Orbital, a provider of blockchain-based payments, has published a blog post highlighting the importance of USDT payments on TRON in emerging markets. The company processes millions of on-chain transactions each year, valued in the billions of dollars. The post explains that while developed markets have little motivation to adopt crypto payments, the situation is different […]
Bitcoin News
Zilliqa Partners With Gravity Team to Boost Liquidity in Emerging Markets
PRESS RELEASE. Zilliqa, the high-throughput, low-fee layer 1 blockchain platform, is thrilled to announce its strategic partnership with Gravity Team, a leading algorithmic market maker and liquidity provider in the cryptocurrency space. This collaboration is poised to significantly enhance liquidity within the Zilliqa ecosystem, particularly in global and emerging markets, providing investors with increased access […]
Bitcoin News
Ethereum Price Support Retest: Is a Double Bottom Pattern Emerging?
Ethereum price declined again and retested the ,365 support zone. ETH could start a fresh increase toward ,700 if it stays above ,365.
- Ethereum is still holding the key ,365 support zone.
- The price is trading below ,550 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near ,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could form a double-bottom pattern and rise toward the ,700 resistance.
Ethereum Price Retests Key Support
Ethereum price failed to gain pace for a move above the ,580 and ,650 resistance levels. ETH reacted to the downside like Bitcoin and declined below the ,500 support. There was a sharp move below ,420, but the bulls were again active near ,350.
A low was formed near the ,350 level and the price is again rising. There was a move above the ,380 and ,400 resistance levels. The price was able to clear the 23.6% Fib retracement level of the downward move from the ,649 swing high to the ,350 low.
Ethereum is now trading below ,550 and the 100-hourly Simple Moving Average. It seems like the price could form a double-bottom pattern and rise toward the ,700 resistance. If there is a fresh increase, the price might face resistance near the ,460 level.
The first major resistance is near the ,500 level or the 50% Fib retracement level of the downward move from the ,649 swing high to the ,350 low. There is also a connecting bearish trend line forming with resistance near ,500 on the hourly chart of ETH/USD.
An upside break above the ,500 resistance might send the price higher. The next key resistance sits at ,580, above which the price might gain traction and rise toward the ,650 level.
A clear move above the ,650 level might send Ether toward the ,720 resistance. Any more gains could send Ether toward the ,800 resistance zone.
Downside Break In ETH?
If Ethereum fails to clear the ,500 resistance, it could continue to move down. Initial support on the downside is near ,380. The first major support is at ,350.
A clear move below the ,350 support might push the price toward ,250. Any more losses might send the price toward the ,120 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – ,350
Major Resistance Level – ,500
Xapo CEO Seamus Rocca Describes Xapos’ Proposition, Talks US Regulation, Emerging Markets, and Stablecoins
Seamus Rocca, CEO of Xapo, had a candid conversation with Bitcoin.com’s COO Jason Sheman, where he shared his accumulated experience and knowledge describing what makes Xapo different from a traditional neobank, talked about U.S. markets and regulations, how emerging markets see crypto, and the necessity of implementing stablecoins in Xapo after Silvergate Banks’ downfall. Xapo […]
Bitcoin News
Bitcoin Breaks Free: Emerging from Bearish Sentiment, Crypto Market Optimism Rises
Bitcoin price is up nearly 8% and it broke many hurdles. BTC is now consolidating gains and might correct in the short term toward ,000.
- Bitcoin started a strong increase and cleared the ,500 resistance zone.
- The price is trading above ,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at ,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct gains but the bulls might be active near ,000 and ,500.
Bitcoin Price Jumps 8%
Bitcoin price remained strong above the ,000 support zone. BTC formed a base and started a fresh increase above the ,000 level. There was a break above a key bearish trend line with resistance at ,500 on the hourly chart of the BTC/USD pair.
The pair rallied over 6% and broke many hurdles near the ,500 resistance. It even cleared the ,500 resistance. A new weekly high was formed at ,411 and the price is now consolidating gains.
