Bitcoin’s (BTC) rally in 2023 has been boosted by expectations that the United States Federal Reserve will slow down the pace of its rate hikes as inflation has started cooling down. Some even anticipate a rate cut by the end of the year. That assumption received a jolt on Feb.3 when the U.S. employment data for January beat expectations and unemployment hit its lowest level since May 1969. If markets do not react negatively to news perceived as bearish, it’s a sign that the sentiment has turned positive. Traders may then shift their focus to the next important economic data …

The memecoin phenomenon didn’t prove as effective in the last month's start of year crypto market rally, as the gains of the top cryptocurrencies in this category barely outperformed Bitcoin. The monthly gain of BTC stood at 44.5%, while the top two meme-based coins DOGE and SHIB gained 27% and 40.7%, respectively. Doge needs a market moving catalyst Dogecoin is losing its popularity as its most prominent supporter Elon Musk is reportedly developing an independent Twitter Coin instead of integrating his favorite cryptocurrency with the social media platform owned by the entrepreneur. For the greater part of 2022, DOGE/USD performed …

Bitcoin (BTC) gained about 40% in January, its best finish in the first month of the year since 2013. The sharp rally caused a change in sentiment and the futures markets which saw backwardation in November and December started trading at a healthy contango in January, according to Glassnode. Coming out of a bear market low, a rally driven by the leaders rather than the laggards is a sign that the bottoming process may have begun. The rise in Bitcoin’s dominance from about 38% in November to above 42% in January is an indication that smart investors may have started …

There are rumors that Dogecoin could switch from proof-of-work to proof-of-stake (PoS). Do I know if Dogecoin is switching to PoS? No. Do I think it’s going to PoS? Probably not. But I love the “what if” game. As a person who works in the crypto mining industry, I do my best to gauge where the market and mining industry are going, along with how that could play out. If Dogecoin makes a change to PoS or some other change to how new blocks are created, it would have massive ramifications for the mining industry. Here’s a look at a …

Traders tend to lighten up positions before important events because they hate uncertainty. The United States Federal Reserve’s policy decision is on Feb. 1, where the central bank is expected to hike rates by 25 basis points. Market observers will keenly watch for any hints about how high the rates could go. That could be one of the reasons for the profit-booking in Bitcoin (BTC) and select altcoins on Jan. 30. Bitcoin’s sharp recovery in January could also be signaling the start of a new bull market, according to certain on-chain metrics. The Profit and Loss Index from on-chain analytics …

After two weeks of a stupendous rally, Bitcoin’s (BTC) price has largely been flat this week. This is a positive sign as it shows that market participants are not growing nervous before a slew of central bank meetings take place next week. The United States Federal Reserve, European Central Bank and Bank of England are scheduled to announce their policy decisions next week. The confidence of the bulls received another boost after the U.S. core personal consumption expenditures (PCE) data for December showed the slowest annual rate of increase since October 2021. The core PCE rose 4.4% from a year …

Bitcoin’s (BTC) price has risen about 37% year-to-date and is not showing any signs of slowing down. The S&P 500 index (SPX) has also made a winning start to the year but has seen a relatively muted rally of roughly 4%. While the price of risky assets are rising, the United States dollar index (DXY), perceived as a safe haven, extended its downtrend and declined more than 1% in January. The change in sentiment toward risky assets may have been triggered by expectations that the U.S. Federal Reserve could slow down its rate hikes as inflation cools off. Some analysts …

The United States equities markets are on track to finish the week in the red but that has not resulted in a deeper loss for Bitcoin (BTC). The news of cryptocurrency lender Genesis filing for Chapter 11 bankruptcy also did not have any meaningful impact on Bitcoin’s price. This shows that the selling pressure could be reducing. However, trading firm QCP Capital warned in the latest edition of its regular markets newsletter that the current recovery in Bitcoin was only a bear market relief rally. They anticipate this recovery to be followed by another bout of selling which could sink …

The United States producer price index (PPI) fell 0.5% for the month, which was much more than the 0.1% decline estimated by economists surveyed by Dow Jones. The largest monthly decline since April 2020 was also aided by a sharp drop in energy prices. Another report showed that the retail sales data dropped 1.1% in December, a tad bit more than the anticipated 1% decrease. Although both data points show inflation is cooling off, the U.S. stock markets failed to hold on to their initial gains. Similarly, several cryptocurrencies sold off from their intraday highs, indicating that traders may have …

Shiba Inu is hoping to become more than just a Dogecoin-inspired meme cryptocurrency as it comes closer to launching its layer-2 network. Meanwhile, its native token SHIB has emerged as one of the best-performing cryptocurrencies so far in 2023. SHIB price jumps 60% in 2023 SHIB's price has rallied nearly 60% year-to-date (YTD) to $0.00001294, its highest since early November 2022. The gains started appearing mainly due to favorable macro conditions that prompted similar rallies elsewhere in the crypto market. Nonetheless, the Shiba Inu price rally picked up momentum as investors assessed its announcement of the upcoming beta release of …

Research shows that Dogecoin (DOGE) was the only memecoin in 2022 to proactively reduce its carbon footprint — a key metric for mainstream adoption — by 25% in one year, thanks to the intervention of developers and Tesla CEO Elon Musk. One of the main reasons why Musk backtracked on accepting Bitcoin (BTC) payments for Tesla was high carbon emissions. At the time, he believed that Dogecoin — “even though it was created as a silly joke” — was better suited for transactions. Working with Doge devs to improve system transaction efficiency. Potentially promising. — Elon Musk (@elonmusk) May 13, …

Risk assets have started the new year on a strong note. The S&P 500 (SPX) and the Nasdaq closed in the positive for the second successive week and also notched their best weekly performance since November. Bitcoin (BTC) led the recovery in the crypto markets with a sharp 21% rally last week. That sent the Bitcoin Fear and Greed Index into the neutral territory of 52 on Jan. 15, its highest since April 5, 2022. However, the index has given back its gains and is again back into the Fear zone on Jan. 17. The strong rally in Bitcoin has …