‘Good luck bears’ — Bitcoin traders closely watch April close with BTC price at $29K
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it loitered just above $29,000 throughout the weekend.Continue Reading on Coin Telegraph More
Aurelia Butler
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French government minister: expects food price inflation to ease off by September
“By the time people come back from their holidays in September, we will have a visible decrease in the prices you see on the shelves and in terms of food price inflation,” Gregoire, who is a government minister responsible for small-and-medium sized enterprises (SMEs), told France Inter radio.Gregoire’s comments echoed those from Bank of France governor and European Central Bank member Francois Villeroy de Galhau, who said earlier this month that he expected food price inflation to start easing in the second half of this year.Data published on April 28 showed the French economy grew 0.2% in the first quarter, despite strikes against the government’s pension reform bill, but inflation remained stubbornly high.France’s headline inflation level rose to 5.9% in April from 5.7% in March. The French inflation level stood at 6.9%, as measured by a European Union-harmonised consumer price index. More
Coinbase Backs XRP Delisting With Statements by SEC Officials
According to the lawyer and digital assets enthusiast Bill Morgan, the Coinbase cryptocurrency exchange relies on the views of some senior staff of the Securities and Exchange Commission (SEC) to justify its delisting of XRP as Ether and Bitcoin continue to trade on its platform.Morgan tweeted Coinbase extracted the views it referred to from a letter written by the SEC on December 7, 2020, where it asked Coinbase to change its draft registration statement. According to him, Coinbase wants to use the extract as evidence that at least it has a fair notice defense for Bitcoin and Ethereum.Morgan further explained that the revision the SEC requested did not disturb the part of the statement Coinbase would include in the registration, which refers to comments by its top officials. Hence, Coinbase would rely on such evidence to argue a fair notice defense for at least Bitcoin and Ethereum.While explaining the situation, Morgan referenced the importance of Bitcoin and Ether trading on Coinbase as the reason the exchange would continue to defend its position. According to the lawyer, Coinbase’s draft registration statement showed that 65% of the trading on its platform in the six months up to June 2020 was Ethereum and Bitcoin.Morgan believed that even if there was a proceeding in which the SEC named Bitcoin and Ethereum as securities, there was no way Coinbase would cease trading both digital assets without being wrecked financially. Hence, XRP was easier to sacrifice in the heat of the moment.In January 2023, Coinbase exchange delisted Ripple’s XRP from its trading platform, citing low usage. The crypto exchange notified users with XRP in their balances after delisting that they could recover them via the “Coinbase Recovery Phase.” Coinbase suspended XRP trading on its platform in January 2021 amid SEC’s lawsuit against Ripple’s Lab.Morgan believes Coinbase’s recent decision to delist XRP and the ongoing decision not to relist the same are inconsistent and inconvenient.The post Coinbase Backs XRP Delisting With Statements by SEC Officials appeared first on Coin Edition.See original on CoinEdition More
- in Economy
Will the Fed deliver its tenth straight rate rise?
Will the Fed deliver its tenth straight rate rise?The Federal Reserve is widely expected to raise interest rates for the tenth policy meeting in a row on Wednesday. Investors will be watching carefully for signs that the move could be the Fed’s last in its battle to tame inflation.Consensus estimates put the Fed’s next increase at 0.25 percentage points, according to a Reuters poll, which would take rates to a range of 5 to 5.25 per cent. As recently as March last year, US borrowing costs sat close to zero.The Fed’s campaign of aggressive interest rate rises has already started to cool rapid price growth and a hot labour market. US inflation eased in March to its lowest level in almost two years, and economists polled by Reuters expect the country to have added 178,000 jobs in April when data are released on Friday — a large step-down from 236,000 a month earlier.Gross domestic product figures on Thursday also showed that economic growth slowed sharply in the first quarter of 2023.Some investors believe Fed rate-setters will leave rates unchanged, following the latest flare up of tensions in the US banking sector. But for now, most still anticipate a rise, with inflation of 5 per cent remaining well above the central bank’s 2 per cent goal. Market pricing indicates that investors expect interest rates to level off after the May meeting before falling to around 4.5 per cent by the end of the year. “We are likely to get a final [0.25 percentage points] on May 3, followed by a pause for at least the remainder of the year,” said analysts at Rabobank. They expect Fed rate-setters to drop the language that “some additional policy firming” may be needed from their formal introductory statement. Harriet ClarfeltWhat should investors expect from European inflation data?Investors will be closely watching Tuesday’s eurozone inflation data ahead of European Central Bank’s rate-setting meeting this week, with economists expecting headline annual price rises to remain stubbornly high at 6.9 per cent for the year to April. Inflation in the 20-country single currency zone fell for five consecutive months to March from a record high of 10.6 per cent in October, but traders are expecting the downtrend to level off following recent data showing strong services activity. April’s inflation data, along with the central bank’s survey of lenders which will also be published this week, will influence whether the ECB raises its main interest rate by half a percentage point — as it did in March — or slows to a 0.25 percentage point rise, from its current level of 3 per cent. Rate setters will also keep a close watch on core inflation, which excludes energy and food costs for a better view of underlying price pressures and reached a record high of 5.7 per cent in March. Some analysts think eurozone inflation may even rise, with RBC Capital Markets expecting a headline rate of 7.1 per cent. “While