PlutusDAO price rose to a new all-time high of $1.42.The PLS token has spiked 41% in the past 24 hours and 170% this past week.PlutusDAO announced the launch of plsRDNT on Arbitrum, making it easy for holders to earn RDNT.As cryptocurrencies look to bounce higher on Tuesday, PlutusDAO (PLS) price has skyrocketed 170% in the past seven days, with the Arbitrum-native Layer 2 governance platform seeing massive network activity. According to data from CoinGecko, the price of PlutusDAO’s native token has spiked over 41% in the past 24 hours.Data showed PLS price rose to $1.42 on Tuesday 21 March 2023, the token’s new all-time high. PLS/USD traded at $1.38 on Tuesday afternoon, having changed hands around $0.95 earlier in the day.PlutusDAO price: Why PLS rose 170% this weekPer CoinGecko, the decentralised network had recorded a 50% surge in trading volume in 24 hours, with over $1,700,800 worth of PLS traded so far on the day.The spike suggests a surge in market activity. Notably, the price soared after PlutusDAO announced it had added plsRDNT, the fourth asset in its product range. The new plsAsset is for the native token on Radiant, a money-market protocol on the Arbitrum network.“We’re excited to announce that $plsRDNT is now live on #Arbitrum! The best cross-chain money-market in crypto just got a massive upgrade – users can now earn max-locked yield without having to lock their tokens!” the PlutusDAO team tweeted.Given PlutusDAO’s attractive rewards system for plsAsset stakers, the hype around Arbitrum looks to have aided an uptick in user activity. RDNT holders can now tap into the benefits of liquid staking via the PLS platform and earn rewards from Radiant.In a blog post, PlutusDAO said plsRDNT stakers can earn from three possible fees sources —underlying locked liquidity tokens (dLPs), PLS emissions and from dLP-boosted plvRDNT, a new vault product on Radiant.The post PlutusDAO skyrockets 41% to new ATH amid spike in network activity appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/nc1uhFL

Every investor knows that finding the lowest-price crypto coins from a value perspective is key to delivering massive returns on investment. Finding promising projects can be easier said than done, and so it’s worth taking the time to understand which projects are the ones that analysts believe are set to skyrocket ahead of putting in hard-earned cash to start investing.What are the top cheap cryptos to buy for big gains in 2023?There are enough cheap cryptocurrencies and so many quality projects across the Web3 revolution that the strongest choice for those cryptos considered to be great investments spans a number of different sectors. Here is a list of the best cheap crypto projects to help identify where the best returns might be found:Metacade (MCADE)AltSignals (ASI)Dogecoin (DOGE)Filecoin (FIL)Chainlink (LINK)Uniswap (UNI)Luna Classic (LUNC)Cardano (ADA)The Sandbox (SAND) Ripple (XRP)Basic Attention Token (BAT)Theta Network (THETA)1. Metacade (MCADE) – Revolutionizing the world of gamingWhat is Metacade?<a href="https://metacade.co/en/?utm_source=media">Metacade</a> is an innovative new project that is attracting a huge amount of attention across investor groups following the recent release of the project’s ambitious and far-reaching whitepaper. The whitepaper release has driven incredible performance in the project’s presale, where savvy investors are flocking to secure their tokens at while it remains one of the lowest price crypto coins — leading to an unbelievable  $12.3m being raised in just 17 weeks.Metacade is constructing the largest play-to-earn (P2E) arcade on the planet and, in doing so, appears set to capitalize on the huge growth predicted for the burgeoning GameFi space. The arcade caters to a huge range of different play styles, meaning that whether gamers prefer casual gameplay or more competitive gaming, Metacade has them covered.With the platform offering rewards even for non-gaming activities like writing game reviews and sharing alpha which improve the overall user experience, the cryptocurrency roject looks likely to drive incredibly high user growth and retention numbers. With the project’s utility token, MCADE, critical to the use of the ecosystem, this user growth could provide a huge level of buying pressure on the MCADE token as releases go live.Why should you invest in Metacade?MCADE serves as the native token and currency of the Metacade platform and also powers the extensive rewards system. The token has also been designed to be very investor-friendly, with a supply of just 2 billion tokens and staking options available to allow long-term holders to earn a passive income in exchange for their staking. Another feature of Metacade that has been incredibly well received is Metagrants, which allows game developers of all sizes to pitch their game ideas to the Metacade community. MCADE holders are then able to use the governance rights afforded to them through the token to vote on which projects they believe deserve funding from the Metacade treasury.MCADE is a compelling investment choice as a result of both the innovative design choices and the budding sector waiting for growth. With a bright future ahead, Metacade is one of the most highly regarded cheap crypto projects out there right now.>>> You can participate in the Metacade presale <a href="https://metacade.co/en/?utm_source=media">here</a> <<<2. AltSignals – The best trading signal provider out thereWhat is AltSignals?<a href="https://token.altsignals.io/en/?utm_source=media">AltSignals</a> is an incredible cryptocurrency project that already boasts 50,000 users and provides top-quality trading signals using its AltAlgo™technology. Despite having already delivered 1,500 signals with a phenomenal 64% success rate, the team is pushing for even more by building the AI-powered ActualizeAI product. The ASI token will grant access to ActualizeAI, and also allows holders to benefit from joining the ActualizeAI Club, an open network where further rewards will be available for contributions to…

Cathie Wood explains why she’s been buying Block shares.Barclays sees upside in the crypto stock to $103 a share.Block stock is currently down 70% versus its record high.Block Inc (NYSE: SQ) has been in an uptrend since March 13th as famed investor Cathie Wood continued to load up on shares of the financial technology company.Wood’s bull case for the Block stockOn Friday, Wood spent around $4.3 million on to buy just under 59,000 shares of the multinational split between two of her exchange-traded funds – the flagship ARKK and ARKW.The purchase came on top of about $29 million worth of Block shares she bought earlier in the same week. Explaining why this morning on CNBC, Wood said:We’re seeing two things with Block Inc. It is reducing the cost of financial services and so more people are flocking to it. And it is developing a closed-loop ecosystem.Versus its record high in August 2021, Block stock is down more than 70% at writing.Barclays sees upside in Block shares to $103Last month, Block reported per-share earnings for its fiscal fourth quarter that came in shy of Street estimates. Still, Wood said today on “Squawk on the Street”:[Closed-loop ecosystem] could be one of the big winners in digital wallet space where clients won’t have to interact with banks. Cash App and Square will take care of that.Her bullish view is in line with Barclays that reiterated its “overweight” rating on the Block stock just a day earlier citing long-term market share gains.Analyst Ramsey El-Assal sees upside in Block shares to $103 – up more than 30% from here.The post Cathie Wood explains why she’s been loading up on this crypto stock appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/dNRb81K

