Ready to catch up on all that’s happening in the crypto world today?
Today’s crypto news features bitcoin, winging it at the top of the blockchain at $61,000, and what it means for investors. Meanwhile, we’ll unravel what really caused the crypto dip last week and if investors should still be worried. And to cap it off, we’ll shine the spotlight on the new coin on the block, TONcoin, and its GameFi genius team, The Open Network (TON).
So stick with us, as we take a virtual tour of Crypto Street!
Bitcoin rises to $61,000. Coinbase charts indicate.
Bitcoin Makes a Quick Bounce Back
The king of crypto surged over 3% today, pushing its price back above $61,000. This is a big deal considering the market had a terrible tumble earlier this month.
Other major coins like Ethereum, Solana, Cardano, XRP, and BNB also saw some nice gains of 2.8%, although meme coins like Dogecoin and Shiba Inu, didn’t quite keep up the pace.
While it’s great to see Bitcoin and other top coins recovering, let’s not get too carried away. The U.S. Federal Reserve is preparing a big economic report that could shake things up. Crypto traders are cautious, especially when the Federal Reserve gets to decide if they will cut interest rates by a big chunk or not.
So, while today’s crypto gains are a welcome sight, it’s important to stay alert. The crypto market can be as unpredictable as a cat in a room full of toys.
The reason behind the Bitcoin Crash
Bitcoin and the crypto market are still feeling the aftershocks of a recent market meltdown.We’re talking about a 20% drop across the board!
How did this happen?
This chaos was largely caused by the unraveling of the yen carry trade.
What is a “carry trade“? It’s a strategy where investors use a low-value currency to invest in or purchase valuable assets. In this case, investors borrowed cheap yen to invest in higher-yielding assets. However, when the Bank of Japan decided to raise interest rates, the whole house of cards crumbled.
The Bank of Japan’s interest rate was responsible for the crypto crash last week.
Meanwhile, days after Bitcoin’s recovery, experts are still sounding the alarm. Richard Kelly from TD Securities thinks there’s still a lot of potential for the yen carry trade to unwind, which could mean more trouble for markets.
“I think there is still a lot that can unwind, especially if you look at how undervalued yen is. That is going to change the valuations for the next one to two years to come. That’s going to have spillover effects.”
The Bank of Japan seems to be trying to calm things down by hinting at a slower pace of interest rate hikes. But let’s be real, the damage is done. We’re likely to see the effects of this for the next year or two.
So, while Bitcoin’s climb back up is a relief for some, it’s important to remember that the market is still pretty shaky. We could see more ups and downs in the coming months.
TON Coin: The Next Big Thing After Bitcoin?
Now let’s forget Bitcoin for a second. There’s a new kid on the block that’s been making some serious waves: TON Coin. This crypto is on fire!
TON surged a whopping 7% yesterday, reaching a height of $ 7.16/TON and it’s showing no signs of slowing down. So, what’s the deal? Why is everyone so hyped about this coin? Well, it all comes down to two things: gaming and Telegram.
TON crypto price according to Coinbase charts
First off, TON is killing it in the gaming world. Think about the most popular games out there with massive player bases. Well, TON is trying to replicate that success on the blockchain. And guess what? It’s working! People love these TON games, so much that they spend real money to play, not just buying tokens.
Secondly, TON harnesses the power of Telegram. That’s a huge deal because Telegram has a billion-plus users! This tight relationship is a goldmine for attracting new developers and players to the TON ecosystem.
Is TON the next Bitcoin? It’s too early to say, but with this kind of momentum, it’s definitely one to watch.
So dear readers, what’s your take on crypto today? Would you buy more bitcoins despite the yen carry trade or will you join billions around the world for a slice of TON coin treasure?
