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6 03, 2024

‘$1 Million Bitcoin’ Advocate Samson Mow Comments on BTC Surge As It Nears $70,000

By |2024-03-06T12:02:36+02:00March 6, 2024|Forex News|0 Comments


Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Contents

Samson Mow, prominent Bitcoin maxi and chief executive at Jan3, has published a bullish comment on the latest price surge. On March 4, BTC shocked the crypto world and pleased the Bitcoin community by skyrocketing above the $68,000 price level.

Mow’s company Jan3 is focused on spreading Bitcoin adoption by nation-states. It was Samson Mow who contributed to El Salvador adopting BTC as a legal tender in 2021, making it the first country ever that gave up using fiat money on the state level.

Mow comments on Bitcoin’s upward maneuver 

Samson Mow tweeted his answer to the question, which he has been apparently hearing on Twitter/X quite frequently – “can you take Bitcoin higher?” His answer to this, according to the tweet is “yes.”

Mow is one of those Bitcoin maximalists who expect the world’s leading digital currency, Bitcoin, to reach the massive $1 million mark in the near future. Before it happens, he expects so-called “omega” and “god” candles to take place.

Bitcoin to $1 million inevitably – Mow provides reasons

An “omega” candle is a $100,000 candle on the daily chart, as he explained in one of the podcasts he took part in recently. A “god” candle is a $10,000 candle on the same type of chart. A “god” candle must happen first, he believes, with “omega” to follow it.

He believes that $1 million is an inevitable level to reach for Bitcoin, mainly because the U.S. government printed “too much money” recently ($6 trillion in pandemic year 2020 alone), and the U.S. national debt is going through the roof (the debt “ceiling” was moved from the $31.4 trillion threshold in 2023 and, by now, the debt has exceeded $34 trillion.

Besides, in his earlier tweet the Jan3 boss named another important reason that supports his “Bitcoin to $1 million” expectation: supply and demand shock for Bitcoin meeting each other. Since the SEC-approved launch of spot Bitcoin ETFs in mid-January, these ETF providers have been acquiring Bitcoin daily, scooping up from $400 million to close to a billion USD worth of BTC every week. Recently, BlackRock’s fund iShares surpassed the $10 billion mark. In addition, Mow has been reminding the community that the Bitcoin halvening is approaching.





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6 03, 2024

Germany’s IfW Kiel economic institute slashes 2024 GDP forecast

By |2024-03-06T11:16:47+02:00March 6, 2024|Forex News|0 Comments



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6 03, 2024

WOOFi DeFi Platform Suffers $8 Million Flash Loan Exploit on Arbitrum Network

By |2024-03-06T10:55:27+02:00March 6, 2024|Forex News|0 Comments


Following a sophisticated cyber-attack, WOOFi, a prominent decentralized exchange (DEX) operating on the Arbitrum network, faced an $8 million loss due to a flash loan exploit. This incident has exposed the inherent vulnerabilities within the decentralized finance (DeFi) sector, marking a significant financial setback for the platform.

An impersonator account on X emerged mere hours after the exploit, redirecting unsuspecting users to a phishing link, adding insult to injury for the WOOFi community.

Understanding the Mechanics of the Exploit

Flash loan exploits, by their nature, leverage the no-collateral borrowing feature of flash loans within a single transaction block. The attacker orchestrated a ‘contained’ attack targeting the WooPPV2 contract on the Arbitrum network. By manipulating the price of WOO using borrowed funds, the assailant was able to repay the loan at a lower asset price, effectively extracting approximately 2,000 ETH from the platform.

Immediate Response and Ongoing Investigation

Alerted by cybersecurity firms, the WOOFi team took swift action by pausing its pools and launching an in-depth investigation to address the breach. Despite the financial loss, the platform reassured its users that assets stored in Earn vaults, WOOFi stake, or other WOO contracts were not at immediate risk. The incident has put a spotlight on the security measures of DeFi platforms, urging a reevaluation of their vulnerability to such exploits.

