Bitcoin Jumped above $60,000 after the U.S. Labor Market Report
Bitcoin's price is holding above the $60,000 mark, inspired by a U.S. jobs report that changed expectations for the Federal Reserve's key rate from November to September, according to data compiled by Bloomberg.
The Labor Department report showed a 175,000 gain in new nonfarm jobs in April, below expectations. The unemployment rate rose to 3.9%, contrary to forecasts. The slowdown in wage growth to 3.9% caused analysts to revise down their forecasts.
The economic data also impacted expectations for the Fed's key rate trajectory, with the market now assuming two cuts before the end of 2024. The S&P 500 stock index rose 1.2% and two-year bond yields fell 9 basis points to 4.88% following the release of the U.S. labor market report.
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Bitcoin's price is holding above the $60,000 mark, inspired by a U.S. jobs report that changed expectations for the Federal Reserve's key rate from November to September, according to data compiled by Bloomberg.
The Labor Department report showed a 175,000 gain in new nonfarm jobs in April, below expectations. The unemployment rate rose to 3.9%, contrary to forecasts. The slowdown in wage growth to 3.9% caused analysts to revise down their forecasts.
The economic data also impacted expectations for the Fed's key rate trajectory, with the market now assuming two cuts before the end of 2024. The S&P 500 stock index rose 1.2% and two-year bond yields fell 9 basis points to 4.88% following the release of the U.S. labor market report.
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Türkiye is preparing new legislation on cryptocurrencies
The Turkish government plans to implement new legislation regarding cryptocurrencies by the end of 2024, according to a report by Cointelegraph. Turkish Finance Minister Mehmet Simsek said the rules were finalized in January, but they have not yet been submitted to parliament. In November 2023, a Turkish official mentioned using FATF rules to remove the country from the gray list.
The central bank has already adopted two key rules regarding digital assets, banning payments in cryptocurrencies and requiring compliance with AML rules. The Turkish Capital Markets Authority has recommended a ban on cryptocurrency transactions for government entities.
Türkiye ranks fourth in the world in terms of crypto market volume. It is expected that the new rules will primarily affect the activities of crypto exchanges and investor protection. The tax on crypto transactions is expected to be 5%, but users will be exempt from income tax.
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The Turkish government plans to implement new legislation regarding cryptocurrencies by the end of 2024, according to a report by Cointelegraph. Turkish Finance Minister Mehmet Simsek said the rules were finalized in January, but they have not yet been submitted to parliament. In November 2023, a Turkish official mentioned using FATF rules to remove the country from the gray list.
The central bank has already adopted two key rules regarding digital assets, banning payments in cryptocurrencies and requiring compliance with AML rules. The Turkish Capital Markets Authority has recommended a ban on cryptocurrency transactions for government entities.
Türkiye ranks fourth in the world in terms of crypto market volume. It is expected that the new rules will primarily affect the activities of crypto exchanges and investor protection. The tax on crypto transactions is expected to be 5%, but users will be exempt from income tax.
#fuji_news #fuji_crypto
Cyber Criminals in the UK have been Convicted
Two cybercriminals in the UK have been convicted of stealing £5.7 million worth of cryptocurrencies through the phishing site Blockchain.com. They created a fake website to gain access to victims' assets.
55 people from 26 countries were affected by their actions, with one losing $13,700 worth of bitcoins. Both pleaded guilty to three charges of fraud. Lee was sentenced to four years in prison, while Heppel was sentenced to 15 months.
Police seized $1 million in cash, $79,800 worth of cryptocurrency, three cars and a Banksy painting. A $1.2 million forfeiture order has been issued against Lee to compensate the victims and he has already handed over $687,400.
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Two cybercriminals in the UK have been convicted of stealing £5.7 million worth of cryptocurrencies through the phishing site Blockchain.com. They created a fake website to gain access to victims' assets.
55 people from 26 countries were affected by their actions, with one losing $13,700 worth of bitcoins. Both pleaded guilty to three charges of fraud. Lee was sentenced to four years in prison, while Heppel was sentenced to 15 months.
Police seized $1 million in cash, $79,800 worth of cryptocurrency, three cars and a Banksy painting. A $1.2 million forfeiture order has been issued against Lee to compensate the victims and he has already handed over $687,400.
#fuji_news #fuji_crypto
Trading the NOT Token
On May 16 at 12:00 UTC, cryptocurrency exchange Bybit will begin trading the NOT token owned by gaming Web3 project Notcoin; similarly, OKX also announced the upcoming listing of NOT. Binance, for its part, announced the launch of Notcoin farming on its Launchpool platform.
The campaign will run from May 13 to May 16, after which the listing will take place and trading will open in several pairs. The tokens will be credited to BNB and FDUSD stablecoin holders who participated in the farming. In addition, OKX will add the coin to the Jumpstart Marketplace Launchpad with the possibility of NOT earning NOT by steaking Toncoin.
