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Why is Simon’s Cat (CAT) Trending On X? Is A New Price Rally Coming?
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4 hours agoon
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adminFrom an internet animated series with 1.6 billion views to a popular cat-themed token, Simon’s Cat has won over the netizens. The token is one of the highly demanded cryptos with $259.32M in market capitalization. It has also offered highly profitable days, achieving an ATH of $0.0000464 just a month ago. Moreover, the demand is persistent, as the CAT hashtag is trending on X today.
Why is Simon’s Cat (CAT) Trending On X?
Since the beginning of the year, meme coins have dominated the crypto market. As a result, a new demand for Cat-themed tokens formed, including one for Simon’s Cat, due to its reference to the popular animated series. More importantly, the token is up by 147.44% since the launch, presently trading at $0.00003835, which is significantly high.
The token is again in demand for three reasons. It includes the rising demand for meme coins, as meme-themed tokens like Moodeng and Goatseus Maximus are bringing all the attention to this category. Additionally, its 60% surge in the last seven days has brought additional attention, as the market conditions are not entirely favorable. Despite that, it is calling for the need for profiting tokens like Simon’s Cat. With this, it is closer to its ATH and only needs a significant push to grow 17% more to surpass that.
This demand peaked when the Binance exchange listed 1000CATUSDT perpetual futures, leading to a 100% rally on October 21, 2024. At that time, the CAT price grew from $0.00002 to $0.00004, showing an impressive performance. A similar rally might happen again as the OKX exchange has also listed the CAT/USDT pair.
🟢 #NewListing
$CAT/USDT @SimonsCatMeme Spot trading is LIVE on #OKX!Trade now: https://t.co/8rvC969usA pic.twitter.com/pK26jtwMqw
— OKX (@okx) October 25, 2024
Will CAT Price Hit A New ATH Anytime Soon?
Right after its launch, the CAT price began following an uptrend with a few falls in between. However, despite that, it peaked at an all-time high before following a complete downtrend from September end until a few days ago. Thankfully, with the Binance perpetual contract listing, the token had the biggest price jump, doubling in value and gaining a new price trajectory.
However, that is on hold today, as the entire crypto market is down, affecting the investor’s sentiments and trading activities. As a result, the price is consolidating with a few technical factors indicating the presence of sellers. Despite that, there is strong buying pressure on the token, which could push it higher if the bulls gained dominance again. More importantly, Simon’s Cat is moving away from the first resistance at 0.000047193 towards the support at 0.000020793, indicating further consolidation. However, if it bounced from the support towards the resistance, an uptrend might begin following the high demand among investors.
What’s In There For You?
Simon’s Cat is the fourth biggest Cat-themed meme coin per market capitalization, which explains its demand in the market. The eyes are NOW on the Bitcoin price rally, as many crypto analysts predicted heavy gains before year-end. If that happened, it might evolve as a high-return opportunity for other tokens like CAT as well. More importantly, the 60% surge over the week indicates the possibility for future gains as the demand among investors is rising with the OKX exchange CAT listing. As a result, this could boost the CAT price closer to an ATH in the long run, as it is only 17% away. However, with the market’s downfall, the uptrend is on a halt. If the bulls failed to show dominance, the price might decline further, but if the chart moved towards the first resistance at $0.000047193, an uptrend might begin.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
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.
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Rispoli Analyzes the Appeals Timeline and Potential Outcomes
Published
34 mins agoon
October 27, 2024By
adminThe SEC vs. Ripple Labs fight is getting more heated and attorney Fred Rispoli said one of the possible outcomes of this saga could be Ripple winning. However, now the SEC wants to extend the time of filing its principal brief until January 15, 2025.
Most recently, an attorney Fred Rispoli explained, “The SEC often seeks continuances not only because it wants to delay things but because it can be very stretched thin by all the cases it has pending.”
Rispoli: Ripple Appeal Hinges on Paperwork, Not Trial
Appearing as a guest on the ‘Good Morning Crypto Show’, Attorney Fred Rispoli clarified that appeals are essentially a matter of paperwork without new trials or evidence. Each side files three core documents: the opening brief, an opposition brief, and a reply brief.
In this case, the appeal includes the SEC’s and Ripple’s cross-appeal. After these filings, the court will schedule oral arguments. This shoud allow each side to present their case before a panel of three judges.
The SEC has also filed a request for a deadline for its principal brief in its appeal case against Ripple.
