Cryptocurrency
Crypto investors gave bitcoin prediction today in anticipation of Fed meeting
As the publication of the Fed’s next key rate decision approaches, the market has been flooded with bitcoin prediction analysis about BTC’s reaction to the event.
Bitcoin prediction today — A rare bottom
Popular in the crypto community analyst Peter Brandt, who managed to correctly predict the crypto winter of 2018, in his bitcoin forecast analysis, confirmed the passage of the cryptocurrency bottom. According to their observations, the coin formed a cyclical low in the form of a rare figure of technical analysis — a fulcrum (bottom) with two walls.
Reflexivity Research co-founder Will Clement also believes bitcoin has already passed the cyclical bottom. In his opinion, investors are at a stage of “disbelief” regarding the psychology of market cycles.
Bitcoin predictions 2023 — The psychology of market cycles
Analyst Oriel Ohayon joined bitcoin predictions today, predicting that the lows have been left behind. According to his observations, a bear market lasts about a year. After that comes a three-year bull market. Oriel-Ohayon bitcoin prediction is based on the theory of cyclicality. Recall that every four years the BTC network experiences a halving. A halving of the cryptocurrency’s mining rate, as the history of observation of the coin shows, triggers its growth. The reason is the formation of a shortage of bitcoins in the market amid the growing popularity of digital assets.
Bitcoin forecast analysis — where next
Many members of the cryptocurrency community support a positive outlook for bitcoin. Among the signals that can support the growth of the cryptocurrency, the network users highlight the long-awaited exit of BTC from the narrowing wedge, as well as the MACD indicator moving into the bulls’ zone and the coin’s approach to the 200-day curve on the weekly chart.
Many crypto investors believe that the nearest target for BTC may become $25K. Over time, analyst Lark Davis is sure that the positive dynamics will bring bitcoin to the level of $100K. At the same time, some participants in the crypto community do not exclude the possible correction of BTC before further growth.
Following the stock market
To recap, bitcoin went up at the beginning of January amid the positive dynamics of the stock market, behind which the coin, as history shows, repeats the movements. Market participants paid attention to the fact that the S&P 500 managed to break the border of the downward channel, in which it has been moving since early 2022.Bitcoin echoed the positive dynamics of the index.
Bitcoin forecast 2023 — S&P 500 Index and BTC
On Wednesday, February 1, at 10:00pm, the results of the Fed meeting will be released, including new key rate values. According to CME-FedWatch, the regulator may slow down the rate hike to 0.25pc. Recall that the first step to slow the Fed rate increase was recorded in December 2022 (+0.5 p.p.). Before that, the market experienced four rate hikes of 0.75 p.p.
Crypto-investors believe that the Fed’s policy easing could support the stock market, which, in turn, can support the positive dynamics of the cryptocurrency market.
Previously, we told you that Cardano officially announced the upcoming launch of stablecoin Cardano — Djed.
Cryptocurrency
Disappointing Launch Day for Hong Kong’s Bitcoin, Ethereum ETFs as BTC Slumps Below $61K
Hong Kong’s debut of six new spot Bitcoin and Ethereum exchange-traded funds (ETFs) marked a trading volume of HK$87.5 million ($11.2 million). This volume was significantly below the inaugural trading of 11 spot Bitcoin ETFs in the U.S., which achieved a staggering $4.6 billion.
Meanwhile, bitcoin’s price dumped below $61,000, having experienced a 2.3% decline within the last 24 hours and an 8% decrease over the past week.
Hong Kong’s ETFs Record Low Volumes
The Hong Kong Stock Exchange (HKEX) data indicates that the performance and interest in the six Bitcoin and Ethereum ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey were relatively low after debuting in Hong Kong today.
The Bosera HashKey Bitcoin ETF recorded HK$249,000 in first-day trading volume, while the Bosera HashKey Ether ETF saw HK$99,000 in trading volume at the closing bell.
In contrast, the China Asset Management (CAM) Bitcoin ETF performed better, generating HK$4.6 million in trading volume at the closing bell. The CAM Ether ETF also had a trading volume of HK$4.6 million.
Bitcoin Falls Below $62,000
Even with the introduction of Bitcoin and Ethereum ETFs in Hong Kong, the overall sentiment in the crypto market remains negative. Perhaps driven by the disappointing numbers coming from Asia, BTC reacted in a negative manner and dumped below $61,000 for the first time in 11 days.
Bitcoin started last week with some positive momentum, briefly surpassing $67,000. However, it failed to sustain this upward trend and began to lose value, reaching a low of $60,700 on Monday.
Following a brief recovery to $64,800, bitcoin faced another rejection, struggling to maintain even a minor rally. Meanwhile, the rest of the crypto market followed suit, with the market capitalization dropping 3% over the last 24 hours to $2.35 trillion.