To participate, users must register on OKX, complete verification, and deposit TON into the staking. Distribution of NOT tokens based on the results of the farming will begin on May 16. The NOT listing was originally scheduled to take place in time for the bitcoin halving on April 20, but was postponed.
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On May 16 at 12:00 UTC, cryptocurrency exchange Bybit will begin trading the NOT token owned by gaming Web3 project Notcoin; similarly, OKX also announced the upcoming listing of NOT. Binance, for its part, announced the launch of Notcoin farming on its Launchpool platform.
The campaign will run from May 13 to May 16, after which the listing will take place and trading will open in several pairs. The tokens will be credited to BNB and FDUSD stablecoin holders who participated in the farming. In addition, OKX will add the coin to the Jumpstart Marketplace Launchpad with the possibility of NOT earning NOT by steaking Toncoin.
To participate, users must register on OKX, complete verification, and deposit TON into the staking. Distribution of NOT tokens based on the results of the farming will begin on May 16. The NOT listing was originally scheduled to take place in time for the bitcoin halving on April 20, but was postponed.
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Risks and the Future of Stablecoins
Analysts at Deutsche Bank Research have conducted a study that implies most stablecoins are at risk of losing their peg and disappearing. After studying 334 pegged currencies since 1800, they found that 49% of such assets face failure with an average life span of eight to 10 years. Reasons for failure include macroeconomic vulnerability, speculation and governance issues.
Stablecoins that survive tend to exist in small authoritarian states or oil-exporting countries with strong financial positions. Deutsche Bank warns that based on their analysis, stablecoins could face turbulence and depeg risk. They emphasize transparency of operations and vulnerability to speculation as the main risk factors.
Events such as the collapse of the Terra USD and USDC emphasize the volatility. Experts fear that the dominance of the USDT raises doubts about the adequacy of collateral. They call for careful monitoring of market sentiment to mitigate potential risks.
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Analysts at Deutsche Bank Research have conducted a study that implies most stablecoins are at risk of losing their peg and disappearing. After studying 334 pegged currencies since 1800, they found that 49% of such assets face failure with an average life span of eight to 10 years. Reasons for failure include macroeconomic vulnerability, speculation and governance issues.
Stablecoins that survive tend to exist in small authoritarian states or oil-exporting countries with strong financial positions. Deutsche Bank warns that based on their analysis, stablecoins could face turbulence and depeg risk. They emphasize transparency of operations and vulnerability to speculation as the main risk factors.
Events such as the collapse of the Terra USD and USDC emphasize the volatility. Experts fear that the dominance of the USDT raises doubts about the adequacy of collateral. They call for careful monitoring of market sentiment to mitigate potential risks.
#fuji_news #fuji_crypto
Bitfarms fired CEO and Faced Lawsuit
Bitfarms, a mining company, fired its CEO, Jeffrey Morphy, faster. This happened after he filed a lawsuit against her. The company stated this in a press release.
In March 2024, they announced a change of CEO, expecting Morphy to remain in an interim position until a new head was found. However, on May 10, he filed a lawsuit in the Ontario Supreme Court, demanding compensation of $27 million for breach of contract and dismissal.
Bitfarms stated that it considers the claims to be unfounded and intends to defend itself. Nicholas Bonta, Chairman of the Management Board and co-founder of the company, became the new interim CEO.
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Bitfarms, a mining company, fired its CEO, Jeffrey Morphy, faster. This happened after he filed a lawsuit against her. The company stated this in a press release.
In March 2024, they announced a change of CEO, expecting Morphy to remain in an interim position until a new head was found. However, on May 10, he filed a lawsuit in the Ontario Supreme Court, demanding compensation of $27 million for breach of contract and dismissal.
Bitfarms stated that it considers the claims to be unfounded and intends to defend itself. Nicholas Bonta, Chairman of the Management Board and co-founder of the company, became the new interim CEO.
#fuji_news #fuji_crypto
Notcoin provides the Ability to Hallmark the NOT Token
The Notcoin project team has made it possible to brand the NOT token prior to the May 16 listing through several options. Users can deposit coins into Binance, Bybit, OKX, or Telegram's built-in wallet until May 14.
The second option is NOT staking in Web3 projects based on The Open Network (TON), with rewards proportional to the number of blockchain assets. The Notcoin balance can also be funded using NFT vouchers.
Withdrawals to non-custodial wallets will become available on the day of listing. A dynamic fee is charged to NOT to avoid network congestion. The team has denominated the balances by three orders of magnitude.
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The Notcoin project team has made it possible to brand the NOT token prior to the May 16 listing through several options. Users can deposit coins into Binance, Bybit, OKX, or Telegram's built-in wallet until May 14.