the overall trend for inflation is down, in April the base effect of energy prices works to the upside, as does a rebalancing of goods weighted in the index,” said RBC economist Peter Schaffrik. Mary McDougallAre there any positive signs for the UK housing market?The gloom hanging over the UK housing market could be starting to lift a little, data this week is expected to show.Economists polled by Reuters forecast that the Nationwide house price index, released on Tuesday, fell by 0.3 per cent between March and April, marking a smaller contraction than the 0.8 per cent fall registered the previous month.However, compared with April last year, prices are still expected to be 3.6 per cent down. The annual fall was 3.1 per cent in March, the largest since 2009.On Thursday, the Bank of England’s mortgage approvals are also forecast to show an improvement, with Investec expecting a rise to 46,000 in March from 43,500 in February. That would mark the second consecutive monthly rise after approvals reached a post-pandemic low of 39,647 in January.Kallum Pickering, an economist at Berenberg, said that with fears of banking troubles receding and BoE interest rates expected to peak soon, “the worst of the squeeze [for homebuyers] may be over.”He expects house prices to fall by about 6 per cent from their peak in August, which would mean a “modest” shock compared with previous estimates, “consistent with broader evidence that economic activity held up better than expected over the winter”. Pickering thinks that a strengthening economy through to 2024 will lift housing demand, starting in the second half of next year.The BoE data will also publish consumer credit data. The consensus is that monthly credit growth was relatively stable in March at around £1.5bn. Sandra Horsfield, an economist at Investec, said that, with the ongoing cost-of-living pressures, “some households will have had little choice but to resort to unsecured borrowing to make ends meet.” Valentina Romei More
Trader Explains Why It Is Important For AVAX To Stay Above $16.85
Popular crypto analyst and trader, Michael van de Poppe, took to Twitter yesterday to share some of his thoughts on Avalanche (AVAX) and what the price of the cryptocurrency could do in the near future. In his tweet, van de Poppe also explored what could happen if AVAX’s price is able to stay above $16.85.AVAX / Tether US 4h (Source:TradingView)The tweet from yesterday mentioned that the support for AVAX was around $17.17 at the time. Van de Poppe concluded the tweet by stating that if AVAX could stay above $16.85, the price of the crypto will likely target higher prices. He also believes AVAX’s price could rise as high as $18.50 or even $19.50 if the crypto can stay above the aforementioned level.
AVAX price (Source: CoinMarketCap)CoinMarketCap indicates that AVAX has been able to stay above $16.85 since yesterday despite a slight price decrease. At press time, AVAX is trading hands at $17.40 after a 0.88% price drop over the last 24 hours. During this time, the altcoin was able to set a daily high of $17.72 and a daily low of $17.30.AVAX’s drop in price also caused it to weaken against Bitcoin (BTC) by about 0.61% and Ethereum (ETH) by 0.94%. The 24-hour trading volume for AVAX is currently down 28.77%, and stands at $91,861,378 at press time.CoinMarketCap also indicates that AVAX is still in the green by 1.20% over the last week despite the crypto’s recent price drop. AVAX also experienced a 0.19% gain over the last hour of trading.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 Trader Explains Why It Is Important For AVAX To Stay Above $16.85 appeared first on Coin Edition.See original on CoinEdition MoreTencent Cloud to reportedly offer deepfake creation tool at $145
Tencent Cloud’s deepfake generator uses Tencent’s in-house artificial intelligence (AI) capabilities to recreate fake videos of an individual. Scammers have widely adopted deepfake videos to mislead investors by impersonating prominent figures. In 2022, Tesla (NASDAQ:TSLA) CEO Elon Musk warned against the rising number of deepfakes impersonating him to promote cryptocurrency scams.Continue Reading on Coin Telegraph More
XRP Will Rise to $3, but It Will Take a While Says Trader
A crypto trader by the name of Harry shared his Elliott Wave analysis for Ripple (XRP) this morning alongside a warning that traders should take note of the current situation on the remittance token’s charts. In his tweet, the trader added that swing traders might potentially be unable to afford XRP as its price will rise in the coming months.According to the trader, XRP’s price seems to have completed its bearish wave 2 correction recently. He also added that XRP’s price has been printing a fulcrum/double bottom pattern since June of last year in search of a confirmed wave 2 completion.The trader then went on to say that XRP’s price has closed above the last 30, 60 and 90 day closes and that hedge funds may start looking at buying XRP at this point. Furthermore, wave 3 is starting and exchange/market maker bias is becoming more correlated to retail holders than it has been for the last few months, according to the trader.If the trader’s analysis plays out, then traders and investors will have a lot to look forward to as Harry forecasts May will be a good month for XRP holders given the classic bull continuation patterns that are present on XRP’s charts. As a result, the trader believes that XRP’s price will rise to $3, but stated that it will take some time for XRP’s price to reach the $3 mark.At press time, XRP’s price stands at $0.4764 after slipping 0.60% over the last 24 hours according to CoinMarketCap. Nevertheless, the altcoin’s weekly price performance remains in the green at +1.18%. In addition to weakening against the U.S. Dollar, XRP also slipped 0.44% against BTC and 0.74% against ETH.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 XRP Will Rise to $3, but It Will Take a While Says Trader appeared first on Coin Edition.See original on CoinEdition More
YouTube helps recover hacked channel that attempted XRP crypto scams
While hacking into YouTube channels to promote scams has been a long-standing method of targeting unwary investors, the number of creators on the platform reporting hacks has increased. Most recently, DidYouKnowGaming — a YouTuber with 2.4 million subscribers — warned his Twitter followers about a hack.Continue Reading on Coin Telegraph More