Bitcoin is outperforming commodities and gold so far in 2023, with BTC showing a 10x outperformance of the precious metal.Mike McGlone, a senior macro strategist at Bloomberg Intelligence, says Bitcoin could be in a new super cycle.He earlier noted BTC above $25,000 demonstrated the cryptocurrency’s divergent strength.Mike McGlone, a senior macro strategist at Bloomberg Intelligence, has noted that the crypto sector could be looking at a new super cycle amid <a href="https://coinjournal.net/bitcoin/">bitcoin</a>’s outperformance of commodities.According to the analyst, Bitcoin (BTC) is so far beating top performing commodity asset gold in 2023, with BTC up nearly 10x more to suggest the flagship <a href="https://coinjournal.net/cryptocurrencies/">cryptocurrency</a> may be in a super cycle. BTC price is up 79% year-to-date at the time of writing. Comparatiely, gold price has only gained 5.8% YTD, currently poised around $1,942. McGlone shared the outlook in comments <a href="https://twitter.com/mikemcglone11/status/1638196825109700609">shared</a> via Twitter on Tuesday, his view of the market coming as bitcoin price continued to hover above $28,000. “<em>Looking for a super cycle? Bitcoin Outperforms Commodities With Declining Risk – Bitcoin beating gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening in the crypto</em>,” the Bloomberg strategist stated.Bitcoin’s divergent strengthAccording to McGlone, Bitcoin has one advantage over most commodities – its “<em>nascent stage of low and rising adoption</em>” as well as diminishing supply. He observes that BTC shows an elongated upward trajectory in terms of its price when compared to the Bloomberg Commodity Spot Index.The outlook is similar across most assets and that despite a bottoming out of the 260-day volatility relative to commodities, Bitcoin is likely to recover vastly versus the asset class as bulls eye new highs.As for the latest spike in Bitcoin price, the analyst points to the banking crisis and the issues around fractional reserves. In his view, such concerns are likely to be “<em>shining a light</em>” on Bitcoin’s attributes. On what could happen next for BTC, he opined:“<em>Relative strength vs. most assets may portend Bitcoin’s inflection toward global digital collateral and potential to trade more like gold [and] US Treasury bonds. Central banks still tightening despite plunging commodities and a banking crisis adds to severe economic-reset risks</em>.”Relative strength vs most assets may portend <a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a>'s inflection toward global digital collateral and potential to trade more like <a href="https://twitter.com/hashtag/gold?src=hash&ref_src=twsrc%5Etfw">#gold</a>, US Treasury <a href="https://twitter.com/hashtag/bonds?src=hash&ref_src=twsrc%5Etfw">#bonds</a>. Central banks still tightening despite plunging <a href="https://twitter.com/hashtag/commodities?src=hash&ref_src=twsrc%5Etfw">#commodities</a> and a <a href="https://twitter.com/hashtag/BankingCrisis?src=hash&ref_src=twsrc%5Etfw">#BankingCrisis</a> adds to severe economic-reset risks <a href="https://t.co/OhZOnbbbNw">pic.twitter.com/OhZOnbbbNw</a>— Mike McGlone (@mikemcglone11) <a href="https://twitter.com/mikemcglone11/status/1638142549939429379?ref_src=twsrc%5Etfw">March 21, 2023</a>Last week, McGlone <a href="https://twitter.com/mikemcglone11/status/1637044390672711682">pointed</a> to the events in the finance and banking industry as a factor that could aid Bitcoin’s march towards becoming more of a hedge asset. Continuing weakness in the banking ecosystem portended a scenario where the benchmark cryptocurrency eventually trades like gold and US Treasury long bonds.Bitcoin’s resilience above $25,000 would be an indicator of its divergent strength, he added.The post <a href="https://coinjournal.net/news/bloomberg-analyst-crypto-supercycle-likely-on-as-btc-outperforms-gold/">Bloomberg analyst: Crypto supercycle…

Avalanche gained 60% in less than three monthsDespite the returns, the bearish bias persistsFor bulls to have a case, the price should break out of a falling wedge patternThe cryptocurrency market investor had a rough 2022 as the market tanked. But as bearish as the price action was last year, as bullish it is in 2023 so far. With a little over a week before the first quarter’s end, leading cryptocurrencies have rallied hard from their lows. Avalanche, for instance, gained 60% YTD, rallying together with Bitcoin. 60% is a tremendous return over any period, let alone over less than three months. Yet, delivering such returns is not unusual for the cryptocurrency market. So where will AVAX/USD go from here? Will the bull run continue, or should investors book their profits and wait for the next opportunity?MediaAVAXUSD chart by TradingViewThe bearish bias persists while a falling wedge remains intactAvalanche found strong support at the $10 area and then rallied in 2023. But despite the returns delivered so far in the year, the bias remains bearish. Bulls are probably encouraged by a falling wedge pattern currently in the making. Indeed, a falling wedge is a bullish pattern, as it appears at the end of bearish trends. However, the signal to trade the market to the upside comes after the price breaks above the upper edge of the pattern. In other words, until then, it is just speculation, as the reversal pattern may be invalidated anytime. Therefore, those that bought Avalanche at the start of the trading year may find it wise to book some partial prices and wait for the price to move above the upper trendline. That is, above $20. The next level of resistance should be the $30 area, and from then on, the target is half the distance it took the pattern to form. On the flip side, if the price drops below $10, the reversal pattern gets invalidated, so that is the exit for any bullish setup. The post Avalanche price forecast after gaining 60% YTD appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/dmS2ajA

