Tag Archives: traders

Bitcoin Traders Are Eyeing This Week’s CPI Data. Here’s Why

Bitcoin Traders Are Eyeing This Week’s CPI Data. Here’s Why

Traders are bracing for U.S. Consumer Price Index data this week, with a positive print likely influencing Bitcoin’s next price rise, analysts say.

Coupled with strong nonfarm payroll numbers, the “Uptober” narrative has helped buoy support for the world’s largest crypto at around $60,000, according to digital assets firm QCP Capital.

“After a shaky start, Uptober seems to be back on track,” QCP Capital wrote in a note on Monday. “Bitcoin is as at similar levels to where it started last Monday.”

Bitcoin has dipped 2% to $62,570 after briefly touching $64,000 on Monday, while Ethereum has slipped 3% to $2,432, data from CoinGecko shows.

CPI is projected to rise by just 0.1% in September, marking the smallest increase in three months. On a year-over-year basis, the CPI is expected to climb 2.3%, reflecting the sixth consecutive slowdown and the lowest level since early 2021.

“All eyes are on US CPI,” QCP wrote. “With the recent strong US wage and jobs numbers, the market will be paying close attention to this print for any signs of an uptick in inflation.

The CPI helps the Federal Reserve assess inflation.

A rise could lead to higher interest rates to curb spending, which often pressures risk assets like Bitcoin as investors shift to safer investments. Conversely, a lower CPI might signal room for rate cuts, which could benefit risk assets by encouraging more speculative investments.

As inflation impacts the Fed’s decisions on rates, it also directly influences how investors approach Bitcoin and other cryptocurrencies.

Anndy Lian, an author and intergovernmental blockchain expert, told Decrypt that the anticipation around the CPI data has already had an impact, as Bitcoin rebounded from its $60,000 low and is now positioning itself for a potential rally.

“In the past, Bitcoin has been volatile in response to CPI data,” Lian said. “Positive CPI results, reflecting a strong economic environment, have often led to price increases.

On the other hand, higher-than-expected inflation data could raise concerns about stricter monetary policy, which might adversely affect Bitcoin’s price, Lian said.

 

 

Source: https://decrypt.co/285073/bitcoin-traders-eyeing-this-weeks-cpi-data

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Bitcoin traders await key CPI data for signs of inflation trends

Bitcoin traders await key CPI data for signs of inflation trends

Bitcoin (CRYPTO:BTC) traders are closely watching this week’s U.S. Consumer Price Index (CPI) data, which could provide crucial insights into inflation trends and influence the next price movement of the cryptocurrency.

Analysts believe a positive print could pave the way for Bitcoin’s continued rise, following recent support for the “Uptober” narrative.

Digital assets firm QCP Capital noted that Bitcoin has maintained support around $60,000, buoyed by strong nonfarm payroll data and the general market trend in October.

“After a shaky start, Uptober seems to be back on track,” QCP wrote, adding that Bitcoin has returned to similar levels seen earlier in the month.

As of Monday, Bitcoin briefly reached $64,000 before dipping 2% to $62,570, while Ethereum fell 3% to $2,432, according to CoinGecko data.

The CPI is projected to increase by just 0.1% in September, marking the smallest rise in three months.

Year-over-year, the index is expected to rise 2.3%, the lowest level since early 2021, reflecting the sixth consecutive slowdown.

QCP highlighted that “all eyes are on US CPI,” as investors are keen to see if inflation is cooling, especially in light of recent strong wage and jobs data.

Inflation trends, as measured by the CPI, help guide the Federal Reserve’s decisions on interest rates.

If the CPI shows a rise, it may lead to higher interest rates, which could pressure risk assets like Bitcoin.

On the other hand, lower inflation could create room for rate cuts, benefiting speculative investments like cryptocurrencies.

Blockchain expert Anndy Lian noted that Bitcoin has historically been volatile in response to CPI data.

