February 27, 2024
Cryptocurrencies Today: Bitcoin Stops Before $50,000, Ethereum Recovers $4,000, Avalanche Rise 35%

Cryptocurrencies Today: Bitcoin Stops Before $50,000, Ethereum Recovers $4,000, Avalanche Rise 35%

Bitcoin

O bitcoin (BTC) recorded strong gains yesterday afternoon after the Federal Reserve’s decision to cut the volume of purchases by 30 billion dollars per month as part of the economic stimulus policy, strengthening the hypothesis that this measure was already priced in by the market before the announcement on Wednesday-Mon (15).

From just over $47,000, the world’s leading cryptocurrency quickly advanced to $49,257 with the acceleration in the withdrawal of stimulus confirmed and the prospect of an interest rate hike in the United States. After about an hour, the price reached $49,400 but fell again. At 7:09 am today, BTC is trading at $48,925.06.

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The movement is showing that there is still strong resistance (large number of buy orders) near the $50,000 level. In addition, analysts are noting that large orders of $53,000 have been withdrawn, indicating that yesterday’s rally may be temporary.

The reduction of the US central bank stimulus is seen as negative for Bitcoin as it maintains the pace of entry of new money into the financial and cryptocurrency market, and may slow down the issuance of the dollar, thus helping to curb the inflation of the US currency – one of these theses investing in Bitcoin is precisely Protection against inflation.

However, everything indicates that the market was already anticipating this scenario and was expecting profit-taking news throughout the month of December. In the first two weeks of the month, cryptocurrencies lost more than $500 billion in market capitalization.

Then, the Fed’s announcement removed doubts, such as the possibility of a more severe monetary tightening, and led to yesterday’s rally, as altcoins, as they are called cryptos in addition to BTC, posted a stronger increase than Bitcoin.

Hey Ethereum (ETH), for example, recovered to the level of 4 thousand USD and recorded an increase of 4.2% this morning. But it was their competitors who benefited from the broad rise in digital assets. Solana (Sol), which has been down for more than a week, has jumped about 16% since the Fed’s announcement.

already avalanche (fax) was better and rose 23%, also supported by a Bank of America report that endorses blockchain as a viable alternative to Ethereum. In a couple of days, the code for this platform has already increased by about 35%.

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Check out the performance of major cryptocurrencies at 7:09 am:

Cryptocurrency the price Change in the last 24 hours
Bitcoin (BTC) US$48.925.06 + 0,9%
Ethereum (ETH) 4,047.74 USD + 4.2%
Binance Coin (BNB) USD 53,712 + 1,1%
Solana (Sol) 182.11 USD + 8.5%
Cardano (There is) 1,31 USD + 4.0%

Cryptocurrencies with their highest levels in the last 24 hours:

Cryptocurrency the price Change in the last 24 hours
XDC Network (XDC) 0.092,766 USD + 20.6%
piles (STX) $2,33 USD + 17.6%
arove (with) $43.69 USD + 16.5%
Kadena (KDA) USD 12.23 + 14.3%
Elrond (EGLD) 318.01 USD + 12.3%

Cryptocurrencies with the highest losses in the last 24 hours:

Cryptocurrency the price Change in the last 24 hours
Decentralized Social Communication (DESO) $123.79 -18.4%
near (near) USD 972 -6.6%
EOS (EOS) $3,36 USD -2.9%
gla (expensive) 0,50 USD -0.7%
Piecake) 12.84 USD -0.1%

Check out how the cryptocurrency ETFs closed in the last trading session:

ETF the price disparity
Hashdex NCI (HASH11) 5,430 BRL + 4,46%
Hashdex BTCN (BITH11) 67,00 BRL + 2,29%
Hashdex Ethereum (ETHE11) 6,925 BRL + 3,2%
QR Bitcoin (QBTC11) 1796 Brazilian Real + 4,29%
QR Ether (QETH11) 1690 BRL + 6.89%

Check out the main news from the cryptocurrency market this Thursday (16):

Bank of America defends avalanche as an alternative to Ethereum

A Bank of America report notes that the smart contract platform Avalanche has the potential to scale with security and decentralization that make it a viable alternative to Ethereum for NFT projects, gaming, and decentralized finance (DeFi), among others.

For the US bank, a historical critic of Bitcoin but an advocate of institutional adoption of blockchain technology, the Avalanche function of subnets favors its increased adoption.

“Subnetworks offer faster time to completion (settlement) and lower costs than alternative blockchains,” the analysts wrote in the paper.

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Proof of avalanche commitment will be the amount deposited by users in more than 380 projects built on the platform, which has grown 6.255% since August.

The AVAX token price favorably reflected the release of the report with a better performance than its competitors in the rally yesterday, when it rose by 16%. However, the rise in two days reaches 35% – before, the cryptocurrency had already risen after starting to support a stablecoin with the US dollar (USDC).

Stablecoin USDT issuer is subject to a new lawsuit in the USA

Tether announcer (USDT), the world’s largest stablecoin with a market capitalization of $77.7 billion, has become the target of another lawsuit in the United States. Two of the New York investors who filed the lawsuit claim that their tokens are not backed by the US dollar at a one-to-one ratio.

In the petition, they described Tether’s practices as “immoral, immoral, oppressive, and unscrupulous.” The company has already said the allegations are absurd, that they are “a shameful theft of funds”, and that it will seek compensation for its defense efforts.

This isn’t the first time Tether has faced a lawsuit this year. Also in New York, the Department of Justice accused the company of failing to comply with regulatory standards and ordered the closure of its operations in the region. Subsequently, the two parties reached an agreement, and the company that issued the USDT had to pay a fine of $18.5 million.

Polygon Launches Wallet Cryptocurrency Transfer Function

polygon (matic) yesterday announced the launch of a new transfer service for cryptocurrency directly in the wallet.

This feature allows the user to convert between USDT and ETH, for example, without having to manually search for a decentralized exchange (DEX) to perform the operation.

According to Polygon, the conversion tool searches for the best price at the time of the transaction, making the query for an original pool of decentralized brokers.

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The novelty, in this way, makes it possible to get the best conversion rates, while avoiding the risk of falling into fraudulent DEXs traps.

Polygon is one of the most promising projects to help expand the transaction processing capacity of Ethereum. Vitalik Buterin, co-founder of Ethereum, recently stated that one of the technologies that will be included in the blockchain, called “zero-knowledge cryptography,” represents the future of the platform.

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