SinMichael Wanggapore, Singapore, 22nd March, 2023, ChainwireHuobi, the virtual asset trading platform, has announced the launch of the Dominica Metaverse Bound Token (DMBT). The launch of DMBT is part of the rollout of the Dominica Metaverse Digital Citizen (DMDC), which was authorized by the government of Dominica in collaboration with TRON and DMC Labs.DMBT serves as an on-chain identity for users who have completed their Level-3 KYC verification on Huobi. It serves as a credential for verified DMDC members and is a type of soulbound token (SBT) that is unique, non-transferable, and revocable.After successfully completing the Huobi KYC process, users can obtain their Dominica Metaverse Digital Identity (DDID) and become a DMDC. DDID holders are eligible for a physical Dominica Metaverse Identification Card (DMIC). The potential benefits of DMDC membership may cover a variety of on-chain and off-chain use cases utilizing the DDID, including the facilitation of online KYC processes across international crypto trading or financial service platforms subject to local regulations, and collaboration with various membership programs shared by real-life consumer businesses globally.Furthermore, users can mint DMBT on the TRON blockchain with their DDID, which can be viewed on any wallet that supports TRON NFT protocols.H.E. Justin Sun, Founder of TRON and Global Advisor to Huobi, commented, “DDID will serve as the building block for Web 3 and a bridge connecting the real and virtual worlds. Essentially, the on-chain digital identity system lays the foundation for a future metaverse world that is truly capable of servicing the global population across physical boundaries and national borders in mankind’s pursuit toward inclusive digital freedom.”About HuobiFounded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation and other areas. Huobi serves millions of users across international markets. Please refer to Huobi’s official website for more information: www.huobi.comContactMichael Wang, glo-media@huobi.comThe post Huobi Launches the Dominica Metaverse Bound Token (DMBT) appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/PMvaFNq

<strong>London, United Kingdom, 22nd March, 2023, Chainwire</strong> Metacade, fast becoming the most exciting GameFi project in 2023, has reached the final stage of its token presale after raising more than $500k in 24 hours, reaching a total raise of $12.4m.This comes after a wave of positive news, which includes a showcase of UI designs, a detailed view of their staking pool and the announcement of the <a href="https://metacade.co/en/referrals">Metacade referral programme</a>.The presale is scheduled to end on the 30th of March 2023, after which the MCADE token will list on multiple exchanges, including Uniswap & BitMart.Users can participate in the Metacade presale <a href="https://metacade.co/?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">here</a>. Russell Bennett, CEO of Metacade, said of the positive news, “As we enter the final stage of the presale, it’s all hands-on-deck at Metacade. We’re proud to have achieved so much in so little time, and extremely grateful for the support of our loyal Metacaders and investors in the project. We’re now gearing up for the exchange listings and for our Q2 product launches.”The last stage of the presale sees the price of the MCADE token rise to $0.020, the final price before the exchange listings, which will start after the presale ends on the 30th of March.<a href="https://metacade.co/?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">Metacade</a> is one of blockchain’s first community-driven arcades and will offer a huge collection of play-to-earn (P2E) games that will see gamers rewarded for their performance with the native MCADE token.The platform aims to become a central hub for Web3 users, as its additional earning mechanism is specially designed to serve a wide variety of blockchain enthusiasts.One of the most exciting aspects of the plans laid out in Metacade’s <a href="https://metacade.co/whitepaper/whitepaper.pdf?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">whitepaper</a>, is their pioneering Metagrants program. This will see Metacade investing in new gaming projects using the community treasury, funding the next generation of blockchain game developers.The Metagrants initiative operates by letting developers submit funding applications to support the design and creation of the next GameFi titles. Submissions are pooled for assessment by the Metacade community, where MCADE holders can vote on their favorite submissions. The most popular ideas receive crypto investments to support game production – with the first Metagrant game scheduled to hit the platform in Q1 2024.Metacade tokens are available for purchase up until sell out or the 30th of March, whichever is sooner. users can participate in the Metacade presale <a href="https://metacade.co/?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">here</a>.<strong>About Metacade</strong><a href="https://metacade.co/?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">Metacade</a> is intended to be the premier destination for gaming in the metaverse. As Web3’s first community arcade that allows gamers to hang out, share gaming knowledge and play exclusive P2E games. The platform offers users multiple ways to generate income, build careers in Web3 and connect with the broader gaming community.The project has the stamp of approval from CertiK, the leading blockchain auditor, which aims to reassure investors that the project specifications and code are reviewed and the Metacade team has passed KYC. This puts Metacade on the same level of confidence as other CertiK projects including Aave, Polygon and Chiliz.Metacade’s one-stop shop potential as the next GameFi hub of choice for P2E gamers as well as a broad range of other…

The Federal Open Market Committee will conclude its two-day meeting on Wednesday.This decision will likely have implications for Litecoin and other crypto prices.Economists expect a more balanced Fed as it battles inflation and financial stability.Litecoin price moved sideways on Wednesday as investors waited for the upcoming interest rate decision by the Federal Reserve. LTC was trading at $80, where it has been in the past few days. Other cryptocurrencies are also wavering, with Bitcoin trading at $28,255 and Ethereum stuck at $1,800. XRP and ADA are two of the best-performing big-cap coins.Fed decision aheadThe main catalyst for Litecoin price will be the upcoming interest rate decision by the Fed. Economists polled by Reuters expect the Fed will maintain a relatively balanced tone as it combats some of the top challenges in the economy. The biggest challenge the Fed is facing is the stability of the financial system following the collapse of several banks, including Credit Suisse and Silicon Valley Bank. And now, several researchers believe that about 190 banks could fail because of their large unrealized losses. A lack of confidence in the financial market could lead to chaos as people rush to get their money out. That would put the American economy at risk. The other big risk is that America’s inflation seems to be sticky. Data published last week showed that America’s consumer price index (CPI) remained at 6% in February, much higher than the Fed’s target of 2%. As such, the bank will need to show its commitment for fighting inflation in the country. As such, the most balanced way will be for the bank to hike by 25 basis points. In a note, analysts at ING wrote:“It’s a close call, but we expect a 25bp hike by the Fed today. Ultimately, Powell’s primary goal is to restore investor confidence and a hold might signal a lack of trust in the financial system. The dot plots may also be revised slightly higher, and the dollar could recover a bit.”A hawkish tone by the Fed could dent the recent rally in cryptocurrencies. Most coins have jumped by double digits in the past few days as investors price in a more dovish tone by the bank. Litecoin price prediction MediaThe four-hour chart shows that the LTC price has moved sideways in the past few days. In this period, it has formed a symmetrical triangle pattern that is shown in red. The coin has moved slightly below the 50-period exponential moving average (EMA). Litecoin is also below the important resistance level at $88.36, the lowest point on February 13. The MACD has moved slightly below the neutral point. Therefore, there is a possibility that Litecoin’s price will have a bearish breakdown after the Fed decision. If this happens, the next reference level to watch will be at $70.How to buy LitecoineToroeToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.Buy LTC with eToro today Disclaimer PublicPublic is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.Buy LTC with Public today Disclaimer The post Litecoin price prediction: LTC outlook ahead of Fed decision appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/rW6sFg3

