The layer two (L2) project Stacks has officially released its public Nakamoto Testnet, offering a refined testing ground for developers and signers ahead of the mainnet launch. Stacks Introduces Nakamoto Testnet for Comprehensive Pre-Mainnet Testing In a significant step forward for the Stacks ecosystem, the Nakamoto Testnet has been introduced, providing a formal and public […]
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Ethereum Accelerates Toward $2,000 But Can The Bulls Make It?
Ethereum price started a decent increase after Bitcoin rallied 15% against the US dollar. ETH is rising, but it might struggle to clear the ,850 resistance.
- Ethereum started a steady increase above the ,750 resistance.
- The price is trading above ,780 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near ,750 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to clear the ,850 and ,880 resistance levels.
Ethereum Price Jumps 10%
Ethereum remained in a positive zone above the ,650 support zone. The recent pump in Bitcoin above the ,000 resistance sparked more upsides in ETH. There was a steady increase above the ,720 and ,750 resistance levels.
The price even cleared the key ,800 resistance zone. A high is formed near ,849 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the ,660 swing low to the ,849 high.
Ethereum is now trading above ,780 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near ,750 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the upward move from the ,660 swing low to the ,849 high.
On the upside, the price is facing resistance near the ,850 level. The first major resistance is near the ,880 zone. A close above the ,880 resistance could send the price further higher. The next key resistance is ,920, above which the price could accelerate higher.
Source: ETHUSD on TradingView.com
In the stated case, Ether could start a strong increase toward the ,000 resistance. Any more gains might open the doors for a move toward ,200.
Downside Correction in ETH?
If Ethereum fails to clear the ,850 resistance, it could start a downside correction. Initial support on the downside is near the ,800 level.
The next key support is ,750 and the trend line zone. A downside break below the ,750 support might send the price further lower. In the stated case, the price could drop toward the ,700 level. Any more losses may perhaps send Ether toward the ,650 level and the 100-hourly Simple Moving Average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,750
Major Resistance Level – ,850
Simplex Accelerates VERSE Token and Wider Cryptocurrency Adoption
Since 2016, Simplex’s bond with Bitcoin.com has continued strengthening, aimed at streamlining access to cryptocurrencies and increasing adoption globally. As part of Nuvei, a NASDAQ listed company with over 20 years in payments, Simplex combines convenience, reliability and security for Bitcoin.com’s global userbase. What makes this long-term collaboration unique and how do users benefit – read on to find out.
VERSE token and Simplex
Bitcoin.com’s introduction of its ecosystem token VERSE is all about maximizing value and utility for everyday people. What enhances this experience further is the seamless integration of VERSE in the Simplex buy- crypto flow, providing users with a fast track to owning VERSE.
Streamlining access to VERSE token will make it easier for users to benefit from rewards for almost every interaction they have with cryptocurrency: buying, selling, spending, swapping, and even merely staying informed. With Simplex’s intuitive checkout process on Bitcoin.com, engaging with VERSE or any other cryptocurrency becomes as easy as shopping with an online retailer.
Transforming the crypto-curious into crypto-confident
While VERSE is a leap forward in accelerating crypto usability, Simplex’s core mission with Bitcoin.com remains unchanged: simplifying and securing the bridge to Web3 for users, both new and seasoned. But what does that really mean?
Recent industry reports show that the ecosystem is still riddled with misconceptions. Even in the U.S., where crypto is owned by 1 in every 4 Americans, the vast majority remain uncertain. In this hesitant group, many are overwhelmed by perceived complexity and lack of security. With 35% finding crypto too risky to get involved, 27% thinking it’s too hard to understand, and 11% thinking it’s difficult to use, the larger picture is clear – industry partnerships like Simplex and Bitcoin.com become indispensable drivers of easing the entry into the crypto space without cutting corners on security.
Almost all newcomers to the world of Web3 start their journey with a traditional payment process that they’re familiar with. The importance of this step can be easily overlooked by users and businesses alike. But in fact, the payment stage is a key component of a user onboarding experience that can make or break their trust. This process calls for a payment platform that upholds an expert balance between transaction safety, compliance, and user-friendliness. On Bitcoin.com, Simplex ensures that users can securely buy top cryptos such as BTC, ETH, and BCH, as well as other assets, using everyday payment methods like debit and credit cards, Apple Pay, PIX, and SEPA.
