Cryptocurrency

As of the latest data from CoinMarketCap, Bitcoin is currently trading at $60,128, marking a 2.29% increase over the past 24 hours. The recovery follows a period of intense volatility that saw the world’s largest cryptocurrency experiencing a sharp correction earlier in the week.CryptoQuant, a leading on-chain analytics platform, recently shared insights suggesting a possible short-term rebound for the BTC price. According to its analysis, the movements of short-term investors hold significant sway over Bitcoin’s price fluctuations.The analysis suggests that during bull runs, a short-term rebound often coincides with the short-term SOPR reaching the bottom of the Bollinger Band. Notably, amid the current market adjustment, sentiment among general investors has been subdued, leading to a cooling down of overheated conditions.Consequently, experts anticipate a rebound in Bitcoin’s price following this adjustment period. While short-term fluctuations are inevitable in the world of cryptocurrencies, many experts believe that Bitcoin’s underlying fundamentals and the broader macroeconomic landscape bode well for its future trajectory.Moreover, there is optimism about the long-term prospects of Bitcoin and other digital assets. Growing institutional adoption, mainstream acceptance and the increasing integration of blockchain technology across various sectors show the underlying strength of the ecosystem.This article was originally published on U.Today More

In a blog post, Hayes said he believes the worst is behind us for now.Earlier this week, Bitcoin had dropped below $57,000 ahead of the Fed meeting. However, Fed Chairman Jerome Powell announced that, as many investors expected, interest rates would remain unchanged. BTC then traded sideways after the decision.Bitcoin, which gained 5.6% in the last 24 hours, surpassed $61,000 for the first time since the end of April, according to Decrypt.Arthur Hayes claimed that Bitcoin has reached its bottom, but he stated that he doesn’t plan to buy more at the moment. Instead, he mentioned buying Solana and dog-themed coins.According to Hayes, the good news is that developments such as the recent rescue operation by the U.S. Treasury, the Federal Reserve, and Republic First Bank indicate an increase in dollar liquidity. Just a month ago (before the latest Bitcoin halving), Hayes expressed skepticism about falling prices due to decreasing dollar liquidity.One of the main macroeconomic indicators highlighted by Hayes is that, according to the announcement made by the Federal Reserve in January, it is preparing to borrow about $41 billion more. More

CF Benchmarks CEO Sui Chung told Bloomberg News that despite a somewhat rocky start, crypto ETFs in Hong Kong will soar to $1 billion in assets under management (AUM) by the end of 2024.CF Benchmarks provides reference data for roughly $24 billion worth of cryptocurrency ETFs, including BlackRock’s U.S.-based fund valued at $15.9 billion. The firm generates revenue by licensing its benchmarks to these funds, benefiting from fees that increase with the funds’ assets under management.According to Chung, the majority of entities exploring spot bitcoin ETF pricing are asset managers and banks.CF Benchmarks accounts for about half of the crypto benchmarking market and is collaborating with the newly launched Bitcoin ETFs in Hong Kong. CEO Chung expects crypto ETFs to expand next into South Korea and Israel, citing South Korea’s high adoption of digital assets and preference for ETFs in savings strategies. Despite early forecasts of managing $5 billion in U.S. spot-Bitcoin ETFs this year, the actual figures have exceeded expectations, reaching more than four times the estimated amount. In January, the US Securities and Exchange Commission approved 11 spot bitcoin ETF applications from major firms including BlackRock (NYSE:BLK), Fidelity, Invesco, VanEck, and Franklin Templeton, granting them regulatory clearance. However, a recent pullback in investor interest has seen Bitcoin’s value drop from a record high in March, and U.S. crypto ETFs saw massive net outflows.CF Benchmarks expects revenue growth in the mid-double digits for the year. The UK firm reported revenues of £6 million ($7.5 million) in 2022 and plans to increase its staff by a third to over 40 employees. Since being acquired by Kraken in 2019, CF Benchmarks has also played a vital role in providing Bitcoin pricing for derivatives on the Chicago Mercantile Exchange, another major source of revenue for the company. More

