$FROGS trigger meme excitement

Posted on September 10, 2024September 10, 2024 by Olumide Adesina

$FROGS meme coin recently breached the 300,000 followers mark on X amid excitement in the meme community. Participants anxiously await the official confirmation, as Frogs has not yet disclosed a precise token airdrop or listing date.

The Frogs team indicated a desire to list tokens on BitMart. The team hasn’t changed the listing or airdrop date amid a favorable response from the meme community.

Details of the Frogs Coin Airdrop and Listing

The Frogs airdrop is an initiative to disperse $FROGS tokens via the Telegram messaging app. Users must carry out some tasks on Telegram and other platforms to participate. Tasks like adding the frog emoji to their username, retweeting posts, following Frogs on X, subscribing to channels, and joining groups.

A set number of $FROGS tokens are awarded for each task finished, and further incentives are given for continuing to participate and refer others. Though participants are waiting for an official announcement from the team, community rumors indicate that the listing may occur soon.

The TON-based campaigns Cats ($CATS), Dogs ($DOGS), Hamster Kombat, and X Empire are comparable to the Frogs airdrop. Additionally, these projects distribute tokens via social media interaction and Telegram-based activities.

The Frogs airdrop promotes greater user involvement by including a wider variety of tasks that enhance social media interactions, in contrast to certain tap-to-earn models that call for less user involvement. Airdrops and gaming mechanics have been successfully combined by projects like Hamster Kombat to draw users.

Meanwhile, Hamster Kombat will hold its Token Generation Event (TGE) and airdrop on September 26. DOGS project finished its airdrop on August 14. More than 42 million users claimed their tokens during the airdrop. DOGS tokens are now listed on popular centralized exchanges including Binance

Bitcoin rallies from worst market week in 2024

Posted on September 10, 2024September 10, 2024 by Olumide Adesina

Bitcoin surged on Monday and rose close to $58K after Wall Street recovered from its worst week of the year, The digital asset rose from $55.5K to $58K in a few hours, but that gain was fleeting. Rather than continuing northward, it swiftly changed course and fell below $57K on Monday night.

The flagship cryptocurrency’s price increased by 5 percent to $56.5K last time based on Binance data. Bitcoin had its worst weekly performance since August 2023 last week, falling 9%.

The gains in the asset coincide with a breakthrough for U. S. stocks, which saw a sharp decline last week. On Monday, the S&P 500 and Nasdaq saw a 1.15 percent increase.

Coinbase and MicroStrategy increased 5.2% and 9.2%, on Monday during regular trade. These stocks increased as the Nasdaq Composite gained more than 1% and the S&P 500 ended a four-day losing run. Last week, the three major averages had their poorest weekly results since 2024.

Bitcoin is still down 3.5% for September despite such an increase and has dropped over 20% since reaching a record high of over $73,000 in March.

Price action shows that Bitcoin’s 200-day moving average and the psychological barrier of $58,000 have not withstood the selling pressure, perhaps paving the way for a drop toward lower levels. It looks as though the July support at $52,000 is the final hold before another decline.

Bitcoin has been range-bound for most of the year. Last week, it briefly fell below its floor of about $55,000. Experts have issued a warning, stating that there aren’t many powerful catalysts for cryptocurrencies right now and that without them, values would probably stay steady and be influenced by outside factors.

Coinglass records show a $706.1 million outflow from US spot Bitcoin ETFs last week, suggesting a downturn in investor confidence. The cumulative Bitcoin reserves held by the 11 US spot Bitcoin ETFs are currently $40.97 billion, down from $41.68 billion just a week ago. Bitcoin has consistently underperformed in September, similar to other high-risk investments. Seasonality is another factor.

Bitcoin and S&P 500 Bounce Higher As Sentiment Improves

Posted on September 9, 2024 by Skerdian Meta

Bitcoin has been declining for two weeks, breaking below the $57K level late last week, but buyers have reversed the decline and are retesting the previous support from below now. Yesterday the bullish momentum picked up pace as risk sentiment improved in financial markets, with stock indices such as the S&P 500 trying to erase Friday’s losses.