Community and Market Reaction

In the wake of the attack, the Arbitrum network and its associated token, ARB, experienced a neutral market response, indicating a resilient sentiment among investors towards the underlying technology and its potential for recovery. Nonetheless, the exploit has raised concerns over the security of decentralized platforms and the sophistication of cyber-attacks targeting them.

This incident not only underscores the risks associated with flash loans in the DeFi space but also highlights the importance of vigilance and robust security protocols to protect against future exploits. As the WOOFi team continues to investigate and strengthen its platform, the DeFi community remains watchful, understanding that innovation in security measures is critical in the evolving landscape of decentralized finance.





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6 03, 2024

EUR/USD Daily Forecast and Technical Analysis

By |2024-03-06T10:31:14+02:00March 6, 2024|Forex News|0 Comments


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Been using them for almost a year now and they are great. Their platform has so many nice features. They provide very good signals.



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6 03, 2024

Currency market calm before Powell speech, bitcoin picks up again By Reuters

By |2024-03-06T09:45:13+02:00March 6, 2024|Forex News|0 Comments


© Reuters. FILE PHOTO: Representations of cryptocurrency Bitcoin and U.S. dollar are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

By Brigid Riley

TOKYO (Reuters) -The U.S. dollar was largely steady on Wednesday, as traders avoided making big bets ahead of congressional testimony from Federal Reserve Chair Jerome Powell, as well as a European Central Bank rate decision and U.S. jobs data later this week.

In cryptocurrencies, bitcoin was picking up momentum again, although it stayed below a record high reached in a volatile overnight session.

The absence of catalysts kept the dollar in a tight range, having slipped overnight on data showing the U.S. services industry growth slowed a bit last month.

The February U.S. jobs report on Friday stands as a test for the rates outlook, with the potential to rock markets if employment surprises to the upside.

Traders were also waiting on Fed Chair Powell’s first day of testimony before Congress on the state of the U.S. economy, where he’s expected to reinforce the Fed will wait for more data before making any rate cuts.

The Fed chief may also echo comments that strong core inflation in January hasn’t significantly changed the central bank’s outlook, said Carol Kong, a currency strategist at the Commonwealth Bank of Australia (OTC:).

“A reiteration of this message is unlikely to alter current market pricing for a June start to the FOMC’s rate cut cycle, and should therefore have limited impact on the USD.”

Markets have priced in about a 60% chance of a rate cut in June, according to the CME FedWatch tool.

The , which measures the greenback’s strength against a basket of six currencies, hovered around 103.76.

The euro was flat at $1.0855 as traders braced for the ECB’s interest rate decision later on Thursday.

The central bank is expected to leave rates at a record 4%, putting the focus on clues about when cuts may begin and updates to economic projections.

Charu Chanana, head of currency strategy at Saxo, said she doesn’t expect the ECB to send a clear dovish message given that eurozone inflation dipped less than expected last month.

“Still, inflation prints are likely to be revised downwards, and this poses some downside risks for EUR, but it will remain a buy on dips given that the economy is stabilizing.”

Business activity in the euro zone showed signs of recovery in February, according to a survey on Tuesday.

Sterling held steady at $1.27050 ahead of the British budget announcement on Wednesday.

The Australian dollar recovered in the Asian afternoon, brushing off gross domestic product data that showed the economy grew a mere 0.2% in the fourth quarter, reinforcing the case for rate cuts. The currency was last up 0.24% at $0.65195.

The gained 0.16% at $0.60960, after touching a three-week low of $0.6070 earlier in the session.

The dollar gave up 0.12% against the yen to stand at 149.86, after retreating overnight as low as 149.70.

Although pinned in a tight range, the Japanese currency has remained below last week’s low against the greenback of 150.85.

Markets are also keeping a close eye on the world’s largest cryptocurrency, bitcoin, after it surged to a record high overnight before retreating sharply.