The caution comes in response to the recent announcement by Wasabi Wallet, a leading player in Bitcoin privacy solutions, declaring the cessation of its coordination service effective June 1, 2024. The decision, attributed to the company zkSNACKs, has stirred significant concern within the crypto space.The development has broader implications beyond Wasabi Wallet users. It affects individuals utilizing other wallet clients connected to the zkSNACKs coordinator, such as Trezor Suite and BTCPayServer. Despite the cessation of its coinjoin coordination service, Wasabi Wallet will remain functional as a Bitcoin wallet, albeit with diminished privacy features.Snowden expressed genuine sadness at the news, suggesting that Wasabi Wallet could explore options for a decentralized replacement coordinator or implement alternative configurations to maintain privacy safeguards. He emphasized the urgency of integrating privacy measures directly into the Bitcoin protocol, citing years of advocating for this crucial development.The renowned privacy advocate has long been a vocal proponent of enhancing privacy within the cryptocurrency. Over the years, Snowden has underscored the necessity of incorporating advanced privacy features into Bitcoin’s core infrastructure to safeguard users’ financial sovereignty.This latest warning serves as a clarion call to Bitcoin developers, urging them to prioritize the integration of privacy-enhancing technologies at the protocol level. Snowden’s message underscores the imminent need to fortify privacy architecture to withstand potential regulatory challenges and ensure the long-term viability of the cryptocurrency as a tool for financial autonomy and privacy protection.This article was originally published on U.Today More

NFT portfolio management platform NFTBank is proud to announce the launch of NFTBank V2. This latest version offers users an enhanced experience in tracking and managing NFT investments with unmatched precision, acting as a prime tool to further expedite the revived web3 gaming movement. Renowned for its highly accurate NFT valuation and profit/loss tracking capabilities, NFTBank has fine-tuned NFTBank V2 to detect various NFT acquisition mechanisms, including minting, bulk purchasing, and transactions on secondary markets across all major NFT marketplaces. The upgrade marks a significant improvement in the platform’s functionality, providing users with a clear understanding of their investment performance.One of the standout features of NFTBank V2 is its ability to connect up to 3,000 wallets, offering users a consolidated view of their assets spread across different wallets and the most accurate cost-basis that accounts for internal transfers. Such a feature makes NFTBank the go-to platform for NFT tax-filing.Users can also manage these wallets in groups, allowing for differentiation in performance tracking across various strategies or wallet types. This level of customization and control is unprecedented in the NFT portfolio management space.The history of NFTBank’s involvement in the web3 gaming space dates back to the previous boom cycle. NFTBank was a close partner of major games like Axie Infinity and League of Kingdoms from its inception, assisting NFT owners in asset management and profit maximization. As web3 games and guilds experience a renaissance, they will find NFTBank V2 an indispensable tool for managing their treasuries.NFTBank is backed by prominent investors such as Hashed, DCG, Sequoia Capital, Bitkraft, Sfermion, 1kx and Dapper Labs. About NFTBank:NFTBank is a leading provider of NFT-focused portfolio management software. The platform offers advanced tools for NFT valuation, profit/loss tracking, and portfolio management, catering to the needs of web3 traders and investors. With a commitment to innovation and user experience, NFTBank is at the forefront of the evolving non-fungible token market.Website | Discord | X | MediumContactJen Kimjen@contxts.ioThis article was originally published on Chainwire More

According to the Labor Department’s closely-monitored labor market report, nonfarm payrolls came in at 175,000 last month, down from an upwardly revised total of 315,000 in March. Economists had predicted a reading of 238,000.Meanwhile, the unemployment rate was 3.9%, accelerating slightly from 3.8% in the prior month. The figure was projected to equal March’s pace. However, it marked the 27th consecutive month that the jobless rate has been below 4%.Growth in average hourly wages also registered 0.2% month-on-month, slowing from 0.3% in March. The number was estimated to be in line with the previous month.The numbers bolstered bets that the Fed could slash rates by as much as 50 basis points this year, including a fully-priced in cut in September. The prospect weighed on the greenback, potentially boosting investors’ appetite for risk assets like Bitcoin.By 09:27 EST (13:27 GMT), the world’s biggest cryptocurrency by market value had jumped by 4.20% to $60,910.0. More

