Crypto prices have turned green this week after a brief pullback, with market leaders like Bitcoin and Ethereum up 4.17% and 4.69% today and other cryptos like Cardano, Internet Computer, and Injective Protocol exploding massively.
Meanwhile, the newly launched meme coin-cross GambleFi token Meme Kombat is surging towards $3 million in its presale, indicating this could be the next crypto to explode.
Bullish Macroeconomic Data Eases Market Apprehension, Investors Look Toward ETFs and Halving
A series of macroeconomic data released in the U.S. this week has eased a growing crypto market apprehension after prices took a dip last week.
The Bureau of Labor Statistics released November’s CPI figures on Tuesday, which showed that annual inflation slowed to 3.1%.
Following this, the Federal Reserve’s Federal Open Market Committee (FOMC) meeting chose to maintain interest rates at 5.25% to 5.5% in December.
These two announcements provided a net positive macro outlook, which has ignited a significant market pump when combined with bullish crypto fundamentals.
Prominent crypto trader HORSE summarised the crypto market’s current landscape, stating, “We should be back to CNBC talking about new highs weekly.” The trader was implying significant hype and explosive upside movement will occur shortly.
HORSE also noted that the market is happy, referring to CPI and FED news, and then highlighted bullish crypto-specific upcoming events.
The analyst points out the likely Bitcoin ETF approvals in January and the Bitcoin halving in April. Some other observations that HORSE notes are “cycle symmetry enforcing behaviors” and anticipation for other crypto ETFs should Bitcoin’s gain approval.
Moreover, other analysts speculate that the FED will begin to cut interest rates in 2024. This will increase the amount of lending and borrowing taking place, which will significantly bolster the crypto market’s liquidity inflows.
James Van Straten pointed this out, predicting the FED may cut rates in March and again in May.
Meanwhile, X analyst Crypto Tea noted that Bitcoin currently holds the same price as when interest rates were 0%. This analyst suggests Bitcoin will hit $100K in the coming cycle due to “spot ETF coming, halving 4 months away, and interest rates dropping next year.”
Evidently, the positive macroeconomic data has cleared the way for significant market confidence as we head towards the SEC’s decision to approve or deny Bitcoin spot ETFs on 10 January.
Top institutions like JP Morgan believe these ETFs will be approved, giving market players a significant degree of bullish conviction.
This has led to sidelined liquidity reentering the market, enabling many cryptos to pump. One project that could explode in the coming weeks is Meme Kombat, a compelling P2E GambleFi token touted to have 100x potential.
New GambleFi Token Meme Kombat Gains Momentum as it Nears $3M at Presale
Meme Kombat is a compelling GambleFi token that lets users gamble on AI-generated battles between meme coin characters. It features an immersive battle arena powered by AI augmentation, enabling users to get up close to the exhilarating battles.
It also leverages traditional odds mechanics for a realistic and engaging betting experience. Moreover, the platform offers various game modes to provide something for everyone.
Meme Kombat’s unique use case opens a compelling narrative that appeals to both the meme coin and gambling audiences. This seems a perfect fit given the high-risk, high-reward nature of both.
With that in mind, top crypto analyst Jacob Bury speculates it has 10x potential and labels it the “Next Pepe coin.”
However, others offer even more bullish predictions. YouTube channel TheDailyMemeCoin recently dubbed it a “100x potential crypto.”
Meme Kombat is also backed by top media outlets like Cointelegraph, Concierge, Finanzen, and Crypto News. This illustrates the project’s ability to garner hype while attesting to its legitimacy and strong upside potential.
After launching ten weeks ago, the presale is closing in on an impressive $3 million. It is priced at $0.235, but this will incrementally increase throughout the presale with the next hike in six hours.
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