Bitcoin
Bitcoin, KangaMoon and Lido DAO reach new highs, outpacing inflation
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
Amid the Ethereum ETF rally, Bitcoin and Lido DAO surged with double-digit gains, while KangaMoon is poised to outperform its competitors.
The crypto market is booming as Bitcoin, Lido DAO and broader altcoins have grown notably in recent days. The overall positive market sentiments are attributed to the growing wave of news about the Ethereum ETF. Amid the market surge, KangaMoon is emerging as the next rival to established altcoins. With unique play-to-earn features and socialFi elements, KANG is poised to become a promising cryptocurrency to invest in.
Bitcoin Liquidations Hit Over $99 Million Amid Market Optimism
After senior ETF analysts at Bloomberg revised their approval probability for the Ethereum ETF, the broader market was excited, with most altcoins increasing in value. As the price of Bitcoin rose, investors in short positions were reversed and liquidated. According to CoinGecko DataMore than $340 million was liquidated in crypto futures following the bullish Ethereum news.
Evidently, $263 million of these liquidated funds went to investors in short positions, while $77 million went to long positions. Additionally, more than 78,000 investors liquidated their assets, with the majority participation occurring in the ETH-USDT transaction on the Huobi exchange. The most significant liquidation happened in Ethereum with US$115 million, followed by Bitcoin with US$99.9 million. Experts see the price of Bitcoin adding substantial gains in the coming days, therefore among the top cryptocurrencies to invest in in 2024.
Lido DAO updates ReGOOSE view – price reacts
Meanwhile, Lido DAO has been making headlines in the broader market for its double-digit rise in value. The altcoin’s recent price rise is attributed to several factors, including the proposed reGOOSE vision upgrade, which will be discussed on the Lido DAO forum in the coming days. Furthermore, the Lido DAO coin saw additional gains in value due to the rise of Ethereum.
According to a well-known analyst, World of graphics, Lido DAO price is moving the way it should. He noted that the price has been forming a falling wedge and in the event of a breakout of the Lido DAO coin, the altcoin could see a 60-65% rally in the coming days. Lido DAO’s bullish price prediction is supported by a 395% jump in trading volume. Thus, Lido DAO is currently among the best coins.
KangaMoon prepared to outshine rivals
KangaMoon has captured attention in the crypto market with its pre-sale performance and strategic combination of blockchain-based P2E games in an ecosystem powered by SocialFi elements. The unique features have positioned the KANG token as a prime candidate for BitMart and other CEX Tier-1 listings, especially following its Q2 launch.
Notably, the project has already raised nearly 7 million and is now eyeing the $8 million mark by the end of May. Furthermore, it has attracted more than 32,000 registered members and around 10,000 holders, with a 400% ROI on price value. The excellent pre-sales performance can be attributed to the project’s vast capacity to support an economic model and its symbolic utility. This cements its position as one of the leading currencies.
Additionally, the KANG token will act as a reward incentive and in-game currency in the ecosystem. These multiple functions have solidified the KANG token as a contender in the play-to-earn gaming and altcoin markets. Notably, the KANG token is attractively priced at $0.025, up from its initial offering of $0.005.
Strategically, the altcoin is set to tap into the play-to-earn NFT gaming industry, projected to rise at a CAGR of around 17% and reach $8,856.95 million by 2028. KangaMoon could potentially open up this market to its investors . Thus, experts suggest astronomical future growth for the altcoin, suggesting that it could jump 100x by the end of 2024.
Conclusion
As Bitcoin continues to record bullish momentum and the Lido DAO network upgrades its ecosystem, which has resulted in a price rally, KangaMoon has become a contender in the digital asset industry in its pre-sale phase. With a vast ecosystem, token utility, and play-to-earn opportunities, KangaMoon is a promising cryptocurrency for investors looking to diversify their holdings.
To learn more, visit the cangamoon website or join them telegram community.
Disclosure: This content is provided by third parties. crypto.news does not endorse any products mentioned on this page. Users should do their own research before taking any action related to the company.
Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
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Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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