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Cryptocurrencies continue to captivate investors and enthusiasts worldwide, offering opportunities for financial innovation, decentralized applications, and transformative possibilities across various industries.

While Shiba Inu (SHIB) struggles due to a liquidity crisis and low total value locked (TVL), hindering upward momentum, Binance Coin (BNB) shows promise with the expansion of Binance Smart Chain (BSC). Excitement builds for Caged Beasts (BEASTS) presale, featuring new beasts and a referral program for additional BEASTS tokens.

Despite the volatile nature of the cryptocurrency market, Shiba Inu (SHIB), a well-known meme coin, is struggling to gain consistent upward momentum. This is primarily due to a liquidity crisis, TVL, and unappealing annual percentage yield (APY) offered by liquidity pools, all of which indicate a lack of demand for SHIB as a liquidity provider (LP).

The liquidity crisis of SHIB is evident in the limited volume of tradable tokens, compromising the assets stability and discouraging potential investors while causing existing holders to reconsider their stakes. This stagnant state presents a significant obstacle to SHIBs price growth.

Additionally, the low TVL of SHIB raises concerns. TVL represents the total assets staked in a cryptocurrencys network or DeFi protocol. A low TVL signifies reduced activity on the network, which is often interpreted as a lack of investor trust in the assets potential for generating yield.

This lack of activity deters new investors and suppresses SHIBs price growth. Furthermore, the unimpressive APYs offered by various liquidity pools compound the problem. With below-average returns, liquidity providers lack the incentive to stake SHIB in DeFi pools.

The performance of BSC has always correlated directly with the price trend of Binance. As more projects choose BSC for its efficiency and cost-effectiveness, the demand for BNB naturally increases, providing a solid foundation for its price. This effect is particularly notable in the DeFi sector, where BSC projects like PancakeSwap dominate the market and drive BNB to new heights. The rapid expansion of BSC showcases the adaptability and versatility of the Binance ecosystem.

As the network continues to grow, it creates a thriving environment that may result in a significant price increase for BNB. Given the current market conditions, an 11% price surge could be on the horizon. Despite trading at a 75-day low, the strengthening Binance ecosystem has the potential to fuel a bullish comeback. Traders and investors should closely monitor the movement of BNB in the upcoming days, as a sudden trend reversal could spark a new rally.

Caged Beasts (BEASTS), an upcoming meme coin project, is generating immense excitement within the cryptocurrency community as it prepares for its highly anticipated presale. This presale has the potential to become one of the standout events of the year, expected to unfold rapidly. The project aims to prioritise both community involvement and utility, offering users the thrilling elements typically associated with meme coins.

Caged Beasts presale stands out with its distinct offering of unveiling a new beast at each stage. This pioneering feature is expected to have a profound impact by increasing the value, capturing attention, and igniting excitement for the coin, thereby creating a vibrant community buzz throughout the process. In addition to this enticing aspect, Caged Beasts presents investors with an opportunity to earn free cryptocurrency and passive income through its referral program during the presale.

The referral program enables users to create their own referral codes, which they can distribute to anyone they choose. When a referred user makes a deposit in ETH, BNB, or USDT, utilising the referral code, both the referrer and the referred investor will receive a bonus of 20% extra BEASTS tokens.

This innovative program fosters an interactive and mutually beneficial environment for all participants involved. Register yourself on the website to avail all the presale benefits and updates.

Website: https://cagedbeasts.com

Twitter: https://twitter.com/CAGED_BEASTS

Telegram: https://t.me/CAGEDBEASTS

Read more from the original source:

Top Crypto Presale To Invest in 2023 - Analytics Insight

According to an official announcement, Binance NFT Marketplace has integrated the Bitcoin network, expanding trading opportunities for its community. Users can now explore and trade various NFTs across multiple blockchains, including BNB Smart Chain (BSC), Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC), all within their Binance accounts.

With this integration, users can seamlessly buy, deposit, withdraw, and list NFTs from the Bitcoin network directly on the Binance NFT Marketplace without needing a separate BTC wallet. Keeping Bitcoin or other tokens in their spot wallets enables convenient NFT trading on the platform.

The marketplace currently offers a curated selection of Bitcoin NFT Collections, with plans for regular additions. Users are advised to verify their deposit addresses to ensure accurate transfers, as mistakes could result in irreversible loss. Detailed instructions are available in the platforms FAQ section.

To celebrate the Bitcoin network integration, Binance NFT has launched an exclusive promotion for participants. Those who engage in at least one trade involving Bitcoin NFTs between June 6 and June 19, 2023, have a chance to win one of the 80 exclusive Bitcoin NFTs. The promotion includes buying and selling, with reward distribution following specific rules.

The promotion consists of two Snapshot Periods: June 13 and June 20, 2023. Participants who registered for Binance NFTs event from May 9 to May 15, 2023, will be eligible for selection as 50 winners from each Snapshot Period. Winners will receive a unique Bitcoin NFT from renowned collections such as Bitcoin Pizzas, DogePunks, JOMOHippo, PixelBirds Sparrow, Ordz Heroes, NPC Ordinals, Neo Yauto, and Block Legends.

