Aurelia Butler

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    in Cryptocurrency

    Bitcoin price today: climbs near $72k as investors await payrolls data

    Bitcoin rose 1% in the past 24 hours to $71,878.6 by 08:22 ET (12:22 GMT). The token was set to add over 5% this week after it broke out of a $60,000 to $70,000 trading range established since mid-March. Bitcoin and broader crypto prices were boosted by growing expectations that the Fed will begin cutting interest rates by September. A slew of weak U.S. economic readings supported this notion, as traders bet that a cooling U.S. economy will give the Fed more confidence to loosen monetary policy. The dollar tumbled this week, also benefiting risk-driven assets. The readings came ahead of key nonfarm payrolls data, which is due later on Friday and is expected to offer more definitive cues on the labor market and interest rates. Looser monetary conditions bode well for risk-heavy, speculative assets such as cryptocurrencies, given that they free up more capital that can be then directed towards speculative plays into crypto.Bitcoin was trading less than $3,000 below a record high, as expectations of lower rates spurred a heavy dose of institutional capital flows into exchange-traded funds linked to the cryptocurrency. Hype over the approval of spot Bitcoin ETFs for U.S. markets was a key factor behind the cryptocurrency’s run to record highs earlier this year. Analysts said that the prospect of lower rates could spark another record high rally for the token in the near-term. Bitcoin could be on the verge of climbing to $83,000 as it completes a significant bullish pattern on the daily chart, according to technical analysis at 10x Research.A move above $72,000 would confirm a breakout from an inverted head-and-shoulders pattern, which features three price troughs, with the middle one being the deepest.”It is only a matter of time until bitcoin makes a new all-time high,” said 10x Research analysts in a note seen by Coindesk.“The head-and-shoulders formation suggests a rally towards 83,000 soon, with the resistance line likely broken within the next few days. The ideal time for this resistance to break is either today, Friday, June 7, or next week, Wednesday, June 12,” they added.According to technical analysis principles, the inverted head-and-shoulders pattern typically appears after a downtrend and signals an upward trend reversal following a breakout. This pattern is uncommon in an already upward-trending market, signaling a bullish continuation.The breakout above $72,000 in part depends on the non-farm payrolls report.Among broader crypto markets, major altcoins also kept to a tight trading range on Friday, in anticipation of more cues on U.S. rates.But most tokens were set for some weekly gains, amid expectations of lower rates and as optimism over a spot Ether ETF persisted. World no.2 token Ether fell 0.35% to $3,831.72 and was trading nearly flat for the week.Altcoins XRP, SOL and ADA saw minor gains, while ADA added 5.5% on Friday.Among memetokens, SHIB and DOGE fell more than 1% each. More

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    in Economy

    Indian PM Modi’s coalition presents claim to form new government

    NEW DELHI (Reuters) -Indian Prime Minister Narendra Modi’s National Democratic Alliance formally presented its claim on Friday to form a government, as Modi promised that his new coalition of 15 parties would strive for unanimity and emerge successful.NDA leaders met President Droupadi Murmu and submitted the claim of the alliance, led by Modi’s Bharatiya Janata Party, to run the world’s most populous nation for the next five years, TV channels and a source in the President’s office said.Murmu was expected to formally invite Modi to form a government later on Friday and the swearing-in would be set for Sunday evening, they said, making him prime minister for a historic third consecutive term.It is the first time in a decade that the BJP – which won majorities outright in 2014 and 2019 – has needed the support of regional parties to form the government, a shift that initially spooked markets and worries analysts about policy certainty and fiscal discipline.”It is my good fortune that all of you from NDA have chosen me to lead,” Modi said after NDA lawmakers voted unanimously for him to become the leader at the alliance’s first meeting after the June 4 vote count and declaration of results.”No alliance has ever been as successful as the NDA,” he said, after lawmakers and senior leaders thumped tables and applauded, with some standing and chanting “Modi, Modi!” in the central hall of the old parliament building. “We have won the majority… but to run the country it is unanimity that is crucial…we will strive for unanimity,” he said, in an sign of the change in style coalition government may force on a leader used to ruling with a strong hand.The new government would, among others, focus on raising savings of the middle class and improve the quality of their lives as the “middle class is the driving force of the country”, Modi added.NDA LEADERS VOW TO STICK AROUNDKey NDA leaders – whose support has wavered in the past as they hopped in and out of alliances – praised Modi and expressed confidence in his leadership.”I am confident that whatever is left he will now complete it. We will be with him at every step,” said Nitish Kumar, chief minister of the eastern state of Bihar whose Janata Dal (United) party is the third largest in the NDA with 12 lawmakers. Indian media said both Kumar’s party and the Telugu Desam Party, the second largest with 16 lawmakers, are eyeing the post of the speaker in the lower house, while BJP itself is expected to retain four key ministries – foreign affairs, defence, home and finance. The Janata Dal (United) also wants the new government to review a military recruitment system introduced in 2022 under which young men and women are enlisted for a four-year tenure at non-officer ranks, with only a quarter retained for longer periods.Previously, soldiers were recruited by the army, navy and air force separately and typically entered service for up to 17 years for the lowest ranks.The shorter tenure caused concern among potential recruits and led to riots in some parts of the country as it was seen as hurting employment prospects.A lack of jobs, besides rising prices and falling incomes, were key issues in the election and led voters to rein in support for Modi, according to a post-election survey. The coalition negotiations are a throwback to an era before 2014, when Modi swept to power with an outright majority for his BJP. More