It was last up 4.11% at $65,921. has rallied hard since October as investors poured money into U.S. spot exchange-traded crypto products and on the prospect that global interest rates may fall.



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6 03, 2024

Kelp Finance Launches AI-Driven KATE, Revolutionizing DeFi and Cryptocurrency Trading

By |2024-03-06T09:21:29+02:00March 6, 2024|Forex News|0 Comments


New Delhi, India, March 6 – In a significant development within the decentralized finance (DeFi) sector, Kelp Finance has unveiled its presale for the AI-powered trading engine, KATE, marking a pivotal moment in the integration of AI technology and cryptocurrency trading.

Kelp.org (KELP): Bridging the Gap Between DeFi and Autonomous Trading Engines

Kelp Finance distinguishes itself in the DeFi space by prioritizing simplicity and accessibility. At the heart of its innovation is the Kelp Autonomous Trading Engine (KATE), designed to democratize cryptocurrency trading. This tool aims to alleviate the complexity often associated with DeFi, offering an automated, user-friendly trading experience.

Kelps Autonomous Trading Engine (KATE): A Fusion of Innovation and AI

KATE merges traditional financial trading ease with the cutting-edge domain of DeFi. It enables users to trade based on cryptocurrency news and PR effortlessly, without the need for extensive research. Furthermore, KATE emphasizes privacy and security, streamlining transactions while ensuring user anonymity, sidestepping the conventional Know Your Customer (KYC) protocols.

The Presale Launch: A Leap Towards Wider DeFi Adoption

The launch of the Kelp (KELP) presale is a strategic effort to leverage the escalating interest in DeFi and cryptocurrencies. By providing early access to KATE, Kelp Finance aims to broaden its user base and underscore the utility of its native token, $KELP. This event is anticipated to attract attention from both DeFi veterans and novices, offering an opportunity to engage with a project that seeks to make DeFi more straightforward and accessible.

As Kelp (KELP) forges ahead, it envisions a future where digital assets are as readily used as fiat currency, facilitated by the seamless integration of DeFi through AI. This endeavor not only caters to current crypto enthusiasts but also pioneers the widespread adoption of cryptocurrency in daily financial dealings, signaling a transformative phase in decentralized finance.





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6 03, 2024

Natural Gas and Oil Forecast: Modest Gains Post OPEC+ Cuts; Buy Today?

By |2024-03-06T08:59:13+02:00March 6, 2024|Forex News|0 Comments


 UKOIL experiences a slight uptick, closing at $82.17, marking a 0.23% increase amidst ongoing market adjustments. Trading just above its pivot point at $81.80, it faces immediate resistance at $83.04, with further obstacles at $84.06 and $85.14 potentially capping gains.

On the flip side, supports are established at $80.97, descending to $80.19 and $79.42, which could mitigate further dips. The positioning near the 50-day EMA of $82.49 and above the 200-day EMA of $81.44 suggests a bullish undertone, provided it remains over $81.80.

However, falling beneath this pivotal level could usher in a bearish phase, emphasizing the need for vigilance in navigating these energy market dynamics.

For a look at all of today’s economic events, check out our economic calendar.



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6 03, 2024

Shiba Inu (SHIB) to $100 Billion? Shytoshi Kusama Shares Stunning Prediction

By |2024-03-06T08:12:46+02:00March 6, 2024|Forex News|0 Comments


Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Contents

Shiba Inu lead Shytoshi Kusama recently acknowledged a bold prediction about the digital currency’s market value. 

Kusama reposted a statement arguing that the second-largest meme coin could reach a $100 billion market cap this cycle. 

The post was shared alongside a GIF showing Robert Picardo from “Family Business” with the words “YOUR WORDS, NOT MINE” displayed.

Shiba Inu’s current market position 

Shiba Inu has been on a rollercoaster ride over the past week, gaining more than 200% and vastly outperforming other major cryptocurrencies. 

According to the latest data from IntoTheBlock, SHIB’s current price stands at $0.000035, experiencing a 5.84% increase over the past 24 hours. 

