Category: Cryptocurrency News

A rare crypto technical indicator signal has appeared for the first time in over six years. The last time it fired, the total cryptocurrency market cap climbed more than 7,000% and put the asset class on the map. With the signal now firing once again, is this a prelude to another 2017-style market boom in digital currencies? Why Crypto Could Be On The Verge Of A 2017-Style Boom Volatility is the measure of how much price varies within a timeframe. For example, an asset that rises and falls $5 either way on average is nowhere nearly as volatile as something like Bitcoin which can crash by 80% then rip higher by a 1000%. The Bollinger Bands visualize volatility over the last 20-periods using a moving average and two standard deviations. When the tools tighten, it signals a lack of volatility. When the bands expand, they signal intense volatility ahead. Related Reading: Bitcoin Price Double Fractal Points To “Extended” Parabolic Rally A squeeze setup involves the Bollinger Bands tightening, then expanding to release the energy built up in the trading range. This is precisely what’s happening in the Total Crypto Market cap chart for the first time since late 2016. In the chart below, Bollinger Band Width is at the tightest in over six years. Although past performance is no guarantee of future results, the last time the signal appeared the crypto market climbed from $10 billion to $780 billion in value. A massive move is coming in cryptocurrencies | TOTAL on TradingView.com Buckle Up: Bollinger Bands Suggest Volatility Ahead The Bollinger Bands are telling us that volatility is coming, but says little about the direction of price action. For a buy signal to occur, price must close above the upper band. Until that happens, all we know is a big move is coming. Volatility, however, can resolve to the upside, despite being more so associated with downside in financial markets. The VIX, which is a measure of implied volatility in the S&P 500, is also called the “Fear Index” because it so often spikes during corrections. Related Reading: This Bitcoin Indicator Turned $5 Into $34,000 Even Oxford Languages defines the term with a negative connotation. According to the authority, volatility is the “liability to change rapidly and unpredictably, especially for the worse.” Simply put, things could also get worse for crypto. But considering the extended downtrend and evidence from the last time the signal fired, this tight of Bollinger Band Width has the potential to produce a 2017-like rally in crypto. Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

It has been reported that Swiss-based FlowBank and Liechtenstein-based Bank Frick have been mentioned as potential intermediaries for this service.

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A prominent non-fungible token (NFT) protocol based on the Bitcoin blockchain, “Ordinals,” surpassed an impressive benchmark in a significant turn of events. The network’s transaction surged to 10 million a few days after the Ordinals creator, Rodarmor, announced stepping down from the project.  Related Reading: Pepecoin Eyes Rebound As It Finds Support In Strong Algorithm Data Score Reaching over 10 million inscriptions suggests that many transactions have occurred on the protocol. Casey Rodarmor tweeted that he had stepped down as the lead maintainer of Ordinals.  He claimed that he was not giving Ordinal full attention and handed over the role to a programmer, Raphjaph. He further emphasized that donations from the community will fund the coder’s work on the project. Ordinals Protocol And Its Rapid Growth Bitcoin Ordinals is a protocol that supports the transcription of a unique identifier to individual satoshis (SATs) to enable easy tracking during transactions. After the launch of Ordinals in January, the protocol quickly gained popularity as a means to create new assets on the Bitcoin blockchain. Initially, Ordinals served to “inscribe” data on individual satoshis (the smallest divisible unit of BTC). However, the rapid growth in the number of Ordinals inscriptions occurred when the BRC-20 token standard was introduced in early March. Related Reading: Floki Inu: Does Meme Coin Have What It Takes To Re-Enter Top 100 Spot? This new token standard, established by the pseudonymous “Domo,” enabled users to mint new tokens on the Bitcoin blockchain.  According to data from BRC-20.io, in the first week, the number of Bitcoin-based tokens jumped from a hundred to 25,000 at the time of writing. The introduction of the BRC-20 token standard has expanded Bitcoin’s functionality. This increased utility has boosted the adoption and use of the Bitcoin blockchain for tokenization and asset creation. Controversy Surrounding Bitcoin Ordinals – Efficiency And Speed Concern The growth of Ordinals has not been without its share of controversy, as critics among the Bitcoin community have raised concerns about its method of “inscribing” assets on the network. They argue this approach is “inefficient and wasteful,”, particularly regarding block space and transaction fees. In response, alternative developers have been exploring using smart contracts to mint assets and non-fungible tokens (NFTs) on the Bitcoin blockchain. They aim to address the efficiency issues associated with Ordinals by leveraging smart contracts. On the other hand, proponents of the initiative have praised Ordinals for its ability to attract new users to the broader Bitcoin ecosystem.  Notably, even prominent anti-Bitcoin advocate Peter Schiff recently minted a small number of NFTs on Bitcoin using the Ordinals protocol. While the surge in Ordinals-related activity has increased BTC transaction fees, miners have greatly benefited from this heightened network engagement.  According to data from Dune Analytics, miners have received over $44 million in fees related to Ordinals transactions. Featured image from Pixabay and chart from TradingView

The platform is part of Air Nippon Airways’ ongoing expansion into the intersection of airlines and Web3.

On-chain data shows that an imminent Bitcoin rally could drive its price up to $32,000, says Glassnode lead-analyst James Check.