Index report and the US Federal Open Market Committees interest rate discussions set to happen this week.
Last week, Bitcoins price fluctuated, reaching over $71,500 and then correcting to local lows around $68,500. Major altcoins experienced declines, with Ethereum (ETH) and Solana (SOL) dropping 7.5% and 12.1%, respectively.
The recent leverage flush saw significant liquidations in altcoin leveraged longs, with Coinglass data showing Bitcoin open interest at an all-time high of $36.8 billion on June 6th.
Nevertheless, short-term holders have increased their Bitcoin activity, with holdings peaking at 3.4 million BTC in April. Long-term holders, on the other hand, are demonstrating confidence by accumulating Bitcoin, with the inactive supply for one-year holders remaining stable.
Bitcoin whales are also on an accumulation spree, with their balance reaching a new historical high.
Therefore, although derivatives data suggest a price pullback in the short term, factors such as increased ETF buying activity, reduced selling pressure from long-term holders, and improved liquidity could potentially catalyze Bitcoins upward movement in the long term.
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Bitcoin futures hint at another market correction after FOMC meeting - Crypto Briefing
Bitcoin network transaction fees temporarily soar to nearly $52 – Cointelegraph
Posted: at 2:49 am
The Bitcoin network is currently experiencing a sharp increase in network fees driven by 332,000 unconfirmed transactions as of 12:05 pm Eastern Time on June 7.
Network fees at the time hit 514 sats for high-priority transactions and 513 sats for low-priority transactions, with prices climbing to around 520 sats per transaction earlier in the day. In United States dollars, this represents $50$52 in fees per transaction. Priority fees have since dropped to around $46 per transaction.
According to blockchain reporter Colin Wu, the 332,000 unconfirmed transactions are suspected to be the result of centralized exchange OKX collecting and sorting through wallets, though this wasnt confirmed by the time of publication.
Concerns surrounding miner difficulty, high network fees and miner profitability on the Bitcoin network have come into sharper focus post-halving.
The slashing of the block reward from 6.25 Bitcoin (BTC) to 3.125 BTC at the end of April has significantly impacted miner profits.
Bitfarms reported a 42% drop in mining revenue for the month of May the first full month since the latest halving event. The Bitcoin mining company disclosed in its end-of-month report that 156 BTC was earned in the month of May compared to 269 BTC in April.
The Bitcoin miner also explained that temperatures in its Argentina facility were unusually low in May recording some of the worst weather conditions in 44 years. These poor weather conditions caused the companys Rio Cuarto facility to shut down for eight days, contributing to a drop in the total number of Bitcoin mined.
Related: Can Bitcoin close above $70K amid strong labor market?
Since the start of 2024, Bitcoin miners in the U.S. have spent a total of $2.7 billion on electricitydespite rising computing difficulty and lower rewards.
According to analyst Paul Hoffman, Since the start of 2024, Bitcoin mining in the U.S. has consumed an enormous 20,822.62 GWh of electric power. The analyst added that the amount of energy used by Bitcoin miners since the start of 2024 alone could power 1.5% of U.S. households for an entire year.
In April, it took an average of $52,000 to mine a single Bitcoin. Following the halving event, the cost to mine a single Bitcoin has more than doubled to an average of $110,000.
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Bitcoin network transaction fees temporarily soar to nearly $52 - Cointelegraph
Yet Another Public Company Buys Bitcoin – U.Today
Posted: at 2:49 am
Alex Dovbnya
DeFi Technologies has become the latest publicly traded company to adopt Bitcoin as its primary reserve asset
DeFi Technologies, a publicly traded company that focuses on Web3 technologies, hastaken a page out of MicroStrategy's playbook by announcing its own Bitcoin treasury strategy.
It has made an initial acquisition of 110 Bitcoins ($7.7 million) after deciding to make Bitcoin its primary reserve asset.
The company, whose shares are trading on Toronto's Cboe Canada, explained that it had acquired Bitcoin in order to protect the company's assets from currency debasement. Roussy Newton, CEO of DeFi Technologies, is convinced that the company could potentially expand its treasury because of the latest investment.
Business intelligence MicroStrategy famously became a trailblazer in the realm of corporate Bitcoin adoption with its audacious bet in August 2020. The bet has paid off, with co-founder Michael Saylor becoming one of the most prominent Bitcoin advocates. Asreported by U.Today, the company's stock was recently added to the MSCI World Index after its shares surged by more than 100% in 2024. MicroStrategy remains the biggest corporate holder of the leading cryptocurrency by a large margin with its massive $15 billion Bitcoin fortune.
