24/7 Cryptocurrency News
US PCE, FOMC Minutes, & Crypto Expiry In Focus, Brace For Market Impact
The crypto market enters a crucial week, with a flurry of key events like the US PCE inflation, FOMC Minutes, and Q3 GDP (first revision) data, among others, scheduled. In addition, the crypto market expiry has also fueled concerns among the market participants. For context, the investors are awaiting the impact of these events, as the broader market noted a massive rally in recent days.
US PCE Inflation & FOMC Minutes In Focus
The crypto market awaits a flurry of key economic events this week, including US PCE, FOMC, and others, with speculations soaring over the potential impact on asset prices. Notably, the week will start with Consumer confidence data and US FOMC for November scheduled on Tuesday, November 26. This would provide further cues on the Fed’s potential stance with their monetary policy plans, which usually affect the investors’ sentiment.
In addition, the minutes will also be closely watched, as recent reports showed that the US Federal Reserve said that it won’t be focusing on the 2% inflation target ahead. Besides, with Donald Trump’s election victory and Elon Musk’s focus on cutting Federal spending, investors will keep close track of the central bank’s minutes this week.
Following that, the market participants will await the US GDP figures for the third quarter. The first revision of the economic figure is scheduled for Wednesday, November 27, which will provide cues on the US economic health. This is also likely to impact the sentiment of the broader financial sector, let alone the crypto market.
Meanwhile, investors will be closely watching the inflation figures, especially after recent data indicates prices are soaring. The US PCE inflation, set for Wednesday, is expected to come in at 0.2% in October, unchanged from the previous month’s figure. On the other hand, the YoY PCE figure is expected to accelerate at 2.3%, as compared to 2.1% noted in the prior month.
In addition, the Core PCE inflation figures, which exclude the energy and food prices, are expected to show a 2.8% surge, up from the 2.7% noted in September. However, the monthly figure is expected to remain unchanged at 0.3%.
Will Crypto Expiry Impact The Ongoing Rally?
Bitcoin and other top altcoins have noted robust rallies recently, with optimism hovering in the market after Donald Trump’s election win. However, some market experts anticipate the upcoming crypto expiry to impact the market sentiment.
According to Deribit data, $9.13 billion in Bitcoin options is set to expire on November 29, with a put/call ratio of 0.80. The max pain price is $77,000. On the other hand, $1.24 billion Ethereum is also set to expire on the same date, with a put/call ratio of 0.77 and a max pain price of $2,800.
This crypto expiry, worth more than $10 billion, is likely to spark volatility in the market, impacting investors’ sentiments. In addition, many top experts including Peter Brandt hint towards a potential Bitcoin selloff ahead, while remaining optimistic about the crypto’s long-term trajectory.
Having said that, the market will keep close track of the US PCE inflation figures, FOMC minutes, and other macroeconomic events. In addition, the crypto expiry is also expected to impact the traders’ sentiment, especially amid the ongoing rally in the market.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
FTX co-founder Ryan Salame has now received a reduced sentence from the earlier 7.5 year hail term pronounced earlier. The former executive of the bankrupt exchange is in jail for the role he played in Sam Bankman-Fried’s multi-billion dollar fraud scheme.
What Happened to Ryan Salame?
Salame received the 7.5 year term after he pled guilty to engaging in conspiracy bordering on unlicensed money-transmitting.
Initially, he was scheduled to start his sentence at Maryland’s medium-security Federal Correctional Institution in Cumberland on October 13, a Sunday. However, the court ruled that the date be moved to October 11 on request of the government .
According to a report from Business Insider, the Federal Bureau of Prisons reviewed Salame’s records recently and discovered that his expected release date is March 1, 2031.
This is a year short of the initially sentence that he received. The reason for this adjustment is not yet clear but one Bureau of Prisons spokesman noted that good behavior is a reason for incarcerated individuals to earn time off their sentence under the 2018 First Step Act.
The spokesperson also mentioned that “qualifying individuals will be eligible to earn up to 54 days of GCT time for each year of the sentence imposed by the court.” The GCT term in this case is Good Conduct Time.