Magic Eden has launched the first fully audited Bitcoin NFT marketplace.The marletplace has integrated two non-custodial wallets to support seamless transactions.Magic Eden now supports NFT marketplaces for Solana, Ethereum, Polygon and Bitcoin.Cross-chain NFT platform Magic Eden has added to the impetus around NFT Ordinals on Bitcoin by launching a fully audited Bitcoin NFT marketplace. The digital artifacts marketplace will feature everything from images and audio clips.Magic Eden’s move means traders within the ecosystem are set to benefit from being able to buy and sell Bitcoin-based inscriptions tied to satoshi – the smallest unit of measuring value for BTC.A new dimension to NFT universeIn a press release published on Tuesday, Magic Eden noted the infrastructure supporting Bitcoin inscriptions is growing, even as the network counts over 400,000 such digital artifacts so far. At the moment, the Bitcoin NFT marketplace has integrated two non-custodial wallets – Hiro and Xverse – with support for features such as listing, delisting and buying and selling. The marketplace already offers access to more than 70 collections.3/ Why Bitcoin? Ordinal digital artifacts exist on-chain, never off-chain, and are totally immutable, meaning they cannot be altered in any way.Add the security aspect of BTC & the decentralization of its nodes, and you get the ultimate home for true digital collectibles.— Magic Eden 🪄 (@MagicEden) March 21, 2023Commenting on the development, Magic Eden co-founder and CEO Jack Lu, noted:“Adding a Bitcoin marketplace is really exciting for our team, considering it is the grandfather of all blockchains and we are all passionate about blockchain. Bitcoin Ordinals bring a whole new dimension into the universe of NFTs.”Part of the early efforts aimed at accelerating adoption include Magic Eden’s partnership with 13 top collections, including Inscribed Pepes, Taproot Wizards and Bitcoin Bandits. Digital artfacts on the platform will be subject to top quality filtering, with collectors having access to details such as Ordinal rarity, name, inscription number, age and so forth.“On Bitcoin, all media that is uploaded onto the chain cannot be changed or removed,” Lu said in a statement. “This simplicity is embraced by many creators who want to create true collectibles that are inscribed onto the chain. We’re excited to bring our winning marketplace user experience we’ve developed over the last year and a half to Bitcoin.”Magic Eden’s release of a Bitcoin NFFT marketplace builds on the company’s solid foundation as a top provider of blockchain and Web3 solutions. While it remains the leading NFT marketplace for Solana, this latest move adds to recent expansions to Ethereum and Polygon.The post Magic Eden launches Bitcoin NFT marketplace appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/YtzfLBP

Key TakeawaysThe Ethereum Shanghai upgrade is imminent, meaning stakers will finally be able to unstake their ETH, some of which has been locked up since 202117.7 million is ETH is staked, equivalent to 14.8% of the entire supplyThis is just below the amount of ETH on exchanges, which is 18.3 million ETH, equivalent to 15.2% of the supplyPrice effects of upgrade are likely already priced in, but this amount of supply being released is nonetheless notableThe Ethereum Shanghai upgrade is slated to occur in mid-April. While not as seismic a shift as the Merge event which took place last September, it is nonetheless an important moment for the world’s second-largest cryptocurrency. The most impactful consequence will be around Ethereum stakers. For the first time, those with staked ETH will be allowed to unstake their holdings. How much Ethereum is staked?And that is a lot of ETH. Currently, there is 17.7 million Ether locked up in staking contracts, equivalent to 14.8% of the total supply. Once the upgrade goes live, this ETH will finally be eligible to hit the market. That may sound like a scary proposition, but in reality, there have been many liquid staking alternatives available throughout the staking period, which kicked off in late November. In such a way, stakers have received back liquid “tokens” which can be traded in place of ETH. These tokens can then be redeemed for actual ETH once the upgrade goes live – which we now know is imminent. Nonetheless, there may be some elevated selling pressure in the immediate aftermath of the event. The liquid tokens have traded for (usually small) discounts compared to ETH, while it will also now be more intuitive and simpler for people to sell.Despite all this, concluding that this will dent ETH’s price would be naive. The market knows this is coming and that same old concept of “priced in” is gain relevant. Remember, many hypothesised that the Merge would drive a massive price increase, but it came and went with only minor volatility. If the Shanghai upgrade goes smoothly, it would not be a surprise to see the same happen here. Could the Ethereum staking yield be DeFi’s risk-free rate?One thing I have wondered about is what the yield on staked ETH will look like going forward. One theory is that, if Ethereum continues to act as the base layer for decentralised finance, the staking yield could look like some sort of risk-free yield in the space. In such a way, it could be used as a benchmark to value investments in the space, much like the risk-free rate in traditional finance is used. Then again, with the way DeFi has gone over the last couple of years, maybe it won’t. The space has seen a flood of capital flee the space as the bear market has ravaged cryptocurrency as a whole. Where is the rest of ETH held?With 15% of the ETH supply locked up in staking contracts, and the number steadily rising from when staking opened up in late 2020, the balance on exchanges has done the opposite. There is currently 18.3 million ETH on exchanges, equivalent to 15.2% of the supply, slightly above the 14.8% that is staked. The 18.3 million ETH on exchanges represents the lowest figure since June 2018, at the depths of the previous crypto winter. The chart shows that the balance has been falling steadily since ETH staking came online. Of course, the above charts are in native units. When flipping the denominated unit to the dollar value of ETH instead, you get a much wackier pattern. Nonetheless, the dollar value on exchanges is still above what it was until the first quarter of 2021.As cryptocurrency markets as a whole rally off the back of renewed hope that the Federal Reserve will pivot off high interest rate policy sooner than previously anticipated, Ethereum has followed, trading at $1,800, its highest price since last September – right when the Merge occurred. Macro will continue to drive the price going forward, but the Shanghai upgrade is nonetheless an important moment as Ethereum solidifies its long process of switching from a proof-of…