After MicroStrategy, Tesla also purchased $1.5 billion worth of Bitcoin in February 2021, but it has already liquidated a substantial portion of that investment.
Last month, medical technology companySemler Scientific also decided to purchase $40 million worth of Bitcoin.
Overall, corporate adoption of Bitcoin has failed to take off, with very few non-crypto companies adding the leading cryptocurrency to their balance sheets. However, new accounting rules, which will go into effect next year, are expected to make it easier for companies to buy Bitcoin.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. Hes particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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Bitcoin, Ether Little Changed Over Weekend After $400M Liquidation Rout – CoinDesk
Posted: at 2:49 am
The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said. The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said. The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said.
Updated Jun 10, 2024, 8:21 PM
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Bitcoin, Ether Little Changed Over Weekend After $400M Liquidation Rout - CoinDesk
Forget Bitcoin: 3 Cryptocurrencies to Consider Instead – Yahoo Finance
Posted: at 2:49 am
While Bitcoin arguably remains one of the best cryptocurrencies to buy and hold for the long term, it's hard to ignore the fact that the oldest name in crypto hasn't done much of anything recently. Bitcoin has largely been trading sideways for the past two months, and is not showing many signs of going full beast mode anytime soon.
With that in mind, it could be time to forget about Bitcoin for a little while and find other cryptocurrencies that have strong catalysts in place right now. The three cryptocurrencies that are on my radar right now are Ethereum (CRYPTO: ETH), Fetch.ai (CRYPTO: FET), and Chainlink (CRYPTO: LINK).
The obvious non-Bitcoin pick right now is Ethereum, and that has everything to do with the SEC's recent pre-approval of new spot Ethereum ETFs. Once these ETFs start trading, perhaps as early as this summer, they could lead to a massive influx of new investor money into Ethereum, and that could push up its price for the foreseeable future. The current thinking from JPMorgan Chaseis that these ETFs could see an influx of $3 billion in 2024.
We saw the same pattern with Bitcoin as soon as the new spot Bitcoin ETFs started trading. Massive new inflows led to Bitcoin hitting a new all-time high of $73,750 in March before settling into its current trading range. So could we see the same thing with Ethereum, which is just 22% below its all-time high of $4,891? Ethereum super-bulls are already projecting that the ETF investment narrative could be enough to send this crypto soaring past $5,000.
If we're really going to forget about Bitcoin, then we need to find a crypto alternative with truly stratospheric upside. That alternative is Fetch.ai, which is currently one of the hottest AI crypto tokens in the world right now. For the year, Fetch.ai is up a blistering 195%, and the upward trajectory could continue as long as investors are interested in everything AI-related.
What makes Fetch.ai particularly interesting right now is that it is becoming part of a new "AI super-alliance" featuring two other popular AI crypto tokens: SingularityNET (CRYPTO: AGIX) and Ocean Protocol (CRYPTO: OCEAN). Starting on June 11, Fetch.ai will be rebranded as the Artificial Superintelligence (ASI) token, and FET tokens will be converted into new ASI tokens on a 1:1 basis.
From my perspective, the creation of a new "super-token" makes the task of investing in AI crypto tokens much more appealing, because you're essentially getting three tokens for the price of one. Fetch.ai will become an integrated AI crypto token that combines the resources and intellectual property of three distinct AI projects. If you combine the market caps of these three tokens right now, it would give you a value of nearly $3.5 billion, good enough to rank among the Top 30 cryptos in terms of market cap.
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Finally, there's Chainlink. Long-time crypto investors probably remember this so-called oracle coin from the previous crypto bull market cycle, when it absolutely exploded in value. Back then, the investment thesis was all about decentralized finance (DeFi), and how Chainlink was becoming an integral part of this exciting new blockchain niche.
Fast forward to 2024, and the new investment thesis for Chainlink is all about real-world asset tokenization. Often referred to as just RWA tokenization, this describes the process of transforming real-world assets (such as stocks and bonds) into digital assets that can be traded on a blockchain.
RWA tokenization is one of the hottest topics on Wall Street right now, and one of the pet projects of BlackRock, the world's largest asset manager. As BlackRock CEO Larry Fink sees it, real-world asset tokenization could be the next big step after the introduction of spot Bitcoin ETFs.
