Arslan Butt
The global crypto market capitalization was $1.07 trillion, a 0.75% increase from the last day. In the previous 24 hours, the crypto market volume was $50.74 billion, which made a 3.10% decrease. In addition, the price of the leading coin, Bitcoin, is currently $23,013, up 0.75% over the past 24 hours. Ethereum also increased by less than 0.10%, trading at $1,641.
Cryptocurrency prices are going up and down due to recent fluctuations. Right now, there is a consolidation phase before the upcoming surge. Here’s why:
What Does The US Fed Chair Have To Say About The State Of The Economy?
Jerome Powell, the chairman of the Federal Reserve Bank, is scheduled to speak on the Fed’s future with rate rises. His speech on February 7 at the Economic Club of Washington concerns market players amid growing worries about the influence of job statistics on future interest rate decisions.
@CNBC @federalreserve #fomc #Fed
US Fed Chair Jerome Powell Upcoming Speech
February 7, 2023.The reception will begin at 11:00 a.m. followed by the program at 12:00 p.m. ET
— JaydariInc (@jaydari_inc) February 6, 2023
After the Federal Reserve increased interest rates by 25 basis points, the cryptocurrency market rallied. However, recent job numbers might change the central bank’s future inflation-control decisions. The US unemployment rate has been steadily decreasing over the past few years. It’s currently at a historic low and has been for the past 54 years.
The Federal Reserve Chair has scheduled a speech that is being looked forward to by stock traders. They hope that traders will get clarity after the speech, especially with regard to upcoming monetary policy. The most recent US jobs report has also increased attention on the Fed’s policy and it is uncertain how investors will react until more information is provided.
In addition, people are predicting the economy will improve in the near future, which might lead to new policies. However, if the Fed does not respond to the market’s reaction significantly, this might suggest that the Fed is satisfied with the present situation. It might drive it even farther towards pricing future interest rate reductions. Such a large price change could cause a recession which would be detrimental to certain sectors of the economy.
Major Crypto Companies Reach Agreement To Create Global Financial Ecosystem
On February 6, Genesis Global Holding reported that it reached an agreement with the ad hoc creditor groups, Digital Currency Group (DCG), and cryptocurrency exchange Gemini. According to the press release from Genesis, the deal lays the foundation for an international settlement that will maximize value for all Genesis clients and stakeholders.
Genesis, Gemini and DCG reach agreement in bankruptcy court
Genesis Global Holdco reached an agreement in principle with Digital Currency Group and other creditors on Monday. pic.twitter.com/0ozlJHiOys
— Crypto Verse News (@VerseCo_News) February 6, 2023
The group of creditors has or represents more than $2 billion in stated claims against Genesis Global Capital, with the massive exposure being $800 million from Gemini. DCG would exchange its existing $1.1 billion note due in 2032 for convertible preferred stock that DCG will issue as part of Genesis’s Chapter 11 plan.
The agreement included refinancing the current $500 million aggregate value 2023 term loans from Genesis held by DCG. After that, they will provide it to creditors for payment.
Cameron Winklevoss, the co-founder of Gemini, tweeted on February 7th that as part of the Genesis restructuring plan, Gemini will provide an additional $100 million for Earn members. He claims it proves Gemini’s ongoing dedication to helping Earn users get a complete asset recovery.
Furthermore, traders expect the crypto market’s impressive recovery from January to continue this month, as they believe that resolving the conflict between Genesis and Gemini would boost investor sentiment.
As part of the Genesis restructuring plan, Gemini will provide an additional $100 million for Earn members. Cameron Winklevoss, one of the co-founders of Gemini, claims that it proves the company’s ongoing dedication to helping Earn users get a complete asset recovery. Furthermore, traders believe that the crypto market’s impressive recovery from January will continue this month, as they believe resolving the conflict between Genesis and Gemini would boost investor sentiment.
Binance Halts USD Transactions Via Bank Accounts
Binance, the leading cryptocurrency exchange, tweeted on February 7th about the company’s decision to suspend USD transactions and stated that the company is working hard to restore the service as soon as possible. Beginning in February 2008, it would temporarily halt US dollar transfers. Interestingly, according to Binance CEO Changpeng Zhao, USD transfers account for only 0.01% of all transactions. The largest exchange’s representative claimed that the suspension would affect only 0.01% of customers and that operations would resume quickly.
