With bitcoin’s price declining 5% over the past week, miners have been experiencing reduced revenue as the hashprice has dropped to a level not seen since May. Currently, the hashprice, which is the estimated daily value of 1 petahash per second (PH/s), is below and hovering just above per PH/s. Declining Bitcoin Value […]
Bitcoin News
Nubank Partners With Lightspark to Bring Lightning Network Access to Over 100 Million Customers in Latam
Nubank, Latam’s most valuable bank, has partnered with Lightspark, a cryptocurrency-focused financial services company, to bring its customers access to Lightning Network transactions. With this partnership, Nubank expects to lower costs and get more flexibility for users to take advantage of its trading platform, according to Thomaz Fortes, Executive Director for Nubank Crypto. Nubank to […]
Bitcoin News
Despite Fee Reduction, Bitcoin Network Faces Stubborn Transaction Backlog
Bitcoin transaction fees have stayed below since Jun. 9, 2024, and have fallen under in the last five days. Even with this decrease in fees, over 200,000 unconfirmed transactions have persisted in the backlog, as the queue has not come close to clearing since October 2023. Bitcoin’s Fee Market Struggles to Match Network’s […]
Bitcoin News
Bitcoin Network Adapting Despite Experiencing Growing Pains, Says Early BTC Investor
Although Bitcoin-based decentralized applications (dapps) have been known to replicate or copy Ethereum dApps, Jeff Yin, founder of Merlin Chain, believes there is a growing impetus to build bitcoin dapps that are distinguishable from ether-based dapps. Yin, however, noted that the synchronization between bitcoin-based dapps and the Ethereum Virtual Machine (EVM) dapps still benefits the […]
Bitcoin News
T-Mobile Owner Deutsche Telekom Unveils Bitcoin and Lightning Network Node Operations
This week at the BTC Prague conference, Deutsche Telekom’s subsidiary T-Systems MMS announced its operation of a Bitcoin node and a Lightning Network node. Deutsche Telekom, Europe’s largest telecommunications provider and the parent company of T-Mobile, also shared plans to mine bitcoin. BTC Prague Conference: T-Mobile Owner Operates a Bitcoin Node, Plans to Mine the […]
Bitcoin News
Solana Launches Mainnet Beta v1.18.15 Upgrade to Address Network Stability
Solana has recommended validators in the network upgrade to the latest Mainnet Beta 1.18.15, which includes several fixes to address network performance and stability. The release includes a central scheduler functionality that can be turned on optionally, focused on solving performance issues identified when there is network congestion. According to Solana Beach, a validator statistics […]
Bitcoin News
Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery
The Bitcoin on-chain metrics continue to show bullish signs that a parabolic breakout is imminent for the flagship crypto. The latest of these metrics is a significant turnaround in Bitcoin’s network activity, which could further provide bullish momentum for the crypto token.
Bitcoin Sees Surge In Network Activity
Crypto analyst Ali Martinez revealed in an X (formerly Twitter) post that the number of daily Bitcoin addresses had broken a downtrend that began on March 5. He added that 756,480 Bitcoin addresses have been active in the last 24 hours. Martinez claimed this development is a “positive sign” that Bitcoin’s bull run will continue.
Indeed, this development could trigger a run for Bitcoin as it suggests that more users are returning to the ecosystem. This could positively impact Bitcoin’s price as they continue to trade the flagship crypto. Meanwhile, the surge in daily active addresses adds to a growing list of bullish signals for Bitcoin.
Another bullish signal is the decline of Bitcoin’s supply on exchanges, which recently dropped to new lows. This positive development suggests that Bitcoin investors are holding for the long term rather than looking to offload their holdings anytime soon, which could add significant selling pressure on the flagship crypto.
This decline in Bitcoin’s supply on exchanges continued last week, with Martinez revealing that almost 22,647 BTC (.57 billion) were withdrawn from crypto exchanges in the past week. Meanwhile, the crypto analyst mentioned that the Bitcoin Taker Buy Sell Ratio on the HTX crypto exchange has surged to 730.
This surge in the buy-sell ratio means that more investors are accumulating the flagship crypto at an impressive rate. Martinez noted that this “massive buy pressure overwhelming bullish sentiment” and a strong upward trend might be on the horizon for Bitcoin. This buy pressure could undoubtedly impact Bitcoin’s price, especially if the selling pressure is low.
Bitcoin’s Current And Future Outlook
Martinez has also provided insights into Bitcoin’s current and future outlook in a series of posts on his X platform. In one post, he noted that Bitcoin’s price is currently situated in a strong support zone between ,380 and ,350, where 1.97 million addresses acquired 964,000 BTC. He added that Bitcoin must hold above this level to sustain its bullish momentum.
Meanwhile, the crypto analyst provided insights into how high Bitcoin could rise on its next leg up if it manages to sustain this bullish momentum. He said the next local top for Bitcoin could be around ,200. Bitcoin is still expected to rise higher than that at some point in the bull run since crypto analysts like Tarekonchain predict that it is very likely that the flagship crypto will rise above 0,000 before it hits its market peak.
Bitcoin Mining Power Wanes — Network Hashrate Drops Below 600 EH/s
Bitcoin’s hashrate has once again dipped below the 600 exahash per second (EH/s) threshold, following a brief increase in computational power on May 26. Since then, the seven-day simple moving average (SMA) shows that the network has decreased by at least 74 EH/s over the past week. Bitcoin Network Hashrate Declines Sharply After Brief Uptick […]
Bitcoin News
Bitcoin Well Launches Payments via Lightning Network in Canada
Bitcoin Well Inc., a non-custodial bitcoin platform, has announced the integration of the Lightning Network into its platform, enabling customers in Canada to instantly sell bitcoin from any personal Lightning Wallet. Bitcoin Well’s founder & CEO, Adam O’Brien, stated that this innovation enhances the speed, security, and cost-effectiveness of selling bitcoin, making it more user-friendly […]
Bitcoin News
TRON Network Officially Supported By LayerZero
PRESS RELEASE. Geneva, Switzerland, May 28, 2024 – The TRON DAO has officially announced LayerZero support for the TRON blockchain, making TRON the second non-EVM chain to be integrated into LayerZero’s cross-chain interoperability protocol. This significant development allows TRON ecosystem developers to seamlessly expand their applications to over 70 other networks supported by LayerZero. LayerZero […]
Bitcoin News