It is holding gains above the 23.6% Fib retracement level of the recent wave from the ,073 swing low to the ,411 high. Bitcoin price is also trading above ,000 and the 100 hourly Simple moving average.
Immediate resistance is near the ,400 level. The first major resistance could be ,850. The next key resistance could be ,200. A clear move above the ,200 resistance might send the price higher. In the stated case, the price could rise and test the ,000 resistance.
If there is a close above the ,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward ,000.
Are Dips Limited In BTC?
If Bitcoin fails to climb above the ,400 resistance zone, it could start a downside correction. Immediate support on the downside is near the ,150 level.
The first major support is ,500. If there is a close below ,500, the price could start to drop toward ,500 or the 50% Fib retracement level of the recent wave from the ,073 swing low to the ,411 high. Any more losses might send the price toward the ,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,150, followed by ,500.
Major Resistance Levels – ,400, ,800, and ,200.
Indian Finance Minister Says Crypto Assets Cannot Be Currencies — Expects ‘Some Framework Emerging’ From G20 Discussion
Indian Finance Minister Nirmala Sitharaman has stated that it is the position of the Indian government that crypto assets cannot be currencies, which are issued by central banks. She clarified that crypto assets can be used for trading, speculation, profit-making, and various other purposes. Moreover, she noted that India has raised the issue of crypto […]
Bitcoin News
Tether Launches Tether Edu, Expands Educational Initiatives in Emerging Markets
Tether, the largest stablecoin company, has announced the launch of Tether Edu, an initiative that will concentrate all of the global educational and learning programs of the institution. Tether Edu will focus on emerging markets, offering courses and hybrid programs in blockchain, artificial intelligence (AI), design, and other areas.
Tether Launches Tether Edu to Provide Digital Skills in Emerging Markets
Tether is expanding its action in the educational and learning fields. The company recently announced the launch of Tether Edu, a company initiative that will concentrate and expand the different educative programs of the institution. According to Tether, Edu will offer courses in areas such as blockchain, artificial intelligence (AI), and design to provide digital skills in various markets.
Edu’s actions will focus on emerging markets, with Tether mentioning Africa, Latin America, the Middle East, Europe, the Commonwealth of Independent States, and Asia as areas where these educational initiatives will be conducted.
Tether CEO Paolo Ardoino commented on the importance of providing knowledge combined with economic tools like USDT, the stablecoin with the largest market cap in the cryptocurrency market. Ardoino stated:
We firmly believe that financial tools, exemplified by USDt, are not merely instruments for transactions but catalysts capable of rewriting economic history.
Furthermore, Ardoino stressed that education was of pivotal importance, serving as a “linchpin for fostering economic prosperity and sustainable development.” Tether is currently hiring to fill several spots to be part of this new division.
Edu is part of the expansion that Tether has been executing since last year, opening its interest and investment to new fields, projecting entering the green cryptocurrency mining industry with 0 million and also in AI, having lent 0 million to Northern Data to expand its hardware arsenal in November.
Tether’s business is booming, evidenced by a reported record-breaking Q4 profit of .85 billion, amassing a total net profit of .2 billion in 2023.
What do you think about Tether Edu and its focus on emerging markets? Tell us in the comments section below.
Spartan Group’s Report Reveals Bitcoin’s Untapped Potential via Emerging Layers
A new report details how Ordinals and other layer-two innovations can reshape Bitcoin’s role in the digital economy, moving it beyond just a store of value.
New Report Outlines How Bitcoin Can Evolve to a Multi-Layered Ecosystem
The “Bitcoin Layers” report, produced by the Singapore-based web3 investment firm Spartan Group, provides an insightful look into the potential future of Bitcoin.
The report points out that bitcoin’s market capitalization, now exceeding 0 billion, has a significant portion of capital that remains underutilized due to challenges in programmability, scalability, and community alignment. It posits that Bitcoin can evolve beyond a mere store of value, transitioning into a foundational platform for a trustless financial system.
A key development in this transformation is the introduction of Ordinals, which is causing a cultural shift in the Bitcoin ecosystem. Ordinals are extending Bitcoin’s use beyond its traditional role as a store of value, which is creating a surge in interest in what is sometimes criticized as an ossified digital asset.
