Aurelia Butler

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  • 125 Shares139 Views

    in Cryptocurrency

    Ancient Bitcoin Whales Register 223% Profit One Day Prior Halving

    On the one hand, it might seem that ancient whales holding a large amount of Bitcoin with such profits poses the risk that they will want to go to cache sooner. However, it is likely that it is the short-term holders who pose the greater risk, given that their unrealized gains on short-term BTC holdings have fallen to almost zero. This reduces the incentive for further selling.Probably the best case for further market clearing in the run-up to and during the halving is if the BTC price falls even lower and this led to panic selling at a loss and numerous liquidations of short-term holders. At the same time, long-term holders continue to hold and record at least triple-digit gains and are hardly worried about how the Bitcoin halving will affect the price here and now.However, amid this backdrop of uncertainty, long-term holders remain resolute, fortified by their substantial gains and a steadfast belief in Bitcoin’s underlying value proposition.As the crypto community braces for the impending major event, all eyes are on the ancient whales and their profits. Will they opt to capitalize on their gains, potentially triggering market turbulence? Or will their commitment to long-term holding strategies prevail, anchoring Bitcoin amid the volatility?This article was originally published on U.Today More

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    in Cryptocurrency

    Tether debuts on The Open Network integrated with Telegram

    Fintech firm Ramp Network, a crypto infrastructure provider, will support the purchasing and withdrawal of USDT on TON.At launch, exchanges and built-in on-ramps such as bank transfers, card payments, and peer-to-peer transactions will be available to make it easy for users to get into crypto on TON and Telegram. Soon, off-ramps will be introduced to allow for global entry and exit from the crypto market.USDT isn’t new to the Telegram ecosystem though; the world’s largest stablecoin has been around since at least 2023 as one of the default options in a third-party custodial wallet for Telegram users. With the latest update, TON-based USDT will become an additional option, while USDT on the Tron network (TRC-20) will continue to be available. The move integrates USDT directly into the popular messaging app and leverages Telegram’s extensive user base to expand the stablecoin’s accessibility.USDT is pegged 1-to-1 with the US dollar and is backed by massive reserves that sets it apart from more volatile cryptocurrencies. The coin plays a crucial role in a variety of crypto transactions, such as trading, daily exchanges, and remittances. Tether boasts a daily transaction volume of over $85 billion and holds a market capitalization of around $106 billion.“We’re excited to bring USDT to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system,” said Tether CEO Paolo Ardoino. “The launch of USDT on TON will allow seamless value transfer globally in a simple experience that can match even the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space,” added Paolo.The TON-based Wallet integrated into Telegram allows users to make free transfers to contacts around the world. This functionality aligns closely with the original vision of creating a peer-to-peer electronic cash system that operates without the need for intermediaries.Originally launched by Telegram, TON has evolved into an independent entity after Telegram scaled back its direct involvement due to regulatory challenges. The platform’s activity has skyrocketed, with monthly active addresses jumping from fewer than 100,000 to over 1.7 million in just six months. Despite these advances, toncoin’s price took a 15% hit earlier today after the announcement, though it’s still up 7% over the last 24 hours and has tripled in value this year, hitting a market cap of nearly $25 billion. More

