Studio369 has announced the third Closed Beta (CB3) period for its PvP mech shooter, Metalcore, set to commence on June 27th. This latest beta phase will introduce several new features, including session-based PvP scenarios, a faction war-centric PvE mission, and faction-based social hubs. The update also includes an enhanced in-game economy, allowing players to purchase […]
Bitcoin News
Ethereum Shifts Gears: Breaks Key Resistance, New All-Time Highs Next
Ethereum (ETH) is currently at the forefront of an impending market surge, as indicated by a significant technical breakout. According to crypto analyst Jelle, Ethereum has recently emerged from a bearish pattern particularly breaking out from the “falling wedge” and flipping key resistance into support zones.
Jelle reveals that Ethereum is currently pushing for the ,000 mark which makes the possibility of reaching new heights seems more tangible. This movement marks a significant turnaround from previous trends, setting the stage for potentially record-breaking price levels.
The Bullish Shift: Ethereum Breakout from a Falling Wedge Explained
Jelle’s recent observations come during a period of strong performance for Ethereum, with the cryptocurrency showing a 30% increase in value over the past week alone.
Ethereum stands at ,951 at the time of writing, having climbed an additional 2.5% in just 24 hours. This notable uptrend underscores the growing investor confidence and market momentum that could drive Ethereum’s value to new records.
Notably, a falling wedge pattern in technical analysis is a signal that often precedes a bullish market reversal. Characterized by converging trend lines that meet at a downward slope, this pattern typically concludes with a breakout to the upside as buying pressure overcomes selling momentum.
$ETH broke out from the falling wedge, then flipped key areas into support & now pushes for ,000.
New highs, and new all-time highs are next.
Higher. pic.twitter.com/pjrk8X2FYA
— Jelle (@CryptoJelleNL) May 27, 2024
Ethereum’s recent breakout from this pattern signifies a potential reversal of its prior downtrend and transforms previous resistance levels into new supports, laying a foundational bullish sentiment.
This technical progression is critical as it indicates a shift from bearish to bullish sentiment, suggesting that Ethereum might recover from its previous lows and embark on a sustained upward trajectory.
Analysts like Jelle see this as a precursor to more aggressive buying behavior, potentially propelling the asset toward unprecedented price levels.
Broader Market Sentiments And Predictions
The positive outlook for Ethereum isn’t isolated. Notable crypto analyst Defi Mochi predicts that the ETH price could soar to between ,500 and ,000.
According to Mochi, this projection is based on a combination of factors, including increasing political support for cryptocurrencies and the fact that Bitcoin has yet to reclaim its all-time high.
With that said my realistic target for $ETH is approximately in the .5k to k range.
Given
◆ increased political support for crypto
◆$BTC being barely at previous ATHs
◆ increased adoption of $ETH by institutionsI Think none of us are bullish enough on Ultrasound Money.
— Defi_Mochi (@defi_mochi) May 26, 2024
Institutional investors’ adoption of Ethereum is also a critical factor in the prediction. As more institutions integrate ETH into their portfolios, their market dynamics are expected to stabilize further, attracting more significant investment flows.
Arthur, the founder of DeFiance Capital, aligns with this bullish sentiment, forecasting that Ethereum could reach ,500 shortly.
Featured image created with DALL·E, Chart from TradingView
1 Billion Served: Bitcoin Network Gears Up For The Next Billion Transactions
Bitcoin, the trailblazer of cryptocurrencies, reached a symbolic milestone this weekend, processing its 1-billionth transaction. This achievement has ignited a celebratory mood among proponents, who hail it as a testament to the digital currency’s growing legitimacy and potential. However, beneath the champagne toasts, whispers of caution linger as analysts grapple with the true significance of this benchmark.
Bitcoin’s Blockchain Bonanza: Security And Speed Take Center Stage
At the heart of the celebration lies the accomplishment itself. Bitcoin’s decentralized network, often touted for its security, has demonstrably facilitated 1 billion transactions – a testament to its ability to function flawlessly at scale.
