Avalanche (AVAX) came into the spotlight early at the beginning of 2023 by adding its blockchain support to Amazon Web Services (AWS) cloud. However, empirical and on-chain analysis suggests that Avalanche’s price surge is likely due to a broader cryptocurrency market pump which will likely end with the rest of the market. Is Avalanche’s Amazon news exaggerated? While integration with the world’s largest blockchain service is a positive step for Avalanche, the hype around its implications might be exaggerated. The evidence lies in a similar move that Avalanche’s team made in December 2022. Avalanche’s team established a deal with Alibaba’s …

Bitcoin (BTC) price has held above $20,700 for 4 days, fueling bulls' hope for another leg up to $23,000 or even $25,000. Behind the optimistic move was a decline in inflationary pressure, confirmed by the December 2022 wholesale prices for goods on Jan. 18. The United States producer price index, which measures final demand prices across hundreds of categories also declined 0.5% versus the previous month. Eurozone inflation also came in at 9.2% year-on-year in December 2022, marking the second consecutive decline from October's 10.7% record high. A milder-than-expected winter reduced the risk of a gas shortages and softened energy …

In his latest blog post released on Jan. 19, Arthur Hayes, the former CEO of BitMEX exchange predicted a “global financial meltdown” thanks to future United States economic woes. Hayes: Crypto will "get smoked" in Fed pivot Bitcoin’s current rally should likely not be taken as the start of a new bull run. That is the opinion of Arthur Hayes, who in a fresh treatise on U.S. macroeconomic policy this week warned that current Federal Reserve behavior would flip from restrictive to liberal, but cause cryptoassets to “get smoked.” With U.S. inflation easing, the Fed is the focus of practically …

Bitcoin (BTC) may gain another 50% before seeing a mass sell-off to complete its bear market, new research predicts. In the latest edition of its regular markets newsletter, “The Crypto Circular,” trading firm QCP Capital delivered a grim warning to those who believe that crypto winter is over. Research warns of "final Wave 5 selloff" Bitcoin has surprised by retaining new support levels abruptly reclaimed in its week-long bull run, so far topping out at $21,650. Despite widespread suspicion over the “choreographed” move, BTC/USD has nonetheless clawed back key trend lines and psychological price points. For QCP, there is still …

Ethereum (ETH) price is struggling to overcome resistance at $1,600 and this is the altcoin’s third attempt since September 2022. Some would say the 33% year-to-date rally could be interpreted as a failed opportunity to breach the $200 billion market capitalization mark. If Ethereum price were to break above $1,600, it would return Ether to a top-60 global tradable asset, surpassing giant multinational companies like Nike (NKE), Novartis (NVS), Cisco (CSCO) and Toyota (TM). Unfortunately, at least for bullish traders, derivatives markets are not hinting that Ether will finally break the $1,600 resistance — at least, not until the U.S. …

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 …

Bitcoin (BTC) price and the wider crypto market corrected as news of coordinated “international cryptocurrency enforcement action” stirred up uncertainty among traders. Given the number of black swan events and the proliferation of crypto-oriented scams in 2022, most investors expect United States and global regulators to eventually lay down a strong hammer on centalized exchanges and other businesses connected with the crypto sector. At the time of writing, BTC price had dipped to an intraday low at $20,400, and Ether (ETH) gave back its daily gains to trade as low as $1,500. As shown by the charts below, the revelation …

Bitcoin (BTC) set yet another multi-month high before the Jan. 18 Wall Street open as United States macroeconomic data fell far wide of expectations. U.S. PPI numbers fall wide of the mark Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $21,646 on Bitstamp. A subsequent correction saw the pair moving around $21,400 at the time of writing, with U.S. stocks reacting to surprise data surrounding economic activity in December. Specifically, the Producer Price Index (PPI) showed cost rises cooling faster than consensus predicted, with retail sales also declining beyond estimates. “PPI comes in at 6.2%, while expectation …

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 …

Ethereum's native token, Ether (ETH) could grow by 35% versus Bitcoin (BTC) this year to hit 0.1 BTC for the first time since 2018 as it forms a classic bullish continuation pattern. Ethereum price must first break key resistance Dubbed ascending triangle, the pattern forms when the price fluctuates inside a range defined by a rising trendline support and horizontal trendline resistance. It typically resolves after the price breaks out in the direction of its previous trend. On a weekly chart, the ETH/BTC pair has been painting an ascending pattern since May 2021. The Ethereum token eyes a breakout above …

Bitcoin (BTC) faced a potentially volatile day on Jan. 18 as multiple macro triggers began to unsettle the outlook. BoJ refuses to hike Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding firm above $21,000 on the day. The pair remained cool amid news from Japan, where the central bank, the Bank of Japan (BoJ) had decided to keep ultra-easy policy in place, defying expectations of an interest rate hike. In so doing, both the yen and U.S. dollar took a hit, the latest chapter in a saga being keenly watched by crypto commentators. "In keeping its key rate …

Despite a wave of heavy crypto layoffs to start the new year, employees in technical and engineering roles, as well as senior management, will likely continue to see “strong demand” for their skills, recruitment professionals believe. It’s been a tough first few weeks of 2023 for crypto businesses and their staff. Within just two weeks, the market has already seen more than 1,600 crypto-related job cuts as a result of continued market volatility and uncertainty. However, not all departments have seen the same level of cuts. SAFU: Senior-level tech and engineering Rob Paone, founder and CEO of crypto recruitment firm …