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    in Economy

    Global equity funds rack up robust weekly inflows on rate cut bets

    Investors pumped in a net $8.9 billion into global equity funds during the week, in contrast to about $4.4 billion worth of net withdrawals a week ago, data from LSEG showed. This week, the European Central Bank and Bank of Canada cut their interest rates, boosting global stocks to record highs. Investors are now waiting for the U.S. Federal Reserve’s meeting scheduled for next week for insights about the potential rate cuts this year. Boosting investor sentiment, Treasury yields slid. The yield on benchmark U.S. 10-year notes hit a two-month low of 4.275% on Wednesday.European equity funds saw $3.2 billion worth of net buying, marking the sixth weekly inflow in a row. Asian and U.S. equity funds, meanwhile, witnessed about $3.09 billion and $2.29 billion worth of net purchases.Among sectoral funds, utilities received a robust $996 million, the biggest since May 2022. Metals & mining, and financials also added $459 million and $424 million, respectively.Simultaneously, global bond funds drew roughly $14.56 billion, the largest amount in a week since March 5.Global short-term bond funds led the way, gaining about $2.09 billion worth of inflows in a fifth straight week of net buying. Global government, and high-yield bond funds, meanwhile, secured about $1.6 billion each in inflows.At the same time, money market funds observed about $61.2 billion worth of inflows, the largest weekly net purchase since April 3.In the commodities segment, investors bought about $420 million worth of precious metal funds following a $608 million worth of weekly net selling. Energy funds also witnessed about $160 million worth of net purchases, the first in five weeks.Data covering 29,547 emerging market funds showed equity funds gained inflows for a fifth successive week, valued at about $861 million on a net basis. Bond funds, meanwhile, saw $769 million worth of net purchases. More

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    in Cryptocurrency

    DeFi.Gold and Babylonchain form a Strategic Alliance to Enable Bitcoin Staking and Yield on Other Blockchains

    DeFi.Gold, a leading decentralized exchange (DEX) and NFT marketplace on the Bitcoin blockchain, announces a strategic alliance with Babylonchain. This integration, available by Q4 2024, will allow DeFi.Gold users to stake Bitcoin (BTC) and earn native yields on other blockchains supported by Babylon, directly on the DeFi.Gold DEX.This integration allows users to benefit from DeFi.Gold’s scalability and efficiency while earning altcoin yields, opening new avenues for producing yields and enhancing ecosystem security.”We are thrilled to join forces with Babylon. This integration enhances our platform’s capabilities, offering our users new opportunities for participating in staking yields on many networks with BTC while contributing to their network security.” – Mona Coyle, CEO of DG Labs Ltd. The platform integrates with major Bitcoin web wallets and supports Lightning Network transactions for fast, low-cost operations. DGOLD, the governance token, empowers community-led decisions, driving innovation in decentralized finance on the Bitcoin blockchain.Babylon’s mission is to scale Bitcoin to secure the decentralized world. To achieve this, Babylon utilizes the three primary facets of Bitcoin: its asset, its reliable timestamping service, and its most censorship-resistant blockspace in the world. To leverage these facets, Babylon is developing three innovative security-sharing protocols: Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol. Through these pioneering protocols, Babylon envisions a more secure and decentralized future.Email: [email protected]: www.defi.goldX: https://x.com/TeamDefiGoldFor Babylonchain:Email:[email protected]: www.babylonchain.ioX: https://x.com/babylon_chainThis press release contains forward-looking statements based on current management expectations. These statements are not guarantees of future performance and involve risks and uncertainties. DeFi.Gold assumes no obligation to update these statements.ContactCEOMona [email protected] article was originally published on Chainwire More