This feat, based on data by Clark Moody, is particularly noteworthy when compared to established payment giants like Visa, which took roughly 25 years to reach the same milestone. Proponents like Tarik Sammour emphasize this achievement, highlighting that “Bitcoin has done so flawlessly, securely, and without any centralized intermediary,” a stark contrast to the traditional financial system.
What’s amazing is not that the #Bitcoin network has now processed 1B transactions, but that it has done so flawlessly, securely, and without any centralised intermediary. https://t.co/XC09H5bO6u
— Tarik Sammour (@tarik_sammour) May 6, 2024
Bitcoin Vs. The Goliaths: Can Crypto Really Compete?
The celebratory mood extends to Bitcoin’s potential as a viable payments platform. Analysts point to the rapid growth of Bitcoin compared to established players like Visa and Mastercard. Founder of the Orange Pill App, Matteo Pallegrini, emphasizes this point, underscoring Bitcoin’s resilience despite facing giants with “billions of dollars in marketing spend and thousands of employees.”
This comparison fuels the narrative that Bitcoin is disrupting the payments landscape, offering a faster and more transparent alternative.
A Look Beyond The Billion: Challenges On The Horizon
While the celebratory chorus is loud, a closer look reveals some lingering concerns. Bitcoin grapples with scalability issues, struggling to handle the high transaction volume necessary to truly compete with traditional payment processors.
This often translates to high transaction fees, potentially hindering broader adoption. Furthermore, the environmental impact of Bitcoin mining, which relies on vast amounts of energy, remains a significant point of contention.
The Verdict: A Toast With Reservations
The 1 billion transaction milestone undoubtedly marks a significant moment for Bitcoin. It underscores the growing popularity and potential of this digital currency. However, a balanced perspective recognizes the challenges Bitcoin faces – scalability, transaction fees, and environmental concerns.
Related Reading: XRP Holders Stack Coins Despite Price Dip: Bullish Signal Or HODL Of Desperation?
While institutional investment and comparisons to internet adoption are encouraging signs, widespread individual adoption remains a question mark. The future of Bitcoin hinges on its ability to address these issues and evolve into a truly viable alternative in the global financial landscape.
Featured image from Pexels, chart from TradingView
Moonland Web3 Game Targets 100 Million Daily Active Players as it Gears Towards a March Presale. $MTK Airdrop.
PRESS RELEASE. Blockchain gaming showed more resilience in the bear market. As we entered 2024, many including studio executives predicted millions of people would come to Web3 for the sake of gaming. Some of the attributes strengthening this season’s affinity to gaming hype are the anticipation of more commercial releases from beta versions, the launch […]
Bitcoin News
Areon Gears up for Mainnet Integration on Exchanges by Jan 31
PRESS RELEASE. Crypto enthusiasts hold their breath as excitement builds around the upcoming integration of Areon Network‘s new layer 1 chain with major exchanges.
Scheduled for January 31 at 14:00 UTC, the integration marks a significant milestone for the project, the resumption of trading for its native token: $AREA.
Prior to mainnet launch on January 12, AREA was a token on the Binance Smart Chain (BSC) and was readily available for trading on several exchanges. Now this EVM-compatible chain with a unique consensus mechanism awaits the integration to popular exchanges.
Waiting for the Integration
The integration process led to a temporary halt in buying and selling $AREA. The pause has undoubtedly piqued the interest of investors, creating a sense of anticipation.
The market has been boiling with intense pressure and the date January 31 will be the huge release of tension that the investors are eagerly expecting.
What to Expect on January 31
Once the integration is complete on January 31, investors will seamlessly find $AREA to be available for buying, selling and trading on exchanges. Bitget, Bitmart, MEXC and XT have so far confirmed that they are going to complete the integration.
Exchange users will simply find their $AREA tokens replaced with coins on a 1:1 basis, while Web3 and cold wallet users will use Areon’s native DEX Hyperswap as a decentralized solution.
A New Chapter for Areon Network
This mainnet integration marks a crucial step in Areon Network’s journey towards establishing itself as a prominent player in the blockchain space.
The project’s ambition to create a user-oriented, comprehensive ecosystem focused on scalability and interoperability has garnered considerable attention. But Areon Network has to back all those ambitious claims and deliver the big roadmap items they listed for 2024.