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Cryptocurrency
Aethir and Magic Eden Join Forces to Boost Web 3.0 Gaming
Aethir – a distributed GPU cloud computing platform – has announced teaming up with NFT giant Magic Eden to boost Web 3.0 gaming on a massive scale. The aim is to create a unified Web 3.0 gaming ecosystem by utilizing Aethir’s enterprise-grade GPU infrastructure and Magic Eden’s NFT platform.
The latest initiative will also enable Magic Eden’s gaming partners to have access to Aethir’s premium GPU-as-a-service platform, while the latter will recommend Magic Eden to its gaming partners as their primary NFT platform.
Aethir and Magic Eden Team Up
In a press release shared with CryptoPotato, Aethir stated that Magic Eden is a “highly versatile NFT hub” used by projects from different segments of the NFT industry, but gaming projects are a vital element of the marketplace.
With blockchain gaming becoming highly demanding regarding GPU power coupled with the rapidly growing number and quality of blockchain games, there is a need for scalable cloud infrastructure to accommodate new games and players.
As such, Aethir aims to provide the necessary GPU resources to power the next generation of blockchain games. Through its decentralized cloud infrastructure, Web 3.0 gaming projects can ensure a smooth experience for their users regardless of their location.
Enhancing Global Gaming Accessibility
Aethir, which is an AI-focused GPU-as-a-Service provider, revealed that its computing infrastructure distributes GPU Container resources globally. Rather than relying on a small number of centralized big-tech data servers, the company employs numerous distributed cloud servers.
This setup reduces the physical distance between gamers and GPU cloud resources, thereby reducing latency. Additionally, Aethir’s technology aggregates processing power from idle GPUs, leading to more efficient GPU usage and cost-effectiveness, the company, which is backed by Hashkey and Animoca Brands, said in a statement.
Following the development, Magic Eden’s CRO, Chris Akhavan commented,
“Aethir’s compute infrastructure has the potential to solve critical issues for distributing web3 games. We’re excited to see web3 studios leverage the ability to have their games instantly playable through any browser by using Aethir’s platform.
This provides the opportunity to reach more gamers in environments that aren’t restricted by the major app stores while giving gamers an instant path to web3 games without the need for lengthy download and install times.”
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Cryptocurrency
BNB Chain Launches Chapter Two of Its Airdrop Alliance Program
[PRESS RELEASE – Dubai, UAE, April 30th, 2024]
BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, today announced the second chapter of its “Airdrop Alliance Program.” The successful debut of chapter one with StaryNift, zkPass, KiloEx, Gomble, Web3Go, Ultiverse, and Cellula saw the distribution of 6.1 billion points and 6.9 million tokens. In addition to the reward distribution, the alliance members also launched 12 extra reward airdrop campaigns, tailored for the BNB Chain community, attracting over 500,000 participants so far. The BNB Chain team is kicking things into higher gear with the launch of the second chapter of the Airdrop Alliance Program.
The program is poised to stimulate renewed activity in BNB Chain’s thriving ecosystem and aims to continue rewarding the community for its support and contribution to BNB Chain.
The Airdrop Alliance Program’s second batch is strategically designed with top-tier projects of the BNB Chain ecosystem that are yet to issue their tokens. The collaboration targets an increased distribution of token airdrops to captivate retroactive users on BNB Smart Chain (BSC) and opBNB. Participating members include:
Full details of each project’s airdrop points and tokens can be found here.
The eligibility criteria for the second chapter are specified as follows:
- Level 1: Migrate at least 1 BNB from the Beacon Chain to BSC using this Stake Migration tool or stake at least 1 BNB on BSC. Only a snapshot on May 15, 2024, at 00:00 UTC, will be considered
- Level 2: Stake at least 5 BNB on BSC. Similarly, the snapshot is May 15, 2024, at 00:00 UTC.
Users can verify if they are qualified for Level 1 or Level 2 on DappBay after May 16. Full eligibility criteria and details can be found here.
The BNB Chain Core Development Team said: “The second chapter of the Airdrop Alliance has a core objective of enhancing community engagement and expressing gratitude to the BNB Chain community for their support towards BSC and opBNB. After the success of the first batch, we look forward to working with leading ecosystem projects to launch chapter 2.”
For more information and updates, users can follow BNB Chain on X.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:
- BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
- opBNB: A scalability L2 that delivers the lowest gas fees of any L2 and rapid processing speeds.
- BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.
Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.
For more, follow BNB Chain on X or start exploring via our Dapp library.
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
- Forex2 years ago
Forex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex1 year ago
Unbiased review of Pocket Option broker
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Stock Markets2 years ago
Morgan Stanley: bear market rally to continue
- Economy2 years ago
Crude oil tankers double in price due to EU anti-Russian sanctions