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    in Economy

    The radical repricing of US interest rates

    Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.It was quite the turnaround. At the end of last year, futures markets had priced in six interest rate cuts for the US in 2024. As stubborn inflation data kept coming in over the first quarter, traders began to slowly align with the US Federal Reserve’s forecast for just three. But, over the past two weeks, those still expecting several cuts this year have started to look like stubborn contrarians. A third above-expectation reading for US consumer price index inflation in March was the final straw. Traders repriced to between one and two rate cuts this year — although zero is an increasingly popular punt too. The moves forced Fed chair Jay Powell into a volte-face on Tuesday. He admitted that rates may need to stay higher to tame inflation. Just a few months earlier, he had struck a more sanguine note that cuts were coming into view. What does the shift mean for the economy?Financial markets remain vulnerable to higher futures pricing. After over-optimistically betting on six quarter-point cuts, investors dived into equities and other riskier assets. The S&P 500 rose about 15 per cent in the four months to April. But stocks have started falling as the updated rate narrative has burst traders’ bubbles. It also means concerns throughout this rate-raising cycle — such as unrealised losses on balance sheets, high real estate debt and hidden leverage in private capital markets — have not gone away. For now, the broad impact on households and business could be muted. Both have largely locked in lower fixed rates, explaining some of the resilience in the US economy. At the end of 2023, about 70 per cent of mortgage holders had rates more than 3 percentage points below the market rate. But those taking out new loans and with hefty credit card balances will be even more strained. Delinquencies are edging up. The stark shift in rate expectations has policy implications outside the US too, having led to a jump in the dollar. For the European Central Bank and the Bank of England, which recently signalled that they could cut policy rates before the Fed, the relative decline in the euro and pound — which adds to inflationary pressures — complicates their considerations. Asian currencies also suffered a sharp sell-off, with the yen dropping to its weakest since 1990. Markets are on high alert for possible currency interventions by the authorities in Japan and South Korea.This leaves Powell in a pickle. Annual US core inflation is practically the same as it was in December. Yet it is not patently clear that the disinflation process has ended either. Price pressures today come from a narrower bundle of items — including housing and insurance. Signs of a cooling labour market point to an easing in sticky services inflation. Holding rates for too long could turn the cracks in America’s sturdy economy into a chasm. Narratives matter as much as the actual economics, however. After drumming home that the Fed will be “data-dependent”, the bar to convince markets that rate cuts are warranted will be high. Powell could make clearer what data the Fed is focusing on, and outline its thinking on medium-term trends; with that anchor, markets might start to look through the bumpy monthly inflation figures. But if the Fed itself is not clear on the direction of travel, more transparency can do more harm than good.Israel’s retaliatory strikes on Iran overnight underscore how the economic outlook continues to be blurred by geopolitics. In uncertain times, investors are best advised to be cautious. But markets also look to the Fed for guidance. Powell has the thankless task of trying to communicate convincingly amid uncertainty. His tone, choice of words, and each inflationary subcomponent will be scrutinised until a believable economic story emerges. Volatility is here to stay. Interest rate narratives have switched once; they could switch again. More

  • 163 Shares199 Views

    in Cryptocurrency

    Bitcoin Price Alert: Veteran Trader Peter Brandt Hints at Major BTC Move Ahead

    In a chart presented, Brandt identified a recurring pattern in Bitcoin’s market behavior, which he breaks down into three phases: 1. Hump-Slump, 2. Bump-Rump, 3. Pump-Dump. This whimsical yet insightful characterization captures the cyclical nature of Bitcoin price movements.While the current cycle has completed the two phases of hump-slump and bump-rump, the third phase remains ongoing with the dump part fulfilled, which leaves the “pump” part unfulfilled as of yet. Brandt’s hint comes at a time when the cryptocurrency market is experiencing increased volatility and uncertainty, with Bitcoin seeing price drops. The potential of a major price move, as suggested by Brandt, adds to the intrigue regarding Bitcoin’s price trajectory. Further adding to the intrigue is the upcoming Bitcoin halving event, a phenomenon that historically impacts the price of Bitcoin. Halving reduces the reward for mining new blocks, effectively decreasing the rate at which new Bitcoins are created. This event has previously led to increased demand and a subsequent price rise, aligning with Brandt’s suggestion of a major move ahead.With just hours to go, analysts from JPMorgan Chase (NYSE:JPM) and Deutsche Bank believe that halving, which has long been touted as a major bullish factor for the BTC price, has already been priced in. JPMorgan analysts stated in a note dated Thursday that the biggest impact will be on Bitcoin mining rather than its price.While the outcome of Brandt’s hint is eagerly awaited, the exact timing and magnitude of the anticipated move remain unclear. Traders and investors, however, are closely monitoring the market for further indicators that could suggest Bitcoin’s next move. Bitcoin recovered after falling sharply to intraday lows of $59,573. At the time of writing, Bitcoin was up 5.13% in the last 24 hours to $64,641 as selling by traders seemed to ease.This article was originally published on U.Today More

  • 100 Shares159 Views

    in Cryptocurrency

    Bitcoin having is a ‘price non-event’ – expert

    In the lead-up to the event, implied volatility for the original cryptocurrency has increased, indicating that there might be more price turbulence around this quadrennial event. However, deVere CEO is advising against placing bullish bets on this volatility as the price swings might not necessarily translate into profitable outcomes. Green believes that Bitcoin’s impending reward halving, slated for today or tomorrow, is unlikely to cause a volatility explosion and its impact on price will be minimal.”While the haliving is a pivotal moment in the cryptocurrency world, it likely won’t significantly affect Bitcoin’s value immediately. Much of the positive economic impact was likely priced in months ago when investors, traders, and speculators anticipated the event, which drove the price to new all-time highs last month,” Green explained.Bitcoin reached a record-breaking $75,830 on March 14, 2024, ahead of the halving. However, Green suggests that the true value of the halving will only become apparent over a longer term: “The reduction in new supply enhances Bitcoin’s scarcity, reinforcing its status as a store of value. This narrative will likely have a more profound influence on Bitcoin’s price trends and investor sentiment over time than the immediate effects of the halving.” The effects of Bitcoin’s reward halving on its native cryptocurrency are well-documented. Historically, Bitcoin tends to hit impressive rallies about 12 to 18 months after each halving. Following the first haliving in November 2012, Bitcoin’s price increased by 9,500% over the next 367 days. Similarly, the 2016 halving resulted in a 3,040% rise over 562 days, and the 2020 event saw an 802% increase over 1,403 days.Green also warns of short-term volatility as there might be a temporary sell-off as some investors might follow a ‘sell the news’ strategy, taking profits immediately after the halving.”The Bitcoin halving remains a landmark event in the digital asset space, but the day itself may not live up to the hype in terms of immediate price action. However, its significance in driving long-term value for Bitcoin should not be underestimated,” Green concluded. More