Another crucial aspect of Bitcoin’s evolution is the emergence of strategic layer-two solutions. These solutions address Bitcoin’s inherent limitations by enhancing functionalities such as programmability and transaction speeds, both of which are essential for scalability and overall growth. In fact, layer-two solutions are important for Bitcoin’s future, the report claims.
With these ongoing developments, bitcoin is increasingly attracting institutional interest and investment, a trend likely to accelerate with the anticipated 2024 halving event.
The ecosystem is experiencing a surge in new projects and technologies, indicating a hotbed of innovation and potential for growth. The report observes that auxiliary networks within the Bitcoin ecosystem are taking cues from Ethereum’s architecture, leading to a likely increase in demand for Bitcoin block space.
Bitcoin’s layer-two networks, while still nascent compared to those on other blockchains, are showing promising growth. Developments like the Ordinals protocol and the BRC-20 token standard signify a revival in Bitcoin’s builder culture. The report identifies four major layer-2 projects: Lightning Network, Stacks, Liquid, and Rootstock, known as the “Big Four.” These projects are at the forefront of introducing functionalities such as smart contracts and faster transaction speeds to Bitcoin.
In addition to the “Big Four,” there are other innovative projects within the Bitcoin ecosystem. For instance, Ark focuses on off-chain low-cost payments, while Interlay is developing a network between Bitcoin and multi-chain ecosystems. Interlay recently created a decentralized Bitcoin bridge with a 1:1 bitcoin-backed asset.
The report paints an optimistic future for Bitcoin. It emphasizes the significance of recent developments, such as the listing of ETFs in the U.S. and the upcoming halving event, in inspiring new use cases for Bitcoin. These advancements, together with the growing layer-2 ecosystem, are poised to further boost Bitcoin’s adoption and cement its status as a multifaceted financial platform.
Will Bitcoin become a multi-layered financial system? Share your thoughts and opinions about this subject in the comments section below.
Grayscale’s New Study Reveals Emerging Synergy Between AI and Cryptocurrency
The integration of artificial intelligence (AI) and cryptocurrency is heralding a new era of technological advancement, as highlighted in a recent Grayscale Investments report by Will Ogden Moore. Grayscale’s latest report says this synergy, marked by the impressive performance of AI-related crypto assets, is expanding the scope of blockchain applications beyond traditional payment systems.
Grayscale Research Report Illuminates the Collaborative Future of AI and Cryptocurrency
Grayscale Investments’ research report emphasizes the potential of this intersection to address future AI-related societal challenges, including concerns over data privacy and the centralization of power. According to the Grayscale researcher, Will Ogden Moore, AI-adjacent cryptocurrencies have shown significant growth, outperforming traditional sectors within the crypto ecosystem.
“Specifically, the four largest AI-adjacent crypto tokens by market cap (TAO, RNDR, AKT, WLD) are up 522% in the last year, outperforming the Utilities and Services Crypto Sector (+86%) over the same period,” the report notes.
Grayscale’s analysis points to the critical need for accessible, competitive, and transparent AI development, mirroring the core principles of blockchain technology. The report discusses various viewpoints, including those from industry experts, on how blockchain could play a crucial role in establishing checks and balances in AI governance.
“The Openai incident underscores the potential dangers of centralized control over pivotal technologies,” the study explains. “For Grayscale Research, this begs a critical question: how do we ensure that AI development is accessible, competitive, and transparent?”
The Grayscale report further highlights the use of blockchain in combating the rise of misinformation and deepfakes, especially in politically sensitive contexts like elections. It showcases initiatives using blockchain protocols to verify content authenticity, thus enhancing trust and transparency in digital information.
One of the major concerns in AI development is bias in AI models. The Grayscale report sheds light on decentralized networks like Bittensor, which aim to reduce bias by incentivizing diverse pre-trained models. This approach fosters an open and collaborative environment for AI innovation, potentially mitigating the negative impacts of bias and promoting a more equitable AI landscape.