With the clock ticking down towards January 31st, the crypto community awaits to see how the resumption of AREA trading unfolds. Whether you’re a seasoned investor or simply curious about the potential of $AREA, this is a date worth marking on your calendar.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
PlanB’s Market Cycle Analysis: Bitcoin Gears Up For Skyrocketing Beyond $100,000
In a recent post that echoes his previous analysis, the renowned Stock-2-Flow (S2F) model creator, PlanB, highlighted a pivotal phase transition in the Bitcoin market. However, it may remain unrecognized by many.
Reflecting on his analysis from January of the previous year, PlanB recalled his declaration that the bear market phase had ended and an accumulation phase had commenced. Despite this, many at the time were still anticipating a fall to a Bitcoin price of ,000.
Consequently, even as the analyst’s model signals a phase transition for Bitcoin, skepticism may still cloud the perception of many in the market.
Bitcoin Enters A Phase Transition, Poised For Rally
Despite the market movement, PlanB’s Bitcoin Market Cycle Model chart indicates that the flagship cryptocurrency has been in an accumulation stage. This critical period of consolidation began in early January last year, according to PlanB, aligning with the analyst’s earlier assertion that the bear market had concluded at that time.
The accumulation phase is typically marked by increased buying activity, often by long-term investors or ‘whales,’ laying the groundwork for future price surges.
PlanB’s analysis, shared earlier last year, suggests that Bitcoin had bottomed out in November 2022, with a low of ,500. The analyst posits that the trajectory for Bitcoin is set for substantial growth leading up to the 2024 halving and the ensuing bull market in 2025.
The best thing about this bitcoin market cycle model is that only a few will believe it when it detects a phase transition. For example, when I tweeted on Jan 12 that the bear market (green) was over and the accumulation phase (blue) had begun, many were still calling for 10k. https://t.co/V74Y8VYCVo pic.twitter.com/l2uuFaVr14
— PlanB (@100trillionUSD) January 16, 2024
PlanB forecasted in the post shared last January that Bitcoin’s value would trade above ,000 post-halving and even reach or surpass the 0,000 mark in the bull market in 2025.
Further Surge Ahead
The bullish sentiment is further echoed by PlanB’s recent predictions, including a pre-halving surge, a rally following the approval of spot Bitcoin exchange-traded funds (ETFs), and a monumental peak anticipated in the coming years.
His YouTube video outlines a short-term forecast of Bitcoin soaring beyond ,000 leading up to the April halving.
Peering into the future, the creator of the S2F model, PlanB, anticipates that BTC will surpass its previous highest value, potentially achieving a price point of 0,000 within the year. This forecast further gains credibility with the recent approval of spot Bitcoin ETFs in the United States by the US Securities and Exchange Commission (SEC).
PlanB’s long-term vision for Bitcoin is even more audacious, projecting a climb to 2,000 by 2025. This forecast is underpinned by the analyst’s Stock-to-Flow (S2F) model.
I expect k bitcoin at halving, 0k in 2024, 2k in 2025:https://t.co/TSo7TpNfzb pic.twitter.com/mQaXM5Qabb
— PlanB (@100trillionUSD) January 10, 2024
The model suggests a future where BTC transcends its current status to become a dominant digital store of value, potentially reshaping the traditional financial landscape.
Featured image from Unsplash, Chart from TradingView
XRP Price Gears Up For ‘Significant Upswing Soon’: Crypto Analyst
The XRP price fell sharply yesterday as a result of Bitcoin’s flash crash, as did the entire altcoin market. The price briefly fell by 21% yesterday, plummeting from around .64 to .505. Although the price was still able to recover above the 200-day exponential moving average (EMA) in the 1-day chart at .5712 by daily close, it is still down around 10% compared to yesterday’s high.
Nevertheless, crypto analyst Egrag Crypto remains bullish and was able to take some good out of yesterday’s crash. In his latest analysis of the 1-day XRP/USD chart, Egrag highlighted that the XRP price is in a preparation phase for an upswing. Egrag’s chart presented on X provides insights into the XRP’s current position and potential future movements.
XRP Price Gearing Up For An Upswing Soon?
