The most important things moving digital currencies this week
Crypto markets are approaching a critical week where important data is expected that investors are eagerly watching, as some cryptocurrency market speakers believe that there is a high potential for a good rally in these markets.
This rise could come as a result of the Federal Reserve cutting interest rates, which will stimulate liquidity and this has pushed Bitcoin and Ethereum, the two major currencies in the market, to move horizontally in the support zone for about a month.
On the other hand, the other development that worries the markets is FTX's announcement of its intention to sell cryptocurrencies worth $3.2 billion on the same day that the inflation rate will be announced in the United States, so if this sale is approved by the court, this may result Short-term panic in cryptocurrency markets However, this potential downside may meet with the opposite effect as a result of expected positive inflation data.
The largest cryptocurrency exchange in America
Armstrong, CEO of Coinbase, indicated that stablecoins may become the next mode of cryptocurrency. He also emphasized that stablecoins represent an important development in the world of cryptocurrencies and that Coinbase is interested in this field.
Armstrong considers stablecoins to be “the best form of cryptocurrency” compared to traditional cryptocurrencies and existing stablecoins.
The term stablecoins refers to decentralized digital currencies that can be used and these stablecoins can be a solution to uncertainties in the financial market.
A trader accidentally pays half a million dollars
Recently, news spread that a user mistakenly paid nearly $500,000 in fees for transferring a small amount of Bitcoin (0.074 BTC), which set a record for the highest transaction fees ever paid in US dollars in a single Bitcoin transaction.
Bitcoin users have the freedom to decide the amount of transaction fees they pay. If the transaction fee is too low, it may be difficult for mining operators to accept. If it is too high, it can be processed quickly. The average transaction fee is usually around $1 or $2. Dollars, but rose to $60 during periods of high activity.
The yen is rising and the dollar is falling at the close of trading today
The Japanese currency rose more than one percent and reached a one-week high of $145.99, which was supported by Ueda's statement at the beginning of the week as he hinted at the possibility of the Bank of Japan ending its negative interest rate policy when it gets close to achieving its target inflation rate of two percent.
On the other hand, the greenback saw a drop ahead of the release of US inflation data due to be published on Wednesday, as traders eagerly monitor the data to see if the world's largest economy is indeed headed for a soft landing and if the Federal Reserve should ( The US Central Bank ) continues to raise interest rates.
Currency rates today
- The British pound rose against the US dollar, reaching $1.2523, moving away from a three-month low hit last week.
- The euro also witnessed an increase, reaching $1.0738.
- While the dollar index, which achieved gains for the eighth consecutive week last week, fell to 104.53.
- The Australian dollar also witnessed a significant rise, reaching $0.6439, and the New Zealand dollar increased, reaching $0.5930.
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