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Cardano bullish sentiment as Bitrue plans to list DJED and SHEN

DJED is Cardano’s over-collateralized algorithmic stablecoin. DJED will use SHEN as its reserve coin. The launch of DJED on the mainnet is expected to take place this month. Cardano (ADA) price has risen by 7.7% over the last week and by 45% over the last month as the overall crypto market recovery gains momentum. It […]

The post Cardano bullish sentiment as Bitrue plans to list DJED and SHEN appeared first on CoinJournal.

  • DJED is Cardano’s over-collateralized algorithmic stablecoin.
  • DJED will use SHEN as its reserve coin.
  • The launch of DJED on the mainnet is expected to take place this month.

Cardano (ADA) price has risen by 7.7% over the last week and by 45% over the last month as the overall crypto market recovery gains momentum. It is among those cryptocurrencies that have gained the most in the wake of the market recovery since the start of 2023.

However, in addition to the general market recovery, the bullish Cardano market sentiment is also supported by the much-awaited launch of the DJED stablecoin on the mainnet which is scheduled for this month. And just before the launch takes place, Bitrue, a popular Singapore-based crypto exchange, has announced plans to list the DJED stablecoin together with SHEN, its reserve coin.

Bitrue to list DJED stablecoin

Bitrue disclosed its plans to list DJED via an official blog release on its website followed by a tweet from COTI Network about the same.

This will make Bitrue the first cryptocurrency exchange to list the much-anticipated stablecoin once it is launched. However, since the stablecoin is yet to be launched, the exchange will announce the listing soon after the launch of the stablecoin.

Bitrue has had a long-standing relationship with the Cardano network as well as with the Cardano community which could be the reason behind the plan to list DJED and SHEN. The exchange announced ADA as one of its base currencies last February and a few months after it contributed 1 million ADA to several ADA staking pools to support the decentralization of the Cardano network.

Besides listing the two coins, Bitrue also plans to introduce DJED and SHEN staking in future.

The post Cardano bullish sentiment as Bitrue plans to list DJED and SHEN appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

4 bearish factors for Bitcoin this week

The Federal Reserve meeting scheduled on Wednesday may be hawkish for the dollar Bitcoin might give up some of its 2023 gains on a hawkish Fed All eyes are on the Fed’s view on inflation, growth, future interest rates, and quantitative tightening The Federal Reserve’s monetary policy decision is scheduled this week. It is the […]

The post 4 bearish factors for Bitcoin this week appeared first on CoinJournal.

  • The Federal Reserve meeting scheduled on Wednesday may be hawkish for the dollar
  • Bitcoin might give up some of its 2023 gains on a hawkish Fed
  • All eyes are on the Fed’s view on inflation, growth, future interest rates, and quantitative tightening

The Federal Reserve’s monetary policy decision is scheduled this week. It is the first time the FOMC (Federal Open Market Committee) meets in 2023, and the stakes are high for the US dollar.

Bitcoin has strengthened against the US dollar in January so far, in sync with other fiat currencies. Therefore, whatever the Fed decides on Wednesday will affect Bitcoin price too.

A hawkish Fed may turn up being bearish for Bitcoin. These are the four areas where the Fed may express its hawkishness: inflation outlook, growth outlook, interest rates level, and quantitative tightening.

Inflation outlook

The Fed is committed to bringing inflation to its 2% target. This is why it has raised rates so aggressively, so if the Fed says that inflation is embedded and upside risks remain, then the US dollar should move higher.

In this scenario, the market will bet that the Fed sees ongoing rate hikes as appropriate.

Growth outlook

The currency stance is that a sustained period of below-trend growth is likely. If the Fed changed its view and sees recession required to have a material impact on the inflation outlook, that would also trigger a sharp move higher in the dollar.

Interest rates

Ultimately, it is all about the interest rate level. The funds rate range has reached 4.25%-4.50%, and all eyes are on what the Fed does and says on Wednesday.

The base case scenario is that the Fed will hike by 25bp and says that ongoing interest rate increases are appropriate. Therefore, anything more than that should be bullish for the dollar and bearish for Bitcoin.

For example, the Fed might hike 50bp. This is a risk going into the meeting, especially considering that inflation is not backing down as fast as initially thought.

Quantitative tightening

The Fed currently shrinks the balance sheet at a pace of $95 billion/month. A decision to accelerate the balance sheet reduction would be very hawkish for the dollar.

The post 4 bearish factors for Bitcoin this week appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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