SHIB price technicals hint at another possible 40% rally for Shiba Inu versus Dogecoin as Shibarium comes into focus. Shiba Inu (SHIB) price was at the lowest versus its top rival Dogecoin (DOGE) in November 2022. Three months later, the dynamics have flipped. SHIB price rises 100% versus DOGEOn Feb. 4, 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, up almost 100% three months after bottoming out at 0.00000993 DOGE, its lowest level on record.SHIB/DOGE daily price chart. Source: TradingViewThe sharp recovery came as investors’ focus shifted to the impending launch of Shibarium, a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet, announced on Jan. 16. As Cointelegraph reported, the SHIB price rebound gained momentum amid reports that Shibarium will go live on Feb. 14.In comparison, Dogecoin’s fundamentals looked pale, with Elon Musk suspending a DOGE tipping bot for violating Twitter’s rules.Hey @elonmusk Our Tipping bot @MyDogeTip got suspended for no reason.…

An examination of eight key data points determined London to sport the highest crypto readiness to entice businesses and start-ups. Along with pro-crypto regulations, mainstream adoption of cryptocurrencies requires a supporting infrastructure that can allow the general public access and exposure to the ecosystem. When considering eight key indicators around taxes, ATMs, jobs and events in crypto, London stands at the top as the most crypto-ready city in the world for businesses and start-ups.UK Prime Minister Rishi Sunak’s vision to “ensure the UK financial services industry is always at the forefront of technology and innovation” is on the right path, reveals research conducted by Recap. An examination of eight key data points determined London to sport the highest crypto-readiness to entice businesses and start-ups.Top 20 crypto-ready cities in the world. Source: RecapAs shown above, leading metropolitan cities such as Dubai and New York made it to the top three in the…

Members of Crypto Twitter are speculating whether Bankman-Fried and FTX will source the reported $530 million invested in Anthropic to pay off FTX creditors. Google Cloud has reportedly invested $300 million into artificial intelligence (AI) startup firm Anthropic, which also happened to receive over $500 million in funds from former FTX CEO Sam Bankman-Fried about six months before FTX catastrophically collapsed.While the $300 million figure was reported by Financial Times on Feb. 4, Anthropic confirmed the investment partnership with Google Cloud on the same day despite not disclosing any figures:We’re excited to use Google Cloud to train our AI systems, including Claude! https://t.co/IaqQ5lpJrP https://t.co/vOn5Cj4sPt— Anthropic (@AnthropicAI) February 3, 2023 In the same announcement, Anthropic also confirmed that they previously raised capital from Bankman-Fried and former Alameda Research CEO Caroline Ellison, among others, in its Series B fundraising round:The Series B round was led by Sam Bankman-Fried, CEO of FTX. The round also…

What matters more to the markets: that the US economy looks less at risk of a recession or that the Fed will be able to fulfill its rate hike forecast? The volatile reaction to this past week’s rate decisions, NFPs and US growth data leaves the markets evaluating what trends lie ahead.

The US jobs market enjoyed a red hot January with 517k new jobs added, with job growth widespread.

Find out what major developments took place in a week consisting of three major central bank meetings and what it means for markets going forward

<p>Ignazio Visco is Governor of the Bank of Italy and thus a European Central Bank Governing Council member.</p><p>He spoke over the weekend in front of Italy's Assiom-Forex financial markets association.:</p><ul><li>"The policy tightening can now continue with the due caution, carefully assessing the implications for the economy and inflation prospects of the measures that have already been adopted" </li><li>said that unwarranted excess tightening would have "serious implications" for economic activity and financial stability</li><li>said short-term inflation expectations have dropped sharply and longer-term ones remain under control</li></ul><p>Info via Reuters. </p><p>—</p><p>Huh, Visco's jawboning tilting a little less hawkish after the 50bp rate last week:</p><ul class="text-align-start vertical-align-baseline"><li class="vertical-align-baseline"><a href="https://www.forexlive.com/centralbank/ecb-sources-see-at-least-two-more-rate-hikes-20230202/" rel="follow" target="_self" class="article-link vertical-align-baseline">ECB sources: See at least two more rate hikes</a></li><li class="vertical-align-baseline"><a href="https://www.forexlive.com/centralbank/ecbs-lagardewe-intend-to-raise-rates-by-50-bps-the-next-meeting-then-monitor-the-path-20230202/" rel="follow" target="_self" class="article-link vertical-align-baseline">ECBs Lagarde:We intend to raise rates by 50 BPs @ the next meeting & then monitor the path</a></li><li><a href="https://www.forexlive.com/centralbank/ecb-raises-key-rates-by-50-bps-in-february-monetary-policy-meeting-as-expected-20230202/" rel="follow" target="_self" class="article-link">ECB raises key rates by 50 bps in…

<p>An interesting weekend item from Reuters about oil, but also about circumventing trade payments in the dominant USD – helping Russia to de-dollarise its economy.</p><ul><li>Indian refiners have begun paying for most of their Russian oil purchased via Dubai-based traders in United Arab Emirates dirhams instead of U.S. dollars</li><li>India's top bank, the State Bank of India (SBI), is now clearing these dirham payments, the sources told Reuters</li></ul><p><a href="https://www.reuters.com/business/energy/indian-refiners-pay-traders-dirhams-russian-oil-2023-02-03/" target="_blank" rel="nofollow">Reuters</a> cite four sources (unnamed) for the information. More detail at that link. </p><p>—-</p><p>The background top this is that banks and financial institutions are cautious about clearing payments, not wanting to unintentionally violate the sanctions imposed against Russia after its invasion of Ukraine. The Russian oil price cap has been imposed by the Group of Seven nations and Australia.</p><p>Indian (and Chinese) purchases of Russian oil may not be in violation of sanctions, but, exercising an abundance of caution, Indian refiners and dealers…

