Arslan ButtThe global cryptocurrency market has been steadily declining and has fallen below the $1 trillion level, thanks to rising curiosity ahead of US economic data, which has made traders hesitant to take any large positions and resulted in losses in digital assets.
The #Cryptocurrency market is extremely bearish here. Procced with extreme caution, protect and save your cash.
— PROFIT BLUE (@profit8lue) February 13, 2023
Furthermore, the ongoing pressure of regulatory concerns was thought to be an important factor that had a negative influence on the cryptocurrency market.
US Consumer Inflation Data
According to a Reuters survey, the U.S. consumer inflation number is predicted to have increased by an annual 6.2% in January, following a 6.5% jump in December, and markets are looking to this data for more hints on the Federal Reserve’s policy stance. This month, the U.S. central bank increased interest rates by 25 basis points and said that its battle against inflation had reached a turning point.
U.S. consumer inflation data for Jan'23 due to be released Today 7PM IST.#NSEIndia #BSEIndia#India #Investing #Stock #StockMarket #MarketToday #StockMarketUpdate #STOXtheMoney
— CA Ajay Singhal | STOX the Money (@aksfca) February 13, 2023
In contrast to early predictions for the beginning of a more steep rate reduction later this year, the market now expects U.S. interest rates to peak at roughly 5.2% in July and close the year at 4.9%.
The U.S. Consumer Price Index (CPI) data will be released today at 13:30 GMT, which is anticipated to have a substantial influence on the cryptocurrency market. Analysts anticipate the CPI will decline to 6.2% annually from its previous monthly level of 6.5%, while core inflation, which excludes food and energy costs, is anticipated to decrease once more from 5.7% to 5.5%.
Economists at Goldman estimate the CPI rose 0.55% in January, which would bring the YoY rate to 6.4% (from 6.5% in Dec), and that the core CPI rose 0.49%, which would drop the YoY rate to 5.6% (from 5.7%)
UBS forecasts the CPI up 0.4% (+6.25% YoY) and core CPI up 0.31% (+5.5%)
— Nick Timiraos (@NickTimiraos) February 14, 2023
However, Bitcoin may attempt to break over the top of its current range above $25,225 if there is no surprise in inflation or if the figures are greater than expected.
Crypto Regulation Changes
Furthermore, the new wave of aggressive regulation initiatives by US officials has heightened tensions in the digital currency markets. Investors are taking note of many key regulatory actions in the United States as the government seeks to manage the once-wild cryptocurrency market.
Fears of US regulatory crackdown on #Binance and its affiliates weigh on #cryptocurrency market, with #BNB leading losses. Regulatory scrutiny and caution ahead of key US inflation data keep #Bitcoin and #Ethereum prices subdued. #crypto #regulation" #investing #finance
— Zein (@ahmedzein12) February 14, 2023
The New York State Department of Financial Services gave Paxos instructions to halt producing new Binance USD, or BUSD, stablecoins on Monday. A stablecoin is a type of digital currency that is connected to a tangible object. The USD and BUSD are transacted at a 1:1 ratio. Paxos is the issuer of BUSD, the third-largest cryptocurrency with a dollar price peg.
Breaking News: #SEC to sue #Paxos for listing #BinanceUSD stablecoin as an unregistered security. Is this a step towards tighter regulation of crypto companies in the US? Stay tuned for updates on this developing story #FactOrFUD pic.twitter.com/kivrvcbfd7
— TDX (@TDXLaunchpad) February 13, 2023
The market is anticipating the SEC’s accusations against Paxos to determine whether they will have any impact on other stablecoins like USD Coin (USDC) and tether (USDT). Paxos is not currently the subject of any SEC enforcement action. The SEC and cryptocurrency exchange Kraken settled last week on claims that Kraken traded unregistered securities. Thus, the cryptocurrency market is under pressure as a result of US legislation.
Considerations to Keep in Mind When Investing in Alternative Coin Presales
Investing in presales of cryptocurrencies has become increasingly popular in recent years. These initial coin offerings are conducted prior to the project’s public launch. While investing in a forthcoming cryptocurrency launch can be lucrative, it requires careful consideration.
Meta Masters Guild (MEMAG)
Meta Masters Guild (MEMAG) is a rapidly growing play-to-earn platform in the Web3 ecosystem with the goal of becoming the biggest mobile gaming guild. MEMAG’s project is focused on creating exciting games with playable NFTs, which offer staking, trading, and rewards to players.
The ongoing presale has already amassed over $4.2 million and is now in its final stage. With only a limited time left before the price increase, interested investors need to act quickly.
Fight Out (FGHT)
Fight Out (FGHT) is a cryptocurrency project that aims to reward users for engaging in various activities using advanced technology. Through the FGHT app, users can create a profile and access video-customized workout classes that are tailored to their individual fitness needs.
Presale FGHT tokens are currently available for purchase and can be used to subscribe to the Fight Club app. As more people subscribe using FGHT, its price is expected to rise. Currently priced at $0.0208, the token’s price will increase as the presale comes to an end on March 31, with a maximum expected price of $0.033 USDT.
Early investors can benefit up to 50% from the Fight Out presale
Related
- Bitcoin Price Prediction – How Much Lower Might BTC Go Or is Regulation Backlash Selloff Over Done?
- Bitcoin Price Prediction – Can BTC Stay Rangebound Above $22k After Powell’s Pivot Rejection?
- Are Bitcoin and Ethereum Prices Set to Surge This Weekend Despite Payroll Beat?
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
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