Fred Rispoli stated that the SEC’s request for an extension aligns with his projected timeline for the appeal. He expects oral arguments, likely in September or October 2025, to provide early clues on the judges’ stance. These first impressions could hint at the final outcome of the case.
These dates could shift further, though, if more extensions are allowed, something that usually happens within the Ninth Circuit.
Amicus Briefs Taking Center Stage in Crypto Cases
Amicus briefs, said Rispoli, will play an essential role in the appeal. The filing by third parties may bring new insights that could affect the case. He said the appellate judges should take those seriously, especially because they’re more likely to be more numerous and impactful than at the district court level.
An amicus brief – a “friend of the court” brief – is filed by third parties not directly being part of the case. It is to provide policy insights or additional context for specific arguments. Quite often, this shapes high-stakes decisions. An amicus brief is quite common in Supreme Court cases. Most trial and federal appellate cases do not involve amicus briefs.
However, crypto litigation has bucked that trend. Just for comparison, there were 14 amicus briefs in the case by Ripple, six in Coinbase’s case, and, in Grayscale’s case, eight entities filed briefs.
Could Gensler’s Departure Change the Fate of Crypto?
Rispoli, a vocal critic of SEC Chair Gary Gensler, also recently suggested that a change in leadership could significantly impact crypto regulation. He speculated that Gensler is “almost assuredly” on his way out, regardless of the 2024 election’s outcome, making the choice of his successor pivotal for the industry’s future.
When asked if new legislation could render the SEC’s appeal moot, Rispoli explained that a clearly defined law would likely have that effect.
If Congress passes crypto legislation by year’s end, effective from January 1, 2025, Ripple’s legal team would file a notice of supplemental authority with the Second Circuit, arguing the new law’s relevance to their case.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
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.
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How The Tether Investigation Could Impact The Crypto Market?
Published
10 hours agoon
October 26, 2024By
adminThe cryptocurrency market is currently facing turbulence following reports of a U.S. investigation into Tether, one of the market’s most crucial stablecoins.
As uncertainty looms, the implications of this investigation could have far-reaching effects on the broader crypto ecosystem. The potential outcomes could reshape market trends, influence investor behavior, and alter liquidity dynamics, as the industry waits for more details on the situation.
WSJ Report and Tether’s Response
The WSJ recently reported that U.S. authorities are investigating Tether (USDT). This report has caused concern among market participants, leading to increased speculation about potential outcomes.
However, Tether’s CEO has denied the existence of any such investigation, stating that no inquiries are currently taking place. This contradictory information has added to the uncertainty, keeping investors on edge as they await further clarification.
Source: X
From an on-chain data perspective, USDT inflows to exchanges remain at a normal level, suggesting that traders have not yet made drastic shifts away from the stablecoin. Nevertheless, the price of USDT has experienced a slight decline, indicating that some market participants may be adjusting their positions in response to the news.
Tether’s Role in the Cryptocurrency Market
Tether (USDT) is a key player in the digital asset space, often serving as a bridge between traditional and crypto markets. Its value is pegged to fiat currencies, providing stability amidst crypto’s well-known volatility. Many investors and traders use USDT to move in and out of more volatile assets like Bitcoin and other altcoins, making it a preferred tool for maintaining liquidity.
However, any uncertainty around the stablecoin issuer’s stability can create significant market ripples. The recent reports about a U.S. investigation into Tether’s practices have raised concerns about the transparency of its reserves and its overall regulatory standing.
If this investigation reveals serious issues, it could disrupt the usage of USDT across global exchanges, impacting liquidity and the overall flow of funds in the crypto market.
Potential Shifts in Investor Behavior
The reports of an investigation into Tether have already sparked apprehension among investors. This unease has contributed to a temporary dip in cryptocurrency prices, as traders brace for potential disruptions. Historically, Tether-related concerns have been followed by increased volatility, yet they have also triggered significant market rebounds.
Source: X
For example, past instances of uncertainty around the stablecoin issuer have often coincided with substantial surges in Bitcoin’s price. Following USDT-related controversies in January 2019, Bitcoin gained 268%, while a similar situation in December 2020 saw Bitcoin rise by 255%. More recently, in June 2023, another bout of Tether-related uncertainty preceded a 200% increase in Bitcoin’s value.
This historical trend has led some market analysts to suggest that concerns over Tether could once again precede a bullish turn in the market. Investors might move out of USDT into riskier assets like Bitcoin and altcoins, potentially driving up their prices if confidence returns.