Impressively, 73% of SHIB holders are making money at the current price, with a large holder concentration also at 73%. SHIB has maintained a strong price correlation with Bitcoin at 0.79. 

Holders’ composition by time held shows a committed base, with 77% holding for over a year.

The path to $100 billion

Currently, only three cryptocurrencies boast a market capitalization exceeding $100 billion—Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). 

With SHIB currently valued at $15.3 billion, it sits as the 11th largest cryptocurrency, behind rivals such as Cardano (ADA) and Dogecoin (DOGE). 

For SHIB to reach the illustrious $100 billion mark, it would have to record a monumental increase in value. 

Specifically, it would need to appreciate by approximately 553%, a feat that would require substantial market demand and investor confidence to be achieved.





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6 03, 2024

Central banks are back on the agenda this week

By |2024-03-06T07:26:53+02:00March 6, 2024|Forex News|0 Comments


Adam had a post on the BOC yesterday: What’s priced in for the Bank of Canada ahead of Wednesday’s decision

And we will get to the ECB policy decision tomorrow as well. Given the circumstances, this will end up as a placeholder meeting for the ECB in all likelihood. As such, don’t expect much fireworks on the week.

The odds of a March rate cut are pretty much nil (~5%), as traders have shifted expectations to June instead. The key question for the ECB will be whether or not they will leave the door open for a move in April. That will be the main thing to watch in terms of language with regards to the policy meeting this week.

As such, Lagarde’s press conference will be the one that matters the most. In terms of the statement and forward guidance, we shouldn’t expect much of a change.

Besides the BOC and ECB, there are also other central bank events to watch out for on the week. Fed chair Powell will be testifying in Congress later today and tomorrow. And when it comes to economic data, we will then get the US non-farm payrolls on Friday.

All of this will keep things a little more interesting at least in the second half of this week.



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6 03, 2024

Asia FX muted, dollar steadies with Powell testimony on tap By Investing.com

By |2024-03-06T06:40:33+02:00March 6, 2024|Forex News|0 Comments


© Reuters.

Investing.com– Most Asian currencies moved little on Wednesday, while the dollar steadied from recent losses as markets hunkered down in anticipation of more key cues on U.S. monetary policy. 

Sentiment towards Asian markets also remained largely weak following middling economic signals from China. The region’s largest economy set a 2024 gross domestic product target of 5%, the same as 2023, and offered scant cues on more policy support for the economy.

The fell slightly and was close to breaking above the 7.2 level.

The firmed slightly below the 150 level, seeing some safe haven plays as broader financial markets, particularly stocks, tumbled on Tuesday. Focus was also on when the Bank of Japan could potentially begin raising interest rates. 

Australian dollar rises on steady Q4 GDP

The was among the better performers for the day, rising nearly 0.2% as data showed grew as expected.

The reading showed that strong government and capital spending helped offset a sharp decline in personal consumption. But this trend is expected to wear thin in the coming months, with slowing consumption likely to put more pressure on the economy.

Slowing consumption also heralds more declines in inflation- a scenario that could eventually see the Reserve Bank trim interest rates.

Commonwealth Bank of Australia (OTC:) analysts said on Wednesday that they expect the RBA to cut rates by 75 basis points in 2024- a scenario that bodes poorly for the Australian dollar.

Other Asian currencies kept to a tight range on Wednesday. The fell 0.1% even as read hotter than expected for February. 

The was flat, as was the . 

Dollar steadies ahead of Powell testimony

The and both moved little in Asian trade on Wednesday after falling from three-month highs over the past two weeks.

Focus was squarely on a two-day testimony from , who is widely expected to maintain his hawkish rhetoric on interest rates.

Powell’s testimony also comes after a chorus of Fed officials warned that the bank was in no hurry to cut interest rates in the face of sticky inflation. 

Still, traders largely maintained their bets on a 25 basis point cut in June, according to the .

Beyond Powell, data for February is also on tap this week. 

 



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