The company added that all other cryptocurrency transactions would be unaffected, but it did not explain why the USD transactions would be halted. Furthermore, the notification stated that the transaction suspension would only affect Binance users from other countries. Binance.US customers, according to the company, will be unaffected until an official statement is issued.
According to Arkham Intelligence data, there was a significant increase in cryptocurrency outflow from Binance’s wallets following the announcement, with millions of dollar-pegged stablecoins moving to other exchanges or private wallets.
The corporation, on the other hand, claims to be net-positive. Despite the current consolidation in the cryptocurrency market, it is still profitable to purchase alternative currencies while they are still in the presale phase.
Exploring 2023’s Top Three Metaverse Crypto Projects
Presales provide an excellent opportunity for newcomers to the cryptocurrency market to test the waters by purchasing a presale coin. This article will look at the top three cryptocurrency presales that are currently taking place.
These presales are unaffected by market volatility and may launch with massive rewards.
Meta Masters Guild (MEMAG)
Meta Masters Guild’s development costs are significantly lower than those of console game publishers because it creates a platform solely for mobile play-to-earn games. The $MEMAG token will be used by players to join the ecosystem and receive incentives in that currency. Users can also trade and stake their tokens to generate yield.
#MEMAGFAM heads up!
After the #MMG presale, claim your $MEMAG tokens only on our official website✅
Watch out for scams and always report suspicious activity!️
➡️ https://t.co/9lUbEoKbdS#Presale #P2E #Play2Earn #BlockchainGaming pic.twitter.com/gs9tupqgHB
— Meta Masters Guild (@MEMAGgames) February 6, 2023
Furthermore, the team claims that the project’s hard cap of $4.97 million is sufficient to complete its roadmap. The presale is now in stage 5 and has raised over $3 million.
In Stage 6 of the presale, the token’s price will rise from $0.019 to $0.021. That’s an increase of 10%.
FGHT
Fight Out is a Move-to-Earn (M2E) platform that pays users for working out at the gym or at home in their living room. The M2E platform’s ground-breaking technology, which enables users to use ‘soulbound’ avatars to bring real-world exercises into the metaverse, elevates health and fitness to a new level.
Huge news #FightOutCrew!
We have now raised over $3.9M in our presale
Remember, you can now buy $FGHT with $USDT on both #Ethereum and #BinanceSmartChain!
Join now and get up to a 50% bonus! https://t.co/ZJslyfHI4t#DeFi #Crypto #CryptoPresale #ETH #BNB pic.twitter.com/TQWRyz1MqD
— Fight Out (@FightOut_) February 5, 2023
In its current token presale, Fight Out has raised close to $4 million from investors. A token bonus of up to 50% is offered for each, and the token price rises every 12 hours.
The price of FGHT right now is $0.01998. The cost of the listing is $0.0333. Additionally, on April 5, 2023, the network’s $FGHT token will be listed on XT.com.
C+Charge (CCHG)
A new start-up called C+Charge offers a blockchain-based payment mechanism for electric vehicle charging stations. It will allow EV owners to earn carbon credits every time they charge their vehicles.
WE MADE IT
‼️ STAGE 1 OF OUR PRESALE IS NOW SOLD OUT ‼️
Thank you, C+Charge Crew for your support!
You still have the chance to buy some $CCHG in the stage 2 ⬇️https://t.co/ixe18bPqzI#presale #crypto #GreenEnergyCrypto #ReFi pic.twitter.com/2dbblkP3yD
— C+Charge (@C_Charge_Token) February 7, 2023
EV owners will pay with CCHG, C+Charge’s native cryptocurrency, and the more CCHG they spend and use, the more GNT they earn. The first phase of the CCHG presale is now open, and it costs $0.013. Furthermore, there is only one day until the price reaches $0.0145.
On March 31, 2023, the first CEX will go live. The ecosystem will benefit, and the token’s value will skyrocket.
Related news:
- Top Reasons Why Crypto Prices Are Lower Today – Should You Buy This Dip?
- Bitcoin Price Prediction as Fed Interest Rate Decision is Revealed – New Bull Market Starting?
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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