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Recent Funding Rounds for Crypto Projects & Companies on Oct 17th

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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Cryptocurrency

Bitcoin Faces Correction Amidst Global Economic Recovery Efforts

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In recent days, the cryptocurrency market has witnessed significant fluctuations, with notable losses observed in assets like Ethereum (ETH) and Binance Coin (BNB), experiencing declines of approximately 4% and 5%, respectively. Bitcoin (BTC), the flagship cryptocurrency, has also been grappling with price challenges, dipping to $62,500 before making a modest recovery of approximately two thousand USD.

This correction in prices extends beyond Bitcoin, as altcoins have also seen declines, contributing to the total crypto market cap remaining below $2.6 trillion. BTC’s journey through the current business week contrasts sharply with the previous week when it surged above $73,000 to achieve its latest all-time high. However, bearish sentiment has prevailed in the market in recent days, as indicated by data provided by CoinMarketCap.

Bitcoin faced notable declines earlier in the week, particularly on Monday and Tuesday, leading up to the second Federal Open Market Committee (FOMC) meeting of the year. Concerns over potential changes in monetary policies by the Federal Reserve caused BTC to drop to a 15-day low of under $61,000. Despite no alterations announced by the US central bank, Bitcoin swiftly rebounded, surpassing $68,000 on Wednesday. However, this rebound was short-lived, with the asset dropping back to $62,500 the following day.

Despite the recent volatility, Bitcoin has demonstrated resilience, possibly influenced by continuous ETF outflows, managing to recover more than two thousand dollars. Nevertheless, BTC remains down by over 2% on a daily basis, with its market cap below $1.3 trillion.

Altcoins have also experienced losses, with Ethereum down by 4%, struggling to maintain levels below $3,400, and Binance Coin dropping by 4.5% below $560. Other altcoins such as Ripple, Solana, Cardano, Avalanche, Shiba Inu, Polkadot, and Tron have also witnessed declines, although to a lesser extent. Notably, TON emerged as the top performer among larger-cap altcoins, experiencing a daily surge of more than 11% and nearing $5. Bitcoin Cash also saw gains, jumping over 4% to $435.

Amidst these crypto market movements, various global economic indicators paint a mixed picture. Raphael Bostic, President of the Atlanta Federal Reserve, adjusted forecasts, projecting only one interest rate cut for the year, sparking a bullish frenzy on Wall Street. Hedge funds are increasing bearish Yen bets following a dovish policy hike by the Bank of Japan.

In other regions, China emphasizes policy flexibility amidst downplayed economic risks, while retailers resort to extreme discounts amid sluggish consumer spending. Additionally, there are concerns in African markets, with Zimbabwe maintaining its local currency despite losses, and Ghana grappling with reduced cocoa crop yields impacting trade surplus.

Meanwhile, in El Salvador, positive economic indicators emerge, while in Europe, Citi predicts continued stock market growth. In the US, significant outflows from stocks are noted ahead of the Federal Reserve meeting.

As the global economy navigates through various challenges and opportunities, the cryptocurrency market continues to reflect and respond to broader economic trends, showcasing its interconnectedness with traditional financial systems.

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Cryptocurrency

Crypto Ads Resurge as Bitcoin Prices Surge: What You Need to Know

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As Bitcoin prices soar to all-time highs in recent months, advertisements by prominent crypto exchanges and investment platforms are making a comeback, signaling a potential boom in the crypto market this year.

These ads are reappearing almost two years after the Advertising Standards Council of India (ASCI) issued guidelines following scrutiny of earlier crypto ad campaigns. The previous campaigns were criticized for being irresponsible and failing to disclose the high-risk nature of crypto investments.

However, this time around, industry founders and top executives emphasize that the new advertisements focus more on educating users about crypto before attempting to onboard them.

According to Ashish Singhal, Co-Founder of CoinSwitch, the ads are initially appearing in newspapers, with plans to expand to multiple media channels as the market grows. Singhal explains that during downturns, fewer new users enter the ecosystem, but in bull cycles, both existing and new users show interest, making ads relevant again.

The resurgence in Bitcoin prices, reaching over $70,000, is attributed to factors such as the approval of Bitcoin spot ETFs by the US SEC and anticipation surrounding the upcoming Bitcoin halving event in April.

Unlike previous ad campaigns featuring A-list Bollywood actors, platforms like WazirX prioritize education over flashy claims. Rajagopal Menon, VP at WazirX, emphasizes the importance of helping users understand their risk appetite before investing in crypto, rather than relying on fear of missing out (FOMO) tactics.

Despite the return of print ads, platforms like CoinDCX have shifted their narrative to focus on educating users. Similarly, CoinSwitch emphasizes user safety and trust-building elements like TDS, tax filing support, and ISO/IEC certification.

Brand strategists note that the newer ads are more cautious compared to the previous bull cycle, focusing on user safety and trust-building rather than making extravagant claims.

However, experts remain wary of the resurgence in crypto advertising, with concerns about loosening sentiment and potential regulatory scrutiny. The ASCI guidelines issued in February 2022 mandate disclaimers on the high-risk nature of crypto products and prohibit the use of certain words and depictions in ads.

Overall, while crypto ads make a comeback amidst soaring Bitcoin prices, platforms are taking a more cautious and educational approach, mindful of regulatory guidelines and the need to build trust among users. As the crypto market continues to evolve, staying informed and educated remains crucial for investors navigating this dynamic landsc

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Bitcoin Rebounds Above $70,000 Despite Recent ETF Outflows

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Bitcoin, the world’s largest cryptocurrency, has once again surpassed the $70,000 mark, signaling resilience in the face of recent outflows from US exchange-traded funds (ETFs). Despite last week’s withdrawals totaling nearly $900 million from these ETFs, Bitcoin enthusiasts remain undeterred, propelling the digital asset back into the $70,000 territory.

On Monday, Bitcoin experienced a notable surge, climbing as much as 7.1% to reach $70,816, marking its first foray above $70,000 in over a week. Other digital assets also saw gains, with Ether up around 6%, while Solana and Dogecoin each rose more than 4%.

The significant outflows from ETFs last week were attributed to ongoing withdrawals from the Grayscale Bitcoin Trust, as well as a slowdown in subscriptions for offerings from major financial institutions like BlackRock Inc. and Fidelity Investment. This collective exodus resulted in one of the worst weeks of the year for the group of 10 funds, which were launched in January.

Despite the outflows, market sentiment remains optimistic, with Nathanaël Cohen, co-founder at digital-asset hedge fund INDIGO Fund, noting that order books indicate strong demand around the $60,000 mark. Cohen suggests that the market is eager to “buy the dip,” indicating a willingness to acquire Bitcoin at lower levels and generate momentum for further upward movement.

The surge in demand for Bitcoin ETFs has been a key driver of the cryptocurrency’s historic rally this year. Inflows into these funds have fueled optimism about the exponential growth of the asset class, attracting a broader range of investors. However, last week’s significant outflows prompted traders to hedge against lower prices and led to substantial liquidations in leveraged bullish bets in the crypto futures market.

Despite these challenges, Bitcoin’s resilience and ability to rebound above $70,000 underscore the enduring strength of the cryptocurrency market. As Bitcoin continues to navigate through fluctuations and external pressures, its ability to maintain high levels of investor interest and market capitalization reaffirms its position as a leading digital asset in the global financial landscape.

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