Author: msmark

On Monday’s New York session, the U.S. ISM manufacturing PMI surprised to the upside, as it climbed from 47.8 to 50.3 for the month of March. This surpassed the consensus at 48.5, reflecting a return to industry growth for the first time since 2022. Components of the report revealed that the pickup was driven mostly by a sharp rebound in demand and production, as well as an increase in input costs that lifted the prices component up from 52.5 to 55.8. Meanwhile, the jobs sub-index improved from 45.9 in February to 47.4 in March, indicating a slower pace of contraction.…

The crypto market is abuzz with speculation as the US government recently moved significantly regarding seized Bitcoin (BTC) linked to the infamous Silk Road dark web marketplace. This development comes at a critical time for the Bitcoin price, which has struggled to maintain its position above the $70,000 threshold after hitting its current all-time high (ATH) of $73,700 on March 14.  As the largest cryptocurrency experiences yet another round of price correction, the movement of these seized funds has triggered intense speculation about a potential sell-off by the US government. Seized Silk Road BTC On The Move According to on-chain…

The world’s leading crypto exchange by trading volume is incentivizing developers to build the next viral memecoin on the company’s BNB Chain. Today, Binance’s BNB Chain announced the BNB Chain Meme Innovation Battle with a prize of up to $1 million. “We’re thrilled to announce the BNB Chain Meme Innovation Battle where up to $1 million is up for grabs!  This is an exciting opportunity for developers and creators to showcase their creativity and compete for amazing rewards.” According to a blog post, potential memecoin creators have until April 9th to register. The competition will take place the following day, with the…

Arkon Energy US Holdco LLC, a leading player in Bitcoin mining infrastructure, has placed a significant order with Bitmain Development Pte. Ltd. for 27,700 new-generation Bitcoin mining machines, according to a press release sent to Bitcoin Magazine. This purchase includes 14,200 T21 machines and 13,500 S21 machines, with deliveries slated to commence in June 2024.“We are very excited to announce the purchase order of 6 EH/s worth of new generation Antminer S21s and T21s from Bitmain,” said Founder and Chairman, Josh Payne. “This transaction marks a turning point for Arkon, as we become a vertically integrated operator of both Hosting and Self…

Tuesday’s highlight was the US Bureau of Labor Statistics reporting on strong JOLTs Job Openings figures for February. Markets await additional data to guide easing cycle expectations, widely expected to commence in June.  Events on the horizon this week include Nonfarm Payrolls, Average Hourly Earnings, and Unemployment rate. The US Dollar Index (DXY) trades at 104.95 with mild losses. The Federal Reserve (Fed) and economic data are giving signals of a solid US economy, which made markets back off on being fully confident of a June rate cut. Labor data this week will continue modeling those expectations. The US economy…

Decentralized Finance (DeFi) protocol MakerDAO is considering allocating 600 million DAI stablecoins to the USDe and staked USDe (sUSDe) protocols through the DeFi lending platform Morpho Labs. The proposed allocation aims to improve risk management and maximize user incentives in the DeFi landscape. MakerDAO Sets Maximum 600 Million DAI Allocation The Spark DAI Vault, launched in 2023 as a lending platform, experienced strong demand soon after its launch, according to MakerDAO’s announcement on the protocol’s governance forum.  Given the desire to keep liquidity risk at an acceptable level, MakerDAO proposes a greater allocation of DAI to the USDe pools, which…

British Pound (GBP/USD) Analysis and ChartsGBP/USD edged back into the green TuesdayThe UK’s March PMI saw upward revision, signaling the first growth in twenty monthsThe rest of the week’s trading cues will be heavily US-centricDownload our Brand New Q2 British Pound Forecast Recommended by David Cottle Get Your Free GBP Forecast The British Pound clawed back a little ground against the United States Dollar on Monday as some surprise strength in domestic manufacturing shadowed that seen across the Atlantic.However, Sterling remains below last week’s trading range against its big brother, having been knocked below it on Monday by some surprisingly…

A recent report by Coinbase has brought attention to the burgeoning restaking sector within Ethereum’s DeFi landscape, pinpointing a series of potential risks that could accompany its growth.While restaking has quickly become a critical component of Ethereum’s infrastructure, concerns surrounding financial and security vulnerabilities have emerged.Restaking challengesRestaking involves validators earning rewards by securing certain network services, attracting significant investment, notably within EigenLayer’s protocol, which now boasts $12.4 billion in total value locked (TVL).This mechanism encourages the proliferation of liquid restaking tokens (LRTs), representing tradable assets parked with protocols like EigenLayer and Ether.Fi.Coinbase’s analysis suggests that the integration of LRTs and…

2024.04.02 2024.04.02 Euro can’t stabilize. Forecast as of 02.04.2024Dmitri Demidenkohttps://www.litefinance.org/blog/authors/dmitri-demidenko/The EURUSD bears are going ahead. This time, the reason to sell has been the ISM PMI report. And that is only the beginning. Weekly Euro fundamental forecastWhen even weak sectors of the US economy show positive signs, the US dollar sellers have to step back. The first expansion of the US manufacturing PMI reported by the ISM since September 2022 triggered the fastest jumps in Treasury yields and falls in stock indices. The favorable background encouraged the EURUSD bears to drive the price close to 1.07.Bloomberg experts were surprised by the…

The Dogecoin (DOGE) price looks at risk of further declines as on-chain data show that the meme coin’s largest holders are securing profits. This follows DOGE’s recent price surge, which saw the crypto token rise to a new three-year high of $0.22.  Dogecoin Witnesses Wave Of Profit-Taking Data from the market intelligence platform Santiment shows a drop in the number of Dogecoin holders holding between 10 million and 100 million DOGE tokens. This suggests that some holders have offloaded their tokens to secure profits from DOGE’s recent price gains.  This wave of profit-taking looks to have become a pattern among…