Crypto Blog Archives - Page 3 of 3

Binance’s Market Share Drops Amidst CFTC Lawsuit and Commission Changes

by admin | Apr 4, 2023 | Crypto Blog

According to a recent report by blockchain data analytics firm Kaiko, Binance’s market share has experienced a significant decline in the past two weeks, dropping by approximately 16 percentage points to 54%. This decline is believed to be a result of Binance’s recent lawsuit by the US Commodity Futures Trading Commission (CFTC) and the termination of its free commission promotion for BTC trading.

Coinbase, on the other hand, also experienced a decrease in market share in the US during the first quarter, falling from 60% to 49%. Meanwhile, Binance US saw an increase in market share from 8% to 24%.

The CEO of Binance, Changpeng Zhao, faced criticism in 2022 for his tweets regarding FTX and SBF. This incident has further impacted Binance’s reputation in the United States. While FTX and SBF may have made mistakes, it is unfortunate that innocent users such as myself may end up wasting money without being able to withdraw coins in such situations.

As the cryptocurrency market continues to evolve, it is crucial for it to become a safe and clean market for all participants. We hope that measures will be taken to ensure the security of users’ funds and prevent market manipulation.

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JP Morgan Asset Management: The Market is Heading for a Temporary Rally

by admin | Apr 3, 2023 | Crypto Blog

JP Morgan Asset Management recently announced that the current market is heading for a temporary rally just before an economic recession. Chief Investment Officer Bob Michel stressed in a Market Insider report that we should not expect a temporary rally in the next quarter.

Michel warns that risky assets will rise in the next quarter, similar to many major banks during the global financial crisis of the mid-2000s, just before they collapsed. As an investor during the financial crisis, Michel saw a pivotal moment in the merger between Bear Stearns and JP Morgan. He believes that the next quarter could be a good opportunity for the market.

However, Michel predicted that the US economy would enter a recession after a short rally, as the Federal Reserve (Fed · Federal Reserve) will appear at the end of this year after a sharp rate hike. He warns that after a good period, the accumulated time lag becomes a reality and the economy may slow down.

Although this is the opinion of JP Morgan Asset Management, as a huge management company that manages large amounts of money, we should consider their future investment direction.

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Ripple Coin Chart on Bybit Exchange: Potential Impact of the SEC Lawsuit

by admin | Mar 31, 2023 | Crypto Blog

Ripple Foundation vs. SEC lawsuit drawn by Midjourney’s paid version.

Bybit Exchange Ripple 15-Minute Chart.

This chart shows the Ripple coin chart on the Bybit exchange, not the Bitcoin chart. In December 2020, the US SEC sued the Ripple Foundation, accusing it of violating securities laws. Since then, Ripple’s price has been fluctuating, depending on the outcome of the lawsuit. It is unclear whether the SEC or the Ripple Foundation will win the lawsuit, but regardless of the outcome, the market is likely to be volatile. There is a concern that if the SEC wins, the Ripple coin, which has been rising by 10-20%, may plummet. Although the Ripple Foundation is expected to appeal the decision if they lose the case, we have seen many “unlikely” situations in the cryptocurrency market, such as the LUNA and USTC coins, FTX’s FTT coin, and SVB’s Cash Bank Run. As an individual investor, I would prefer Ripple to win the lawsuit and see Bitcoin and other coins soar. However, the cryptocurrency market is always high-risk and requires careful attention to market changes and fast news reading.

Federal Reserve Plans to Raise Interest Rates Once More This Year

by admin | Mar 30, 2023 | Crypto Blog

Republican Congressman Kevin Hearn has announced that the Federal Reserve will raise interest rates one more time this year. Hearn made the statement after a closed-door meeting with Federal Reserve Chairman Jerome Powell on March 29, 2023. Powell emphasized that Congress will decide whether to raise the federal deposit insurance limit to ensure that America’s individuals and businesses feel their money is safe. The US Open Market Committee (FOMC) dot plot released on March 23, 2023, predicted the year-end interest rate to be 5.1%, with 10 out of 18 FOMC members forecasting the rate to be at 5.00-5.25%.

March 2023 FOMC Interest Rate Announcement Schedule.

by admin | Mar 20, 2023 | Crypto Blog

Every month, various important indicators are announced, but the most important one is the FOMC schedule and the corresponding announcement of the benchmark interest rate by the United States!

This week, there is the March FOMC schedule.

To explain why this week’s US interest rate announcement is important,

The current benchmark interest rate of the US central bank is 4.75%. In February, the mood was good after a surprise 0.25% increase, but with the high February CPI, they poured cold water on the situation. Therefore, although it was dominant that the March FOMC interest rate announcement would also be a 0.25% baby step, as various economic indicators were announced, predictions that it would be a 0.5% big step increase were rampant.

However, there were critical opinions about whether the aggressive rate announcements by FOMC Federal Reserve members and Powell were appropriate, given the decrease in trust of US banks following the SVB bankruptcy in early March. Some opinions also emerged that the US government would freeze interest rates in March, as they were wary of the situation.
It’s either 0% or a 0.5% increase..there’s no middle ground.

It’s like coins or stocks, they either go up or down! This kind of feeling?

Anyway, this important FOMC schedule will take place over two days from March 21st to 22nd, 2023, according to US standards.
The most important interest rate announcement time is Wednesday, March 22nd, 2023, at 2 pm US time. It’s one hour earlier than last month due to daylight saving time.

The US CPI consumer price index chart shows a shape that is going down, opposite to the interest rate hike chart. It hit a low of 6% in March 2023.

It seems that this gradual decrease is giving power to the opinions of Powell and his colleagues, but in this difficult time after the pandemic and with the aftermath of the Ukraine-Russia war, a high interest rate seems to have more power to worsen the economy rather than reduce inflation, in my personal opinion.

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