Bitcoin has rebounded to $67,000, US inflation has slowed, Notcoin has been listed, Vitalik Buterin has proposed a new type of gas for transactions, and other events of the past week.
Bitcoin Price Returns to $67,000 Level
The leading cryptocurrency began the week below $61,000. On Monday, May 13, digital gold rose to $63,000, but the next day it returned to the $61,000 mark.
On Wednesday, May 15, Bitcoin soared to $66,000. By Friday, May 17, the leading cryptocurrency had settled above $67,000.
At the time of writing, digital gold is trading at $66,800.
Most digital assets in the top 10 by market capitalization ended the week in the “green zone.” Exceptions were BNB (-2.8%) and Toncoin (-8.4%).
The total cryptocurrency market capitalization is $2.53 trillion. Bitcoin’s dominance index is 56.1%.
US Inflation Slows
Annual inflation in the US slowed from 3.5% to 3.4% in April, matching consensus forecasts.
On a monthly basis, the consumer price index rose by 0.3%, compared to expectations of 0.4% and the same figure for March.
The measure excluding food and energy prices increased by 0.3% from the previous month and by 3.6% compared to April last year. The previous month’s figures were 0.4% and 3.8%, respectively. The monthly dynamics slowed for the first time in six months.
Analysts had expected annual rates to slow to 3.6% and monthly rates to 0.3%.
Notcoin Listed, Price Drops to $0.005
On May 16 at 15:00 Kyiv/MSK, major cryptocurrency exchanges Binance, Bybit, and OKX listed the NOT token of the gaming Web3 project Notcoin. The total issuance is 102.7 billion coins.
At the start of trading, the token’s price on Binance was $0.012, then soared to $0.037 before beginning to decline.
At the time of writing, NOT is trading at $0.005.
The Notcoin team reported that users sent 1,030,383,291,362 NOT ($6.8 million at the time of the transaction) to Telegram founder Pavel Durov. This option was available in the in-game interface until the end of the mining phase.
Notcoin explained the donation as a gesture of gratitude to the messenger’s developers for their work and the opportunities provided for development.
Durov stated that he intends to hold the received coins until their price rises to $680 million, after which he will purchase additional servers for Telegram.
What to Discuss with Friends?
- “Dormant” bitcoins worth $61 million have been activated.
- The meme coin KITTY surged by 6000% after a “dormant” X-account was activated.
- A trader earned $46 million on PEPE amid the meme token’s ATH.
- Controversial blogger Andrew Tate announced his rejection of fiat in favor of Bitcoin.
Vitalik Buterin Proposes New Type of Gas for Transactions
Ethereum co-founder Vitalik Buterin released EIP-7706, which introduces a new type of gas for certain transactions.
The main vector uses max_basefee and Priority_fee functions. They calculate the gas cost for execution operations, calldata, and BLOB.
To adopt the changes, amendments to EIP-1559 are needed to use the same calculation mechanism for all three types of transactions.
Buterin has previously discussed a similar idea, proposing the introduction of “multidimensional” gas pricing. He aimed to separate various operations in Ethereum into different types to save blockchain resources.
On May 8, the programmer presented another proposal — EIP-7702. It allows regular Ethereum wallets to temporarily switch to smart contract mode for a single transaction. This approach simplifies the implementation of account abstraction.
Analyst Sets Condition for Bitcoin to Reach $100,000 in 2024
For the leading cryptocurrency to reach $100,000, only one factor is needed, which depends on the US Federal Reserve. This was stated by Cane Island Alternative Advisors analyst Timothy Peterson.
“The US high-yield speculative-grade bond rate serves as an excellent indicator. It actually needs to fall below 6% or 7% for Bitcoin to start a steady move to an all-time high,” he explained.
According to YCharts, at the time of writing, the rate stands at 7.38%.
Peterson believes that if yield rates fall to the specified range, Bitcoin will rise to $100,000 in Q4 2024 or Q1 2025.
Interest rates are seen as an important indicator for crypto traders, as their decline usually leads to a drop in investor yields in traditional securities.
The expert claims that overall markets from September to October are generally “stable and volatile.” However, this time “uncertainty” may arise due to the US presidential elections, which will take place in early November.
Also on ForkLog:
- A trader earned over $2 million in less than a day on the 1DOL token.
- El Salvador mined nearly 474 BTC in three years.
- OpenAI announced a “more human” version of ChatGPT.
Robert Kiyosaki Predicts Dollar Collapse and Reiterates Bitcoin Call
Author of the bestseller “Rich Dad, Poor Dad” and entrepreneur Robert Kiyosaki explained why it is urgent to invest in Bitcoin, gold, and silver.
According to him, while in South Africa, he again heard many rumors about the upcoming launch of a gold-backed stablecoin by the BRICS group.
The member countries of the association — Brazil, Russia, India, China, and South Africa — first announced such a possibility in 2019.
In July 2023, Kiyosaki, citing a specific date for the digital currency’s appearance, predicted the dollar’s collapse and Bitcoin reaching $120,000.
“If BRICS crypto-gold turns into trillions of fake money, paper US dollars will flood back home, causing hyperinflation and ultimately destroying the American currency,” the entrepreneur wrote this time.
To protect savings from collapse, Kiyosaki reiterated the traditional call to invest in the leading cryptocurrency and precious metals.
What Else to Read?
This week ForkLog explained how to build a successful DAO on grants and how to mine “pearls” from Swell.
In the traditional digest, we gathered the main events of the week in the field of cybersecurity.
The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new infrastructure investments and the growing attention companies are paying to Bitcoin as an asset class. The most important events of recent weeks are in ForkLog’s review.