He added that positive CPI results often boost Bitcoin prices, while higher-than-expected inflation might signal stricter monetary policies, potentially affecting Bitcoin negatively.

At the time of writing, the Bitcoin price was $62,634.92.

 

Source: https://www.bitget.com/news/detail/12560604254521

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Nigerian Court Rules Binance Must Provide Resident Traders’ Data to EFCC

Nigerian Court Rules Binance Must Provide Resident Traders’ Data to EFCC

A Nigerian federal high court has ordered Binance Holdings Limited to provide the Economic and Financial Crime Commission (EFCC) with comprehensive data and trade history of all Nigerians trading on its platform.

Justice Emeka Nwite gave the interim ruling on February 29, 2024, following an ex-parte motion raised by Ekele Iheanancho, the EFCC’s legal attorney.

Data to Unravel Money Laundering by Nigerians on Binance

According to local news outlet Punch, the court interim order was granted to allow the EFCC to investigate alleged money laundering violations and terrorism financing activities processed by Nigerians on Binance.

 

This means the anti-financial crime agency has the legal backing to request and access Nigerian traders on the exchange and conduct investigations.

Nonetheless, it is worth noting that Justice Nwite’s ruling stemmed from an ex-parte motion filed by the EFCC, which was based on specific sections of the Nigerian constitution.

This includes Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the EFCC Act, 2004. Other are Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

The highlighted legal provisions mandated the report of suspicious transactions to the Nigerian authorities and penalties for non-compliance.

The ex-parte motion filed by the EFCC claimed that Binance trading activities in the Nigeria region feature obvious elements of criminality.

An Affidavit was also filed by Hamma Bello, an operative of the anti-graft agency and member of its Special Investigation Team (SIT) within the Office of the National Security Adviser (ONSA). This was in support of the motion brought forward by the EFCC.

According to local news media, the filed document stated that the EFCC received intelligence on money laundering and terror financing on Binance. This led to the commencement of a thorough investigation by the EFCC.

Nigeria Trading Volume On Binance Capped at $21.6 Billion for 2023: The Looming Danger

Bello further stated that Binance’s request and compliance to release detailed data on Nigerian traders on Binance is of the utmost public interest and national security.

According to him, “The team uncovered users who have been using the platform for price discovery, confirmation, and market manipulation, which has caused tremendous distortions in the market, resulting in the Naira losing its value against other currencies.”

 

Bello reiterated that the damage caused by the Binance was clearly explained to the representatives of the exchange.

It could be recalled that the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, accused Binance of facilitating $26 billion of illicit funds in Nigeria in 2023.

Meanwhile, the crypto exchange has proceeded to release trading volume data by Nigerians for 2023, which is capped at $21.6 billion.

 

This was closely followed by a request to delist the Naira on March 5 to mitigate depreciation.

As the case unfolds, crypto enthusiasts, investors, and experts in Nigeria believe the exchange won’t succumb to Nigeria’s court demands.

This is because an act of meeting the demands of the court would go against the ethos of cryptocurrency and decentralization.

 

Dialogue or Sanction: Will Crypto Win?

Case observers believed the potential exit of Binance from Nigeria looms and could affect the growth of cryptocurrency and blockchain technology in the country.

 

According to Anndy Lian, a blockchain expert, Nigeria had the world’s highest proportion of crypto users.

Between June 2022 and June 2023, it had a 9% year-over-year growth of $56.7 billion in crypto transactions.

However, these figures could drop if the world’s largest crypto exchange by trading volume restricts trading operations in Nigeria.

While the Nigerian government and the EFCC believe this will help the Naira gain more value, citizens have shared concerns about basic blame games and lost priorities.

If a dialogue between both parties does not happen soon, Nigerian traders may have to look for other alternatives for their trading needs.

Source:https://www.economywatch.com/news/nigerian-court-rules-binance-must-provide-resident-traders-data-to-efcc

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j