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Cryptocurrency

In what case bitcoin will continue to grow

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Experts say what marks the cost of the first cryptocurrency should reach to continue the recovery

Over the weekend, bitcoin prices continued to rise and by Monday morning crossed the $22,300 mark. On July 18, the first cryptocurrency was trading at $22,200. It rose in price by 3% over the past 24 hours and by 8.7% over the week.

The incomplete week from July 11 to July 15 was not easy. In the first half of the week the pair BTC/USDT declined to $18,900. The fall began on July 10 and intensified on Monday amid a sell-off. in U.S. stocks. Investors “went to the cash” before important data on inflation and the beginning of the II quarter reporting season in the United States. Also, risk appetite declined because of an increase in the number of coronavirus cases in China.

On Tuesday, the downtrend intensified as the dollar rallied and the S&P500 and Nasdaq indices fell. The dollar index rose to a multi-year high amid a collapse in the euro. The dollar reached parity with the euro. Sellers sold the single currency because of the energy crisis and problems in the manufacturing industry.

On Wednesday, the situation on the crypto market stabilized after multidirectional fluctuations. The sharp fluctuations were caused by a report on inflation in the U.S. in June. Buyers could defend the $20K level and closed the day at $20,234. The U.S. inflation data fueled fears that the Fed might raise key interest rates by 100 basis points this month.

The S&P500 and Nasdaq indices declined after the statistics were released, but recouped some of the losses. The market did not collapse as two Fed officials indicated they were in favor of a 75 basis point rate hike in July rather than a 100 bps hike. This reduced the likelihood of a more aggressive move on the latest inflation data. The market is ready for a 75bp hike.

On Thursday, buyers took advantage of a correction in the dollar and a weak rise in indices. BTC/USDT rebounded to $20.9K. On Friday, the price rebounded to $21K following the move by the US indices. During the day, the situation has not changed.

The market is controlled by sellers. BTC hashrate fell 27% to 159.41 EH/s due to the shutdown of miners in Texas. For miners and the market, this is a bearish signal. Investors still fear a collapse to the $10-$13k range.

From the point of view of technical analysis, to level out the “bearish” sentiment after the conquest of the $22k mark, buyers need to pass the level of $23.5k. The faster it will be passed, the higher the probability of recovery to $26.5k.

The idea of short positions at $22.5k-$23k worked out. Last week the price continued to move within the limits of the large horizontal channel.

The bulls managed to break through the inclined trendline inside the channel. Next week we will be watching the price’s approach to the upper border of the channel, and we will already try to work for the breakdown. It will be the third touch: the more touches, the higher is the breakdown probability.

Also, the Ethereum chart is also bullish. A very similar channel was formed there and the price is actively testing the upper boundary. We are very close to a breakout. Ethereum should drag the rest of the market with it. 

Cryptocurrency

Hipposol, A Solana-based Memecoin Announces $Hippos Token Presale Round

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[PRESS RELEASE – London, United Kingdom, April 24th, 2024]

Today marks a monumental day as Hipposol, A solana memecoin proudly announces the launch of $hippos pre sale round for early participants. Drawing vibrant inspiration from the mighty and playful hippopotamus, the $Hippos token presale event begins today April 24th 2024, with a sale duration of 26 days.

Hipposol Ready To Pioneer A New Era in Memecoin

$Hippos isn’t merely another entry in the memecoin ledger; it heralds a new era where community, technology, and sheer fun merge to forge genuine value. “With $Hippos, we’re not just redefining memecoins; we’re revolutionizing how a memecoin community and digital currency coexist. This journey isn’t about speculative trading alone; it’s about crafting a community empowered to steer its course and reap substantial growth,” said King Hippo, the revered leader of the Hipposol herd.

The Hipposol team believes the $Hippos pre sale event means more than buying a token; it means joining a memecoin herd that leads. With Hipposol community-driven development approach, users insights and votes directly influenced by the $Hippos holders, Hipposol is set to be next meme sensation on Solana.

$Hippos Presale Facts:

  • Token Presale Rate: 1 SOL = 150,000 $Hippos
  • Minimum Buy: Dive in with as little as 0.5 SOL

Users can join the Solana meme adventure with Hipposol and experience a new breed of memecoin that’s ready to make waves.

For more updates and news on Hipposol memecoin;

Website | $Hippos Sale portal | Twitter | Telegram 

Hipposol is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in cryptocurrencies can be volatile and dangerous.

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Tether Will Freeze Venezuelan Wallets Being Used to Evade US Sanctions

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Tether has announced that all wallets associated with Venezuela’s attempts to bypass U.S. sanctions on oil exports will be frozen.

The decision follows recent reports indicating an increased use of Tether’s USDT by Venezuela’s state-run oil company, PDVSA, to avoid sanctions imposed by the United States.

Venezuela’s PDVSA Turns to Tether Amid Sanctions

According to a Reuters report, Venezuela’s state-run oil company, PDVSA, transitioned to using Tether’s USDT after facing renewed sanctions on its oil exports.