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Ethereum’s run keeps bulls hostage

Posted on September 9, 2024 by Olumide Adesina

Ether experienced a decent increase above the $2,300 mark in the Monday trading session, amid growing concerns about the August Nonfarm Payrolls (NFP) data coupled with recent activities on Ethereum

The most recent US jobs report after July’s hiring slowdown was below Wall Street’s expectations of at least 160,000 new jobs, causing panic in financial markets.
Ethereum fell along with US equity prices after beginning to rise during the European trading session.

According to data from Farside Investors, Ethereum exchange-traded funds (ETF) saw negative flows for the third day in a row, exhibiting a similar trend. Interestingly, since their launch, ETH ETFs have only seen nine days of inflows compared to 23 days of outflows and one day of zero inflows. Its net outflows over time total 560 million

Recent transfers of $11 million in stolen Ethereum also sparked worries about a possible selloff in the market.

A North Korean hacking group moved the money early on Monday, September 9, to Tornado Cash, a service well-known for anonymizing cryptocurrency transactions.
The funds were connected to the July hack of the cryptocurrency exchange WazirX. At 07:19 UTC, 5,000 ETH, or more than $11 million at today’s exchange rates, were moved to a new address, according to data monitored by blockchain intelligence company Arkham. A short while later, five transactions totaling $1 point two million were sent to Tornado Cash.

Tornado Cash is used to conceal the source and destination of funds on the blockchain. Although the service is legal in and of itself, its use in well-publicized hacks. The $4 million transfer from the same North Korean hacker’s address last week was followed by this most recent transfer. It still has more than $107 million worth of cryptocurrency holdings.

The stolen goods, which include $100 million in ETH, are a sizeable amount of WazirX’s reserves. Restructuring of the exchange is underway to deal with the aftermath of the attack, which is still one of the biggest in an Indian digital exchange.

The time of these significant transfers has raised worries that Ethereum’s price may continue to decline. After multiple price corrections in August, Ethereum, currently trading at $2,320, is already in a precarious position.

The altcoin may drop toward $2,100 in the upcoming week before staging a rally, , according to a symmetry triangle’s descending trendline that it has broken below. Before mounting a comeback, ETH experienced comparable drops from July to October 2023 and August to November 2022.

Forex Signals Brief September 9: Awaiting the ECB Rate Cut and US CPI!

Posted on September 9, 2024September 8, 2024 by Skerdian Meta

Last week markets were waiting for the NFP report which didn’t disappoint on Friday, providing a lot of volatility for forex traders. The USD started the week on the upside, but kept retreating lower until Friday, as other US employment reports such as JOLTS Job Openings and the ADP came pretty soft, indicating that the US labour market is having difficulty.

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Bitcoin Collapses 21% in 2 Months, BitMEX Co-founder Closes Short Positions

Posted on September 9, 2024 by Dalmas Ngetich

Bitcoin is deep in red, at least looking at the performance in the daily chart. Even though traders expect gains, the short-term projection is bleak, favoring sellers. If the price action aligns with last week’s performance, there will be little resistance to a dump below $49,000. In that case, not only will Bitcoin bears align with the price action of August 4 and 5, but this would also mark the beginning of another phase.

The short-term formation favors sellers. This outlook shows in the coin’s performance in the past day and week. Looking at coin trackers, Bitcoin is stable after the bounce on September 8. However, it is down 5% in the previous week. At the same time, dropping prices is negatively impacting engagement, looking at the fast-falling trading volume at around $22 billion.

Traders are actively looking at the following trending Bitcoin news:

Despite last week’s sell-off, Arthur Hayes, the co-founder of BitMEX, thinks BTC will likely recover this week. Of note, Hayes, who is pro-BTC, closed out his short position.
Legalizing Bitcoin mining in Russia has been seen as a genius and well-thought-out legislative move. It comes amid mounting sanctions from the international community.

