Aurelia Butler

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  • 163 Shares149 Views

    in Cryptocurrency

    Hype Around Meme Coins May Be Dwindling as Many Dip into the Red

    The total market cap for meme coins was around $17.47 billion at press time according to CoinMarketCap, after it increased 0.89% in the previous 24 hours. During this period, however, several meme coins saw their daily and weekly performances dip into the red. This could be an early indication of the meme coin hype in the crypto market coming to an end.In conjunction with the recent losses realized by many meme coins, the total trading volume for the meme coin market had dwindled over the past 24 hours. As a result, the figure stood at $1,450,997,430, which was a 42.25% decrease in the last day.The largest meme coin by market cap, Dogecoin (DOGE), was trading at $0.07298. Although this was the product of a 24-hour gain, its weekly performance was in the red at -6.88%. Next, Shiba Inu (SHIB), displayed similar price movement. It was also able to print a 24-hour gain, but was unable to recover from its negative weekly performance of -10.56%.One meme coin that has been all the hype in the past week, Pepe (PEPE), seemed to be showing signs of its community’s enthusiasm simmering to a halt. At press time, its price stood at $0.000001931. The crypto had also weakened against Bitcoin (BTC) and Ethereum (ETH) during this period by 1.10% and 0.90% respectively.4-hour chart for PEPE/USDT (Source: TradingView)In addition, the crypto had printed a 24-hour loss of 4.89%. Nevertheless, the momentum of last week’s hype was able to keep PEPE’s weekly performance in the green at a remarkable +81.38%. This was also the best weekly performance by any project in the top 10 list of the biggest meme coins by market cap.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Hype Around Meme Coins May Be Dwindling as Many Dip into the Red appeared first on Coin Edition.See original on CoinEdition More

  • 100 Shares139 Views

    in Cryptocurrency

    Grayscale Introduces Funding Project to Manage Financial Products

    Grayscale Investments, the leading investment management company, announced on May 9 the launch of the Grayscale Funds Trust, the company’s new arm focused on managing its publicly traded financial products. The funding project is a “Delaware statutory trust structure” that would allow Grayscale to independently manage its funds as the firm continues to build out its ETF franchise.Grayscale CEO Michael Sonnenshein asserted that the company’s new move illustrates its dedication and responsibility, adding:Grayscale Investments publicized its “Registration Statement” that the platform filed with the US Securities and Exchange Commission (SEC). The investment management put forward the statement for the approval of three crypto-focused exchange-traded funds, including the Ethereum Futures ETF, the Global Bitcoin Composite ETF, and a Privacy ETF.The Ethereum Futures ETF would extract securities from Ethereum futures contracts while the Global Bitcoin Composite ETF derives the securities from BTC mining companies. The Privacy ETF would focus on tracking the Indxx Privacy Index, which includes the company’s Zcash trust.The company’s Global Head, David LaValle shared his enthusiasm for building the ETF franchise. He quoted:There exists an unsettled battle between Grayscale and the SEC, rooted in the conversion of the $17 billion Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF product. As pointed out by Grayscale’s Legal Officer Craig Salm, the SEC has been partial in denying the company’s application while approving a number of Bitcoin Futures ETFs.The post Grayscale Introduces Funding Project to Manage Financial Products appeared first on Coin Edition.See original on CoinEdition More

  • 138 Shares189 Views

    in Cryptocurrency

    Ethereum validators earn a record $46M as staking rewards rate surges

    The recent trading craze of a new memecoin called Pepe (PEPE) is the reason behind the increased rewards for validators. In the past week, the average fees on the Ethereum network have exceeded 100 gwei, marking the highest level since May 2022. As gas fees increase, end users pay over $30 per swap, resulting in higher fee income for validators from processing transactions and the regular validator rewards.Continue Reading on Coin Telegraph More