Tether took a similar stance in December last year, freezing 161 wallets in compliance with U.S. sanctions.

A spokesperson for the stablecoin issuer emphasized the company’s commitment to upholding sanctions by stating, “Tether respects the OFAC SDN list and is committed to working to ensure sanction addresses are frozen properly.”

PDVSA’s increased use of cryptocurrency payments is part of a broader strategy to mitigate the repercussions of U.S. sanctions re-imposed due to Venezuela’s failure to implement electoral reforms.

By using cryptocurrencies like USDT, PDVSA can conduct transactions while minimizing the risk of assets being seized by U.S. authorities. Reuters notes that PDVSA uses intermediaries to hide the trail and evade tracking in USDT transactions.

However, a recent PDVSA scandal has complicated matters, as investigations uncovered around $21 billion in unexplained receivables from oil exports. This scandal is partly linked to prior transactions involving other cryptocurrencies, adding complexity to the situation.

USDT Prepayment for Oil Deals

In 2024, PDVSA restructured its spot oil deals to require prepayment for half of each cargo’s value in USDT. This requires new customers interested in buying Venezuelan oil to possess a digital wallet capable of conducting cryptocurrency transactions.

Furthermore, the U.S. government has conditionally permitted the resumption of business with PDVSA. This decision came in October when Washington issued a six-month license, allowing trading houses and former PDVSA customers to resume business with Venezuela. However, due to digital transaction requirements, many of these entities had to rely on intermediaries to facilitate the transactions.

Venezuela’s venture into cryptocurrencies dates back to 2018, when it introduced the “petro” token to mitigate the economic turbulence induced by U.S. sanctions. However, the petro’s poor adoption led to its shelving earlier this year.

Meanwhile, OFAC has recently intensified its scrutiny of the cryptocurrency industry. In December, OFAC imposed fines on crypto exchange CoinList amounting to $1.2 million for facilitating Russian users in evading sanctions. Before this, the agency sanctioned a crypto mixer allegedly used by hackers in North Korea.

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Cryptocurrency

Here are the Top 5 Gainers in the Bitcoin (BTC) Ecosystem YTD: Details

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TL;DR

  • Core (CORE) has significantly outperformed Bitcoin and many other major cryptocurrencies with a 350% price surge this year.
  • Other digital assets related to BTC’s ecosystem, such as Sovryn (SOV) and Ordiswap (ORDS), also reported notable gains, with increases of 210% and 100%, respectively.

CORE Leads the Pack

Bitcoin (BTC) has been making serious waves since the beginning of the year, with its price rising from approximately $42,000 on January 1 to almost $67,000 on April 24 (a 60% increase). However, some cryptocurrencies related to its ecosystem have witnessed even more substantial gains over the same period, and Core (CORE) is the perfect example.

It is a new blockchain that leverages the advantages of Bitcoin’s Proof-of-Work network and the delegated Proof-of-Stake consensus mechanism to offer more security, scalability, and decentralization. 

Its native token, CORE, is currently worth around $2.51 (per CoinGecko’s data), a 350% surge compared to the $0.55 observed at the start of 2024.

CORE Price
CORE Price, Source: CoinGecko

The asset’s price was even higher at the beginning of April, briefly surpassing the $4 mark, while its market capitalization crossed the $3.5 billion milestone before settling at its current level of around $2.2 billion.

Sovryn (SOV) Comes Next

The protocol, running on a Bitcoin sidechain called Rootstock Smart Contract (RSK), has also witnessed a significant resurgence in the past several months. 

Its native token – SOV – has been up 210% since New Year’s Eve, currently trading at approximately $2.10. However, its price performance is far from its glory days in 2021, when a single coin was worth over $35.

SOV Price
SOV Price, Source: CoinGecko

Ordiswap (ORDS)

Ordiswap is the first Automated Market Maker (AMM) designed for the BTC blockchain. Its main purpose is to provide liquidity provision and decentralized trading directly to Bitcoin’s native layer.

The governance cryptocurrency of the AMM—ORDS—was launched at the end of December last year and has jumped by 100% since then. Last month, it soared to an all-time high of $0.26 before retracing to its current mark of $0.10.

ORDS Price
ORDS Price, Source: CoinGecko

LeverFi (LEVER)

This is a decentralized leverage trading platform with a native token called LEVER. The latter ascended by 98% since January 1, 2024. It is also among the notable gainers today (April 24), registering a 10% increase on a daily scale.

LEVER Price
LEVER Price, Source: CoinGecko

LEVER’s market capitalization recently jumped above $120 million for the first time while currently hovering around $100 million.

Bitcoin Cash (BCH)

The popular hard-fork blockchain, split from Bitcoin in 2018, finds a place in the list, too. Earlier in April, it completed its second halving, with its price ascending substantially in the months prior to the event. Two weeks ago, BCH hit a multi-year high of more than $700, but it has been on a downtrend as of late. 

Currently, a single token is worth around $500, which is still a 93% increase compared to the figure observed at the beginning of the year.

BCH Price
BCH Price, Source: CoinGecko

 

 

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