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    in Cryptocurrency

    BEVM Visionary Builders (BVB) Program Launches a 60 Million Ecosystem Incentives Program

    BEVM has announced a new incentive program, the BEVM Visionary Builders (BVB), following its recent partnership with Binance wallet for an airdrop event.Introduction to BEVM Visionary BuildersLaunched by BEVM, the “Visionary Builders” ecosystem incentive program aims to promote the development of 17 tracks, including DEXs, lending, stablecoins, and more. Through community participation and multi-dimensional evaluation, the program will provide rewards totaling $60 million to outstanding projects and users.The program also introduces an on-chain community voting mechanism. Participating project teams can demonstrate their active user base through on-chain voting, which is a crucial dimension for project evaluation. Users participating in on-chain voting will not only receive airdrops of ORDINALS•RUNE but also BEVM tokens.Currently, the Visionary Builders program is open for applications. Interested project teams can fill out the form in the Ecosystem section of the BEVM website or directly apply through this link: BEVM Visionary Builders Application Form The application process for the Visionary Builders program is as follows:BEVM will provide $60 million worth of assets to reward ecosystem projects and voting users participating in the BVB program. The actual value of the rewards will “rise with the tide” as BEVM develops. The distribution is planned as follows:1. Genesis BoxThe Genesis Box (GBX) is an early-stage BEVM ecosystem asset used to reward users who supported the project during the mainnet launch. Holders can open the Genesis Box to randomly earn between 500 and 1,500 ECO scores based on their on-chain activity, but the Genesis Box will be consumed upon opening. 2. Inviting UsersUsers who enter the voting page using an invitation code (the invitee) will receive a 5% score boost. For every vote the invitee casts, the inviter will earn 5% of the score. 3. VotingAfter earning scores, users can vote for their favorite protocols on the voting page. Each vote earns 100 scores, and there will be a corresponding leaderboard.Each month, BEVM will regularly announce the ecosystem projects that have earned the “Visionary Builders” title and execute the corresponding incentive plan. This transparent and fair reward mechanism ensures that every participant’s efforts are rewarded accordingly.BEVM Visionary Builders: The Engine of the Bitcoin EcosystemThe BVB program is not only an activity to vitalize the ecosystem but also a strategic move by BEVM to promote the prosperity and development of its ecosystem. This program carries profound significance, as it not only brings new opportunities for BEVM but also provides valuable insights for the entire cryptocurrency industry.In the cryptocurrency industry, technological innovation, market potential, and community engagement are crucial factors in determining a project’s success. By utilizing multi-dimensional evaluation and on-chain community voting, BEVM can not only discover and support projects with the greatest potential but also mobilize community participation. Through market potential assessment, BEVM can identify projects that truly have the potential to reshape the industry landscape and drive the prosperity of the entire ecosystem.According to current estimates, BEVM is investing $60 million worth of assets into this program, which is a massive reward rarely seen in the industry. By introducing on-chain voting and multi-dimensional evaluation mechanisms, BEVM ensures that every project and user receives rewards commensurate with their contributions.Incorporating a community voting mechanism makes BEVM’s governance more decentralized and democratic. In the cryptocurrency industry, decentralized governance is key to enhancing project transparency and credibility. Community users directly participate in project selection through voting, not only increasing their sense of involvement but also ensuring fairness and transparency.In the BVB program, BEVM will provide comprehensive technical support to the selected projects, helping them solve technical challenges and enhance their technical capabilities. Additionally, BEVM will leverage various marketing strategies to increase the visibility and influence of the selected projects. Furthermore, BEVM will collaborate with investment institutions like Bitmain, Waterdrip Capital, Satoshi Labs, and exchanges to establish an acceleration fund focused on the BEVM ecosystem, investing in outstanding projects within the ecosystem.About The Visionary Builders ProgramThe launch of the BEVM Visionary Builders program demonstrates BEVM’s determination to build a thriving ecosystem. As the program progresses, BEVM is poised to attract more outstanding projects and users to join its ecosystem, further promoting its prosperity and injecting new vitality into the expansion and application of the Bitcoin Layer 2 [email protected] article was originally published on Chainwire More