Impact on USDT Dominance and Market Liquidity
The investigation into the stablecoin issuer could also influence USDT’s dominance in the cryptocurrency market, referring to the proportion of the stablecoin issuer’s market capitalization compared to other digital assets. USDT dominance has been on a downtrend since March 2024, and the news of the investigation has put further pressure on this trend.
A decline in USDT dominance generally indicates that investors are seeking higher-risk assets, suggesting an increased appetite for alternatives such as Bitcoin and other cryptocurrencies.
As investors shift away from USDT, liquidity may become more dispersed across other cryptocurrencies, resulting in a more diversified market structure. This shift could enhance the trading volumes of other digital assets, potentially setting the stage for a broader market rally. However, if the investigation results in restrictions or reduced access to USDT, some exchanges and traders might face challenges in maintaining liquidity, affecting their ability to trade smoothly.
Broader Economic and Regulatory Repercussions
The implications of a U.S. investigation into Tether extend beyond the crypto market, potentially affecting broader financial stability. In several countries, particularly those with unstable banking systems, stablecoins like Tether have become a critical medium for transactions. Disruptions to USDT could push users back into less stable currencies, exacerbating financial challenges in these regions.
Moreover, regulatory scrutiny on the stablecoin issuer could prompt calls for greater transparency across the entire stablecoin sector. This could result in more rigorous oversight for other stablecoin issuers, aiming to ensure that their reserves are fully backed and verifiable. While tighter regulations might increase confidence among institutional investors, they could also limit the flexibility and innovation that has characterized the crypto market.
At the same time, scrutiny of centralized stablecoins like Tether could encourage interest in decentralized finance (DeFi) solutions. Decentralized stablecoins, designed to operate without a central issuer, might see increased adoption as investors seek alternatives that offer greater transparency.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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.
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What’s Behind Microsoft’s Interest in Bitcoin? Anthony Pompliano Reveals
Published
16 hours agoon
October 26, 2024By
adminThe Bitcoin community is currently abuzz with the news that tech giant Microsoft is seeking a vote from shareholders on its Bitcoin investment proposal. Although the details of the development remain scant, BTC supporters like Anthony Pompliano explain what could be the reason for Microsoft’s recent pivot to Bitcoin.
What’s Behind Microsoft’s Interest in Bitcoin?
Following the news of Microsoft’s Bitcoin investment proposal, several crypto industry leaders welcomed the development citing growing adoption for the asset class. If the shareholders approve, this will be the first trillion-dollar company on Wall Street to put Bitcoin on its balance sheet.
Several crypto industry leaders have called it a smart choice by Microsoft considering the fact that the USD has been losing its value and purchasing power. Renowned crypto advocate Anthony Pompliano also stated that the tech giant must be having concerns over the sustainability of long-term dollar holdings.
According to Pompliano, organizations seek stable, lasting stores of value, and digital assets like Bitcoin will see increased adoption. He added that Bitcoin, as a digital store-of-value, is increasingly appealing to those aiming to preserve their economic assets amidst currency fluctuations. He wrote:
“Microsoft is interested in storing a portion of their balance sheet in bitcoin because they are realizing they can’t store it in dollars over the long term. The digital store-of-value will continue gaining adoption by those looking to preserve their hard-earned economic value”.
In fact the proposal from Microsoft itself notes: “In inflationary times like these, corporations should – and perhaps have a fiduciary duty to – consider diversifying their balance sheets with assets that appreciate more than bonds, even if those assets are more volatile”.
Other market players and Bitcoin proponents like Michael Saylor have also extended help. Saylor said that he could help MSFT shareholders earn another trillion dollars by making Microsoft adopt MicroStrategy’s Bitcoin Strategy.
Will This Create A Snowball Effect?
Several companies across the world have already started adopting MicroStrategy BTC’s strategy of holding the asset class on its balance sheet. Following the adoption of BTC, MSTR share price has surged by 1500% on the five-year chart, even better than Bitcoin returns. Many see betting on MSTR as a proxy bet for Bitcoin with shareholders minting huge wealth.
Thus, if Microsoft adopts the same strategy, there’s no guessing that the MSFT share price can see a major rally ahead. Nevertheless, it can also create a major snowball effect for other tech giants to put BTC on their balance sheet. As we know, Tesla is holding Bitcoins with diamond hands over the past three years. The market will certainly be eager to see other giants like Apple Inc. and Alphabet Inc. to join the bandwagon.
If Donald Trump manages to seize a victory at the White House, a massive Bitcoin adoption is likely to happen. Trump has been swaying crypto voters and vowed to make America the crypto capital of the world.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
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