“Over the years of working with Simplex, we’ve been jointly commited to breaking barriers between traditional and decentralized finance for crypto users globally. Simplex’s latest onramp support of VERSE token is a testament to our shared vision for a more accessible and rewarding crypto ecosystem.”
– Corbin Fraser, Head of Financial Services at Bitcoin.com
It’s as simple as this:
“The success of our collaboration with Bitcoin.com lies in understanding and enhancing each other’s strengths. Together, we’ve not only witnessed the evolution of the industry but have actively shaped it by fostering seamless crypto accessibility for the global community, where cryptocurrency isn’t just an asset but an experience.”
–Jan Lorenc, SVP of Digital Assets at Nuvei
The Simplex advantage
Simplex fiat-to-crypto gateway has an unmatched global presence, covering over 150 countries and supporting 100+ fiat currencies, which is more than any provider on the market offers. A one-time, seamless onboarding and verification process ensures that every user transaction is secure and compliant, while user experience is frictionless every step of the way – from saving card details for instant repeat purchases to receiving your cryptocurrency across any of Simplex’s 350+ partner exchanges and wallets.
And for those moments of uncertainty?
Simplex’s dedicated 24/7 support team is always there to help users on their crypto journey.
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
Central Bank of Argentina Accelerates Yuan Sales and Dollar Purchases as Reserves Dwindle
The Central Bank of Argentina has accelerated the sale of its Chinese yuan stash, using part of the swap line provided by the government of China while it tries to acquire dollars simultaneously. According to local sources, the country’s reserves have plunged to their lowest levels in eight years.
Central Bank of Argentina Using Chinese Yuan as a Lifeline
The Central Bank of Argentina has recently accelerated the sale of Chinese yuan from an approved swap line to maintain its operations. The billion loan has enabled the bank to change its internal market dynamics and start selling yuan to national companies to finance their imports while at the same time purchasing dollars to regain some liquidity in foreign currency.
On July 10, the bank purchased million but sold 790 million yuan, losing almost million of its reserves that day. Then, on July 11, the bank purchased million but had to sell 770 million yuan to national importers, taking losses by million.
Economists acknowledge that the pivot to the Chinese yuan in the Argentine economy has served as a lifeline for the country, allowing it to complete part of a payment to the International Monetary Fund (IMF) in June. However, estimations calculate that half of the available amount of the swap ( billion) has already been spent.
Reserves Touching Historic Lows
The cash flow situation of the country cannot last long, analysts agree, stating that the net reserves of the Central Bank of Argentina are touching historically low levels. The Argentine newspaper La Nacion reports that reserves have dwindled by billion in 2023, going from .5 billion in January to .4 billion in July.
The net reserves of the Central Bank of Argentina are negative, with the bank needing almost billion to balance its obligations and its holdings. On this, analysts from Portfolio Personal Inversiones stated:
A level of reserves is being tested that has never been observed since at least the late 1980s.
The country is now seeking to expedite a new agreement with the IMF to accelerate the disbursement of at least billion. According to analyst Gustavo Ber, this would extend the republic’s commercial functionality. However, even if this happens, the firm expects the country’s net reserves to hit – billion before the primary ballots to define the presidential candidates in August.
What do you think about the pivot to the Chinese yuan and the dwindling reserves of the Central Bank of Argentina? Tell us in the comments section below.
Bitcoin’s Blockchain Growth Accelerates With Trend of Ordinal Inscriptions
The Bitcoin blockchain has 40.49 gigabytes (GB) to go until it reaches half a terabyte (TB), and with the recent trend of Ordinal inscriptions, it’s likely to get there faster. The average block size reached a high of 2.52 megabytes (MB) on Feb. 12, 2023, but block sizes have subsided and dropped to an average of 1.634 MB by Feb. 27. Still, the blockchain grew at a rate of 0.288 GB per day, compared to the previous rate of 0.173 GB per day recorded before the Ordinal inscription trend began.
The Impact of Ordinal Inscriptions on Bitcoin’s Network Metrics
Ordinal inscriptions started on Dec. 16, 2022, but didn’t really gain steam until Feb. 2, 2023. That was the day a 3.96 MB block was mined, and since then, 214,028 inscriptions have been added to the Bitcoin blockchain. The trend of Ordinal inscriptions between Feb. 2 and Feb. 27, or roughly 26 days, increased Bitcoin’s average network fee and average block size. Both network fee and block size metrics peaked around Feb. 12 and have subsided since then. During that span of time, data shows that the size of Bitcoin’s chain grew at a faster rate.