Additionally, 15 winners will be chosen from the remaining eligible users in each Snapshot Period, resulting in a total of 30 winners. These winners will also receive an exclusive Bitcoin NFT from the mentioned collections.

As Binance continues expanding its NFT Marketplace, more platforms and blockchains will be integrated, offering users an ever-growing selection of offerings. The goal is to enhance features and compatibility, providing a dynamic and inclusive space for NFT enthusiasts.

Note that Binance reserves the right to make necessary amendments or variations to the promotions terms and conditions, including winner selection. Participants should stay informed about any changes as Binances decisions are final.

In other news, Binance has integrated Bitcoin NFTs into its marketplace, despite facing a recent complaint from the SEC. This integration allows users to access captivating Bitcoin NFT collections, including BTC DeGods and Bitcoin Bandits, showcasing Binances commitment to innovation.

Read the original here:

Explore Bitcoin NFT Trading on Binance - Crypto Times

ANKARA, Turkey (AP) Turkish President Recep Tayyip Erdogan won reelection last month despite a battered economy and a cost-of-living crisis that experts say are exacerbated by his unconventional economic policies.

The longtime leader appointed an internationally respected former banker as finance and treasury minister and on Friday named a former co-CEO of a U.S.-based bank as head of the central bank.

But lingering uncertainty over Erdogans economic direction and an apparent move to loosen government controls of foreign currency exchanges have led Turkeys currency to plunge to record lows against the U.S. dollar this week.

The Turkish lira has now weakened by around 20% against the dollar since the start of the year. It has raised fears of even higher prices for people already struggling to afford basics like housing and food amid high inflation.

I am anxious. I am unhappy. Soon my income wont pay the rent, said Sureyya Usta, a 63-year-old who lives in Ankara.

Heres a look at the falling value of the lira, what lies ahead for the economy and how people have been affected:

ERDOGANS ECONOMIC POLICIES

Turkey has been plagued by a currency crisis and skyrocketing inflation since 2021, which economists say are the result of Erdogans unorthodox belief that raising interest rates will increase inflation.

Conventional economic thinking and the approach being taken by central banks around the world calls for the opposite: rate hikes to control price spikes .

Erdogan has exerted pressure on Turkeys central bank to lower borrowing costs.

The bank has cut its key policy rate from around 19% in 2021 to 8.5% now, even as inflation hit a staggering 85% last year. Inflation eased to 39.5% last month, according to official figures, but an independent group says the true number is more than double that.

In other policy considered to be unorthodox, economists say the government aggressively intervened in the markets to prop up the lira ahead of the elections , depleting Turkeys foreign currency reserves to keep the exchange rate under control.

Pressure over the lira had been high for some time, but excessive interventions by the central bank was preventing the currency from skyrocketing in recent weeks or months, said Ozlem Derici Sengul, an economist at the Istanbul Spinn Consultancy.

A RETURN TO RATIONAL GROUND?

Hours after being sworn in, Erdogan announced that Mehmet Simsek, a former Merrill Lynch banker who had previously served as his finance minister and deputy prime minister, would return to the Cabinet after a five-year break from politics.

Simsek said Turkey had no other option but to return to rational ground. In a sign that Erdogans new administration might pursue more conventional economic policies, Simsek also said there were no shortcuts or quick fixes but vowed to oversee Turkeys finances with transparency, consistency, accountability and predictability.

In another sign, Erdogan on Friday appointed Hafize Gaye Erkan to lead the central bank, taking over from the current chief who has championed rate cuts since 2021. Erkan, a former co-CEO of a U.S.-based bank, becomes Turkeys first woman central bank governor.

Economists say, however, that its not clear to what extent Erdogan, who has ruled the country with a tight grip , will give Erkan and Simsek free rein.

The markets are not convinced yet of Erdogans return to traditional policies, Sengul said. There are uncertainties over whether Erdogan will allow unlimited independence to the central bank and other institutions or have another strategy, she said.

WHY IS TURKEYS CURRENCY FALLING?

The Turkish lira tumbled to record lows against the dollar this week, first falling 7% on Wednesday and then 1.6% on Friday.

Economists say the sharp slide earlier in the week resulted from the government loosening its controls over the currency following Simseks appointment. However, the plunge may have been steeper than what it had anticipated.

The lira weakened by a limited 0.5% on Thursday amid reports that state banks were asked to resume selling foreign currency to prop up the currency. On Friday, the lira depreciated to another all-time low of 23.54 to the dollar.

Loose interventions, combined with some uncertainty, created an excessive depreciation in the lira in one day, Sengul said about the Wednesday drop. The banks are currently intervening in the exchange market, thats why we will not have another 7% depreciation.

HOW ARE PEOPLE AFFECTED?

High inflation is pinching households and businesses with costlier groceries, utility bills and more. A weaker currency means Turkey, which is dependent on imported raw materials, will have to pay more for everything from energy to grain that are priced in dollars.

Usta, the 63-year-old from Ankara, works at a firm that sells cash registry machines to boost her retirement pension but still struggles to pay her living expenses amid high inflation.

She is worried that this weeks sharp decline in the lira will lead to further price increases and even more financial uncertainty for her.

