Bitcoin
Bitcoin’s Rise to $66,000 Is Taking the BlockDAG Network Higher Than Ever: Here’s How
BlockDAG Network
London, United Kingdom, May 16, 2024 (GLOBE NEWSWIRE) — The cryptocurrency market continues to attract the attention of investors and other enthusiasts around the world. Over the past decade, cryptocurrencies have evolved from obscure digital assets to mainstream investment vehicles, challenging traditional financial systems and reshaping the way we think about money. As the market matures and expands, new opportunities emerge, driving adoption and innovation across the world.
The main characteristic of digital currencies is their independent nature from the central authority, with transactions only resulting from an agreement between users. Cryptocurrencies like Bitcoin and BlockDAG Network are an increasingly important stage for innovation in digital transaction systems. They have economic and social value, as well as being significant as payment technology.
Bitcoin: surge to $66,000
In recent cryptocurrency news, Bitcoin has once again made headlines with its rise to the $66,000 mark. The first cryptocurrency rose along with stocks on Wednesday following the release of the April consumer price index, showing a slowdown in inflation. BTC price rose more than 7% to $66,124.59, the highest since March 25, also surpassing its 50-day moving average for the first time since April 13. Analysts attribute this to the slightly lower-than-expected CPI number, increasing speculation of a rate cut, a significant influencer for the Bitcoin price. Although the CPI increased 0.3% compared to March (below the 0.4% estimate), it remains 3.4% higher than a year ago.
Bitcoin’s recent gains mark its strongest week since March 29, possibly breaking a six-week downtrend, holding between $60,000 and $70,000.
This increase in value underscores the growing confidence in Bitcoin as a store of value and hedge against inflation, with institutional investors and retail traders flocking to the digital asset in search of potential and substantial returns.
BlockDAG Network: Better than ever
Against the backdrop of Bitcoin’s remarkable performance, BlockDAG Network stands out as one of the most interesting and innovative projects to have joined the cryptocurrency scene. Leveraging cutting-edge technology and an innovative approach, BlockDAG Network recently introduced a series of platform updates aimed at improving user experience and overall platform functionality. These updates include improvements to scalability, security, and transaction processing, as well as the introduction of easy-to-use interfaces and enhanced features.
The story continues
Recent updates to the BlockDAG platform underscore the team’s commitment to technical excellence and user satisfaction.
With a truly democratic approach and focus on transparency, accessibility and efficiency, the BlockDAG Network is poised to redefine the way users interact with blockchain technology, opening up new possibilities for financial inclusion, empowerment and personal financial growth.
By providing users with the tools and resources needed to navigate the complexities of the cryptocurrency market, BlockDAG Network aims to democratize access to decentralized finance (DeFi) and empower individuals to take control of their financial future.
Implications and future trends in the cryptocurrency market
Looking ahead, the implications of Bitcoin’s rise and BlockDAG Network advancements go far beyond price movements and platform updates. They signal a broader shift towards a more decentralized and democratized financial system, where individuals have greater control over their assets and transactions.
In conclusion, the cryptocurrency market is experiencing unprecedented growth and transformation, driven by technical innovation, investor enthusiasm and a commitment to decentralization. With Bitcoin leading the way and platforms like BlockDAG Network pushing the boundaries of what is possible within the industry, the stage is set for a new era of financial freedom and opportunity. As we continue to explore the potential of blockchain technology and decentralized finance, the BlockDAG Network remains at the forefront of innovation, driving progress and shaping the future of decentralized finance.
As cryptocurrencies become increasingly integrated into mainstream finance, we can expect to see continued innovation, regulatory scrutiny and market volatility; And in the midst of uncertainty, one thing remains clear: the future of finance is digital, decentralized and inclusive.
Read about BlockDAG pre-sale:
Website: https://blockdag.network
Pre sale: https://purchase.blockdag.network
Telegram:https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
CONTACT: Brown Williams support (at) blockdag.network
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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