The speculation around Fed rate cuts is keeping markets on their toes. At present, the trajectory seems a bit confusing with no clear signal of when the first rate cut might happen. In the middle of all the speculations, president of the Federal Reserve Bank of Atlanta Raphael Bostic stated that he is satisfied with The post Fed Rate Cut Delay Sparks Crypto Volatility Concerns Despite Halving appeared first on CoinGape .
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Altcoins In Trouble As Seasoned Analyst Predicts 40% Drop In Prices
Altcoins have suffered more in the crypto market following the Bitcoin price crash, leaving a lot of investors in losses. This is not out of the ordinary as these altcoins are known to have a higher volatility compared to Bitcoin, hence, their price swings can be more pronounced. Given the recent decline, the expectation is that the altcoins will recover. However, one analyst does not agree with that assessment. Altcoins Headed For 40% Crash In an analysis posted on X (formerly Twitter), seasoned crypto analyst Benjamin Cowen shocked the crypto community with his expectations for altcoins. According to the analysis, the worst is far from over for the altcoin market, as there are still more crashes to come. Related Reading: Crypto Analyst Reveals Why $59,800 Is An Important Level For Bitcoin Cowen explained that this was analyzed using altcoins versus Bitcoin pairs, and it seems each one looks weak against the apex cryptocurrency. This is due to the expected rate cuts, and historical performance suggests that a decline will follow. The crypto analyst pointed to the 2019 rate cuts and how altcoins had reacted to that development back then. Following the rate cuts, altcoins plunged against Bitcoin, with major players recording up to 40% losses during this time. “Perhaps this time is not different? This would mean ALT/BTC pairs drop another 40% from here over the next few months,” Cowen said. Cowen expects this to place out regardless of what happens in the market in the meantime. He explains that even if the market does recover in the short term, it does not invalidate the thesis. “Short-term countertrends do not invalidate this view,” he stated. If this repeats, then it could turn an already harsh market trend even bloodier. The altcoin market cap has already fallen below $1 trillion as of the time of writing, but a 40% decline from here could send it as low as $600 billion. Bitcoin Crash Drags Down Crypto Market While the Bitcoin crash has been brutal, the impact on altcoins has been much more pronounced. Ethereum has held up nicely with less than a 4% decline during this time, but others such as Stacks (STX), Arweave (AR), Neo (NEO), and Sei (SEI) are down an average of 9% in the last 24 hours. Related Reading: Ethereum Price Prediction: Crypto Expert Says ETH Is Yet To Bottom Against Bitcoin Meme coins were also not left out of the bloodbath, with market leader Dogecoin dropping 6% to $0.126 and Pepe (PEPE) plunging 7.74% to $0.0000063. Bonk (BONK) recorded a 5% decline to eliminate some of its gains from last week, and Shiba Inu fell 4.18%. Amid all of this, though, there have been some market winners, with Optimism (OP) recording 12% gains. Cosmos (ATOM) followed with a 9.8% increase, and Starknet (STRK) rose 9%, making them the top gainers of the day, according to data from Coinmarketcap. Altcoin market cap at $952 billion | Source: Altcoin total market cap from Tradingview.com Featured image from Analytics Insight, chart from Tradingview.com
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Layoff Wave Hits Google Core Employees Amid Reorganization
According to a report, Google has recently disclosed plans to lay off a significant number of its core team employees. The tech giant aims to fire at least 200 staff members as part of its ongoing restructuring efforts. These changes come despite the company’s robust earnings reports over the past year. This move aligns with The post Layoff Wave Hits Google Core Employees Amid Reorganization appeared first on CoinGape .
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No Anti-Crypto Agenda at SEC, Confirms Ex-Staff Lawyer
Ladan Stewart, formerly a lead crypto enforcer at the U.S. Securities and Exchange Commission (SEC), has recently provided clarity on the position of the agency towards cryptocurrencies, stating that there is no anti-crypto agenda. Stewart, who worked for the SEC’s Division of Enforcement for more than eight years, shared her experiences and understanding of the The post No Anti-Crypto Agenda at SEC, Confirms Ex-Staff Lawyer appeared first on CoinGape .
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Interpol Africa Completes Extradition Papers For Runaway Binance Executive
The International Criminal Police Organization for Africa revealed that all paperwork has been completed for the extradition of runaway Binance executive Nadeem Anjarwalla. According to local news outlets, Interpol Africa and concerned authorities have ramped up efforts to extradite Anjarwalla. Garba Umar, the Vice President of Interpol disclosed recent developments on the matter adding that The post Interpol Africa Completes Extradition Papers For Runaway Binance Executive appeared first on CoinGape .
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Elliptic Unveils AI Model to Trace Bitcoin Money Laundering
A new artificial intelligence (AI) model has been announced by blockchain analysis firm Elliptic in partnership with researchers from MIT and IBM which is meant to identify money laundering activities within Bitcoin transactions. To this effect, the announcement was made after the publishing of their research paper that outlines the methodology and efficiency of this The post Elliptic Unveils AI Model to Trace Bitcoin Money Laundering appeared first on CoinGape .
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Ethereum Fails to Impress Except for Stakers, Says Krüger
In an analysis of the state of the cryptocurrency market, expert Alex Krüger highlighted Ethereum‘s (ETH) underwhelming performance. Despite high expectations, Ethereum has not met market hopes, except for stakers and airdrop farmers, who continue to benefit. Krüger pointed out that while Ethereum remains the second-largest blockchain, its overall market influence appears diminished compared to The post Ethereum Fails to Impress Except for Stakers, Says Krüger appeared first on CoinGape .
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Solana to Bitcoin Bridge Zeus Network Targets Q3 2024 Debut
Zeus Network announced its anticipated launch of the Zeus Program Library (ZPL) by the third quarter of 2024. This new development aims to connect the Solana (SOL) and Bitcoin (BTC) ecosystems seamlessly. The ZPL will enable developers to integrate Solana support into decentralized applications, promoting activities across both blockchain networks. The Zeus Network’s initiative will The post Solana to Bitcoin Bridge Zeus Network Targets Q3 2024 Debut appeared first on CoinGape .
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Four Solana Memecoins That Could Rally Over 8,000% and Take on Shiba Inu and Dogecoin
Shiba Inu (SHIB) and Dogecoin (DOGE) are two dog-themed memecoins that went viral and delivered massive gains to early investors. Solana memecoins have been attracting huge investment from retail crypto investors in recent weeks, as early investors hope to generate similar returns to early Shiba Inu (SHIB) and Dogecoin (DOGE) buyers. However, with hundreds of new memecoins being launched every day – and most of them being almost immediately rugpulled – it can be difficult to decide which coins to invest in. In this article, we list four newly launched Solana memecoins that could potentially deliver astronomical returns to early
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