Cryptocurrency
How new U.S. inflation data will affect bitcoin
Crypto-industry participants are frozen in anticipation of the release of U.S. regulators’ inflation data. BeInCrypto editorial staff collected in one review the opinions of crypto investors on the possible reaction of bitcoin to the new information
U.S. inflation data for June appeared today, based on the results of which the U.S. Federal Reserve will decide on the adjustment of the key rate. Earlier, experts shared with the BeInCrypto editorial board their opinion that the crypto market’s behavior depends a lot on the mood of the regulator.
In anticipation of the publication of the data, bitcoin, and with it most altcoins, froze in anticipation. The cryptocurrency is hovering near the $19,800 level now.
The Consumer Price Index (CPI) in the U.S. rose to 9.1%. For comparison, a month earlier the index stopped at 8.6%.
In mid-June 2022, the Fed responded to rising inflation by raising its key rate. Bitcoin went into a fall amid the regulator’s decision.
Popular in the cryptocurrency community, analyst Lark Davis launched a poll on his microblog, the topic of which was the possible reaction of the cryptocurrency market and bitcoin, in particular, to the publication of fresh data on inflation in the United States. He noted that the crypto industry is under extreme stress ahead of the CPI release.
Most online users believe that fresh data could trigger a sell-off in the digital asset market. The second most popular option was the one according to which the regulator’s publication will have no impact on the crypto industry. The option with growth was only in third place.
Many members of the crypto community believe that bitcoin has already exhausted its potential for correction. This, according to some online users, is indicated by indicators. For example, the cryptocurrency-oriented YouTube blogger Crypto Rover recorded a signal, which, according to his observations, can talk about the passage of bitcoin bottom.
Cryptoblogger Martini-Guy also shared a positive outlook on the upcoming U.S. CPI data release. He believes that the new report could push cryptocurrency higher.
Some members of the crypto community believe that investors should not pay attention to price fluctuations amid the publication of the next regulatory reports, as they still see bitcoin as a tool to save from inflation.
For his part, Michael Saylor, head of MicroStrategy, the largest investor in BTC, urged investors to take a long-term view of the cryptocurrency.
Cryptocurrency
Rare ‘Epic Sat’ from Bitcoin’s Fourth Halving Block Sold for Over $2 Million
An “epic sat,” an extremely rare satoshi (the smallest unit of Bitcoin) from the network’s fourth halving block, was recently sold for over $2 million.
On April 25, the crypto mining pool ViaBTC successfully auctioned off “Sat 1,968,750,000,000,000” for 33.3 BTC, approximately $2.13 million, on the cryptocurrency exchange CoinEx Global.
ViaBTC’s Rare Satoshi Auctioned
CoinEx Global announced that its partner, the ViaBTC mining pool, successfully mined the 840,000th block. This milestone marked Bitcoin’s fourth halving and featured a block identified as an epic “Rare Satoshi.”
According to CoinEx, this event was not just a bidding event but part of Bitcoin’s blockchain history, showing the community’s acknowledgment, media coverage, and wider acceptance of the asset and the network.
The auction has concluded successfully, with the FIRST & ONLY epic sat selling for 33.3 $BTC (≈$2,134,000). This auction isn’t just a bidding event; it marked the community recognition, media attention, & widespread embrace of #Bitcoin. A heartfelt thanks to all who support us. pic.twitter.com/fCFz1YrH0I
— CoinEx Global (@coinexcom) April 25, 2024
This satoshi, known as an “epic sat,” garnered a lot of interest, with 34 bids before an unidentified bidder secured ownership rights to the epic sat. The runner-up bidder made an offer of 20 Bitcoin for the rare sat but was outbid in the auction.
The Bitcoin network currently has 100 million satoshis (sats), with each worth around $0.00065. However, some sats are considered more special within the Bitcoin ecosystem.
Only four of the first satoshis mined after a Bitcoin halving event are considered exceptionally rare and valuable. The Bitcoin Ordinals protocol, which assigns metadata to satoshis, has made these “epic sats” collectible, resulting in them being highly sought after.
Bitcoin Struggles Following Fourth Halving
The fourth Bitcoin halving event on April 20 reduced mining rewards from 6.25 BTC to 3.125 BTC. In addition to receiving 3.125 BTC in mining rewards, ViaBTC also earned 37.6256 BTC in reward fees, amounting to approximately $2,401,399.
Meanwhile, bitcoin’s price has been struggling post-halving. On Thursday morning, it dropped below $64,000. This price decline followed the liquidation of over $209 million in crypto-long positions as the market dipped overnight, with around $52 million in bitcoin-long positions getting wrecked. Comparatively, BTC had climbed as high as $73K before halving.
