Bittime – Crypto is indeed a financial asset that resides on the internet. However, like other investment instruments, crypto also experiences price changes because it is influenced by various big news. So, what is the big news that is trending and influencing cryptocurrencies?
Read the full explanation below.
Who Dominates in the Crypto Ecosystem Right Now?
Before discussing what news has recently appeared and influenced crypto prices, let's first discuss internal trends in crypto.
As we know, many large crypto tokens are "rulers", especially the crypto champion, namely Bitcoin. The Coinvestasi account, an Indonesian crypto influencer account, explains who is dominating the crypto ecosystem lately.
Bitcoin is at 55.42% but is predicted to fall to 55.36% in the next few days. That way, Bitcoin does not yet dominate the crypto ecosystem.
Altcoin's market capitalization itself is said to be so low that it places it at a dangerous level. With this information, you can be more careful if you are or will be interested in alternative coins.
Check Today's Crypto Market:
News Trends That Influence Crypto Prices
Three recent big news items need to be highlighted because they have a dominant influence on crypto prices, namely the announcement of the Feds, the increasing trend of AI, and the return of a legendary trader in the crypto ecosystem.
For more details, below is a detailed explanation that you can listen to.
1. Feds announcement
Announcements from the Feds are important in their impact on crypto prices because they represent the state of the American economy. We know that America is the center of " big players ", institutions, and individual whales, where they often buy large-volume assets.
The impact of the Feds announcement is very high for the sustainability of crypto prices. If the announcement from the Feds shows a positive trend, it will increase investors' interest in investing in crypto financial assets, such as Bitcoin. That way, the pump will be high.
However, the opposite law will apply. When the Feds announces a negative financial trend, certainly, the price trend in crypto will also decline.
Luckily, on May 16, the Feds announced that US inflation had decreased. In this way, the crypto price trend is increasing so that many tokens are "green", especially Bitcoin which has experienced a significant price increase of up to more than $67,000 per day.
Also Read: Will Bitcoin Prices Rise or Fall? Wait for the Fed's Inflation Data Announcement!
2. The Increasing Trend of AI
The AI trend in the crypto ecosystem is dominated by OpenAI. They collaborated with Microsoft and announced the launch of their new features which were more advanced than other AI companies.
After the launch of GPT-40, several shares of ChatGPT's competitors experienced a significant decline. Moreover, ChatGPT provides new feature updates that are increasingly developing rapidly.
Because of OpenAI, narratives about AI even trended on the CoinMarket Cap platform.
3. Return of Roaring Kitty
Roaring Kitty became a legendary trader in the crypto ecosystem. The story of the Roaring Kitty legend began in 2021. At that time, he was brave enough to buy GameStop shares when they were experiencing a decline. Soon, the shares experienced a rapid increase so Roaring Kitty made huge profits.
As a result of the legendary event, someone created a meme coin for Roaring Kitty with the same name and a meme coin for GameStop.
After making huge profits, Roaring Kitty's news became dim. He “disappeared” for 3 years. However, some time ago, Roaring Kitty made a comeback with a similar action, namely buying GameStop shares.
As a result of Roaring Kitty's return, meme coins experienced a price increase of up to 18,000% overnight. Meme coin GME also experienced a 2000% price increase.
Because of this, many people predict there will be a meme season and divert attention to the alt-season narrative which has often been questioned about its arrival lately.
Also Read How To Buy Crypto:
Conclusion
That is information about news that affects crypto prices. So, for those of you who are interested and are already involved in the crypto ecosystem, you can be more sensitive to news trends around you that might influence the crypto ecosystem, especially global economic news.
How to Buy Crypto from Bittime
You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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