Traders also remained largely averse towards cryptocurrencies ahead of key nonfarm payrolls data on Friday, which is likely to factor into the outlook for interest rates.Bitcoin rose nearly 1% in the past 24 hours to $59,070.4 by 08:28 ET (12:28 GMT). The world’s largest cryptocurrency remained close to bear market territory after tumbling over 20% from a record high hit in March.A sharp overnight drop in the dollar gave Bitcoin and other cryptocurrencies some breathing room, although they were still headed for losses this week.Bitcoin was trading down 6.2% for this week, with traders remaining averse towards crypto in the face of high-for-longer U.S. interest rates. This was also seen with Bitcoin investment products, specifically spot exchange-traded funds, clocking three straight weeks of declines. While approval of the ETFs had driven Bitcoin prices to record highs in March, enthusiasm over the approval now appeared to be running dry.This also kept Bitcoin trading between $60,000 to $70,000 for over a month, although it broke below that trading range this week. Most altcoins returned to red territory on Friday, after tracking Bitcoin’s gains for a brief period.The limited optimism comes amid anticipation of key U.S. nonfarm payrolls data, which is likely to factor into the outlook for interest rates.World no.2 token Ethereum fell 0.4% to $2,974.60 while Solana and XRP slipped by 0.2% and 0.1%, respectively.All three altcoins were trading in a flat-to-low range for the week. The prospect of high U.S. interest rates bodes poorly for crypto markets, given that their speculative nature sees them thrive in a low-rate, high-liquidity environment. Nonfarm payrolls data due later on Friday is expected to show persistent strength in the U.S. labor market- a scenario that gives the Fed more headroom to keep rates high for longer.The central bank had warned earlier this week that it had no immediate plans to reduce rates, especially amid recent signs of sticky U.S. inflation. Sui Chung, CEO of CF Benchmarks, a division of the cryptocurrency exchange Kraken, has forecasted that crypto ETFs in Hong Kong will amass $1 billion in assets under management (AUM) by the end of 2024, Bloomberg reported on Friday.Despite a modest start in trading volume, Chung remains optimistic about the growth prospects of these newly launched ETFs.CF Benchmarks, headquartered in London, specializes in providing reference data for crypto ETFs, predominantly for bitcoin-based products such as BlackRock (NYSE:BLK)’s IBIT. The firm currently oversees approximately $24 billion in AUM, representing about half of the crypto benchmarking market.Hong Kong’s bitcoin and ether ETFs staged a debut earlier in the week but failed to attract strong attention, significantly underperforming initial expectations.The combined trading volume for the six crypto ETFs totaled only $11 million on their first day.Of this, bitcoin ETFs accounted for $8.5 million, while ether ETFs registered $2.5 million. This fell well short of the over $100 million in trading volume that issuers had anticipated, as reported by local media. More

MultiBank Group, a global financial powerhouse, is thrilled to unveil MultiBank.io, its cutting-edge cryptocurrency derivatives trading platform. This groundbreaking initiative marks a transformative moment in the evolution of cryptocurrency trading, propelled by MultiBank.io’s advanced technology and innovative product suite.Empowering Traders with Unmatched Leverage and Diversity MultiBank.io’s platform offers an extensive array of crypto derivatives, featuring leverage options of up to 100x. Traders are poised to gain exclusive access to a unique selection of USDT pairs, linked with equities, commodities, and other asset classes. This integration provides attractive trading conditions and forges a seamless connection between traditional finance and the digital currency realm.Unwavering Commitment to Transparency and Security As an integral part of the MultiBank Group, MultiBank.io upholds the highest standards of transparency and security in managing client assets. With a global presence spanning over 20 offices and holding in excess of 14 licenses, MultiBank Group has cemented its reputation for trustworthiness and reliability in the international markets. Serving over 1 million clients in 90 countries, our dedication to delivering exceptional service and support remains unwavering.Navigating the Cryptocurrency Market with Advanced Tools The introduction of MultiBank.io’s derivatives exchange platform reaffirms our pledge to equip traders with sophisticated tools and resources. These advancements ensure that traders can confidently and precisely navigate the intricate landscape of the cryptocurrency market.Driving Innovation in the Cryptocurrency Sector In the dynamic and ever-evolving cryptocurrency industry, MultiBank.io is steadfast in its commitment to fostering innovation. We empower traders to capitalize on market opportunities, ensuring they are at the forefront of the digital trading revolution.Join us at MultiBank.io and experience the future of cryptocurrency trading today.ABOUT MULTIBANK.IOMultiBank.io, a cryptocurrency exchange under MultiBank Group, offers a user-friendly platform for instant, secure trading including Bitcoin and Ethereum. For more information, visit https://multibank.ioABOUT MULTIBANK GROUPFounded in California, USA, in 2005, MultiBank Group has grown to command a daily trading volume exceeding $12.1 billion, serving over 1 million customers. MultiBank Group has matured into one of the largest online financial derivatives providers globally, offering an array of brokerage services and asset management solutions. The group’s award-winning trading platforms offer up to 500:1 leverage on a diverse range of products, including Forex, Metals, Shares, Commodities, Indices, and Digital Assets. For more information, visit https://multibankfx.com ContactAntonio BileciBileciantonio.bileci@multibank.ioThis article was originally published on Chainwire More