The latest development on Salame’s sentence comes as FTX prepares for reorganization and its creditors’ repayments. As part of the plan, it has engaged the services of Kraken and BitGo for the funds’ disbursement.
Fate of Other FTX Executives and the Potential SBF Pardon
Ryan Salame is only one out of the couple of FTX executives that got caught up in the unfortunate implosion of the Bahamian-headquartered cryptocurrency exchange.
The mastermind behind the crash, Bankman-Fried, received a 25-year jail sentence in the first quarter of 2024. Recently, many have opined that U.S President Joe Biden may grant him an early pardon.
Alameda Research former CEO Caroline Ellison is also serving a 2-year penance at a low-security federal prison in Connecticut.
Unlike her, former FTX Chief Engineer Nishad Singh did not receive any jail time for his role in the exchange’s collapse. Co-Executive Gary Wang also received leniency from Judge Lewis Kaplan for following his cooperation with prosecutors.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
Despite the heightened advancements in blockchain technology and security protocols, 2024 recorded some of the industry’s biggest crypto hacks.
An alarming surge in cybercrime overshadowed the industry. Hackers deployed sophisticated methods, exploiting vulnerabilities in private keys, smart contracts, and even unsuspecting employees.
By Q3 2024, TRM Labs, a blockchain intelligence firm, reported that over $2.2 billion was stolen in crypto hacks. This figure surpassed the $1.8 billion lost throughout 2023.
Here are five of the biggest crypto hacks recorded this year;
1. The $308 Million DMM Bitcoin Crypto Hack
In May, DMM Bitcoin, a crypto exchange in Japan, suffered a serious hack as bad actors siphoned 4,500 BTC. At the time, the looted digital assets were valued at over $300 million.
Even though experts could not pinpoint how the exploit happened, investigators stated that hackers connected to North Korea used stolen private keys from the exchange.
The hack not only crippled the exchange financially, it also left many users without access to their accounts. DMM Bitcoin’s parent company quickly stopped the exchange’s operations and moved user accounts to the rival platform SBI VC Trade.
This incident damaged the company’s reputation, marking a reference point for other centralized exchanges worldwide.
2. PlayDapp Hacked Twice: $290 Million Gone
Hackers hit PlayDapp, a Decentralized Finance (DeFi) and gaming platform, twice in February. The bad actors targeted and exploited the platform’s key management vulnerability. They looted $290 million in PLA tokens, the platform’s native token.
This attack was notorious because the hackers ignored a $1 million bounty offered to return the stolen money.
PlayDapp’s efforts to track the stolen funds were unsuccessful, and the missing tokens are still unaccounted for. As a result, the platform’s operations took a hit, as it is struggling to win back the trust of its users.
3. The WazirX Exploit: $235 Million Stolen
In June, WazirX, one of India’s largest crypto exchanges suffered a hack, allegedly orchestrated by North Korean actors. A total of $235 million left its vaults, leading the exchange to suspend all withdrawals.
Shortly after the attack, reportedly, WazirX sent $75 million of user funds to Bybit and KuCoin, further complicating the situation.
WazirX’s parent company, Zettai Pte Ltd, also faced legal issues and asked for a break to sort out its finances. Recovery efforts are still on hold, with affected users still awaiting updates amid the recent Binance delisting of WRX, its native token.
4. Ripple Co-Founder Loses $112.5 Million in Hack
In January, Chris Larsen, a co-founder of Ripple, revealed that hackers got into his personal XRP accounts. He mentioned that the criminals stole 213 million XRP, worth $112.5 million at the time.
While the crypto hack did not target Ripple, the firm’s executives remain a high target. At the time, ZachXBT, a blockchain investigator, found that the stolen assets were laundered through multiple exchanges.
Despite Larsen’s efforts to recover the funds, the stolen crypto remains at largeelusive, raising concerns about personal safety in the crypto world.
5. Hackers Steal $80 Million From Orbit Chain
2024 started with a major crypto hack on the DeFi project Orbit Chain, a cross-chain bridge.
