As the halving is set to occur between April 19-20, 2024, a substantial number of crypto enthusiasts are eagerly preparing for the Runes protocol. The concept of Runes was developed by the creator of Ordinals, Casey Rodarmor, and has been met with considerable enthusiasm since its announcement in September 2023. The following is a comprehensive […]
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Beyond the Hype: Smog Token’s Rise as a Trailblazer in Crypto Alongside FLOKI and Pepe
Meme coin mania is in full swing as the new trading week begins. Among the Ethereum-based tokens gaining traction, Smog (SMOG) is catching investors’ attention alongside the surge in prices of Pepe (PEPE) and Floki (FLOKI). The speculative mania surrounding the sector has propelled these tokens into the spotlight. PEPE Regains Momentum After Weekend Pullback […]
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Ethereum Price Dips Alongside Bitcoin, Decoding Key Hurdles To Fresh Increase
Ethereum price struggled to rise above ,550 and ,580. ETH started a fresh decline like Bitcoin and traded below the ,500 support zone.
- Ethereum attempted a fresh increase but failed to surpass ,550.
- The price is trading below ,500 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near ,480 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair continue to move down if there is a move below the ,425 support.
Ethereum Price Extends Decline
Ethereum price struggled to gain pace for a move above the ,550 and ,580 resistance levels. ETH formed a short-term top and started a fresh decline below ,500 like Bitcoin.
There was a move below the ,450 level. A new weekly low was formed near ,424 and the price is now consolidating losses. There was a minor increase above the ,450 level, but the bears were active near the 23.6% Fib retracement level of the downward move from the ,614 swing high to the ,424 low.
Ethereum is now trading below ,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the ,465 level. The next hurdle could be ,480. There is also a connecting bearish trend line forming with resistance near ,480 on the hourly chart of ETH/USD.
The next major resistance is now near ,520. A clear move above the ,520 level might start a decent increase. In the stated case, the price could rise toward the ,580 level.
Source: ETHUSD on TradingView.com
The next key hurdle sits near the ,620 zone. A close above the ,620 resistance could start another steady increase. The next key resistance is near ,680. Any more gains might send the price toward the ,720 zone.
More Losses in ETH?
If Ethereum fails to clear the ,520 resistance, it could start another decline. Initial support on the downside is near the ,440 level.
The next key support could be the ,425 zone. A downside break below the ,425 support might send the price further lower. In the stated case, Ether could test the ,350 support. Any more losses might send the price toward the ,320 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,425
Major Resistance Level – ,520
ORDI Rockets To Unprecedented Peaks Alongside Bitcoin’s $42,000 Breakthrough
The value of ORDI has increased significantly during the last week, more than tripling, following an astonishing climb. This noteworthy increase aligns with the upward trend of Bitcoin’s value, adding to the cryptocurrency’s recent surge in popularity.
A remarkable occurrence was the overnight rise of ORDI to an unprecedented all-time high, which injected excitement into its recent performance.
Based on the Ordinals protocol of Bitcoin, the token is by far the largest BRC-20 asset. It reached a new peak price of .05 today, according to CoinGecko data, after rising 16.3% over the previous day and an astounding 148% over the previous seven days. The fact that ORDI has increased by more than 500% during the past 30 days is similarly astounding.
ORDI Surges: Technicals Mirror Bitcoin’s Bull Market
The market value of ORDI has increased by more than 380% in the past year. These performance gains have demonstrated a significant relationship with the characteristics of the Bitcoin market, raising the prospect that ORDI may follow Bitcoin’s lead during the bull market.
Furthermore, one important technical indication is to support the optimistic viewpoint. The 4-hour chart’s Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) both show positive movements.
Interestingly, the RSI reached 90.24, indicating an overbought state that can indicate a possible decline in price. On the other hand, the MACD’s bullish momentum suggests that there is still buyer interest and that the price will probably continue to rise.