So it's definitely worth trying to understand how this powerful new trend could revolutionize Wall Street. According to a growing number of experts, Chainlink could play a very important role in how this trend develops. For example, its new CCIP (Cross-Chain Interoperability Protocol) platform was specifically designed with the transfer of tokenized assets across blockchains in mind. In September 2023, a test case involving ANZ Bank in Australia showed how this could be done using stablecoins.
So there you have it: Three big trends, and three cryptos that could be well-positioned to benefit from those trends. While it's close to impossible to forget about Bitcoin (which should be part of your crypto portfolio if it is not already), these three cryptos arguably have much stronger tailwinds heading into the second half of 2024. Adding a light sprinkling of these cryptos to your overall portfolio could be the key to supercharging your returns for the year.
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JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Dominic Basulto has positions in Bitcoin, Ethereum, and Fetch. The Motley Fool has positions in and recommends Bitcoin, Chainlink, Ethereum, Fetch, and JPMorgan Chase. The Motley Fool has a disclosure policy.
Forget Bitcoin: 3 Cryptocurrencies to Consider Instead was originally published by The Motley Fool
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Forget Bitcoin: 3 Cryptocurrencies to Consider Instead - Yahoo Finance
Bitcoin Wyckoff pattern eyes $85K, but BTC price must close the week above this level first – Cointelegraph
Posted: at 2:49 am
A key technical chart pattern suggests that Bitcoins (BTC) price could be headed to the $85,000 mark, but the worlds first cryptocurrency needs a weekly close above $71,300 to confirm more upward momentum.
Technical analysis using the Wyckoff method points to a potential Bitcoinprice breakout to the $85,000 mark, according to crypto analyst Mikybull.
Related: M2 money supply holds the key for Bitcoins next move Market analyst
The analyst wrote in a June 6 X post to his 67,000 followers:
Wyckoff accumulation is a classic technical analysis setup named after Richard Wyckoff, a technical analysis pioneer in the first half of the 20th century who broke down the market cycle into four distinct phases.
Related: 63 US banks on the brink of insolvency: Why Bitcoins next target is $100K
Meanwhile, to confirm more upward momentum, Bitcoin needs to perform a weekly close above the $71,300 mark, according to popular crypto analyst Rekt Capital.
The analyst explained in a June 5 YouTube video:
However, Bitcoins price may need to cool down based on a key technical indicator seen on the four-hour chart. Bitcoins relative strength index (RSI) peaked at 74 on June 5 before retracing to the current 68 level, according to TradingView.
While this suggests that Bitcoin is trading at fair value, the RSI may need to fall to around the 50 mark before BTCs price can see more upside momentum.
The RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.
Continued inflows from the United States spot Bitcoin exchange-traded funds (ETFs) could help BTC close the week above $71,300.
The U.S. Bitcoin ETFssaw collective inflows of $488.1 million on June 5. Moreover, Bitcoin ETFs recorded their second-best inflow day of $886.6 million on June 4. By Feb. 15, Bitcoin ETFsaccounted for about 75% of new investment in the worlds largest cryptocurrency as it surpassed the $50,000 mark.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin price today: flat at $69k as rate fears grow before FOMC, CPI By Investing.com – Investing.com
Posted: at 2:49 am
Investing.com-- Bitcoin price stayed nearly flat on Monday after a sharp fall over the weekend saw the cryptocurrency pull back from recent highs, with focus squarely on more key signals on U.S. interest rates.
The worlds largest cryptocurrency had pushed as high as $72,000 last week, coming within spitting distance of record highs hit in March. But it then saw a heavy dose of profit-taking and weakness from Friday after the dollar rebounded.
fell 0.3% over the past 24 hours to $69,446.5 by 08:51 ET (12:51 GMT).
Bitcoins weekend decline came at the heels of a hotter-than-expected reading, which saw traders largely rethink recent bets that the Federal Reserve will begin cutting rates in September.
This notion boosted the , which in turn weighed on broader crypto prices.
The payrolls reading also put an upcoming Fed meeting in focus, with the central bank widely expected to at the conclusion of a two-day meeting on Wednesday.
But the Feds outlook on rates will be closely watched.
Before the Fed rate decision, inflation data is also due on Wednesday. The reading is expected to show inflation remaining well above the Feds 2% annual target, giving the central bank little confidence to begin trimming rates.
