Connect with us
DAPA Banner

Crypto World

Stock Futures Rise as Investors Weigh Up Key Economic Data

Published

on

Stocks Little Changed After Fed Decision

Stock futures were rising on Thursday, suggesting that investors still haven’t decided if the delayed January jobs report was a good or bad data point for the market.

Futures tracking the Dow Jones Industrial Average rose 139 points, or 0.3%. S&P 500 futures and contracts tied to the tech-heavy Nasdaq 100 also added 0.3%.

The Dow snapped a three-day winning streak on Wednesday, and the other major indexes also closed a touch lower. Stocks initially rose before giving up all of their gains after nonfarm payrolls data showed that the U.S. added 130,000 jobs in January, way above what economists were expecting.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Hyperliquid price forms a bullish flag as golden cross looms, will it breakout?

Published

on

Hyperliquid price has formed a bullish flag pattern on the daily chart.

Hyperliquid price is close to confirming multiple bullish patterns as futures traders show increased interest in the token.

Summary

  • Hyperliquid price has risen up 22% over the past month, supported by rising open interest and increased futures market activity.
  • Growth in commodity perpetuals and event-based contracts, alongside rising trading volumes, has boosted token demand through increased burn mechanisms.
  • Technical setup shows a bullish flag and a potential golden cross, with upside targets near $44, while a drop below $34.8 could invalidate the bullish outlook.

According to data from crypto.news, Hyperliquid (HYPE) price was trading at $36.9, up 22% over the past month and 78% higher than its year-to-date low.

Hyperliquid price rallied as it witnessed a massive surge in real-world asset trading volumes.

Advertisement

Notably, following the implementation of HIP-3, which expanded the protocol capabilities, investors can now trade decentralized perpetual contracts on commodities like gold, silver, and crude oil.

Amidst escalating tensions in the Middle East, a massive jump in volume was observed in Hyperliquid’s 24/7 crude oil perpetuals, which topped $1 billion in a single day in March.

Unlike traditional markets, Hyperliquid provides round-the-clock access to its commodity markets, making it a pressure valve for macro traders amidst geopolitical events that often unfold over the weekend.

Advertisement

Furthermore, the project’s expansion into prediction markets from its introduction of event-based contracts has added another layer of utility and attracted fresh participants who can now trade on the outcome of real-world events natively alongside their futures positions.

In the last 24 hours, open interest on Hyperliquid hit over $1.61 billion. A surge in open interest suggests more active participation from traders and is a sign that the current trend has significant backing.

The HYPE token has also benefited from increased trading volumes. Trading volumes on the platform have hit a record high of over $2.4 billion.

As Hyperliquid’s Assistance Fund uses up to 97% of protocol fees to buy back and burn HYPE tokens, the latest surge has significantly increased the burn rate of tokens and hence has helped drive the asset price higher through deflationary pressure.

Advertisement

On the daily chart, Hyperliquid price has formed a bullish flag pattern after a steep vertical move known as a pole, followed by a brief period of consolidation. A bullish flag is one of the most well-known bullish continuation patterns in technical analysis.

Hyperliquid price has formed a bullish flag pattern on the daily chart.
Hyperliquid price has formed a bullish flag pattern on the daily chart — April 1 | Source: crypto.news

It is also close to confirming a golden cross, which occurs when the 50-day SMA crosses over the 200-day SMA. Traders view such pattern confirmations as a major signal of long-term trend reversal and sustained buying momentum.

Hence, if a golden cross is confirmed, Hyperliquid price would likely confirm the bullish flag pattern, which would propel it toward the upside of $44, the highest point of the flag formation. A breakout above it could set the stage for a push toward new all-time highs.

On the contrary, if Hyperliquid price drops below the 200-day SMA at $34.8, the bullish thesis would be invalidated and could lead to further downside.

Advertisement

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Source link

Advertisement
Continue Reading

Crypto World

Crypto Scam Leader Extradited to China to Face Charges

Published

on

Crypto Scam Leader Extradited to China to Face Charges

Li Xiong, a key member of a group that allegedly helped crypto scam rings in Asia to move money, has been extradited from Cambodia to China, where he will face fraud and money laundering charges, according to Hong Kong-based news outlet Ta Kung Wen Wei.

On April 1, with strong support from the relevant authorities in Cambodia, a task force sent by China’s Ministry of Public Security successfully escorted Li Xiong, a core key member of the Chen Zhi criminal syndicate, back to China from Phnom Penh, Cambodia,” it said on Wednesday, citing a statement from China’s Ministry of Public Security on WeChat.

Xiong previously served as chairman of Huione Group, an alleged criminal organization that served scam centers in Cambodia that carried out “pig butchering” scams and other investment schemes to steal crypto from victims around the world. 

Huione Group was responsible for one of the largest illicit online marketplaces in the world, handling over $89 billion in cryptoassets.

Advertisement
Source: Jacob in Cambodia

His extradition comes three months after the arrest of Chen Zhi, the head of Prince Group, which operates Huione Group. In October, it was reported that the US Department of Justice seized 127,271 Bitcoin (BTC) worth more than $15 billion from Zhi.

Related: Hong Kong retiree loses $840K in triple ‘crypto expert’ scam

The US Treasury Department’s Financial Crimes Enforcement Network directed US banks to cut payments and accounts tied to the Huione Group in October.

Authorities ask other Huione members to surrender

Ta Kung Wen Wei noted that several other members of Zhi’s criminal syndicate have been brought to justice “one after another,” citing comments from Chinese public officials.

“Public security authorities will continue to intensify efforts to capture fugitives,” it said, adding:

Advertisement

“At the same time, they once again warn criminals to recognize the situation, stop before it is too late, surrender as soon as possible, and strive for lenient treatment.”

Magazine: Banks want to run Vietnam’s crypto exchanges, Boyaa’s $70M BTC plan