ORDI has had tremendous growth since its founding as a technical experiment on Bitcoin in early 2023. With a 3 million market capitalization, ORDI is the most valuable cryptocurrency by market valuation, ranking it 63rd overall and first within the BRC-20.
Regarding social dominance, Santiment data indicates that ORDI has had an upward trend.
ORDI Doubles In A Week Alongside Bitcoin’s 20-Month Highs
ORDI’s recent surge, fueled by adoption from major exchanges like Binance and OKX, saw its largest increase in the past week, doubling in price. This coincided with Bitcoin reaching its highest point in 20 months, exceeding ,000.
Bitcoin’s 20% rise over the past month, currently at around ,800, further emphasizes the synchronized momentum of both cryptocurrencies since ORDI’s launch.
Thanks in part to increased activity on the Ordinals protocol, market analysts continue to have a positive outlook for ORDI. With a varied content library and over million in total inscriptions as of writing, ORDI’s popularity inside the Bitcoin network has increased in tandem with the rise in transaction fees. It is a crucial component of the network.
Meanwhile, Coincodex predicts a 104% increase to .74 during the course of the following year. ORDI would have reached a new all-time high following its most recent breakout, which coincided with price discovery.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Freepik
Lido (LDO) Price Inks Gains Alongside TVL Rise – What Traders Should Expect
Lido DAO (LDO), the driving force behind the revolutionary liquid staking protocol for Ethereum (ETH), has displayed an impressive 7.41% ascent in its Total Value Locked (TVL) over the course of the last seven days.
This robust surge in TVL has positioned Lido Finance as a prominent contender in the decentralized finance (DeFi) landscape, illustrating its resilience amidst a fluctuating market.
According to the latest data from DeFiLlama, Lido Finance’s TVL witnessed a notable augmentation, securing its place as the most substantial growth among the top five DeFi protocols. This feat underlines Lido’s exceptional capacity to adapt and expand, distinguishing itself from its counterparts during a pivotal time for the DeFi sector.
Despite the tumultuous price fluctuations that have characterized the altcoin realm, Lido’s TVL growth stood unwavering. This achievement can be attributed to a discernible surge in Ethereum deposits within the protocol over the reviewed timeframe.
Lido’s ETH Deposits Surge Amidst Uncertainty
The primary driver behind Lido’s remarkable TVL surge over the past week was a substantial influx of ETH deposits into the platform. Even in the face of significant market price gyrations, Ethereum holders exhibited a commendable degree of confidence in Lido’s liquid staking protocol.
Recent technical analysis highlights that the platform saw a cumulative total of 185,500 ETH deposits in the last seven days alone. This not only positioned Lido as a beacon of stability in a tempestuous market but also secured its status as the go-to protocol for net new Ethereum deposits.
Insights And Outlook For Lido Finance
Lido Finance’s recent achievements underscore its growing prominence in the DeFi realm. With a current price of .66 according to CoinGecko, the platform’s token’s resilience (LDO) is further affirmed by its 24-hour rally of 5.1%. Over the span of the last seven days, Lido has achieved gains of 1.4%, a testament to its unwavering performance even in challenging times.
As the broader cryptocurrency landscape continues to evolve, Lido’s success serves as a reminder of the power of innovative DeFi solutions. By facilitating liquid staking for Ethereum, Lido DAO not only appeals to those seeking rewards from staking but also embodies the ethos of adaptability that is vital for thriving in the ever-changing world of decentralized finance.
As Lido outperforms its peers in TVL growth and garners a significant influx of ETH deposits, it proves that adaptability and reliability are the cornerstones of sustainable success in the dynamic realm of decentralized finance.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from PortalCripto
Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF
Valkyrie has applied to the US Securities and Exchange Commission (SEC) to add ETH futures contracts to its Valkyrie Bitcoin Strategy ETF (BTF).
Valkyrie Makes A Move To Stay Ahead Of The Crowd
Valkyrie’s application represents a move to stay ahead of the crowd. While many have applied to launch their respective Ethereum (ETH) Exchange-Traded Funds (ETFs), Valkyrie has simply moved to include exposure to ETH futures contracts in their existing investment strategy.