For instance, statistics show that the Bitcoin blockchain was 459.51 GB in size on Feb. 27, 2023. Metrics show that during the 26-day span, the blockchain grew by 7.77 GB, or roughly 0.288 GB per day. The spike can be seen visually by looking at a chart of Bitcoin’s blockchain size from Feb. 2 until today. However, before Ordinal inscriptions started trending and larger blocks were mined more regularly, the blockchain’s growth was much slower. It took 45 days, from Dec. 19, 2022, to Feb. 2, 2023, to reach 7.77 GB.
At that time, over the 45-day span, the Bitcoin blockchain grew at a rate of 0.173 GB per day. Bitcoin’s average fee on Feb. 28, 2023, is 0.000077 BTC, or .82, per transaction, while the median fee is 0.000033 BTC, or .777, per transaction. Transactions are also being confirmed at rates ranging from 2 satoshis per byte, or .07, to 19 satoshis per byte, or .62, per transaction. The revenue miners accrued per day amid the Ordinal inscription trend peaked on Feb. 16, 2023, at .21 million (block subsidy + fees), compared to today’s .36 million. Still, bitcoin (BTC) miners are earning more revenue than they were on Dec. 24, 2022.
It will be interesting to see how another month of Ordinal inscriptions affects metrics such as average block sizes, median and average fees, and the overall growth of the Bitcoin blockchain. Though the hype around Ordinal inscriptions has subsided, these metrics remain elevated compared to before Feb. 2 and the subsequent influx of inscriptions. Average and median fees are still higher than before the Ordinal trend, and average block sizes remain above the 1.60 MB threshold after remaining below it for months.
What are your thoughts on the impact of Ordinal inscriptions on the growth of the Bitcoin blockchain? Share your thoughts in the comments section below.
Blur (BLUR) Price Accelerates 15% In 24 Hours – Here’s Why
Blur token has enjoyed a 15% spike in value in the past 24 hours. According to Coinmarketcap, the token has experienced a 43% price surge over the weekend and is showing a unique bullish sign.
Price Surge Attributed To Recent Development
Blur has emerged as a strong competitor to the popular NFT marketplace OpenSea. Its strong price movement in recent days can be traced to recent developments toward consolidating its position in the NFT sector.
Earlier in the week, Blur announced that it would modify the royalty policies earned by NFT creators on its platform. Among these changes, the NFT platform will impose full royalties on collections that block trade on Opensea.
Related Reading: A Botched Heist: A Look At The Sloppy .5M Hack On Platypus Protocol
This means that NFT creators can put a royalty rate of their choice if they do not allow their pieces to be traded on the Opensea marketplace. According to the press release, this move was necessary due to the competition from OpeanSea. OpenSea utilized a similar policy that automatically sets royalties as optional when it detects transactions on other platforms.
It further noted that OpenSea benefits from creators blocking Blur transactions even though they claim it was not the primary motivation behind the policy. With this move, Blur intends to attract more users to its platforms by enabling full royalties on collections.
Royalties are earnings that creators get from the secondary sales of their NFTs. On Blur, the minimum royalty is 0.5%, and creators can opt for higher royalties, while in Opensea, they can be between 5 and 10% but can only be accrued from sales on its platform.
Blur Popularity Continues To Increase
Blur has experienced immense growth since its launch, with many NFT creators and traders switching to its platform. The NFT marketplace revealed on February 14 that more than .2 billion worth of NFTs had been transacted on its platform.
One of the driving forces was the airdrop campaign that recently concluded. Blur airdropped its native token, which enables users to participate in the governance of its protocol. This move led to the massive hype that has allowed the NFT marketplace to thrive.
Related Reading: Blur Token Airdrop Spikes Ethereum Gas Prices And Burn
Blur is an Ethereum non-fungible token (NFT) marketplace backed by the investment company Paradigm. It is focused on web3 projects —a model that proposes that users own the content and generate profits. For many, it is one of the strongest candidates to compete with OpenSea, the leading market in the field.