  • 100 Shares159 Views

    in Cryptocurrency

    Bitcoin halving is a ‘price non-event’ – expert

    In the lead-up to the event, implied volatility for the original cryptocurrency has increased, indicating that there might be more price turbulence around this quadrennial event. However, deVere CEO is advising against placing bullish bets on this volatility as the price swings might not necessarily translate into profitable outcomes. Green believes that Bitcoin’s impending reward halving, slated for today or tomorrow, is unlikely to cause a volatility explosion and its impact on price will be minimal.”While the haliving is a pivotal moment in the cryptocurrency world, it likely won’t significantly affect Bitcoin’s value immediately. Much of the positive economic impact was likely priced in months ago when investors, traders, and speculators anticipated the event, which drove the price to new all-time highs last month,” Green explained.Bitcoin reached a record-breaking $75,830 on March 14, 2024, ahead of the halving. However, Green suggests that the true value of the halving will only become apparent over a longer term: “The reduction in new supply enhances Bitcoin’s scarcity, reinforcing its status as a store of value. This narrative will likely have a more profound influence on Bitcoin’s price trends and investor sentiment over time than the immediate effects of the halving.” The effects of Bitcoin’s reward halving on its native cryptocurrency are well-documented. Historically, Bitcoin tends to hit impressive rallies about 12 to 18 months after each halving. Following the first haliving in November 2012, Bitcoin’s price increased by 9,500% over the next 367 days. Similarly, the 2016 halving resulted in a 3,040% rise over 562 days, and the 2020 event saw an 802% increase over 1,403 days.Green also warns of short-term volatility as there might be a temporary sell-off as some investors might follow a ‘sell the news’ strategy, taking profits immediately after the halving.”The Bitcoin halving remains a landmark event in the digital asset space, but the day itself may not live up to the hype in terms of immediate price action. However, its significance in driving long-term value for Bitcoin should not be underestimated,” Green concluded. More

  • 113 Shares189 Views

    in Economy

    Strong US consumer demand lifts P&G annual profit forecast

    (Reuters) -Procter & Gamble raised its annual profit forecast as commodity costs fall and consumers, particularly in the United States and Europe, keep buying its pricy Tide detergent and Dawn dish soap. P&G’s high-end SK-II skincare line, a top seller in China, saw lower sales again due to weaker consumer spending along with customers shunning it due to environmental concerns. Chief Financial Officer Andre Schulten said the company has “reached the bottom of the trend” in China with SK-II, which sells for around $100 a bottle.Volumes grew around 3% in its top market, the United States, Schulten said on a media call. He said consumers were not switching from P&G’s products to non-branded products.”The consumer is not trading down,” Schulten said.Don Nesbitt, senior portfolio manager at P&G investor ZCM, however, said cost-conscious consumers were turning to value-based products.”I think the top line is disappointing,” Nesbitt said. As raw material prices come down from the peaks seen during the pandemic, global consumer goods companies are benefiting from lower production costs.P&G said it now expects a benefit of about $900 million after-tax from favorable commodity costs for its fiscal year 2024, which ends in June, compared with its earlier forecast of an $800 million benefit. The consumer goods giant sees core earnings per share to rise between 10% and 11% in this fiscal year, above its prior forecast of 8% to 9% growth.Excluding items, P&G earned $1.52 per share topping estimates of $1.41 per share.Still, third-quarter net sales rose to $20.20 billion from $20.07 billion a year earlier, but fell short of analysts’ average expectation of $20.41 billion, according to LSEG data.Shares of the company were down about 2% in premarket trading.The focus is now also shifting to the company’s ability to increase volumes as the benefits from price hikes to sales growth are waning. P&G reported overall flat volumes in the third quarter, while average prices across its product categories rose 3%.Schulten added that P&G is not increasing prices further and volumes are sequentially increasing “which is exactly what we would want to see.” More