High-for-longer rates bode poorly for Bitcoin and broader cryptocurrencies, given that the sector usually benefits from increased liquidity and loose lending conditions.
Broader crypto markets were also nursing steep losses from over the weekend, as fears of high rates weighed on the sector. They were also hit by profit-taking after some gains through May.
World no.2 token slipped by 0.6% to $3,680.27 on Monday after losing nearly 4% on Friday.
, and rose 0.7% and 0.1%, respectively, while fell 1.5%. Among meme coins, and slid 1.3% and 1.8%, respectively.
Crypto investment products saw nearly $2 billion in inflows last week, extending a five-week streak to over $4.3 billion, asset manager CoinShares said in a Monday report.
Trading volumes in exchange-traded products (ETPs) surged to $12.8 billion for the week, a 55% increase from the previous week. Bitcoin led the way with inflows of over $1.97 billion, while ether experienced its best week since March with nearly $70 million in inflows.
The interest in spot bitcoin exchange-traded funds (ETFs) in the U.S. has picked up since mid-May after a sluggish April, which saw zero net inflows on some days and even outflows from major products like BlackRock (NYSE:)'s IBIT. Since then, inflows have surged, making IBIT the largest bitcoin ETF, accumulating over $20 billion in assets since its January launch.
Unusually, inflows were seen across almost all providers, with a continued slowdown in outflows from incumbents, said CoinShares note. Positive price action saw total assets under management (AuM) rise above the $100 billion mark for the first time since March this year.
Butterfill noted that the increased buying of ETH was likely in response to the unexpected SEC decision to allow spot ether ETFs.
In the meantime, some traders anticipate that inflows into ETH products will continue in the coming months, with a potential rally expected toward the end of the year.
$5-10 billion of fresh capital could be channeled through ether products in the short to medium term, digital asset manager Tyr Capital reportedly told CoinDesk. This could fuel an end-of-year rally in ETH and its ecosystem to new record highs.
A price target of $10,000 in 2024 is now a reasonable target especially when other supportive factors, like ETH now being deflationary, are taken into consideration, it added.
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Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of June – Cointelegraph
Posted: at 2:49 am
Spot Bitcoin exchange-traded funds (ETFs) in the United States acquired the equivalent of around two months worth of the cryptocurrencys mining supply in the first week of June.
With inflows of approximately $1.83 billion, the 11 ETFs bought 25,729 Bitcoin (BTC)in the trading week between June 3 and 7 around eight times more than the 3,150 new BTC mined over the same time, according to data from HODL15Capital.
The amount of Bitcoin acquired in the week alone was almost as much as the entire of May, 29,592 BTC, per HODL15Capitals count, and is the biggest week of buying since mid-March when Bitcoin hit its current all-time high of $73,679.
The 11 ETFs have seen $15.69 billion in net inflows since their January launch, including the $17.93 billion in net outflows from Grayscales fund, with total assets under management (AUM) of around $61 billion.
Bitcoin proponents have long touted cryptocurrency as digital gold due to its built-in scarcity mechanism, which sees only 21 million BTC ever beingissued.
Related: Bitcoin ETF flows will send BTC price into parabolic run, traders say
ETF Store president Nate Geraci noted in a June 9 X post that Bitcoin ETF AUM is around 60% that of the countrys gold ETFs, despite gold ETFs being around for 20 years and Bitcoin ETFs for only five months.
Bitcoin touched a highof $71,093on June 5amid the surge of inflows to the U.S. Bitcoin ETFs, the first time the asset has been above $71,000 since May 21, according to Cointelegraph Markets Pro.
The cryptocurrency has struggled to pass its current high, as its price is more heavily influenced by macroeconomic factors and geopolitical events, crypto exchange co-founder Radar Bear told Cointelegraph on June 7.
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Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of June - Cointelegraph
Memereum Surpasses 21 Million Tokens Sold in Presale, Pioneers Blockchain-Based Insurance on Binance Smart … – CryptoPotato
Posted: at 2:48 am
[PRESS RELEASE Monaco City, Monaco, June 10th, 2024]
Memereum, a groundbreaking Binance Smart Chain token, is excited to highlight the success of its ongoing presale for its innovative services.
Memereum is designed to offer the first blockchain-based insurance, positioning itself as a potential next 100x crypto investment opportunity due to its robust technology backbone. With over 21 million tokens already sold, the Memereum team is optimistic about Memereums growth potential.