Blur Price Analysis
Blur token has continued to recover steadily since its launch, which saw its token dip from to .60 primarily due to the airdrop. At the time of writing, it is trading for .30 and is moving towards its next resistance level of .5. In addition, its daily trading volume is hovering at 0 million in the last 24 hours, according to data from Coinmarketcap.
Featured image from Unsplash, Chart from TradingView
Ethereum Price Accelerates Higher as The Bulls Aim $1,720
Ethereum climbed higher above the ,500 resistance zone against the US Dollar. ETH is consolidating gains and might rise further towards the ,650 level.
- Ethereum started a fresh increase above the ,450 and ,500 resistance levels.
- The price is now trading above ,500 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near ,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further unless there is a downside correction below the ,540 support.
Ethereum Price Signals Bullish
Ethereum price started a strong increase above the ,400 resistance. ETH was able to clear the ,450 resistance zone to move further into a positive zone, similar to bitcoin above ,000.
The price even climbed above the ,500 resistance zone. A high is formed near ,584 and the price is now consolidating gains. Ether price is now trading above ,500 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near ,540 on the hourly chart of ETH/USD.
The current price action is positive, and the price is trading above the 23.6% Fib retracement level of the upward move from the ,505 swing low to ,584 high.
An immediate resistance is near the ,585 level. The next major resistance is near the ,620 level. An upside break above the ,620 resistance zone could set the pace for more gains.
Source: ETHUSD on TradingView.com
In the stated case, the price may perhaps rise towards the ,700 resistance. Any more gains might send the price towards ,720 or even ,800 in the near term.
Dips Limited in ETH?
If ethereum fails to clear the ,585 resistance, it could start a downside correction. An initial support on the downside is near the ,550 level.
The next major support is near the ,540 level and the trend line. It is near the 50% Fib retracement level of the upward move from the ,505 swing low to ,584 high. If there is a move below ,540, the price might test the ,500 support. Any more losses might call for a test of the ,420 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,540
Major Resistance Level – ,585
Solana: Outshined But Not Lifeless As Network Activity Accelerates
Solana was scrutinized extensively after speculations appeared connecting it to the bankrupt FTX. The network’s perception of FTX was drastically altered by the occurrence, and the resulting fear, uncertainty, and doubt (FUD) proved challenging to dispel.
Almost 9% of the token’s value was wiped out today, perhaps because of the fallout from the exchange’s downfall, indicating a deepening bear market.
In addition, the CryptoSlam data reveals that the NFT market in the ecosystem has been experiencing severe declines in trading volume and new buyers.
DeFiLlama also reported that SOL’s TVL had dropped by another 10%. When compared to the all-time high in TVL in November of .02 billion, the current value of 5.43 million represents a staggering drop of 73.46%.
Data from Messari, however, indicates that Solana is very much alive.
Getting Rid Of Security Bugs
Messari’s latest coin report notes various activities, even if the ecosystem does not have a clearly articulated roadmap. For example, JumpCrypto is working on a C++ client for the token’s validator called Firedancer. Because of this, the impact of bugs on the Solana blockchain would be mitigated.
However, such endeavors necessitate time to germinate and grow. At the moment, there are some security holes in Solana that should be fixed.
The Solana DeFi protocol Raydium was compromised on December 16. This resulted in investors and traders losing approximately million. This is expected to diminish confidence in the token further.
Contrary to these neutral and negative changes, Santiment data indicates that on-chain development activity is still quite robust.
Solana Token Needs More Kick
It appears that the Solana Ecosystem is highly resilient due to the significant development activity and activities to enhance on-chain performance. In contrast, Solana’s native coin SOL stands in stark contrast to the ecosystem.
As of the time of writing, the token has support at .83 and resistance at .98. The increased link between SOL and BTC could become problematic if Bitcoin’s market performance continues to deteriorate.
As the US Federal Reserve prepares for a further hike in interest rates, macroeconomic considerations will also play a role.
The future of Solana is looking bleak at the moment. But, hopefully, as the situation improves, FUD surrounding the ecosystem may diminish. However, if the existing status quo is not altered, SOL might fall to .
The next few hours or days will be key for SOL’s price consolidation or capitulation to lower lows, therefore investors and traders should actively monitor the situation.
