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Get informed as you learn all about the world of Cryptocurrencies from TruBit. We have a summary of everything that has happened in this world of digital finance, so don't miss the Cryptocurrency News with TruBit.
On 4 September, the crypto market once again ushered in a decline. btc dipped to near $55,600, and the cottage coins were even more miserable, the decline rate is directly catching up with the level of last year's bear market. For the market trend in the last four months of this year, various institutions and celebrities have different long and short views, and short-term and long-term investment recommendations are also different.
However, on the whole, the key factors that are most likely to affect the crypto market in the future are: Fed rate cuts, elections, SEC regulatory strategy, FTX debt repayment schedule, U.S. stocks and technology stocks, U.S. Bitcoin ETF fund flows, and the halving cycle, etc. In particular, in the case of interest rate cuts and halving cycle, it is likely to affect the crypto market in the next four months. Especially in anticipation of the interest rate cut and halving market, many investors and institutions have adopted an early layout, although there are still analysts who say to pay attention to short-term risks, and there is a possibility of BTC pulling back to the $40,000-50,000,000 range.
As far as the comparison of the long and short situations is concerned, the bearish sentiment has not overwhelmingly covered the bearish view. The current market sentiment perception is more inclined to the downside risk that still exists before the interest rate cut, and several other major factors such as the election, the U.S. economy, regulation, etc. are still unknown, the market winds may fluctuate dramatically at any time. However, institutions are generally bullish on the long-term uptrend of the crypto market, and the giant whales are quietly laying out.
The number of Bitcoin ATMs is reportedly growing rapidly in the United States, and some experts believe this poses a growing threat of cybercrime. Bitcoin ATMs are similar to traditional cash ATMs: you enter a PIN code and pay a withdrawal fee, just like any other ATM.
However, unlike cash ATMs, the high value of cryptocurrencies makes them a prime target for hackers. So while a cash ATM hidden among gas station snacks and energy drinks might not attract much attention, a Bitcoin ATM will come under more scrutiny from miscreants.
‘Clearly, these machines are particularly vulnerable to physical and cyber threats, making them a prime target for hackers and thieves,’ said Timothy Bates, a professor of cybersecurity at the University of Michigan's School of Innovation and Technology.
Nearly 74 percent of ATMs worldwide are managed by 10 operators, according to the data.
Bitcoin Depot, the largest operator of bitcoin ATMs, operates more than 8,000 ATMs, and its chief executive, Brandon Mintz, said the company's machines are designed to be hacker-proof. But he also disputes the notion that Bitcoin ATMs are a major hacking target.
‘Because the hardware and bitcoin wallet environments are separate, bitcoin ATMs aren't typically a high-priority target for cybercriminals,’ Mintz said. He added that Bitcoin Depot does not store any bitcoins locally on Bitcoin ATMs, and that the company has a multi-layered verification and approval process to prevent unauthorised access to Bitcoin Depot's wallets.
Additionally, Mintz noted that most Bitcoin ATMs, including Bitcoin Depot's, only accept cash, so this eliminates the possibility of criminals using card readers on traditional cash ATMs. However, he also warned users to be wary of scams, and that some of the same basic protocols that protect consumers from traditional financial scams apply to the world of cryptocurrencies as well.
On 6 September, Fed Governor Waller said that he would support an ‘early’ rate cut if appropriate, and that maintaining forward momentum in the economy meant that the time had come to start lowering policy rates at the upcoming meeting.
The total market capitalisation of cryptocurrencies has now fallen below $2 trillion and is now at $1.98 trillion, a 24-hour drop of 5%, according to the data.
In a public speech at the Economic Club of New York on Thursday, Donald Trump reiterated that, if re-elected president, he would make the U.S. the cryptocurrency capital of the world, embracing cryptocurrencies, artificial intelligence, and other ‘industries of the future,’ stating, ‘We won't be attacking the industries of the future, but rather we will be embracing We won't attack the industries of the future, but we will embrace them, including making the U.S. the world capital of cryptocurrencies and bitcoin.’ During his hour-long speech, Trump laid out his plans to reform the U.S. economy after his re-election, including cutting regulations and boosting growth in domestic energy production. Trump also said he would take Elon Musk's suggestion to create a government efficiency commission to audit federal spending and identify waste, and offered to lead it.
Last week, it continued to weaken and fell for two consecutive weeks, maintaining weakness in the short term. In the medium term, it is still oscillating in the bottom area of the weekly large collation box, slightly weaker. It is currently the 26th week of the medium term consolidation and the adjustment is expected to end around 34 weeks.
The 3rd quarter if the closing position is higher than now, then the probability of 4 quarters there is another bottoming action; if the 3rd quarter if the closing position is lower than now, then the probability of 4 quarters there is a wave of overshooting rebound market. Medium line patience batch low absorption.
Next week, the pressure and turn strong critical point in the vicinity of 57,500, only two consecutive days to stand on the pressure, the short-term only have the possibility of the end of the adjustment. Patiently wait for the adjustment OR patiently wait for the short term to turn strong again. If there is no big point favourable, the probability of turning strong next week is very small.
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Immutable (IMX)
Unlock date: 9 August
On the 9th of August, the circulating supply of IMX will be increased by 32.47 million tokens. These newly unlocked tokens will be allocated to the development of the project and the wider Immutable ecosystem. The crypto community is discussing IMX's underperformance, largely attributing it to frequent unlocks.
XAI (XAI)
Unlock date: 9 August
Xai is the world's first Layer 3 solution designed specifically for AAA gaming. xai leverages Arbitrum technology to prioritise simplicity and ease of use by removing the complexity of wallet management. This approach makes blockchain integration a seamless part of the gaming ecosystem.
On 9 August, the project will unlock 35.88 million XAI tokens and distribute them to the team, investors, reserves and ecosystem.
Essena (ENA)
Unlock date: 11 August
Ethena is an ethereum-based synthetic currency protocol. It offers a native cryptocurrency solution that is independent of traditional banking and provides global users with a dollar-denominated savings vehicle called "Internet Bonds".
ENA tokens enable holders to vote on governance proposals, and on 11 August, the project will unlock nearly 15 million ENAs dedicated to ecosystem development.
Nasdaq and S&P 500 were dragged downwards by the US non-farm payrolls that fell sharply short of expectations, and the mid-line topped out clearly, and the recessionary panic intensified. Coupled with the impact of Buffett's significant reduction in Apple, BTC was dragged down by U.S. stock futures as it faced a breakthrough, and the market may continue to go down. The probability of continued adjustment in the short term is high. At present, the technical surface looks below the support is not obvious, next week, if in 58000, in the short term it may turn strong. If under 58000, wait patiently for the end of the adjustment.
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