Category: Cryptocurrency News

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Bitcoin (BTC), the pioneer of cryptocurrencies, continues to captivate the financial world with its ever-evolving landscape. In recent developments, Bitcoin’s active addresses have witnessed a significant surge, soaring to a three-week high.  This surge in activity has not only breathed new life into the Bitcoin network but has also reverberated in the form of a substantial increase in the crypto’s price. The increased demand resulting from heightened network activity has propelled the alpha coin’s price to new heights, igniting a sense of excitement and potential within the cryptocurrency market.  Related Reading: Bitcoin Core 25.0 Hits The Market: A Sneak Peek Into The Future Surge in Bitcoin’s Active Addresses Signals Growing Utility Bitcoin’s utility is on the rise as the number of active addresses for the cryptocurrency has surged to a remarkable three-week high, according to crypto intelligence portal Santiment in a Twitter update. 📈 May’s concerningly low #Bitcoin address activity is finally starting to rebound again. Increasing utility is necessary for #crypto assets to enjoy sustained rallies. Keep an eye on whether $BTC can head into June with 1M or more daily active addresses. https://t.co/LSa2slHWgt pic.twitter.com/zqTH9KGIqc — Santiment (@santimentfeed) May 27, 2023 After a lull in activity, the latest data reveals that the number of active addresses for BTC has reached an impressive 960,000, marking the first time since May 3 that such levels have been attained. Source: Santiment In sync with the surge in active addresses, Bitcoin’s price on CoinGecko has climbed $28,032, giving it a 3.0% increase within the last 24 hours. This surge in price also translated to an increase of 4.7% over the course of seven days. Source: Coingecko The surge in active addresses showcases the growing utility and adoption of Bitcoin, which is vital for its sustained growth in the cryptocurrency ecosystem. As we approach the month of June, all eyes are on Bitcoin to see if it can surpass the significant milestone of 1 million daily active addresses. Bitcoin Whales Resume Aggressive Accumulation  Despite a temporary slowdown in accumulation, Bitcoin whales – those holding 10,000 or more BTC – have once again intensified their acquisition of the leading cryptocurrency, with a particular surge observed over the weekend. This aggressive accumulation by whales suggests a renewed confidence in Bitcoin’s long-term potential and may serve as an indicator for future market trends. BTCUSD reclaims the key $28K territory today. Chart: TradingView.com Related Reading: Shiba Inu All Green Today – What’s The Energy Behind The Glow? In the wake of these developments, the crypto market has witnessed a significant increase in liquidations, surpassing a staggering $118 million within the past 24 hours alone. According to The Kobeissi Letter, an authoritative source on market insights, the recent breakthrough of Bitcoin above the $28,000 mark coincided with the news of a debt ceiling deal “reached in principle” on the previous night.  In the debt ceiling deal, the debt ceiling is rumored to not be raised by a specific amount. Instead, the debt ceiling will run uncapped until January 1st, 2025. Many are underestimating how significant this is. This means that the debt ceiling is basically unlimited for the… — The Kobeissi Letter (@KobeissiLetter) May 28, 2023 Elaborating further, The Kobeissi Letter reveals that the debt ceiling is rumored to remain uncapped until January 1, 2025, without a specific raise in the limit. This development introduces a level of uncertainty and potential implications for the financial landscape, driving market participants to seek alternative investments such as Bitcoin. -Featured image from VectorStock

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The court used the word “bogus” to describe the quotes and citations the New York attorney provided, which were sourced from ChatGPT.

Cryptocurrency trading is legal in Indonesia, but the use of crypto in payments carries hefty penalties including jail time.