Hackers exploited vulnerabilities to drain $80 million of Ethereum (ETH) and DAI.
The stolen funds were eventually routed through Tornado Cash, a coin mixer notorious for hiding illicit transactions. Orbit Chain’s team apologized shortly after the breach but has provided little information.
This incident highlights the risks of cross-chain protocols and how hard it is to track stolen assets once they are hidden.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
Crypto analyst Egrag Crypto has predicted that the XRP price could rally to as high as $27 in this market cycle. The analyst also provided insights into why XRP could reach such an ambitious price target.
XRP Price To Reach $27 In This Market Cycle
In an X post, Egrag Crypto predicted that the XRP price could reach $27 in this market cycle. The analyst cited some statistics to prove why the crypto could indeed reach this price target.
First, the crypto analyst mentioned when XRP crossed the 21 Exponential Moving Average (EMA) in the 2-week time frame, a move which led to the cycle top in 2017 following an explosive rally of 50,000%.
In applying a similar measurement to the current price action, an XRP crossover of the 21 EMA to $27 represents a price gain of 4,770%. Such a price rally would represent only 9.54% of the 50,000% surge recorded back in 2017.
Egrag Crypto is confident that XRP can reach this price target since it witnessed a more explosive move back in 2017. This isn’t the first time the crypto analyst has raised the possibility of XRP reaching such heights based on historical trends.
Meanwhile, a recent CoinGape market analysis suggested that the XRP price could at least reach double digits as it rallies to $10. Fundamentals such as the RLUSD stablecoin and other Ripple partnerships support such a bullish outlook.
Such a price surge could also happen if the incoming SEC Chair Paul Atkins drops the Commission’s case against Ripple. The Ripple has undoubtedly had a negative impact on the coin’s price.
What To Expect In The Short-Term
In another X post, Egrag Crypto also discussed what to expect from the XRP price in the short term. The analyst stated that everything is just noise until one of these two things happens for XRP.
First, he highlighted $2 as one of the key levels to watch. The analyst remarked that a confirmed break below that target would send the crypto toward the lower targets.
On the other hand, the analyst stated that a break above $2.65 would cause the fireworks to “ignite.” Simply put, a break above this level would lead to a bullish continuation.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
OKX Launches Perpetual Futures for GRIFFAIN and ZEREBRO
FTX Co-Founder Ryan Salame Sentence Reduced By 1 Year
Crypto Bull Market Much Closer To End Than We Realize, Warns Analyst Jason Pizzino
Trader who called BTC at $105k forecasts $0.0007 meme token at $1 in 2025
Top 5 Biggest Crypto Hacks of 2024
The Best Games of 2024 That You Can Snag for Under $25
3 altcoins that could skyrocket by new year’s eve
Analyst Predicts XRP Price To Reach $27, Here’s Why
Monkey Please!
Texas, Ohio, and Pennsylvania to create Bitcoin reserves
Why 2025 Will See the Comeback of the ICO
Can Donald Trump Truly Make US The Crypto Capital?
Why meme coins are fading amidst Bitcoin institutional adoption and gains this cycle
Why Bitcoin Price Is Falling Today: Is $80K Next?
Here Are The Major Bitcoin Support Levels To Watch As Bulls Push For $100,000 Again
182267361726451435
Why Did Trump Change His Mind on Bitcoin?
Top Crypto News Headlines of The Week
New U.S. president must bring clarity to crypto regulation, analyst says
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Washington financial watchdog warns of scam involving fake crypto ‘professors’
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
NoOnes Bitcoin Philosophy: Everyone Eats
3 months ago182267361726451435
Donald Trump5 months agoWhy Did Trump Change His Mind on Bitcoin?
24/7 Cryptocurrency News4 months agoTop Crypto News Headlines of The Week
News4 months agoNew U.S. president must bring clarity to crypto regulation, analyst says
Price analysis5 months agoWill XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Bitcoin5 months agoEthereum, Solana touch key levels as Bitcoin spikes
Opinion5 months agoBitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin5 months agoBitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
✓ Share: