Author: NBTC
A closely followed crypto analyst warns that Ethereum will likely continue to underperform Bitcoin (BTC) despite the growing hype surrounding the potential approval of spot market ETH exchange-traded funds (ETFs). Pseudonymous analyst Rager tells his 199,400 followers on the social media platform X that he’s keeping a close watch on the Ethereum versus Bitcoin (ETH/BTC) chart. According to the analyst, ETH/BTC remains in a long-term downtrend even after flashing signs of life earlier this month. “Outside a quick three-day bounce in early January, ETH hasn’t been a great trade against BTC in a long time. The downtrend continues unless ETH…
In a largely anticipated move, the Federal Reserve chose to maintain interest rates at their existing level on Wednesday following the Federal Open Market Committee two-day policy meeting. The rate hike pause marks the central bank’s fourth since consecutively raising interest rates from March 2022 to July 2023. Persistent inflation and continued high labor demand contributed to central bankers’ decision to hold rates, they said. “The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance,” Wednesday’s statement read. “The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.”…
Following the US inflation data announced yesterday, altcoins, especially Bitcoin, experienced withdrawals. While BTC recovered rapidly after the withdrawal, differences were seen in altcoins. At this point, some altcoins attracted attention with their rise, while others continued their decline. One of those that fell was Polygon (MATIC). However, it turned out that the Polygon Foundation was behind this decline. According to Spot on Chain’s post, a wallet affiliated with the Polygon Foundation transferred 9 million MATIC worth $7.75 million to Binance, one of the leading crypto exchanges, amid its decline. With the last MATIC transfer, Polygon Foundation transferred a total…
Reports have revealed that institutional investors are shifting their focus to Ethereum, displaying a preference compared to the largest cryptocurrency, Bitcoin. Despite Bitcoin’s recent rally to over $55,000, Ethereum’s unique features and potential developmental capabilities continue to capture institutional players’ interest. Institutions Favor Ethereum Over Bitcoin On February 24, cryptocurrency exchange, Bybit, published a research report on its users’ asset allocation. The research examined investors’ hodling and trading behaviours, covering the period from July 2023 to January 2024. Bybit’s report also provided valuable insights into investors’ asset allocation across cryptocurrencies such as altcoins, stablecoins and meme coins, shedding light on…
The world’s largest cryptocurrency Bitcoin (BTC) extends its rally further to more than 6% in the last 24 hours with the BTC price shooting past $52,400. The Bitcoin price rally this week has helped it overtake some of the top giants like Tesla with its market cap topping $1 trillion. Bitcoin Price Surges Past $52,000 Mark, Ethereum Tops $2,800 In the latest crypto market rally, Bitcoin (BTC) has surged past the $52,000 threshold, currently quoted at $52,371, marking a significant 5.9% increase within a 24-hour period. some market analysts are already predicting another 40% rally in Bitcoin to hit new…
Ethereum NFT project Pudgy Penguins announced Tuesday that it will launch a second line of toys inspired by the colorful profile picture (PFP) characters, in an expanded tie-up with Walmart that includes a presence at 1,100 additional stores. The Pudgy Toys line, which includes plush toys, action figures, and “blind box” style mystery igloo collectibles, will be offered across 3,100 total Walmart locations. Last year, the first line of Pudgy Penguins toys debuted across 2,000 Walmart stores in a landmark push for mainstream adoption of Web3 intellectual property. A Pudgy Penguins spokesperson told Decrypt that the Pudgy Toys line has…
Ethereum price is attempting a recovery wave above the $2,240 zone. ETH could gain bullish momentum if it clears the $2,300 resistance zone. Ethereum started an upside correction above the $2,200 zone. The price is trading above $2,240 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance near $2,265 on the hourly chart of ETH/USD (data feed via Kraken). The pair might start a steady increase if it clears the $2,300 resistance zone. Ethereum Price Regains Strength Ethereum price formed a base and started a recovery wave above the $2,220 resistance…
Layer 2 scaling solution Starknet is set to airdrop over 700 million STRK tokens on Feb. 20. Decentralized exchange Aevo’s pre-launch futures suggest an inception price of $1.65, implying a market cap of $1.2 billion. Layer 2 scaling solution Starknet, focused on improving the performance of decentralized applications on Ethereum, is set to debut its native token STRK on Feb. 20 through an airdrop or free distribution of 728 million tokens to around 1.3 million wallets. Price discovery in the pre-debut futures listed on decentralized Aevo indicates that the highly-anticipated token could debut with a market capitalization of over $1…
In a statement via X (formerly Twitter), Hunter Horsley, CEO of Bitwise Invest, shared insights from a recent memo to advisors and institutional clients penned by Matt Hougan, Bitwise’s Chief Investment Officer. The memo heralded the onset of a new era for Bitcoin, likening its current trajectory in the financial markets to having an ‘initial public offering’ (IPO) moment, signaling a major shift in price discovery mechanisms for the cryptocurrency. Bitcoin’s IPO Moment Hougan’s memo elaborates on the seismic shift within the Bitcoin investment landscape, stating, “Previously, only a fraction of the world’s investors could access Bitcoin—mostly self-directed retail investors…
The core team behind decentralized finance (DeFi) protocol Frax Finance may soon follow a proposal from leading decentralized exchange (DEX) Uniswap to distribute a portion of its protocol fees to stakers of its native token, Frax CEO and founder Sam KAZEMIAN told CoinDesk. The governance and utility token of the ecosystem is FXS. Users who stake their FXS receive veFXS tokens, allowing them to retain their utility and governance rights. veFXS tokens can be staked on the Ethereum network and initially on Layer 2 of Frax Finance, Fraxtal. The proposal would recommend sharing revenue from the protocol with veFXS stakers,…