While the likelihood of the SEC’s approving these Ethereum ETFs or in what order remains uncertain, Valkyrie plans to introduce its double-barreled approach on or around October 3, putting its launch date ahead of that of other competitors.
Part of the filing reads:
In addition, on or about October 3, 2023, the Fund’s name is expected to change to Valkyrie Bitcoin and Ether Strategy ETF. The Fund is expected to continue to trade on The Nasdaq Stock Market LLC under the ticker symbol “BTF”. The foregoing changes will only take effect and are conditioned upon the effectiveness of the Trust’s Post-Effective Amendment No. 23 under the Securities Act of 1933, including any amendments thereto, which has been filed with the Securities and Exchange Commission on August 4, 2023 and contains further information about the changes to the Fund’s name and investment strategy.
Going by SEC Rule 485(a), those who applied for the Ether ETFs can launch 75 days from their respective filing dates if none of the applications before the SEC gets denied. In tandem with the 75 days, the earliest any of these fund managers (the first being Volatility Shares, who applied on July 28) can launch is October 12 (9 days after Valkyrie’s proposed launch if their application gets greenlit by the SEC).
This first-mover advantage can be critical when looking back at history. Although Valkyrie launched its Bitcoin fund in October 2021, it wasn’t the first to do so, as ProShares had already launched its Bitcoin Strategy ETF (BITO).
Many believe that BITO launching first is one of the reasons it has enjoyed more success compared to Valkyrie’s Bitcoin Strategy ETF (BTF). BITO now has over billion in assets under management (AuM) compared to BTF’s AuM of about million.
Deja Vu?
As Bloomberg Senior ETF Analyst Eric Balchunas noted in a tweet, this isn’t the first time someone is moving to amend an existing fund to launch the first such product in the industry.
ETF Managers Group has previously moved to convert a Latin American real estate ETF to the ETFMG Alternative Harvest ETF (MJ), so it could be first in line to launch marijuana ETFs in the US – something which has been compared to what Valkyrie is trying to do.
Bitcoin Stamps Approach 50,000 Recorded on Blockchain Alongside Introduction of SRC20 Tokens
With nearly nine million Ordinal inscriptions, the trend that followed, called Bitcoin Stamps, is nearing a milestone of nearly 50,000 stamps recorded on the Bitcoin blockchain. Additionally, similar to the BRC20 token economy, the Bitcoin Stamps concept has provided users with the ability to mint fungible tokens with a standard called SRC20.
Bitcoin Stamps Inch Closer to 50,000; SRC20 Tokens Enter the Picture
While there has been significant attention on Ordinal inscriptions and the BRC20 economy, the Bitcoin Stamps trend is still relatively unknown. As of May 23, 2023, there are currently 46,578 Bitcoin Stamps recorded on the BTC blockchain, approaching the 50,000 milestone. The current number of stamps can be viewed at stampchain.io and rarestamp.xyz.
Popular collections include the Pixel Gods, 3GGS, Eternai Rare, Stamp Punks, Stamp Wizards, Stamp Pepes, Stamp Pepes Not, and Classic Arcade. These collections have been available for a considerable period and are sold through rarestamp.xyz’s marketplace. A new concept has recently emerged alongside the Bitcoin Stamps trend, known as SRC20 tokens. Similar to BRC20s, this token concept enables users to mint fungible token supplies using the technology.
“SRC20 is a bleeding edge protocol on Bitcoin Stamps,” the website stampchain.io details. “We’re working hard to build indexing tools and form partnerships with marketplaces. However, it is early. You’re not going to see these tokens in your wallet just yet.”
Rarestamp.xyz offers an SRC20 minting page on its web portal, allowing users to issue a token supply, and assign a ticker symbol. Stampchain.io also offers an SRC20 minting tool. According to statistics, there are currently over 300 SRC20 stamps available today. Some of the SRC20 tokens include coins like “kevin,” “stamp,” “pepe,” “bobo,” “shib,” “punks,” and “rare.”