Bitcoin Price Analysis

[[BTC/USD]] is under immense selling pressure.

At press time, the coin is down nearly 21% from July highs.

As it is, every high below $56,500 might offer entries to sellers targeting $50,000 in a bear-trend continuation.

Note that prices are banding along the lower BB, pointing to high selling momentum and volatility.

Moreover, prices are inside the bear bar of September 7—the breakout bar.

Accordingly, assuming Bitcoin remains below July lows, the coin would slip even lower, trending toward August lows.

Any uptick above $65,000 cancels this bearish outlook.

Ethereum Slips 6% As Gas Fee Crashes: Will ETH Bears Break $2,000?

Posted on September 9, 2024 by Dalmas Ngetich

Ethereum is fast-dropping and deflating any buying momentum, per the formation in the daily chart. Although the launch of spot Ethereum ETF was seen as a massive endorsement for the second most valuable coin, outflows have reversed all gains. At the same time, all momentum from May seems to be fading. As it is, the local support—an important one in that case—stands at around the $2,000 round number. Sellers are on top, and the downtrend could continue this week.

Traders are closely monitoring how prices evolve. However, from the look of things, sellers are in charge. Prices remain stable in the past day but down 6% in the previous week. Amid the dropping prices, there is a visible contraction in the average trading volume, recently at around $12 billion.

Amid weak ETH price action, traders are closely watching the following trending news:

Galaxy Digital researchers note that dropping mainnet revenue due to falling gas fees and decreasing fees on layer-2s is risky. In their assessment, it could pose a risk to the long-term security of the layer-1 network. Validators depend on gas fees and block rewards to offset their operating costs.
Janet Yellen, the United States Treasury Secretary, is upbeat about the health of the economy. In her view, the country is at no risk of a recession. Arthur Hayes, the co-founder of BitMEX, thinks the government will resort to money printing.

Ethereum Price Analysis

[[ETH/USD]] is down at press time and inches away from crucial support.

As things stand, every high may offer entries for sellers targeting $2,100 or lower.

Notice that sellers completely reversed the gains of August 8.

In a bear breakout formation, ETH bears might look to confirm these losses.

This outlook remains as long as prices remain inside the September 7 bear bar.

Any recovery thrusting the coin above $2,500 will reinforce bulls eyeing $3,300.

XRP Sheds 4% As Ripple Bears Target $0.50—Is the Bull Run Over?

Posted on September 9, 2024 by Dalmas Ngetich

XRP, mirroring the general performance in the daily chart, broke below $0.55 over the weekend. Notably, the bear bar was wide-ranging and had decent trading volume. At this pace, sellers are in control in the short term. Prices are also within a bear breakout formation below the bull flag. From a technical perspective, this formation questions the strength of the uptrend. If buyers are to take over, they must reverse recent losses and force the coin back above $0.55. Ideally, this uptick must be with above-average engagement.

Traders are bearish, looking at sentiment charts. At spot rates, XRP is stable but down 4% in the previous week. Amid this, trading volume is slipping below $1 billion. Dropping engagement might be due to cautious traders avoiding the markets until there is a trend definition.

The following XRP and Ripple news are worth watching:

Pro-XRP lawyer John Deaton will take on crypto critic Elizabeth Warren. Deaton, who recently won the Republican nomination for Massachusetts, will look to replace Warren in the coming elections—a huge win for the industry.
Rising tokenization and the quest to move real-world assets on-chain is massive. As XRP Ledger partners with OpenEden, XRP could benefit from increasing activity.

XRP Price Analysis

[[XRP/USD]] is weak at press time.

After the dip over the weekend, the short-term favors sellers.

Accordingly, aggressive traders can ride the emerging trend, targeting $0.50.

From the daily chart, every high might offer sellers an opportunity to dump. This is especially true if prices remain below $0.55.