<strong>London, United Kingdom, 22nd March, 2023, Chainwire</strong>Battle of Olympus, an arcade street fighting game, is set to launch the <a href="https://launch.revenant.gg/godly">first phase of its presale</a> for its in-game currency $GODLY on Arbitrum on Monday, March 27.<a href="https://launch.revenant.gg/godly">Battle of Olympus</a> stands alone as one of the few Web3 games with <a href="https://battleofolympus.gg/game">a fully working demo</a>, with an update due in Q2 2023, and an upcoming collection of in-game digital collectibles. Set in the cyberpunk city of Olympus, fight against other players and several Greek gods. Battle your way to the top of Olympus to conquer the metropolis! <a href="https://battleofolympus.gg/game">Play the demo here.</a>Battle of Olympus is the first flagship game developed by Revenant, a decentralized gaming ecosystem founded in 2022.The earliest investors will benefit from getting the $GODLY token at its lowest price. The first stage of the presale is available for $0.0221, with the price increasing through four rounds.<strong>Battle of Olympus to focus on gameplay</strong>With a team full of hardcore gamers, Battle of Olympus’ developers understand that long-term success requires engaging gameplay that keeps players hooked for hours on end. Therefore, Battle of Olympus provides gameplay unlike any other, based on roguelike and RPG elements.Although players earn rewards as they progress, it will not come at the expense of their enjoyment or project sustainability. Battle of Olympus prioritizes gameplay rather than earning potential to provide an experience reminiscent of classic games, like Street Fighter, Tekken, Mortal Kombat, and many other classic fighting titles.Battle of Olympus employs a rewards model to balance financial incentives and player enjoyment to attract and retain players, leading to a more sustainable in-game economy. Simply put, rewards are a bonus rather than the primary reason for playing.Battle of Olympus will also have in-game items and fighters that are mintable as NFTs. Players can own their character, providing the option to trade or sell them on the Revenant Marketplace.<strong>What is the $GODLY token?</strong><a href="https://coinjournal.net/wp-content/uploads/2023/03/doGC7Pyb-212k4xyusJgYy4FpO6wUtSp4yEYq9Y5o1NQ6HVga2_1679435244C8O4Sqy4YV..jpeg">Media</a>$GODLY is the primary ERC-20 token within Battle of Olympus with several uses to benefit players and investors. It can be used to purchase various items, including loot boxes, consumable items, and boosters, but also for wagering in PVP matches.<strong>Play the Battle of Olympus Demo</strong> What makes Battle of Olympus stand apart from most Web3 games is its <a href="https://battleofolympus.gg/game">demo</a>, released in 2022, where players can battle as either Zeus or Hades for bragging rights over Olympus.Whereas many crypto games prioritize unsustainable tokenomics or overpromise without delivering, Battle of Olympus team puts game development to produce an enjoyable experience first. A new PVP demo will be released in Q2 2023 for you to test your fighting skills against friends in the cyberpunk metropolis.<strong>Battle of Olympus Gameplay</strong><a href="https://coinjournal.net/wp-content/uploads/2023/03/TAtdKxG9PsPkrsuCErHa2WDidcSisqU3toWMumhk0ay6oAhHsn_1679436108GiWiB4DMM8..jpeg">Media</a>Battle of Olympus includes two types of gameplay: PVE, where players and their faction will capture god territories during a season on the Olympus Map, and PVP, where players use their weapons and armor to battle against others.<strong>Rewards</strong>Players will earn several rewards while playing Battle of Olympus.As players progress, they become eligible for weapon and armor drops to upgrade their character or trade on the Revenant Marketplace. Gamers will also receive tokens for their achievements, such as winning tournaments, seasons or climbing the leaderboards.<strong>Battle of Olympus presale and tokenomics</strong><a href="https://coinjournal.net/wp…

PwC is now a technology integration & development partner of Chainlink Labs.The strategic joint business collaboration targets accelerating enterprise adoption of blockchain technology.Companies looking to tap into the blockchain economy will leverage Chainlink’s infrastructure and technology.Chainlink developer Chainlink Labs and PwC Germany have announced a strategic partnership aimed at accelerating the adoption of enterprise blockchain.The joint business relationship will see Chainlink Labs provide support to mainstream companies that currently work with PwC Germany but are yet to integrate with the blockchain economy. Suppporting enterprise adoption of blockchain technologyAccording to details in a press release sent to CoinJournal, Chainlink Labs will help empower these companies in relation to development of smart contracts and node infrastructure deployment. On the other hand, PwC will offer “strong technical expertise” and help ensure the onboarding is fully compliant with applicable regulatory laws. The goal is to help organizations and enterprises develop and deploy bespoke blockchain solutions that leverage Chainlink’s technology for productivity and profitability.MediaCompanies can leverage Chainlink technology to develop and run smart contracts and nodes. Source. Chainlink LabsDimitri Gross, the head of Technology Interest Group for Digital Assets and Crypto at PwC Germany, said.“PwC Germany and Chainlink Labs aim to help accelerate enterprise adoption of blockchain technology in key enterprise sectors such as capital markets, ushering in a new era of transactional security, transparency, and efficiency.”PwC Germany’s footprint in the blockchain space encompasses multiple in-house solutions, including Blockchain Explorer and Transaction Analyzer (BETA), Tokenization Framework, Smart Contract Formal Verification Framework, and Digital Asset Valuation Model. The platform also provides several blockchain-focused services, including technology assessment, ecosystem management, and blockchain consulting.The post Chainlink Labs and PwC Germany partner to accelerate enterprise blockchain adoption appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/Dpqzo4A