XDC Accelerates Network Expansion With LDA’s $50 M Investment
XinFin (XDC) Network, known for secure, scalable, and highly efficient blockchain use cases have received an investment worth million from the global alternative investment group, LDA Capital Limited. The investment originated by leveraging a portion of the token from the XDC founder’s allocation.
Ritesh Kakkad and Atul Khekade, the co-founders of XDC Network, are certain that the collaboration will accelerate network adaption and real-world use cases. The LDA is seen as a strategic partner rather than just a financier. The XDC founders have competence in the LDA due to their proactive and strategic involvement in the network to improve the ecosystem.
Atul stated:
“We’ve always looked for genuine strategic partners, not just funders, who can actively and strategically advance the ecosystem, while bringing utility to the network, and making XDC the preferred Layer 1 for institutions the world over–in LDA, we’ve found such a partner.”
The onboarding of LDA Capital benefits the XDC’s new ventures and entities focused on bringing in new retail and institutional members. The XDC’s smart contract-based initiatives have expanded dramatically since its introduction in 2019. It is anticipated that this new relationship would encourage the growth and development of Layer 2 projects inside the XDC Ecosystem.
Anthony Romano, LDA Capital Ltd. stated:
“LDA Capital is pleased with the developments made in the XDC Network by the XDC ecosystem. In addition to its funding, LDA will offer strategic counsel and support to help XDC Blockchain Network assume its position as a market leader.”
Apart from the macro-economic benefits, projects like DEXs, Metaverses, NFT marketplaces, oracles, decentralized email providers & cloud storage, payment dApps, and legal document repositories are all roots of XDC utilities. The add-on of LDA support will further intensify the expansion rate in the XDC ecosystem as a whole.
Shiba Inu Burn Rate Accelerates By 3,000%, Will It Impact Price?
The meme coin currently under the spotlight for its token-burning campaign hit a new burn rate high this Monday. Shiba Inu, the dog crypto, burned close to 200 million coins within the last 24 hours. According to SHIB Burn data, the burn rate of Shib tokens has spiked by about 3000% in the space of 1 day.
Furthermore, most of the tokens sent to Shiba Inu’s burn wallet are from individual whale accounts. This burn initiative has taken off big since the beginning of this month. More than 500 million tokens went out of circulation in the first week. At this rate, it is possible the burn rate might hit 5000% in a few days.
Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge
Whale Accounts Invest Massively In Shiba Inu
Even as the Shiba Inu tokens burn rate skyrockets, the token is drawing massive investments from individual whale accounts. Last weekend, two whales took up positions worth millions in the Shiba Inu ecosystem.
The first one bought 702 billion SHIB coins costing close to a whopping .7 million. Another whale, in a first-time transaction, purchased 541 billion tokens worth almost million, according to Ethescan.io data. Nonetheless, the newest whale on Shiba Inu continues to be anonymous, one of the benefits of decentralized finance.
Will The Increased Burn Rate Have Any Effect On SHIB Price?
As the number of tokens burned on the Shiba Inu protocol spikes, will it positively affect the price of SHIB tokens? This question remains on many minds as millions of SHIB tokens continue to go out of circulation.
SHIB is currently trading at .00001233 after briefly dipping to 0.00001198 yesterday. The coin is doing quite well for itself amid the general crypto bear market, up about 93% in 1 year. It had hit an unprecedented all-time high of .00004217 close to the end of October 2021. However, it continued to drop amid general market volatility coming to rest at its current price. It is unclear if the increase in token burning will push the token any closer to its October 2021 peak.
SHIB’s price is currently trading around .000012. | Source: SHIBUSD price chart from TradingView.com
Shiba Inu Grows Closer to Its Trillion Token Burn Benchmark
This recent burn benchmark brings the meme coin protocol closer to its goal of burning trillions of tokens. It will be an integral part of the launch of ShibaSwap 2.0 and the anticipated Shibarium Layer 2. As it stands, Shiba Inu devs are continually seeking innovative options to burn the tokens.
Related Reading: NEAR Bulls Charge Their Way Past .7 Amid Lack Of Spike In Volume
Finally, the dog token still has a lot of challenges to overcome in the coming days if its price is to climb. The soaring inflation, coupled with the scheduled CPI report release and next week’s FOMC meeting, is also part of it. In fact, SHIB’s price may plateau or even dip in the coming days despite the massive amount of coins burned.
Featured image from Pixabay and chart from TradingView.com
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