  • 175 Shares189 Views

    in Economy

    Traders see stronger case for an end to Fed rate hikes after CPI data

    The case for the Federal Reserve ending its interest-rate hike campaign got a little stronger on Wednesday after a government report showed U.S. consumer inflation rose a touch less than expected in April, a sign of progress in the Fed’s fight against price pressures.Futures tied to the Fed’s policy rate rose after the Labor Department report, and now reflect a nearly 90% chance of the Fed leaving rates at their current 5%-5.25% in June. Traders had priced in about an 80% chance of a June pause just before the report. More

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    in Economy

    US inflation eased to 4.9% in April as Fed tightening takes effect

    US inflation was slightly weaker than forecast in April, in a positive sign that the Federal Reserve’s cycle of interest rate rises is bringing price rises under control.Consumer price inflation dipped to an annual rate of 4.9 per cent, its lowest level since April 2021. Economists had expected it to remain steady at 5 per cent.Core inflation, which strips out volatile energy and food prices, dropped slightly to 5.5 per cent year on year, in line with forecasts. On a monthly basis, the headline CPI index rose 0.4 per cent, while the core number rose by the same amount.

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    The pace of price increases has slowed substantially from the 40-year highs of last summer, leading Fed chair Jay Powell to declare last week that “we’re getting close or maybe even [finished]” with interest rate rises. The central bank’s benchmark rate has risen from close to zero at the beginning of last year to a range of 5 per cent to 5.25 per cent.The two-year Treasury yield, which closely tracks rate expectations, fell to session lows immediately after the data were released, as investors grew more confident that the Fed would not need to make further rate rises.Investors have for some time bet that a pause of the Fed’s campaign to lower inflation would be swiftly followed by a string of rate cuts, despite caution from Fed officials. The central bank has warned the recent banking turmoil could result in a credit crunch that would slow the economy and have a similar effect to further rate tightening.However, several recent data releases have highlighted the ongoing strength of inflationary pressures, and Powell last week signalled it would not be appropriate to cut rates if prices are slow to recede. Jobs figures released last Friday showed the labour market — a key driver of inflation — remained hotter than expected, while an alternative measure of core inflation also came in stronger than forecasts late last month.Futures markets suggest investors have dialled back their expectations for how quickly the Fed will pivot to rate cuts since the jobs data, but still see a strong likelihood of cuts by the end of the year.Although Wednesday’s figures will be closely scrutinised for clues on the inflation trajectory, NatWest Markets’ Kevin Cummins noted before the release that “the April data will not be definitive” for deciding the Fed’s next steps, as another month of CPI data will be published shortly before its next policy meeting.In the meantime, investors and policymakers will also be paying attention to updated figures on producer price inflation to be published on Thursday, and consumer inflation expectations on Friday. More

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    in Cryptocurrency

    Soluna Holdingsэ Project Dorothy 1A Reaches 25 MW Capacity with New Strategic Hosting Deal

    John Belizaire, CEO of Soluna Holdings, commented, “With the addition of our new strategic hosting client, we have successfully filled Project Dorothy 1A to its 25 MW capacity with long-term partners. As we ramp up operations in the coming weeks, we will show at scale the capabilities of our data centers co-located with a wind farm to advance the industry in a sustainable fashion.”The 20 MW hosting deal is a two-year agreement at Soluna’s Project Dorothy, which is co-located with a renewable energy power plant.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.About Soluna Holdings, Inc (SLNH)Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI, and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005570/en/Sam SovaFounder and [email protected]: Soluna Holdings, Inc. More