Key takeawaysBitcoin is trading above the $28k level for the first time since June 2022.Coinjournal’s Dan Ashmore believes that the interest rate forecasts are responsible for the ongoing rally by Bitcoin and other cryptocurrencies.Many in the market still consider the recent banking crisis as the reason why investors are entering the crypto market.Interest rate forecasts behind Bitcoin’s rallyBitcoin, the world’s largest cryptocurrency by market cap, has been performing excellently over the past few weeks. At press time, the price of Bitcoin stands at $28,411, up by 13% over the last seven days.Many in the crypto space attribute the ongoing crypto rally to the collapse of a few banks, including Signature Bank, Silvergate Bank, and Silicon Valley Bank. However, during an interview with CNBC, Coinjournal’s Dan Ashmore pointed out that Bitcoin’s rally has to do with the interest rate forecasts rather than the recent banking crisis.Lot of chatter about what is driving this massive Bitcoin rally.Spoke with @CNBC last night about whether it's stemming from interest rate forecasts or if investors are betting on Bitcoin as an alternative to the banking turmoil👇 pic.twitter.com/o45zOOPiiw— Dan Ashmore (@DanniiAshmore) March 21, 2023Regarding the ongoing rally, Ashmore said;“It is a reaction to the complete flip in interest rate forecasts in the wider economy. If you go back to before the Silicon Valley Bank collapse, there was an 83% probability that the interest rate would be increased by 100 basis points by the summer. Today, when we look at that, it is completely the opposite, and there is almost 100% of rate cuts.”He added that the crypto market is reacting to the probability that the Fed’s recent interest rate hikes are coming to an end.Interest rate cut is music to crypto investorsWith Bitcoin trading at $28k per coin, investors would be optimistic that prices could soar higher over the coming days and weeks.According to Ashmore, cryptocurrencies trade as risk-on assets, and an interest rate cut is music to the ears of crypto investors. Ashmore also discussed the correlation between cryptocurrencies and tech stocks. According to the Coinjournal analyst, while many expect crypto to be an independent hedge, the assets still very much correlate with the stock market, especially tech stocks. He concluded that“The NASDAQ index rises, Bitcoin’s price also rises. The NASDAQ falls, and Bitcoin also falls a little more. The last couple of weeks have been interesting as Bitcoin has outperformed the NASDAQ. But it is a reflection of the fact that Bitcoin is trading in correlation with the interest rate forecasts.”The post Bitcoin is rallying due to interest rate forecasts, says Coinjournal’s Dan Ashmore appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/BrQgmkW

Fluidity Money seeks to incentivize blockchain use by rewarding users when they use their crypto.The platform is offering a cashback system employing a new yield-generating mechanism.Cashback payouts are currently in stablecoins like USDT and USDC.DeFi protocol Fluidity Money has announced a cashback program that will see businesses reward their customers when they pay for goods and services using crypto.The goal is to incentivize more people into using their crypto for payments by rewarding them whenever they do so. According to Fluidity, the “spend-to-earn” program is a collaboration with enterprise crypto payments app Request Finance.Cashback payouts in stablecoinsFluidity says the new cashback program will also allow merchants to earn rewards when they integrate crypto payments.“Request Finance helps thousands of enterprise teams and DAOs use stablecoins easily. We wanted to work with them to introduce this cashback program as a fun way of rewarding people for using stablecoins for payments”, Shahmeer Chaudhry, the CEO at Fluidity Money, said.The program will work by offering a reward in stablecoin, like Tether, every time a sender or recipient uses the app. Users will benefit from a loyalty program that doesn’t eat into the cashback via huge interchange fees, as is the case with credit card-type programs.Distribution of the cashback rewards will be random, with payments sent to users’ wallet, the platform said.While support is currently for stablecoin payouts, Fluidity Money plans to expand the program to other loyalty offerings, and could add non-fungible tokens (NFTs) and other rewards at a later date. In this case, Request Finance will offer the rewards depending on the type of NFT. Payouts from NFT-related deals will include tickets to token-gated offerings, air miles, and digital collectibles.How does Fluidity Money work?Fluidity Money works with wrapped stablecoins,  or what’s called “Fluid Assets.” To obtain these fluid assets, stablecoins such as USD Coin (USDC) and Tether (USDT) are deposited into the Fluidity Webapp. The stablecoins are then wrapped to generate the cashback rewards.Minting any Fluidity stablecoins requires that one deposits an equivalent amount of USDC or USDT into a smart contract, with these lent out to DeFi protocols for yield generation.Fluidity smart contracts are audited by Bramah Systems and 80% of the yield from protocols like Compound goes into the cashback program.The post Fluidity launches cashback program on crypto payment app Request Finance appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/C6LnItU