Egrag’s analysis starts by revisiting the August scenario where XRP touched the lower boundary of its ascending channel amidst a massive liquidation in the crypto space amounting to billion. Fast-forwarding to the present, XRP is once again at this critical juncture with a similar scale of liquidation occurring yesterday.
“Now, after five months, it’s revisiting that zone with another aggressive billion liquidation,” Egrag notes. Remarkably, the XRP bulls defended once again the lower trendline of the ascending channel which was established in May last year.
The XRP bulls‘ steadfast buying represents a strong bullish signal, particularly as they have maintained the price above the so-called “Val Hell Line” at approximately .55. Egrag identified this line as the most crucial support line.
A fall below this level with the daily candle close could have signaled the beginning of a downward trend. But despite the market’s upheaval, Egrag highlights the bullish sentiment by noting, “Surprisingly, the XRP bulls have staunchly defended this channel, buying into the dip as if there’s no stopping them.”
Moreover, Egrag emphasized that another retest was pretty “standard market behavior” within the broader context. He views this retest as a potential consolidation phase, potentially building up to an upswing. “The bulls managed to triumph over the Val Hell Line, avoiding a daily candle close below it,” Egrag remarked.
Price Levels To Watch
Egrag’s chart also features Fibonacci retracement levels, particularly highlighting the 0.702 level at about .1096 and the 0.5 level at approximately .7529. Traders traditionally use these levels to gauge potential support and resistance zones, and Egrag’s chart indicates that these levels are important to monitor for the XRP price action.
The 0.702 Fib level could remarkably coincide with a breakout from the trend channel if the price reaches the level between April and May. In conclusion, the crypto analyst confidently states, “Personally, I’m increasingly confident that we’re gearing up for a significant upswing very soon. #XRPArmy, keeping an eye on the broader channel perspective keeps me calm and steady, cool and ready.”
At press time, XRP traded at .5791.
Bulls Vs Bears: XRP Price Gears Up For Big Squeeze, Which Side Will Prevail?
The XRP price has experienced a lot of volatility in the first two weeks of October, in contrast with previous months. This trend will continue as a critical metric hint at a potential “short squeeze,” a price move set to take liquidity from long or short positions.
As of this writing, the XRP price trades at .48 with a 2% loss in the last 24 hours. The cryptocurrency recorded a 9% loss in the previous seven days and operated as the worst performer in the top 10 by market cap, closely followed by Solana (SOL).
XRP Price Sets Trajectory For Short Squeeze?
The crypto market has been experiencing a spike in volatility since October. Following months of sideways movement by Bitcoin and Ethereum, the XRP price broke the trend and ignited new life into the nascent sector.
The spike in volatility was recorded when the US Securities and Exchange Commission (SEC) lost its case against payment company Ripple. A US Judge favored the company and deemed the XRP token outside of securities laws in the country.
This event propelled XRP to fresh yearly highs, but the cryptocurrency has been losing some steam. Uncertainty in the crypto market remains high, and any individual bull run seems likely to lose power, as demonstrated by XRP’s latest price action.
However, the current status quo is fragile, and fresh data indicates an aggressive move is in the making. A pseudonym analyst shared the chart below, showing the spike in the Bitcoin Open Interest.
The analyst claims that the metric stands at a critical point that often leads to sudden moves in the price of Bitcoin, XRP, and other cryptocurrencies. In the short term, this spike in volatility could lead the XRP back to critical support levels.
However, the most likely scenario is that the Short Squeeze, the sudden spike in volatility, operates as a tool for prominent market participants to take liquidity off both sides, longs and shorts.
Crypto Poised For Downside Price Action
On higher timeframes, the crypto market and more prominent cryptocurrencies could become an obstacle to any upside on XRP. According to another analyst, the sector is gearing up for a significant move to the downside.
The analyst bases this theory on the upcoming Bitcoin Halving. This event has a profound impact on all other cryptocurrencies, and right now, BTC is at a critical point in which historical data points to a deep retrace back to around ,000.
If BTC follows this trajectory, XRP could return to its pre-SEC victory levels. However, this downside price action might provide bulls with the “perfect” opportunity to accumulate before an overall bull run unleashes its force on the nascent sector.