The second option is NOT staking in Web3 projects based on The Open Network (TON), with rewards proportional to the number of blockchain assets. The Notcoin balance can also be funded using NFT vouchers.
Withdrawals to non-custodial wallets will become available on the day of listing. A dynamic fee is charged to NOT to avoid network congestion. The team has denominated the balances by three orders of magnitude.
#fuji_news #fuji_crypto
US Inflation slows, Market reacts
Annual inflation in the United States slowed to 3.4% in April, in line with forecasts. The monthly growth in the consumer price index was 0.3%, below expectations. The index excluding food and energy also increased by 0.3% compared to the previous month and by 3.6% compared to April a year ago.
Analysts predicted a slowdown in annual rates to 3.6% and monthly rates to 0.3%. Prices for services, excluding housing and energy, increased by 0.4%, which is the weakest value this year. Retail sales remained stable, and data on growth excluding transport coincided with economists' expectations.
The market reaction to the release of the data was positive: Treasury yields fell, S&P 500 futures rose, and the dollar weakened. The probability of a September rate cut has increased to 71%. The growth of macro data also stimulated the growth of bitcoin and Ethereum by 2.6% and 2.4%, respectively.
#fuji_news #fuji_crypto
Annual inflation in the United States slowed to 3.4% in April, in line with forecasts. The monthly growth in the consumer price index was 0.3%, below expectations. The index excluding food and energy also increased by 0.3% compared to the previous month and by 3.6% compared to April a year ago.
Analysts predicted a slowdown in annual rates to 3.6% and monthly rates to 0.3%. Prices for services, excluding housing and energy, increased by 0.4%, which is the weakest value this year. Retail sales remained stable, and data on growth excluding transport coincided with economists' expectations.
The market reaction to the release of the data was positive: Treasury yields fell, S&P 500 futures rose, and the dollar weakened. The probability of a September rate cut has increased to 71%. The growth of macro data also stimulated the growth of bitcoin and Ethereum by 2.6% and 2.4%, respectively.
#fuji_news #fuji_crypto
Notcoin Listing and Dynamics
On May 16, the major exchanges Binance, Bybit and OKX added the NOT token from the Notcoin project for trading. Binance offered five trading pairs, including NOT/BTC, NOT/USDT and others.
The token was also added to KiSoip, Gate.io, Bitget and Bitfinex. The total issue volume of NOT is 102.7 billion coins. The price of the token on Binance began to decline from $0.012 and fell by 54% within 15 minutes.
Binance has decided to remove the NOT/BTC trading pair to improve the experience. At the moment, NOT is trading around $0.0075, down ~65% since listing. Pre-launch futures trading on NOT began in February on the Storm Trade exchange, and in March, Getgems and Bybit launched a P2P premarket.
#fuji_news #fuji_crypto
On May 16, the major exchanges Binance, Bybit and OKX added the NOT token from the Notcoin project for trading. Binance offered five trading pairs, including NOT/BTC, NOT/USDT and others.
The token was also added to KiSoip, Gate.io, Bitget and Bitfinex. The total issue volume of NOT is 102.7 billion coins. The price of the token on Binance began to decline from $0.012 and fell by 54% within 15 minutes.
Binance has decided to remove the NOT/BTC trading pair to improve the experience. At the moment, NOT is trading around $0.0075, down ~65% since listing. Pre-launch futures trading on NOT began in February on the Storm Trade exchange, and in March, Getgems and Bybit launched a P2P premarket.
#fuji_news #fuji_crypto
The Decline of new Tokens on Binance
Over the past six months, 80% of new tokens on Binance have lost value since the start of trading. The exceptions were Dogwifhat, Memecoin, Jito, Jupiter and Ordi. The expert under the nickname flow notes that most of the new listings are supported by venture capital and are launched at inflated prices.
The average market capitalization at the start of trading is about $4.2 billion, and the maximum is $11.7 billion. Often, projects do not have real users or a strong community. The portfolio of such tokens would have lost about 18% in six months.
Flow believes that these tokens are not investment instruments and serve as an exit liquidity for insiders. This approach discredits the crypto industry and causes discontent among investors.
#fuji_news #fuji_crypto
Over the past six months, 80% of new tokens on Binance have lost value since the start of trading. The exceptions were Dogwifhat, Memecoin, Jito, Jupiter and Ordi. The expert under the nickname flow notes that most of the new listings are supported by venture capital and are launched at inflated prices.
The average market capitalization at the start of trading is about $4.2 billion, and the maximum is $11.7 billion. Often, projects do not have real users or a strong community. The portfolio of such tokens would have lost about 18% in six months.
Flow believes that these tokens are not investment instruments and serve as an exit liquidity for insiders. This approach discredits the crypto industry and causes discontent among investors.
#fuji_news #fuji_crypto