2023-11-28 13:37 |
Cryptocurrency prices have lost momentum in the past few days as investors reflect on the recent regulatory concerns in the United States. Bitcoin has retreated from the year-to-date high of $38,402 to $37,100. Similarly, Ethereum has pulled back from a high of $2,136 to $2,000.
The volume of cryptocurrencies traded in exchanges has dived after Binance lawsuit. Data compiled by CoinMarketCap shows that the trading volume in Binance slipped to $9.7 billion in the past 24 hours. Coinbase handled $1.4 billion while OKX handled $1.83 billion. A few weeks ago, these exchanges were handling more tokens than this.
The biggest concern among investors is the ultimate impact of Binance’s settlement. In a statement, the company agreed to pay $4.3 billion and also exit the American market. In a settlement with FINCen, the company agreed for regular monitoring by the American government.
Crypto outlook is still bullishThe outlook for cryptocurrencies is still bullish despite the recent pull back since there are several catalysts. First, there are signs that the Federal Reserve will start slashing interest rates in 2024. That’s because of the country’s falling inflation. The most recent data showed that the country’s inflation dropped to 3.2% in October.
The price of crude oil has been falling. Brent, the global benchmark, dropped to $80.85 while West Texas Intermediate (WTI) fell to $76. In the US, the average gasoline prices dropped to $3.2.
Many retailers have also started offering huge discounts, as we saw during the Black Friday and Cyber Monday events. Also, shipping costs have retreated, meaning that inflation could slip sharply in the coming months.
Therefore, there is a likelihood that the Federal Reserve will start cutting interest rates in 2024. Most analysts see it slashing them at least two times in the second half of the year.
The other crypto catalyst will be the upcoming Bitcoin halving, which will happen in late April of 2024. In most cases, cryptocurrencies tend to rally ahead and after a halving event. Halving usually reduces Bitcoin rewards offered to miners.
Further, there is the case of Bitcoin ETFs, which some of the biggest players in the industry have applied for. Companies like Blackrock, Franklin Templeton, Invesco, and Ark Invest have all applied for their funds.
Shiba Memu token sale continuesMeanwhile, Shiba Memu, an upcoming rival to Shiba Inu, has continued doing well. Its developers have raised over $4.6 million from investors who want to catch the next big thing in the crypto industry.
Recently, we have seen many small tokens surge and make many investors wealthy. For example, Jesus Coin has surged by over 30% in the past 24 hours. Similarly, RabbitX, Star Atlas, and Raini have jumped by over 35%.
The meme coin sector is also thriving, helped by popular tokens like Bonk, Pepe, and Memecoin. Some of the initial buyers have become millionaires. Shiba Memu aims to achieve a bigger success than this by focusing on the meme coin sector and artificial intelligence (AI). Its advanced AI features will see it boost its self-marketing capabilities. You can read the Shiba Memu white paper here and buy the token here.
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