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    in Economy

    Analysis-Pakistan’s deepening political crisis douses hopes for IMF relief

    LONDON/KARACHI (Reuters) – The political crisis engulfing Pakistan is eroding hopes that the South Asian country can get its much needed programme with the International Monetary Fund back on track soon and escape a full-blown debt crunch, analysts said. Violent clashes between supporters of Imran Khan and police broke out across the country after Pakistan’s anti-corruption agency arrested the former prime minister on Tuesday. The latest rupture in Pakistan’s febrile politics comes as the 230-million-population nation prepares to hold tightly fought elections in the autumn while facing its worst economic crisis in decades, with dwindling reserves and a stalled $6.5 billion IMF programme that is expiring in June and scarce other financing sources in sight. “With protesters on the streets, the IMF will be even more wary about restarting the loan deal,” said Gareth Leather, senior economist for Emerging Asia at Capital Economics.The turmoil since Khan was ousted just over a year ago has scarred the country’s economy and markets. Pakistan’s rupee has lost nearly 50% over the past 12 months. The main stock index has suffered a double-digit decline over the same period. On Wednesday, the rupee tumbled to a fresh record low of 289.5 to the dollar. The country’s international bonds, already in deeply distressed territory of as little as 32 cents, dropped more than 1 cent in the dollar on the day. JPMorgan (NYSE:JPM) analyst Milo Gunasinghe said little relief from political uncertainty was in sight while the IMF programme remained stalled. “The latest developments likely dampen any prospect of a political breakthrough across both sides,” Milo said.The bank recently lowered its 2023 growth forecast for the country from 1.3% to 0.1% and warned of “stagflation shock” due to delays in the IMF talks, while the central bank hiked its key interest rate to a record 21% to fight double-digit inflation. The nuclear-armed nation faces the risk of a default unless it receives massive support. The gross public debt-to-GDP ratio stands at 73.5%, according to government data as of December. Foreign exchange reserves at $4.457 billion cover barely a month’s worth of imports.”The IMF has the capacity and the flexibility to help member counties in a variety of political circumstances,” said Reza Baqir, former central bank governor of Pakistan and global head of sovereign advisory services at Alvarez and Marsal. “It is usually up to the country to present a credible plan of policies and financing that, in the face of political uncertainty, will credibly address the members’ balance of payment problems.”The armed forces remain Pakistan’s most powerful institution, having ruled directly for close to half the country’s 75-year history through three coups.Hasnain Malik, head of equity research at London-based Tellimer, added that unless martial law was imposed, there was no reason for the IMF to suspend discussions. “However, instances of violence likely justify a postponement in the election and make credibly committing to painful fiscal cuts even harder,” he said. More

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    in Cryptocurrency

    Altcoin Market Approaching Buying Opportunity, Says Crypto Trader

    The well-known crypto trader and analyst Michael van de Poppe took to Twitter yesterday to share some of his thoughts on the altcoin market. According to the trader, altcoin buying opportunities may soon show themselves as altcoin dominance is approaching a low last seen in 2019.Market cap others dominance (Source: Twitter)Poppe also believes that now could be a good time to start accumulating altcoins. The post was concluded by him mentioning that it could be a good idea for traders to later sell the accumulated altcoins in a year or two.Looking at some of the comments on Poppe’s post, it seems like most of the crypto community was inclined to agree with the trader’s theory that altcoin buying opportunities will soon begin to emerge. Some commenters also went as far as to say that altcoins only have one direction to move in for the next few weeks: down.CoinMarketCap indicated that at press time, Bitcoin’s (BTC) dominance stood at 46.91%, which was a 0.01% increase throughout the past day. The market tracking website also indicated that almost all of the top 10 altcoins, excluding XRP and Dogecoin (DOGE), were trading in the red.The altcoin leader, Ethereum (ETH), was trading hands at $1,840.54 after a 24-hour loss of 0.29%. ETH’s weekly performance was pushed even further into the red because of this. Consequently, ETH was down 1.35% over the past seven days.Meanwhile, some of the biggest losers in the top 10 over the last 24 hours were Polygon (MATIC) and Cardano (ADA). These altcoins experienced losses of 1.97% and 0.59% respectively.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Altcoin Market Approaching Buying Opportunity, Says Crypto Trader appeared first on Coin Edition.See original on CoinEdition More