At this time, there is no available data on the market valuation of the SRC20 token economy, while the BRC20 economy is valued at 7 million. Furthermore, alongside BRC20s and SRC20s, the token standard DRC20 has been developed on the Dogecoin network. Stampchain.io says that a community member built a basic indexer for the coins but it cannot guarantee the accuracy of the tool.
What are your thoughts on the potential impact of Bitcoin Stamps and the emergence of SRC20 tokens on the blockchain? Share your insights and opinions in the comments section below.
TRON Grand Hackathon 2022 takes off alongside the introduction of its new community forum
Last Thursday, TRON DAO and BitTorrent Chain (BTTC) announced the launch of the TRON Grand Hackathon 2022 and its first-ever TRONDAO Forum.
Registration for the Hackathon began appropriately on Valentine’s Day, February 14, just in time to spread the love for new entrepreneurs, engineers, and designers, to have the chance to add to the advancement of Web 3.0 and the blockchain industry.
The hackathon focuses on allowing developers to experiment and leverage the TRON blockchain and the BitTorrent Chain (BTTC) to create a plethora of projects spanning DeFi (Decentralized Finance), blockchain gaming, Web3, Digital Art/Collectibles, and everything in-between.
TRONDAO Forum aims to empower the decentralized community to impact the governance and evolution of the TRON DAO, building the foundation of an interconnected cross-chain future for the entire blockchain economy.
“The future is not far from where decentralized storage, decentralized applications, digital assets, and cryptocurrency wallets are widespread. With the increasing use of decentralized, peer-to-peer, and secure networks, blockchain is becoming the backbone of Web 3.0 – the decentralized web,” said H.E. Justin Sun, Founder of TRON.
Developers are encouraged to participate in this exciting opportunity to design and implement DeFi, GameFi, NFT, and Web3 applications, and to engage with the community on TRONDAO Forum.
Since the decentralized web is all about putting the power in the hands of the people, the TRON Grand Hackathon 2022 and the TRONDAO Forum, are all about opportunities, interactions, and empowering the TRON DAO community to have a say in the digital world.
For submission requirements, eligibility, rules, criteria, and further details, please visit the TRON DAO Forum or see the Medium article.
Greed Spikes To Seven-Month High Alongside Record Crypto Prices
Data shows greed in the crypto market has spiked to seven-month highs as coins record new all-time highs (ATHs).
Crypto Fear And Greed Index Points At Extreme Greed
As per the latest weekly report from Arcane Research, the fear and greed index has recorded seven-month highs as the needle points at extreme greed.
The “fear and greed index” is an indicator that represents the general sentiment of the crypto market on a numeric scale that goes from 0 to 100.
When the metric has values below 50, it means there is, on average, fear among investors. Values lower than 25 denote extreme fear. Such a sentiment is usually seen after big corrections, and periods of extreme fear may prove to be good buying opportunities.
While the needle pointing above 50 means the crypto market is starting to get greedy. Extreme greed occurs when values exceed 75. Very high values near 100 may mean there will be a correction soon so investors may not buy more at this point.
Here is a meter that shows what the current market sentiment is:
The fear and greed index seems to be pointing at extreme greed at the moment | Source: The Arcane Research Weekly Update – Week 42
As the above meter shows, the crypto market looks to be extremely greedy right now as the value of the indicator stands at 76.
Related Reading | Bitcoin Funding Rates Touch Same Level As Early September, More Correction To Come?
Comparison with last week’s and last month’s values is also given below the meter, which were 75 (extreme greed) and 27 (fear), respectively.
The below chart gives a better idea about how the current fear and greed index values compare with those of the past:
The values of the indicator over the last one year | Source: The Arcane Research Weekly Update – Week 42
On examining the above graph, it becomes apparent that the fear and greed index reached values of 84 this week, the highest in the last seven months.