<ul><li><a href="https://www.forexlive.com/technical-analysis/us-stocks-close-lower-but-still-higher-on-the-week-20230203/">US stocks close lower but still higher on the week</a></li><li><a href="https://www.forexlive.com/news/wti-crude-oil-futures-settled-at-7339-20230203/">WTI crude oil futures settled at $73.39</a></li><li><a href="https://www.forexlive.com/centralbank/feds-daly-the-number-was-a-wow-number-the-december-fed-policy-is-a-good-indicator-20230203/">Fed's Daly: The number was a "wow" number. The December Fed policy is a good indicator.</a></li><li><a href="https://www.forexlive.com/news/baker-hughes-total-rig-count-falls-12-to-759-20230203/">Baker Hughes total rig count falls -12 to 759</a></li><li><a href="https://www.forexlive.com/news/european-indices-close-the-day-with-mixed-results-20230203/">European indices close the day with mixed results</a></li><li><a href="https://www.forexlive.com/news/ism-us-nonmanufacturing-pmi-index-552-versus-504-estimate-20230203/">ISM US nonmanufacturing PMI index 55.2 versus 50.4 estimate</a></li><li><a href="https://www.forexlive.com/news/spglobal-services-pmi-index-versus-a-468-versus-466-preliminary-20230203/">S&P/Global services PMI index versus a 46.8 versus 46.6 preliminary</a></li><li><a href="https://www.forexlive.com/technical-analysis/the-strong-us-jobs-report-sent-the-us-dollar-sharply-higher-what-next-20230203/">The strong US jobs report sent the US dollar sharply higher. What next?</a></li><li><a href="https://www.forexlive.com/news/us-nonfarm-payroll-517k-vs-185k-estimate-unemployment-rate-34-vs-35-estimate-20230203/">US nonfarm payroll 517K vs 185K estimate. Unemployment rate 3.4% vs 3.5% estimate</a></li><li><a href="https://www.forexlive.com/centralbank/bank-of-england-pill-i-expect-we-will-proceed-with-qt-over-the-coming-years-20230203/">Bank of England Pill: I expect we will proceed with QT over the coming years</a></li><li><a href="https://www.forexlive.com/technical-analysis/the-gbp-is-the-strongest-and-the-cad-is-the-weakest-as-the-na-session-begins-20230203/">The GBP is the strongest and the CAD is the weakest as the NA session begins</a></li><li><a href="https://www.forexlive.com/news/forexlive-european-fx-news-wrap-dollar-mixed-equities-lower-ahead-of-nfp-20230203/">ForexLive European FX news wrap: Dollar mixed, equities lower ahead of NFP</a></li></ul><p>The US jobs report was – as Fed's Daly put it –…

Protocol Labs CEO Juan Benet published a blog post on Friday announcing that 21% of the company’s staff will be laid off. Protocol Labs is the creator of the blockchain network Filecoin. Benet emphasized in the blog post that it has been an “extremely challenging economic downturn, worldwide, and especially in the crypto industry.” Protocol […]

Digital asset exchange Binance has agreed to help Georgia to develop its cryptocurrency sector by launching educational and other blockchain initiatives. The leading coin trading platform has been expanding its presence in the region with similar projects in other countries. Binance and Georgian Tech Agency to Jointly Develop Country’s Crypto Economy The world’s largest cryptocurrency […]

Billionaire investor and venture capitalist Tim Draper has reportedly attempted to convince the Sri Lankan government to adopt bitcoin. However, the governor of the Central Bank of Sri Lanka rejected his recommendation, emphasizing: “Adoption of 100% bitcoin won’t be a Sri Lanka reality ever.” Tim Draper Suggests Sri Lanka Adopts Bitcoin Billionaire investor and venture […]

Australian retail sales fell by the most in more than two years. January saw a strong acceleration in job creation in the United States. The US services industry’s activity experienced a significant resurgence in January. The AUD/USD weekly forecast is bearish as the US dollar rises after the economy showed resilience amid rising interest rates. … Continued The post AUD/USD Weekly Forecast: Bearish Amid Strong US NFP and ISM appeared first on Forex Crunch.

Canada’s economy likely slowed in December after expanding modestly in November. The number of new jobs in the US jumped by 517,000. Investors are awaiting employment data from Canada.  The USD/CAD weekly forecast is slightly bullish as the dollar will likely continue rising in the wake of a massive jobs report. Ups and downs of … Continued The post USD/CAD Weekly Forecast: Upbeat NFP to Trigger Bullishness appeared first on Forex Crunch.

The USD/JPY pair could drop deeper after escaping from the triangle pattern. A new lower low activates more declines. The US data should move the rate later today. The USD/JPY price seems undecided as the traders wait for US data before taking action again. The pair is trading at 128.68, above yesterday’s low of 128.08. … Continued The post USD/JPY Price Consolidating Above 128.5 Ahead of US NFP Data appeared first on Forex Crunch.