However, the top crypto by market cap has since seen some recovery. CoinGecko data shows Bitcoin is currently trading at around $64,386, up 0.2% over the last day.
Meanwhile, the next Bitcoin halving is projected to take place around April 17, 2028. With this one, the fifth “epic sat” will be associated with the first subsequent block, as mining rewards decrease to 1.56 BTC.
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Cryptocurrency
Altcoins Crash Once More as Bitcoin (BTC) Slips to $63K (Weekend Watch)
Bitcoin’s price recovery attempts from the business week have come to a halt as the asset slumped to $62,400 earlier before bouncing off to around $63,000 as of now.
The altcoins are in no better shape, with most of the market turning red today. The total crypto market cap is down by $150 billion in two days.
BTC Dumps to $63K
Bitcoin’s price actions before and after the fourth halving, which was completed last Friday, have been quite underwhelming. The asset recovered some ground after the Iran-Israel attacks and stood above $65,000 when the block rewards were reduced.
It even started climbing in the following days and challenged $67,000 on a few occasions. Yet, it didn’t see much success there amid the growing ETF outflows.
Just the opposite, BTC started to lose value rapidly in the past few days, which culminated in a substantial price decline to a multi-day low of $62,400 earlier today.
Despite recovering some ground, bitcoin still struggles to reclaim $63,000. Its market cap has slipped to $1.240 trillion on CoinGecko, while its dominance over the altcoins stands still below 51%.
Alts Turn Red
The alternative coins space is in a dire state today as well. The most violent price decline from a larger-cap alt comes from Solana. The token has dropped by over 5% in a day and struggles below $140 now. Dogecoin (-3.5%), Cardano (-3.2%), Avalanche (-3.6%), Shiba Inu (-3.1%), and Polkadot (-2.75%) follow suit.
ETH, BNB, XRP, and TON are also in the red but in a less violent manner. Tron’s native token is among the few alts in the green today, charting a 3% increase.
However, most other lower- and mid-cap alts have posted significant losses over the past day as well. As such, the total crypto market cap is down by $50 billion overnight and $150 billion since Thursday to under $2.450 trillion on CG.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Cryptocurrency
Trader Made $23M Flipping Solana Meme Coins: Details
A meme coin trader has reportedly cashed out over $22 million in profits from multiple positions in meme-themed tokens on the Solana blockchain.
According to blockchain analysis firm Lookonchain, the actions of a trader identified as “paulo.sol” on the Solana Name Service account were flagged on April 26.
Meme Coin Trader Profits Over $22 Million
The meme coin trader achieved profitable outcomes from assets like Dogwifhat (WIF), Jeo Boden (BODEN), and Bonk (BONK).
They initiated their investment in BONK as early as November 11, 2023, after observing its upward trajectory. Employing a strategy of purchasing during downturns and selling during peaks, they executed swing trades, resulting in an accumulation of approximately $6.28 million in profits from trading BONK.
What a legend!😱
paulo.sol has realized profits of $9.51M on $WIF, $7.04M on $boden and $6.28M on $BONK.
1/ Let’s dig into his trades to see what he’s buying.👇 pic.twitter.com/2axUwHb3el
— Lookonchain (@lookonchain) April 26, 2024
Recognizing the potential in WIF and BODEN, the trader didn’t enter these tokens at launch but started accumulating them during upward movements. They purchased WIF on December 4, 2023, and initiated BODEN trades on March 6. As a result, the trader realized profits of $9.51 million from WIF trades and $7.04 million from BODEN transactions.
They got approximately $22.83 million from flipping Solana-based meme tokens. While significant profits have already been secured, the trader currently has $7.6 million in BODEN tokens and $5.7 million in WIF.
Furthermore, the trader expanded their meme coin portfolio by investing in additional tokens. They allocated $1.77 million to POPCAT and nearly $6 million to PUPS, subsequently becoming the largest holder of PUPS on the Solana blockchain.
Traders Capitalize on Solana Meme Coin Frenzy
Community members have applauded the trader for the impressive moves in the crypto market. One user noted that the trader’s success was not merely luck but rather a demonstration of their unwavering belief compared to others.
Another user commended the trader for exhibiting “diamond” hands, a term used to describe traders who can maintain their positions even in challenging market conditions.
The trader is among many who have profited from the Solana meme coin frenzy. On April 3, another trader turned $13,000 into $2 million within one hour. In this case, they purchased 499.9 million MOEW using 4 Ether just 10 minutes after MOEW was listed on decentralized exchanges (DEXs). Less than an hour later, they sold 111.65 million MOEW for 99 ETH ($328,000) and were left with 388.24 million MOEW.
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