Losses below $0.50, or last week’s low, will fast-track the reversal of August gains, pushing XRP toward $0.45.

Any sharp rally above $0.55, reversing September 7 losses, would cancel this outlook, emboldening shaky bulls.

Ripple Co-Founder Endorses Kamala Harris for President

Posted on September 7, 2024September 7, 2024 by Olumide Adesina

88 prominent business executives, both current and former, have endorsed Vice President Kamala Harris for president in a new letter shared only with CNBC. Surprisingly, Ripple co-founder Chris Larsen is said to be one of the signers.

This is intriguing because Ripple Labs was in a protracted legal battle with the US Securities and Exchange Commission under this administration. The company’s CEO, Brad Garlinghouse, has recently advised crypto founders to avoid the United States of America since it is not the ideal location to launch and manage a crypto-related business.

Many well-known CEOs of publicly traded companies have signed on, including Michael Lynton, chairman of Snap others include Jeremy Stoppelman of Yelp, and Aaron Levie of Box.

These signatories endorse Harris for the first time since she emerged as the de facto Democratic nominee in July. They include James Murdoch, the heir to the Murdoch family’s media empire and former CEO of 21st Century Fox.

Billionaire José Feliciano from private equity, Twilio co-founder Jeff Lawson, D.C, and philanthropist Lynn Forester de Rothschild are other notable signatories. Sports magnate Ted Leonsis, owner of the Washington Wizards of the NBA, Mystics of the WNBA, and the Washington Capitals of the NHL is also on the list.

Longtime Democratic political donors John Doerr of Kleiner Perkins, Deven Parekh of Insight Partners, and Jeffrey Katzenberg, the founder and managing partner of Wndr and former chairman of Walt Disney Studios, are among the names on the three-page list.

Individuals who have given Harris specific support since her California political campaigns include billionaire businessman and NBA Hall of Famer Magic Johnson, Facebook co-founder Dustin Moskovitz, and philanthropist Laurene Powell Jobs.

Bitcoin drops to lowest level since early August

Posted on September 7, 2024September 7, 2024 by Olumide Adesina

Bitcoin dropped below the $53K level on Saturday after the August Nonfarm Payrolls (NFP) report was released.

The uptick in unemployment kept short sellers in the crypto market excited. The NFP report tracks changes in the US labor force participation rate except for farmers. The report is regarded as a crucial gauge of the health of the economy and has historically affected Bitcoin price

The Federal Reserve (Fed) meeting later this month is now the focus of attention after U.S unemployment rate is expected to drop to 4.2%.

The collapse validated BitMEX co-founder Arthur Hayes’s prediction that cryptocurrency holders may still experience more suffering. Hayes forecast on Thursday that Bitcoin might fall even lower over the following two days. He tweeted, “BTC is heavy, I’m gunning for sub $50k this weekend

“I made a brazen short. Please pray for me, for I am a degenerate. Early in August, following the Bank of Japan’s first interest rate increase in more than ten years, the price of Bitcoin momentarily fell below $50,000.” he said. The “Extreme Fear” score on the Crypto Fear and Greed Index is 23.

Nonetheless, experts contend that Bitcoin will benefit greatly if the US economy enters a recession by 2025 and the Fed and government respond with significant rate cuts, quantitative easing, and increased spending. Ultimately, Bitcoin has been described as an excellent hedge against the depreciation of government currency.

An excellent illustration of this happened in 2020–2021, when substantial fiscal and monetary stimulus caused Bitcoin to soar to new heights, only to plummet precipitously when this support was eliminated (the Fed raising interest rates, for example).

But that time is still a long way off. As US economic data continues to deteriorate and markets remain confused about the government’s or Fed’s response, rising uncertainty could harm risk assets generally, including Bitcoin. This is because there is a greater chance of a near-term recession. Long-term investors should continue purchasing dips in Bitcoin with expectations that Bitcoin will surpass $100,000 in the next years.