Key Features and Benefits
Memereums blockchain insurance solution and unique offerings distinguish it in the market. For detailed information on key features and benefits, users can visit Memereums website.
Presale Performance
The Memereum team is optimistic about the potential for Memereum to achieve a high return on investment, driven by strong fundamentals, innovative technology, and growing market demand for secure and scalable blockchain solutions. The team sees the sale of over 21 million tokens as a reflection of the strong interest and confidence from Memereums community.
Users can join Memereums presale here.
We are thrilled to highlight the ongoing success of the Memereum presale, which has attracted significant interest from investors worldwide. Our team has developed a product that not only enhances security but also offers extensive utility for various blockchain applications, said Oliver Sanchez, CEO of Memereum. With over 21 million tokens already sold, the presale presents a unique opportunity for early investors to potentially realize significant returns. We are confident in Memereums ability to drive innovation in the cryptocurrency space.
Memereum is a groundbreaking Binance Smart Chain token at the forefront of blockchain technology, dedicated to developing innovative solutions that harness the power of blockchain to solve real-world problems. With a team of experienced professionals and a commitment to excellence, Memereum aims to lead the way in the cryptocurrency and blockchain industry.
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In addition to its groundbreaking blockchain insurance cryptocurrency, Memereum introduces MemeSwap, the first decentralized exchange with automatic insurance coverage. MemeSwap offers users added security and confidence in their transactions, further enhancing the Memereum ecosystem.
For more information, users can visit Memereums website.
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Is BNB Price Move To $1,000 Programmed? Bulls Pumping On Binance Launchpool Success – 99Bitcoins
Posted: at 2:48 am
BNB price is on the cusp of breaking above $700, printing new all-time highs. Binance launchpools, analysts claim, are behind the rise of the Binance Smart Chain heres whats going on.
Bitcoin, Ethereum, and Solana have dominated headlines primarily because of their impressive performance.
The launch of spot Bitcoin ETFs drove most altcoins to all-time highs, and Binance Coin (BNB) benefited. However, after that, attention fizzled as analysts focused on ETH and SOL.
This is fast changing, and in the top 5, BNB has been overly resilient despite the drama surrounding Binance and its executives, mostly the resignation of Changpeng Zhao, the founder, back in November 2023.
There are many metrics to measure this impressive performance, but analysts often choose to look at price.
As Artemis data shared by one analyst reveals, BNB has undoubtedly been one of the top performers this year despite on-chain activity dropping.
(Artemis)
To put this into perspective, BNB is now the fourth most valuable coin after BTC, ETH, and USDT, commanding a market cap of over $93 billion.
Over the last year alone, analysts note that BNB has spiked by over 180%, rising from around $250 to over $625. If anything, the coin is at the cusp of breaking all-time highs at spot rates, highlighting just how resilient and rewarding for HODLers BNB has been.
In a post on X, one analyst said the spike in valuation is due to a surge in retail demand stemming from Binances popular offerings like Launchpools.
Launchpools are a kind of fundraising where Binance vets and allows Binance Smart Chain projects to raise capital from its user base. However, there is a catch: interested investors must hold BNB to have exclusive access to these token offerings.
Since BNB is at the backbone of the broader Binance ecosystem, including in the exchange and the BNB Chain, its utility further bolsters prices.
DISCOVER: What Are The Best Penny Crypto to Buy in June 2024
At current price levels, BNB is tantalizingly close to breaching 2021 highs of $700. The coin is on the cusp of breaking above the rising wedge, the bull flag. It is diverging from the middle BB, which points to high volatility.
(BNBUSDT)
Notably, BNB is pushing higher in early June after over five weeks of sideways movement, mirroring the general performance seen in Bitcoin and Ethereum.
That BNB is shaking off FUD, especially in H2 2023, following the arrest and subsequent imprisonment of Zhao, coupled with the success of Launchpool offerings, investors continue to bank heavily on even more gains in the days and weeks ahead.
Nonetheless, going forward, the upcoming Markets in Crypto Assets (MiCA) regulations in Europe pose a potential challenge, especially to Launchpool investors.
While Binance has assured users that they wont delist unauthorized stablecoins from spot trading, European clients will have restricted access to Binance products, mostly Launchpool and Earn.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Is BNB Price Move To $1,000 Programmed? Bulls Pumping On Binance Launchpool Success - 99Bitcoins