<strong>London, United Kingdom, 22nd March, 2023, Chainwire</strong>Battle of Olympus, an arcade street fighting game, is set to launch the <a href="https://launch.revenant.gg/godly">first phase of its presale</a> for its in-game currency $GODLY on Arbitrum on Monday, March 27.<a href="https://launch.revenant.gg/godly">Battle of Olympus</a> stands alone as one of the few Web3 games with <a href="https://battleofolympus.gg/game">a fully working demo</a>, with an update due in Q2 2023, and an upcoming collection of in-game digital collectibles. Set in the cyberpunk city of Olympus, fight against other players and several Greek gods. Battle your way to the top of Olympus to conquer the metropolis! <a href="https://battleofolympus.gg/game">Play the demo here.</a>Battle of Olympus is the first flagship game developed by Revenant, a decentralized gaming ecosystem founded in 2022.The earliest investors will benefit from getting the $GODLY token at its lowest price. The first stage of the presale is available for $0.0221, with the price increasing through four rounds.<strong>Battle of Olympus to focus on gameplay</strong>With a team full of hardcore gamers, Battle of Olympus’ developers understand that long-term success requires engaging gameplay that keeps players hooked for hours on end. Therefore, Battle of Olympus provides gameplay unlike any other, based on roguelike and RPG elements.Although players earn rewards as they progress, it will not come at the expense of their enjoyment or project sustainability. Battle of Olympus prioritizes gameplay rather than earning potential to provide an experience reminiscent of classic games, like Street Fighter, Tekken, Mortal Kombat, and many other classic fighting titles.Battle of Olympus employs a rewards model to balance financial incentives and player enjoyment to attract and retain players, leading to a more sustainable in-game economy. Simply put, rewards are a bonus rather than the primary reason for playing.Battle of Olympus will also have in-game items and fighters that are mintable as NFTs. Players can own their character, providing the option to trade or sell them on the Revenant Marketplace.<strong>What is the $GODLY token?</strong><a href="https://coinjournal.net/wp-content/uploads/2023/03/doGC7Pyb-212k4xyusJgYy4FpO6wUtSp4yEYq9Y5o1NQ6HVga2_1679435244C8O4Sqy4YV..jpeg">Media</a>$GODLY is the primary ERC-20 token within Battle of Olympus with several uses to benefit players and investors. It can be used to purchase various items, including loot boxes, consumable items, and boosters, but also for wagering in PVP matches.<strong>Play the Battle of Olympus Demo</strong> What makes Battle of Olympus stand apart from most Web3 games is its <a href="https://battleofolympus.gg/game">demo</a>, released in 2022, where players can battle as either Zeus or Hades for bragging rights over Olympus.Whereas many crypto games prioritize unsustainable tokenomics or overpromise without delivering, Battle of Olympus team puts game development to produce an enjoyable experience first. A new PVP demo will be released in Q2 2023 for you to test your fighting skills against friends in the cyberpunk metropolis.<strong>Battle of Olympus Gameplay</strong><a href="https://coinjournal.net/wp-content/uploads/2023/03/TAtdKxG9PsPkrsuCErHa2WDidcSisqU3toWMumhk0ay6oAhHsn_1679436108GiWiB4DMM8..jpeg">Media</a>Battle of Olympus includes two types of gameplay: PVE, where players and their faction will capture god territories during a season on the Olympus Map, and PVP, where players use their weapons and armor to battle against others.<strong>Rewards</strong>Players will earn several rewards while playing Battle of Olympus.As players progress, they become eligible for weapon and armor drops to upgrade their character or trade on the Revenant Marketplace. Gamers will also receive tokens for their achievements, such as winning tournaments, seasons or climbing the leaderboards.<strong>Battle of Olympus presale and tokenomics</strong><a href="https://coinjournal.net/wp…

Nimiq is the first non-custodial wallet to implement gas-abstracted USDC for PolygonGas abstraction is an innovative feature that allows blockchain users to pay required network fees using whatever token they hold in their wallet.Seamless transactions via USDC will help further adoption of digital assets as an everyday payment method.Blockchain payments provider Nimiq has expanded access to its gas-abstracted USD Coin (USDC) transactions to the Polygon network.The feature is available via Nimiq’s non-custodial wallet, the platform announced on Wednesday.Making crypto payments easy and seamlessPolygon allows for gas-abstracted transactions, where users can pay network fees in MATIC even if they are sending another coin. For instance, if a user only has USDC in their wallet, they can still send payments over the Polygon network and pay network fees in MATIC – despite not having any MATIC in their wallet.Nimiq wallet has a built-in smart contract functionality, or relayer, that automatically converts the users’ token (USDC in this case) to MATIC. This is then used to seamlessly pay the required network fees.According to the Nimiq team, adding support for gas-abstracted transactions for USDC is a huge step towards onboarding more merchants into the crypto payments ecosystem. This is because merchants who wish to accept crypto will have the benefit of Polygon’s network speed and low fees.Hamzah Khan, head of DeFi at Polygon Labs, noted that gas-abstracted USDC transactions from within Nimiq does more than just streamlining user experience. According to him, the feature helps put crypto on the path to greater adoption for everyday payments.Nimiq’s solution also aligns with Polygon Labs’ vision of onboarding more people to Web3 via accessible and user-friendly features, he added.Apart from USDC, Nimiq Wallet also supports Bitcoin (BTC) and Nimiq’s native token NIM.The post Nimiq adds gas-abstracted USDC transactions on Polygon appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/xHCbdSf

Key takeawaysConsenSy’s MetaMask Institutional has launched a staking marketplace.The marketplace was launched to enable companies and investment firms to choose from a wide range of staking services.MetaMask Institutional partnered with Allnodes, Blockdaemon and Kiln to launch this service.Institutional investors now have a staking marketplaceConsenSys, a software developer for the Ethereum blockchain, announced earlier today that its Metamask Institutional wallet had launched a new marketplace for staking services.Thanks to this latest cryptocurrency news, the company said the marketplace would provide companies and institutional investors with the opportunity to choose from a wide range of staking services. Companies and institutional investors would have access to a wide range of staking services provided by ConsenSys Staking Allnodes, Blockdaemon and Kiln. A unique feature of this marketplace is the standardisation of terms and conditions, the company added. Johann Bornman, product lead for MetaMask Institutional, added that companies could easily view and compare the rates on the marketplace. He said;“We’ve been very thoughtful in terms of the user experience.”Ethereum network prepares for the Shanghai hard forkThe launch of the marketplace comes a few weeks before the Ethereum network’s much-anticipated Shanghai hard fork. Once the Shanghai upgrade is completed, stakers will finally be able to unstake their ETH, some of which have been locked up since 2021. The upgrade is expected to take place in the middle of next month and will be the first time Ethereum users can withdraw their ETH from the proof-of-stake network.With the Shanghai upgrade just a few weeks ahead, experts anticipate more Ethereum staking services to be launched over the coming weeks and months. Ethereum remains the second-largest cryptocurrency by market cap and remains a mainstay in the market since it was launched in 2015 as a split-off from the Bitcoin blockchain.The network transitioned into a proof-of-stake mechanism last year, abandoning its original proof-of-work system that many consider to be more energy intensive. The post MetaMask Institutional launches a staking marketplace appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/XsUD0Vg

