Bitcoin price data suggests bulls will succeed in holding $30K as support this time - cyptoranking.com

2024-04-27

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With the generous bonus tokens it offered traders and a bargain-rate royalty fee of 0.5%, Blur quickly overtook OpenSea late last year as the leading marketplace for NFTs on Ethereum. OpenSea attempted to upend Blur's newfound market dominance by dropping its minimum fee to 0.5%, but the move has not triggered a reversal. There have been reports recently claiming Base Network’s total value locked (TVL) has surged by 25%. But is it actually the case? Bitcoin price data suggests bulls will succeed in holding $30K as support this timeAccording to Hayes, “the US banking system is functionally insolvent because the regulators made the rules in such a way that it was profitable from an accounting perspective, not an economic perspective, to essentially take in deposits and buy low yielding treasuries and they could do it with almost infinite leverage and a few basis points differing in the change of the price and everyone makes a lot of money and gets a big bonus.” “The banks collectively bought all these treasuries in 2021 and obviously the price went down a lot since then and that’s why we have the regional banking crisis.” The largest concern expressed by Hayes is “at a structural level, the US banking system cannot buy more debt, because it cannot afford to because it is structurally insolvent. The Federal Reserve has committed to doing quantitative tightening, so it's not accumulating more treasuries.”Hayes explained that the market is digesting this, and the nuance here is that despite high rates on treasuries, gold prices remain high and certain market participants who previously were treasury buyers are disinterested. Currently, banks’ struggle to attract deposits, and the difficulty of matching their deposit rates to the current rates available in the market creates revenue and debt management stress at a level which could become critical to the function of the entire banking system. Like many cryptocurrency advocates, Hayes believes that it’s in times like this that a certain cohort of investors begins to look at different investment options, including Bitcoin. Hayes’ view on why Bitcoin is destined for $750,000Despite what appears to be a generally dismal outlook on the global and U.S. economy, Hayes still expects Bitcoin price to outperform, and he placed a target estimate in the $750,000 to $1 million range by the end of 2026.Hayes expects Bitcoin to continue,“Chopping around $25,000 to $30,000 this year as we get to some sort of financial disturbance and people recognize that real rates are negative. If the economy is growing at a nominal rate of 10%, but I’m only getting 5% or 6%, even though it's high, people on the margin are going to start buying other stuff, crypto being one of those things.”Coming into 2024, Hayes said either a financial crisis will push rates closer to 0% or the government keeps raising rates, but not as fast as governments spend money and people continue looking for better returns elsewhere. The eventual approval of a spot Bitcoin ETF in the U.S., Europe and perhaps Hong Kong, plus the halving event could push price to a new all-time high at $70,000 in June or July of 2024. Regaining the all-time high by the end of 2024 is when the “real fun starts and the real bull market starts” and Bitcoin enters the “750,0000 to $1 million on the upside.” When asked whether the estimated price level would stick, Hayes agreed that a 70% to 90% drawdown would occur in BTC price, just like it has after each bull market. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Scott Sunarto, founder and CEO of Argus Labs, noted at a panel at Permissionless II that one of the biggest challenges facing the gaming industry is utilizing crypto levers to make gaming more exciting.

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Solana (SOL) one-year price chart. Source: CoinGecko Previous iterations of crypto cards have typically been integrated into a custodial wallet and linked to a centralized exchange — limiting users’ control over their assets and keys. Capitolis sets new records in FX derivatives compressionUkraine is not a member of the European Union (EU) nor of the North Atlantic Treaty Organization (NATO) despite having applied for membership in both. The European Commission wants Ukraine to reform its media, judiciary, and anti-corruption laws before considering it for EU membership. “Investors in XRP for 2024 should stay informed about developments in technology, shifting regulatory landscapes, and macro-economic trends. Adoption of Ripple’s technology by financial institutions and the resolution of Ripple’s legal issues may also influence XRP’s performance.”

2/ Gambling and betting.Just makes a lot more sense with a DeFi backend. Instead of house taking a spread, it can live off the yields on capital.L2s and account abstraction make apps more accessible to normies.@LooksRare launched Yolo. @rollbitcom @PoolTogether_ etc— Alex Svanevik 🐧 (@ASvanevik) October 6, 2023 Incorporating NFTs into gaming has brought about a new level of ownership for gamers. Unlike traditional in-game assets, NFTs can be owned, traded, or sold outside the game’s ecosystem. This means gamers can profit from their in-game achievements, making gaming more than just a pastime. Coinbase launches international crypto derivatives exchangeBinance’s spokesperson disclosed that 14 projects were financed but did not provide details, while $985 million was moved back to Binance’s treasury. The last deal under the IRI was in February. Among other requirements, Uzbekistan’s cryptocurrency watchdog demanded companies set up a dedicated room for installing mining equipment and only mine crypto by the registered address. The rules also require crypto mining firms to provide timely and full payment or mining fees established by regulators.

That was around the time of the Terra stablecoin project collapse and the onset of the ongoing period of crypto winter. Lubin spoke to Forkast’s Will Fee at Token 2049 in Singapore (Sept. 13-14) about Consensys, decentralization and the AI-backed evolution of crypto beyond the current bear market. The interview has been edited for clarity and length. That figure exceeds the total number of NFTs minted on the other major blockchain networks like Solana, Ethereum, and Polygon during their first 200-day periods. ChatGPT takes a shot at predicting Ethereum pricesThis potential economic downturn fits the long-standing narrative among Bitcoin enthusiasts. They venerate the digital asset as a hedge amidst fiscal storms. ARK’s data also indicated a significant concentration of bitcoin with long-term holders. It comes despite a dip in the asset’s price on Monday which some are attributing to the ongoing conflict in the Middle East.

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