Related Reading | Breaking Down The Bitcoin Binance Flash Crash By The Second
This peak was made just a day after Bitcoin made its new ATH of around k, but shortly following that the price had a correction. The below chart shows this trend in BTC’s price:
BTC’s price continues to go down after making a new ATH | Source: BTCUSD on TradingView
The fear and greed index also took a hit in response to this decline in Bitcoin’s price, but nonetheless, values still remain in the extreme greed category, which means the crypto market still expects prices to go higher.
During the rally earlier in the year, values consistently remained in the extreme greed category, and corrections only caused temporary declines in the indicator.
This means that if the market has to continue making newer ATHs, the market sentiment should remain greedy, otherwise the bull run might start losing steam
Featured image from iStock.com, charts from TradingView.com, Arcane Research
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Kraken Supports Ethereum 2.0 Clients Team Alongside Five DeFi Projects With A $250K Donation Each
Kraken and five other DeFi projects contribute 0,000 each to support the teams that work on the Ethereum upgrade. In addition, they donated the sum to the ETH Foundation to develop the network’s version 2.0.
Open-source developer teams like Erigon, Besu, Nimbus, Geth, and Nethermind will join the ETH Foundation in the donation.
1/ A diverse execution-layer client ecosystem is at the heart of all that we’re building together.
Today, we're excited to announce that @compoundgrants, @krakenfx, @LidoFinance, @synthetix_io, @graphprotocol & @Uniswap are donating 0K each to support #Ethereum client teams.
— Ethereum (@ethereum) August 24, 2021
The Ethereum Foundation announced the source of the donations. They mentioned that the tips came from crypto exchange Kraken, Synthetix, the Graph, Compound Grants, and Uniswap Grants.
Related Reading | Blockchain Startup In Pakistan Dubbed Bazaar Secures Million In Funds
The donations will add to the funds the Foundation provided earlier back the layer teams of ETH execution.
The Funds Aim To Empower The Ethereum Team
The Foundation of what we build together incudes the various client ecosystem of Ethereum. It consists of the consensus layer clients and the execution layer; both are vital aspects of future Ethereum mergers. The announcement also reads:
“The donation sums up to .5 million and goes to open-source developer teams like Nimbus, Besu, Geth, Erigon, and Nethermind”.
The developer team is to make provision for the network’s critical infrastructure to see the transition of ETH. The ETH is to transit to proof-of-stake mechanism from a proof of work. An August 24th post on the Ethereum web page reads:
“In the heart of what we are developing together is a broad execution-layer client ecosystem. So today, we gladly announce that Kraken-fx, Uniswap, synthetix_io, graph-protocol, compound-grants, LidoFinance, and donates 0K each to support ETH 20 client teams.”
ETH is trading in a sideways momentum on the daily chart | Source: ETHUSD on TradingView.com
Jesse Powel, the co-founder and CEO of Kraken, says that the company is proud to give back to valiant builders who work hard on cutting-edge crypto innovation.
Kraken proposed that the exchange users would have staked up to 800,000 ETH in Eth2 by July. This is worth about .5 billion with current prices. The network platform had given out 25,300ETH as rewards emerging from staking when it started initially.
Related Reading | Kraken To Re-Enter The European Market By Applying For A New License
This project portrays an effort to ensure the security of Ethereum’s consistent growth and decentralization. Each of the elements is exemplified by the diversity of clients, our belief in Ethereum’s continued success, and the strength of the teams. The announcement revealed.
Etherscan Reports
The ETH Improvement Proposal (EIP) 1559 upgrade was launched early this month. It introduces a burning mechanism as an aspect of its regulated gas fee structure.
According to Etherscan data, about 4.85 ETH worth almost ,300 are burned every minute as of writing. Over 70,000 Ethereum (ETH) has been burned or removed from the network’s circulation.
Etherscan is a Block Explorer and Analytics Platform for Ethereum, a decentralized smart contracts platform. As of August 12, 31,792.48 ETH has been burned via Etherscan, amounting to ,871,306.11.
Featured image from Pixabay, chart from TradingView.com
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