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    in Cryptocurrency

    Enormous Bitcoin Whale Adds $1 Billion in BTC Every Day: Who Is It?

    A sustained price rally for Bitcoin is anticipated given the improving conditions for the growth of its demand. Numerous reasons contribute to this demand rebound, including:Growth in large investors and permanent holders: Traders are seeing a quicker increase in the combined balances of large investors and permanent holders. The conviction among long-term holders of Bitcoin is most likely rising.$1 billion daily inflows: Every day, significant new Bitcoin investors are putting in $1 billion. This substantial investment demonstrates how prominent market participants are becoming more interested in and confident about Bitcoin.Increase in Bitcoin purchases from spot ETFs in the USA: The demand for Bitcoin has increased as a result of the USA’s spot Bitcoin ETF approval and increased activity. This new investment channel increases demand by giving investors a more convenient way to gain exposure to Bitcoin.Furthermore, traders have exhausted themselves on the market through heavy selling. The unrealized profit ratio resetting to 0% indicates that there may be less selling pressure now, signaling the start of a new phase of accumulation.Additionally, since May 20, when spot ETH ETFs were approved in the USA, Ethereum has experienced a surge in demand. Long-term Ethereum holders and major investors have both increased their ETH purchases, indicating a similar trend of growing confidence in Ethereum in addition to Bitcoin.The growth trajectory of stablecoin liquidity has not yet been restored, notwithstanding encouraging indications for both Bitcoin and Ethereum.This article was originally published on U.Today More

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    in Economy

    ECB policymakers warn against ‘autopilot’ approach to more rate cuts

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Cryptocurrency

    Bybit Clinched Crypto Exchange of the Year at NBX, The Blockchain Festival of Europe

    Bybit, one of the world’s top three crypto exchanges by volume, is proud to announce its recognition as the Crypto Exchange of the Year at the Next Block Expo (NBX), one of the biggest Web3 events in Europe. This prestigious award signifies Bybit’s unwavering commitment to innovation, security, and user experience in the dynamic crypto landscape.“Bybit’s recognition as Crypto Exchange of the Year is a testament to their exemplary leadership and innovation in the cryptocurrency space,” said Dawid Kustra, CEO & Co-Founder at Next Block Expo. “Their dedication to security, user experience, and regulatory compliance sets a high standard for the industry. We are thrilled to celebrate their achievements and look forward to witnessing their continued contributions to the Web3 ecosystem.”“Earning this recognition at NBX is a tremendous honor,” said Joan Han, Sales & Marketing Director of Bybit. “It serves as a powerful testament to the trust placed in us by our valued users and the over 30 million strong Bybit community worldwide. Your continued support fuels our passion to innovate and shape the future of crypto.”This recognition arrives at a pivotal moment for Bybit. The company recently surpassed a significant milestone, reaching 30 million registered users globally. Additionally, Bybit has further solidified its commitment to international expansion with the establishment of a new office in the Netherlands. This expansion demonstrates Bybit’s dedication to providing localized services and support, fostering trust and transparency for crypto users worldwide.Bybit: Bridging the Gap to Web3Bybit goes beyond user growth and geographical expansion. Bybit is constantly innovating to bridge the gap between Web2 and Web3, making the exciting world of Web3 accessible to all. Its vision for Web3 extends far beyond simply being the Crypto Ark. The company is committed to creating a decentralized ecosystem that’s Simpler, Open, and Equal for all.#Bybit / #TheCryptoArk /#BybitWeb3About BybitBybit is one of the world’s top three cryptocurrency exchanges by volume with 30 million users. Established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit Press. For media inquiries, please contact: [email protected] more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social [email protected] article was originally published on Chainwire More