As News reported, historical data also points to a great performance for XRP in the year’s second half. The cryptocurrency enjoys a 30% return on investment (ROI) during this period.
Cover image from Unsplash, chart from Tradingview
LBRY Gears Up to Contest US Securities Law Violation Ruling
In a recently filed court document, blockchain-based publishing company LBRY has signaled its intent to challenge a New Hampshire district court’s verdict. This ruling, made in November 2022, concurred with the U.S. Securities and Exchange Commission (SEC) stating that LBRY presented its digital assets as securities or investment contracts.
Unregistered Crypto Securities Saga: LBRY Challenges SEC Amid Wider Crypto Scrutiny
The LBRY project has lodged its intention to contest U.S. district judge Paul Barbadoro’s ruling, which determined LBRY peddled unregistered securities. On November 7, 2022, the court greenlit the SEC’s summary judgment request, deeming LBRY, Inc. in breach of Section 5 of the Securities Act of 1933.
After the verdict, LBRY faced a fine of 1,614 and was “permanently restrained” from any security offerings based in the United States. The blockchain project stood as the first crypto venture to square off with the SEC in such a case.
Subsequently, the U.S. securities watchdog has launched a plethora of enforcement actions, tagging numerous crypto assets as “unregistered securities.”
Currently, these alleged crypto securities boast a combined valuation surpassing billion. Amid the extensive list spotlighted by the SEC, LBRY is the 36th largest by market capitalization.
Timothy McLaughlin from the law firm Shaheen & Gordon submitted LBRY’s intention to appeal. On the social media network X (previously known as Twitter), LBRY announced it had “filed a Notice of Appeal against the SEC.”
What do you think about LBRY appealing the New Hampshire court’s verdict? Share your thoughts and opinions about this subject in the comments section below.
Base Network Gears Up For USDC Integration, Circle CEO Jeremy Allaire Confirms
Circle’s CEO Jeremy Allaire has announced that USDC will be launched natively on the Base Network platform next week. Allaire took to social media platform X (formerly known as Twitter) to share this news, emphasizing the benefits and implications of this integration.
Circle also confirmed the announcement, stating that USDC issued by Circle will be considered the official form of USDC for the Base Network ecosystem.
They further highlighted that native USDC will gradually replace the currently circulating bridged USDbC liquidity that originates from Ethereum.
Base Network’s Native USDC Integration To Attract Capital?
The integration of native USDC on Base Network offers numerous advantages for users and developers alike. Key among these benefits is the expansion of liquidity, as native USDC gains traction within the ecosystem.
An important aspect of the integration is the potential replacement of bridged USDbC (USD Coin on Ethereum) liquidity. Base Network aims to establish a “self-sustaining” ecosystem, where transactions and value transfers occur natively within the network.
Per the announcement, by reducing reliance on external bridges, the integration of native USDC enhances efficiency, security, and scalability, resulting in a more streamlined and user-friendly experience.
Notably, the migration process from bridged USDbC to native USDC will be managed by Base Network in collaboration with ecosystem apps to ensure a seamless transition of liquidity.
In addition to the expected boost to the network’s financial infrastructure, the integration of native USDC aims to create new opportunities for developers to leverage stablecoin functionality within their decentralized applications (dApps).
This integration is also expected to simplify the integration of fiat currency and cryptocurrency for institutional investors, further broadening the appeal and utility of Coinbase’s Base.
Importantly, the integration of native USDC will not immediately impact Base Bridge, which will continue to operate “normally”, ensuring uninterrupted functionality for users, according to the announcement made on Monday.
Overall, The impending integration of the stablecoin on the Base Network marks an important development for the decentralized ecosystem. The introduction of USDC brings potential benefits such as enhanced liquidity, streamlined value transfer, and increased opportunities for developers.
While the transition from bridged USDbC to native USDC may present challenges, Base Network is committed to managing the migration process effectively and addressing any concerns.
As the launch of native Circle USD on Base Network approaches, industry participants eagerly anticipate its potential impact on liquidity dynamics and the broader cryptocurrency landscape.
While the integration holds promise, it remains to be seen how successful it will be in attracting users within the Base Network ecosystem.
Featured image from iStock, chart from TradingView.com