For instance, several studies have shown that AI language models, such as Chatgpt, may exhibit a left-leaning political bias. A paper published in the National Center for Biotechnology Information argued that algorithmic bias against people’s political orientation can arise in AI systems. The University of Washington and Carnegie Mellon University revealed that AI language models have been trained on left-leaning data.
Finally, the report emphasizes the importance of democratizing AI development to prevent monopolization by tech giants. It discusses how decentralized compute marketplaces, such as Akash and Render, are enabling broader access to AI development resources. By connecting GPU owners with AI developers, these platforms are making AI development more accessible and competitive, countering the trend of centralization in the tech industry.
In conclusion, Grayscale’s and Moore’s research report illuminates a transformative phase where AI and cryptocurrency coalesce, fostering a landscape ripe for innovation and societal benefit. This union is not only redefining blockchain’s utility but also addressing critical challenges in AI governance and development. By leveraging decentralized networks and marketplaces, this synergy promises a more equitable, transparent, and diverse technological future.
What do you think about Grayscale’s report concerning the synergy of AI and crypto assets and blockchain networks? Share your thoughts and opinions about this subject in the comments section below.
Is $40,000 Next? Unpacking 4 Reasons Behind Bitcoin’s Emerging Rally
The Bitcoin price rally is losing strength as the cryptocurrency returns to its support levels following weeks of bullish momentum. In the short term, the landscape seems sloped to the downside, but an analyst presented the main reasons why the rally has just begun.
As of this writing, Bitcoin (BTC) trades at ,550 with a 2% loss in the last 24 hours. Over the previous week, the cryptocurrency recorded similar losses following the general sentiment in the market. Only Solana (SOL) preserved its gains during the same period.
Behind Bitcoin’s Surge: Decoding the Four Key Factors
According to a report from Deribit Insight, posted by Markus Thielen, several forces are pushing Bitcoin towards new yearly highs. These forces remain intact despite the recent price action.
Among the reasons behind the current BTC price rally, the analyst included speculations around the U.S. Securities And Exchange Commission (SEC) Bitcoin Exchange Traded Fund decision, traders’ appetite for leverage, fiat inflows through stablecoins, and increased fee generation within the Bitcoin network.
SEC’s Decision On The Bitcoin ETFs
A significant driver is the anticipation surrounding the SEC’s approval of a spot Bitcoin ETF. Despite passing the second deadline in mid-October without any announcement, the market remains watchful, with the third deadline set for mid-January 2024. The uncertainty surrounding this decision has led to fluctuations in implied volatility, influencing Bitcoin’s value.
Leveraged Positions and Futures Market
The demand for leveraged positions in Bitcoin, primarily through perpetual futures markets, indicates a strong interest in trading the BTC/USDT pair. This was evident when the funding premium reached an annualized +28% on November 13.
In addition, the BTC options market saw an uptick in realized volatility. The increase in the metric signals risk appetite for investors.
The chart below shows that the metric approaches its 5-year average. However, the analyst believes that volatility should decline as the year ends, suggesting that Bitcoin will follow a sideways trajectory in the short term.
Influx of Fiat Via Stablecoins
Another crucial aspect is the substantial fiat inflow into cryptocurrencies, mainly through Tether’s USDT, indicating fresh capital entering the crypto space. With over .8 billion moving into crypto in the last 30 days, this influx has had a notable impact, especially on altcoins, reflecting growing investor confidence.
Increased Bitcoin Network Activity
The Bitcoin network’s fee generation signals heightened activity, reaching million. The report claims that this growth in network usage, partly driven by the resurgence of Ordinals and support from major exchanges, underscores the fundamental strength of the Bitcoin ecosystem.
Despite these positive indicators, the absence of an SEC Bitcoin ETF approval and a reduction in leveraged long positions might prevent Bitcoin from soaring past the ,000 mark. However, the ongoing solid fiat inflows and a robust, fee-generating Bitcoin network provide grounds for cautious optimism.
Bitcoin’s journey remains captivating as it navigates regulatory decisions, market strategies, and evolving investor sentiment.
Cover image from Unsplash, chart from Tradingview