Connect with us

Markets

Why are Bitcoin prices still plunging? Market Update

Why are Bitcoin prices still plunging? Market Update

Published

on

Regulators in China taking a tougher stance on cryptocurrencies could partially explain the most recent rout in bitcoin prices. But some Wall Street watchers think the U.S. Federal Reserve’s new hawkish stance on interest rate policy and bond buying is also playing a key role.

“It is our belief that part of the momentous rally (an important part) has been helped by the Fed’s largess. Bitcoin and other cryptos should rally further on their own over the years, but we believe that they have been pulled forward by the Fed’s stimulus. In other words, we do not think that the stock market is the only asset class that has gotten ahead of itself due to the massive stimulus programs of the past year plus,” said Miller Tabak chief markets strategist Matt Maley in a new research note.

Bitcoin prices have nosedived by 16% to $32,000 since the Fed surprised investors on June 16 by signaling two potential interest rate increases by the end of 2023. Many market watchers surmised the Fed was trying to talk down red-hot asset prices (which have in part been fueled by the ability to borrow money cheaply), and bitcoin is no exception.

Bitcoin prices fell below the key $30,000 level on Tuesday, touching $29,458 at the lows as traders continued to digest Fed day and hawkish comments since from St. Louis Fed President James Bullard.

From the record highs of more than $63,000 hit in mid-April, bitcoin has shed nearly 50% as regulators in China crack down on mining in the country. Negative tweets on the environmental impact of bitcoin mining from Tesla CEO Elon Musk haven’t helped bitcoin prices, either.

Now that bitcoin prices have breached the important support point of $30,000, traders are bracing for an additional selling wave in the near-term.

Warns Maley, “Bitcoin has touched that $30,000 level (or at least come very close to it) several times over the last month. Therefore, if it drops below that level in any meaningful way, it’s going to be very bearish on a technical basis. Thus the $20,000 level that many pundits have been pointing to recently is not out of the question at all. This will not mean that the bull market is cryptos is over, but a break below $30,000 will be something that will be quite negative on a short-term basis.”

Source Credits: Yahoo Finance

Markets

Tezos launches world’s first Uranium marketplace on blockchain

Published

on

Tezos blockchain has become the foundation for the world’s first uranium trading marketplace, marking a significant milestone in the integration of blockchain technology with critical commodities. Announced on Nov. 21, the platform aims to bring transparency and efficiency to the global uranium market, which has traditionally operated with limited visibility and complex supply chains. The initiative is spearheaded by major industry players seeking to modernize uranium trading.

The blockchain-based marketplace will enable buyers and sellers to transact securely while providing an immutable ledger of all transactions. This innovation is expected to address long-standing challenges in the uranium sector, including traceability, regulatory compliance, and pricing opacity. By leveraging Tezos’ smart contract capabilities, the platform offers automated processes for contract execution and ensures a transparent record of ownership and origin.

Industry leaders have praised the project as a game-changer for the nuclear energy supply chain, which relies heavily on uranium. The marketplace is designed to support global efforts to enhance sustainability and safety, aligning with the increasing focus on responsible sourcing of critical materials. The move could also attract new participants to the market by lowering barriers to entry and fostering trust through blockchain’s verifiable data.

This development underscores the expanding role of blockchain in transforming traditional industries beyond finance. By addressing inefficiencies in one of the world’s most regulated markets, Tezos demonstrates how decentralized technologies can drive innovation and transparency. As the uranium marketplace gains traction, it could serve as a blueprint for blockchain adoption in other critical resource sectors.

Continue Reading

Business

LimeWire adds decentralized file sharing feature with BNB Greenfield

Published

on

LimeWire, the iconic file-sharing platform from the early 2000s, has made a comeback, reimagined for the Web3 era. Announced on Nov. 21, the platform now operates as a decentralized file-sharing network, leveraging blockchain technology to enable secure and transparent peer-to-peer sharing of digital assets. The relaunch aims to blend nostalgia with innovation, introducing LimeWire to a new generation of users while embracing the principles of decentralization.

The updated LimeWire platform integrates blockchain to provide content creators with greater control over their work, including tools for licensing and monetization. Users can share files, such as music, videos, and other media, while ensuring ownership and royalties are preserved through smart contracts. LimeWire also features its own native token to facilitate transactions within the ecosystem, including tipping creators and accessing premium content.

LimeWire’s revival reflects a broader trend of Web2 platforms transitioning into the Web3 space. The platform’s focus on decentralization aligns with the growing demand for alternatives to centralized file-sharing services, which have faced criticism over censorship and lack of user privacy. By adopting blockchain, LimeWire seeks to address these issues while empowering both creators and consumers with greater transparency and fairness.

As LimeWire re-enters the digital landscape, its success will depend on user adoption and the platform’s ability to compete with established Web3 content-sharing solutions. With its nostalgic branding and commitment to innovation, LimeWire’s evolution into a decentralized platform positions it as a potential leader in reshaping how digital content is shared and monetized in the blockchain era.

Continue Reading

Business

Coinbase Expands Trading Options for New York Users with Four New Tokens

Published

on

Coinbase, one of the largest cryptocurrency exchanges in the United States, has announced the addition of four new tokens to its trading platform for users in New York. The newly listed tokens—NEAR Protocol (NEAR), AERGO (AERGO), VeThor Token (VTHO), and PayPal USD (PYUSD)—are now available for trading in the state, offering more choices to New York-based investors.

This move is part of Coinbase’s ongoing effort to expand its offerings and provide a wider range of assets to its user base. The inclusion of NEAR, AERGO, VTHO, and PYUSD reflects the growing demand for diverse digital assets in the crypto market.

NEAR Protocol is known for its developer-friendly blockchain, AERGO offers a hybrid blockchain for enterprise solutions, VeThor Token is used within the VeChain ecosystem, and PayPal USD is a stablecoin backed by PayPal, aimed at facilitating digital payments.

New York, known for its strict regulatory environment regarding cryptocurrencies, has often seen a more limited selection of tokens available for trading. Coinbase’s expansion to include these tokens indicates a growing acceptance and regulatory clarity around these assets in the state.

The exchange continues to enhance its platform, ensuring that it meets the evolving needs of its users while complying with local regulations.

Continue Reading

Trending

Copyright © 2021 cryptonews.lk