The Telegram messaging app facilitates buying and selling of crypto through its @wallet bot.Telegram users can buy and sell BTC on the app’s wallet.Besides, they can also send some of the cryptocurrencies via chats.Tether’s USDT has been added to Telegram’s @wallet bot and the app’s users can now send and receive USDT via chats.The move expands Telegram’s list of allowed cryptocurrencies on the @wallet bot.Telegram’s cryptocurrency journeyTelegram’s crypto journey goes back years back when the messaging app started developing the Open Network (TON) blockchain network that initially harboured the Toncoin (TON) token although the project was later abandoned in 2020 after legal battles with the US Securities and Exchange Commission (SEC).Telegram however kept the TON project alive despite abandoning the Open Network. Members of the Telegram community called The TON Foundation have since continued to advance the TON project.And although Telegram is not directly involved in TON, it still maintains an interest in the blockchain network, especially seeing that the messaging app last year announced it was building a blockchain-based auction platform called Fragment.Cryptocurrencies allowed on @wallet botLast year (2022), Telegram added Bitcoin (BTC) and Toncoin (TON) to the @wallet bot. In addition to addition, Telegram users are allowed users to send Toncoin (TON) within chats.Today, March 22, 2023, Telegram has added Tether’s USDT to the list of cryptocurrencies allowed on the @wallet bot marketplace. The stablecoin has also been added to the list of tokens that can be sent within Telegram’s chats.Stablecoins like USDT offers a number of benefits since they are relatively immune to price volatility that often affects the likes of bitcoin and Ethereum. Including USDT in the @wallet bot, therefore, presents a lot of benefits for Telegram users involved in cryptocurrencies.The post Tether’s USDT receives major boost from Telegram appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/bstZY0d

Kaspersky survey reveals 30%, or 1 in 3 crypto owners in the US have been victims of crypto theft/On average, crypto owners have lost $97,583.Only 34% of crypto owners use multi-factor authentication and only 15% use offline or cold wallets.About a third of cryptocurrency owners have lost their assets to scammers and hackers, a new survey report by cybersecurity firm Kaspersky has suggested.The statistic is from a survey carried out in October 2022, involving 2,000 American adults. In February this year, a survey by Coinbase indicated there were about 66 million crypto owners in the US.1 in 3 people have lost an average of $97,583Per the survey results Kaspersky highlighted on 22 March 2023 in its “Crypto Threats 2023” report, 24% of respondents said the owned cryptocurrencies or other digital assets. Of this number, the researchers found that one in every three people who said they owned crypto had been victims of fraud, scams, phishing attacks, and cryptojacking among others.The findings suggest that crypto owners have lost an average of $97,583, with 27% of victims saying they lost their crypto funds to fraudulent crypto-related sites and app.Kaspersky also found that 19% of crypto owners lose money due to identity theft, while 27% had money stolen directly from their bank accounts.“From fake apps to cryptojacking, there is a long list of threats lurking online to target cryptocurrencies,” Marc Rivero, a senior security researcher at Kaspersky noted in a statement.Users can do a lot to protect themselvesUsers within the crypto industry have experienced huge losses due to hacks, fraudulent platforms and other attacks, with this likely to continue given a 10-year trend of hacks across the industry. But according to Kaspersky researchers, there’s a lot individuals can do to protect their wallets.For instance, some respondents reported that the average timespan in between checks on their investments was six weeks. Nearly a third said they stored their assets on centralised crypto exchanges, employing no extra security measures.Only 34% said they used multi-factor authentication while only 15% kept their cryptocurrencies in “cold wallet” or offline wallets.The post Kaspersky: 30% of crypto owners have experienced crypto theft appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/S04KPCO

U.S. SEC issued a Wells notice to Coinbase on Wednesday.Coinbase chief legal officer Paul Grewal’s remarks in response.Coinbase stock slipped more than 10% in extended hours.Coinbase Global Inc (NASDAQ: COIN) is trading over 10% down in extended hours after receiving a “Wells notice” from the SEC for potentially violating U.S. securities laws.Here’s what we know so farRemember that such a notice often signals the agency’s intent to formally press charges.Still, Coinbase says the Wells notice does not provide enough information on potential violations and so it will stick to regular operations for now.The company believes these potential enforcement actions would relate to aspects of the Company’s spot market, staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet.Last month, the Securities and Exchange Commission had issued a similar notice to Paxos (blockchain infrastructure platform) as well.Chief legal officer Grewal’s remarksThe news arrives about a month after Coinbase reported its financial results for the fourth quarter that topped Street estimates.On Wednesday, its Chief Legal Officer Paul Grewal reiterated that the company does not list securities. Speaking with CNBC, he also said:If needed, we welcome a legal process to provide clarity we’ve been advocating for and to demonstrate that SEC simply has not been fair when it comes to its engagement on digital assets.Grewal also maintained that Coinbase Earn is significantly different from staking services by Kraken that the SEC banned last month. Coinbase stock is still up 100% for the year at writing.The post Coinbase receives a Wells notice from the U.S. SEC appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/nouU3mv

The Federal Reserve hiked the funds rate by 25bpBitcoin moved ahead of the decision and found resistance at $29kAn inverse head and shoulders’ neckline might be retestedAll eyes were on the Federal Reserve meeting this week. The tensions in the financial market induced by the failure of several banks in the United States triggered uncertainty about what the Fed would do.Stubbornly high inflation warranted a 50bp rate hike. But the banks are fragile, as seen lately, and such a hike might have done more worse than good.The Fed opted for a 25bp rate hike, a compromise, and now we stand to see the effects.Bitcoin rallied before the Fed’s decision. Earlier in March, it found support at $20k and rallied all the way to $29k without the US dollar moving much.So what is the next possible move for Bitcoin?MediaBitcoin chart by TradingViewA pullback to $24k might be on the cardsTechnical traders might have spotted an inverse head and shoulders pattern forming in the last six months. The 2023 rally is part of the market’s attempt to reverse and head to the measured move, seen in orange above.However, the neckline of such a pattern, seen in black above, is usually retested. This is a test of a bull market; if it holds, the price action will likely move toward the measured move.But will it hold?Those that bought Bitcoin in March might book half profits and move the stop to break even only to see what happens when and if the market hits the neckline at $24k. Because if the support does not hold, more downside might be in the cards.The post Bitcoin fails at $29k – will the Fed meeting’s outcome trigger a selloff? appeared first on CoinJournal.

via CoinJournal: Latest Bitcoin, Ethereum & Crypto News https://ift.tt/ZEJ7frb