I keep cutting back and cutting back so that I can afford to live, so I can pay for gas and electricity. But how much more can I cut back? Usta said. Ive forgotten about going to the theater and the cinema or going out to meet friends.

Usta says her rent doubled earlier this year, but the owner wants to increase it again. Moving out isnt an option because rents have skyrocketed even in her low-income neighborhood, she says.

Sengul, the economist, says the one-day currency shock is unlikely to have a huge impact. If, however, the depreciation is not contained, she warns, market pricing behavior will dramatically deteriorate.

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Why Turkey's currency is crashing after Erdogan got reelected - The Associated Press

Erdogan's victory 'threatens Iran's interests'

The progressiveHam Mihandaily, in a series of interviews with analysts and foreign policy experts, raised the alarm over the potential negative consequences forIran of the re-election of Turkish President Recep Tayyip Erdogan.

Under the headline "Erdogan's gruesome dream", the daily examinedTurkey'sattempts to increase its influence in the region as well as its policies in controlling the water resources from the Tigris and Euphrates, two major rivers in the Middle East.

Analysts who talked with the daily argued that Erdogan would continue his regional policies to create a "New Ottoman Empire" and connect the Turkic countries, such as Azerbaijan, by land.

Ali Ziaei, an international transport expert, told the daily that linking Turkey to Azerbaijan through Armenia's southern province of Syunik would be one of Erdogan's main objectives in his new term in office.

"Turkey has been insisting on establishing the Zangezur corridor. This will happen through annexing Armenia's Syunik province to Azerbaijan, which would result in disconnecting Iran from its neighbouring northern countries," Ziaei said.

Ahmad Kazemzadeh, a hydro politics expert, stressed that Erdogan used the dams built in the Southeastern Anatolia Project (GAP) to exert pressure on Iran, Iraq and Syria by cutting off these countries' water shares.

"So far, Turkey has not adhered to international laws about shared water resources and has only focused on its water needs. With Erdogan's victory, hopes of joining the European Union have faded for Turkey so that it will follow hydro politics without considering international laws," Kazemzadeh explained.

A branch of Iran's Islamic Revolutionary Court in the city of Isfahan sentenced a prominent political activist, Heshmatollah Tabarzadi, to 45 years and six months in prison.

Tabarzadi was arrested along with his two sons in the city of Golpayegan a few days after the death of 22-year-old Kurdish woman Mahasa Amini in morality police custody. He was one of the activists who supported the protestors.

Iran: Detainees complain of harassment and humiliation during strip-searches

Amini's death sparked nationwide demonstrations in Iran, during which more than 500 were killed, and about 22,000 protestors and political activists were arrested.

Among the dissidents arrested since last September, Tabarzadi has received one of the longest sentences, and since his arrest, he has been kept in pre-trial detention.

Tabarzadi's daughtersaidthat he was convicted of charges such as "spreading corruption on earth", "propaganda against the establishment", "insulting" Iran's first and current supreme leaders, "collaborating with the enemy governments by interviewing with opposition media", and "encouraging the public to revolt".

The court verdict was appealable, but Tabarzadi said he would not request an appeal because he did not recognise the court.

Since 1994, this former student activist and journalist has been arrested several times. In 2000, he was sentenced to a nine-year prison, and for ten years he was deprived of all social services. In 2010 he received another nine-year sentence and 74 lashes for his activism.

TheUSagreed to release Iran's $23.7bn frozen assets in South Korea,Iraqand the International Monetary Fund (IMF), despite the sanctions on international bank transfers to Iran, the ISNA news agency reported.

On Tuesday,ISNAwrote that during a two-visit to Tehran, Oman's Sultan Haitham bin Tariq Al Said mediated the release of the foreign prisoners in Iran and Tehran's access to its money blocked in other countries.

Some local media suggested an agreement was made after Tehran freed two dual Iranian-Austrian nationals, Masoud Mosaheb and Kamran Ghaderi, and a Danish citizen, Thomas Kjems, on 2 June.

Omani novel on water wins top Arabic fiction prize

According to ISNA, Iran will have access to $7bn in South Korea and $10bn in Iraq. The report added that following a meeting between Mohammad Reza Farzin, Iran's central bank director, and the IMF managing director, Kristalina Georgieva, the international organisation would permit Iran to access $6.7bn in funds.

However, the report did not clarify if the money would be transferred to Iran or if officials in Tehran would only be allowed to import food and essential goods in return for the frozen assets.

On 1 June, Iran's Oil Minister Javad Owjitoldreporters that Iraq only gives food and essential goods for the gas that it imports from Iran.

Despite the US sanctions, Iraq is one of the leading customers of Iran's gas, and in the previous Iranian year, which ended on 21 March, it imported over $3.8bn gas from Iran.

Officials in Tehran have not revealed the exact amount of Iraq's debt due to the gas imports, but some put it at about $17bn.

*Iranian press review is a digest of news reports not independently verified as accurate by Middle East Eye.

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Iranian press review: Analysts warn of impact of Erdogan's re-election for Iran - Middle East Eye

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'We will build Century of Trkiye together': President Erdogan - Anadolu Agency