Bitcoin Core has now rolled out Version 25.0. The most recent update includes numerous new features, bug fixes, performance enhancements, and translation updates. Bitcoin Core, the reference implementation of the Bitcoin (BTC) protocol, is indispensable to the operation and security of the Bitcoin network. BTC responded positively to the news of the upgrade. At the time of writing, BTC is exchanging hands at $28,009, up 3.2% in the last 24 hours, according to data from cryptocurrency market tracker Coingecko. The crypto has been on the uptrend by nearly 5% in the last seven days. Source: Coingecko Related Reading: Shiba Inu All Green Today – What’s The Energy Behind The Glow? This update introduces significant enhancements to transaction policies and expands the use cases for transactions with reduced sizes. The most recent version of the full node client enables users to verify transactions, store a copy of the blockchain, and partake in the consensus procedure. Peer-to-Peer (P2P) and network modifications, new Remote Procedure Calls (RPCs) that will ensure quick wallet rescans, and updated RPCs are notable modifications. Mempool and relay policies now enable transactions with non-witness sizes of 65 bytes or more. Bitcoin Core: At A Glance Bitcoin Core is a software application that facilitates the utilization and interaction with Bitcoin. As the canonical reference implementation of the Bitcoin protocol, it is the version of the software that is most widely recognized and trusted. Consider Bitcoin Core to be the “brain” of Bitcoin. It facilitates the creation and administration of digital wallets, which are similar to virtual bank accounts for storing and transmitting Bitcoins. In addition, it links users to the Bitcoin network, a decentralized network of computers that combine to confirm and record Bitcoin transactions. Bitcoin Core is built to be secure and trustworthy. It employs cryptography to safeguard your transactions and Bitcoins. It also includes a built-in wallet and an intuitive interface, making it simpler for users to manage their Bitcoins. BTCUSD climbs back to the $28k region. Chart: TradingView.com Related Reading: Aptos Hackathon, Partnerships Set APT Bulls Up For A Strong Run Optimistic On Future Of Bitcoin The update appears to be timely, coming at a time when the Bitcoin network was required to tackle scalability and transaction performance difficulties created by the emergence of Ordinals. Bitcoin Core, which is now available on GitHub, is extensively evaluated and supported on Linux, macOS 10.15 and Windows 7 and newer versions. Although it should also function on other Unix-like systems, it is not tested as frequently and is therefore not recommended for unsupported platforms. As a result of ongoing developments and enhancements, the Bitcoin community remains positive on the future of the leading cryptocurrency and expects an increase in its price. -Featured image from Bitnovo Blog

Former BitMEX CEO Arthur Hayes believes it will cause significant volatility in Bitcoin as well, suggesting it won’t likely reach a new all-time high this year.

The popular social platform is about to hit a big milestone in terms of collectible avatar holders after launching “Reddit NFTs” in July 2022.

The Ethereum price has shown attempts at recovery during recent trading sessions. Over the past 24 hours, the price of this altcoin has experienced a modest increase of nearly 2%. However, when observing the weekly chart, the price has only managed to appreciate by 3%. In terms of technical analysis, the outlook has favored the bulls, with buying strength exhibiting an uptick. Additionally, both demand and accumulation have displayed positive changes. As the price began to rise, ETH successfully surpassed a significant resistance level, crossing the $1,790 mark. Related Reading: XRP Revisits $0.47 – What Can Be Expected For Short-Term Price Movement? This breakthrough has enabled the bulls to gain control of the price action. Nevertheless, an important hurdle still remains to be overcome for ETH to witness a substantial rally. Notably, with the Bitcoin price demonstrating uncertain price action, several major altcoins have struggled to surpass their key price resistance levels. As BTC surpassed $27,000, the broader market’s increased strength might also contribute to the Ethereum upward price movement on its chart. The market capitalization of Ethereum witnessed an increase in the last trading session, indicating a return of buyers to the market. Ethereum Price Analysis: One-Day Chart At the time of writing, ETH was priced at $1,840. The altcoin has exhibited gradual appreciation following its breakthrough of the $1,790 resistance level. However, ETH has experienced intermittent corrections, and in order to halt this pattern, it needs to surpass the overhead price ceiling of $1,870. Surmounting this level would pave the way for ETH to trade near $1,900. Conversely, a drop from this level would bring ETH to $1,790 and subsequently to $1,740. The volume of ETH traded in the last session appeared positive, indicating reduced selling pressure on the chart. Technical Analysis Following ETH’s breakthrough of the $1,840 price level, buyers made further attempts to reenter the market. This resulted in a shift in demand into the positive zone. Additionally, the Relative Strength Index (RSI) surged past the half-line, signaling that buyers outnumbered sellers in the market. In line with this, the ETH price also moved above the 20-Simple Moving Average (SMA) line, indicating that buyers were steering the price momentum in the market. In addition to the aforementioned technical indicators, ETH displayed further buy signals. The Moving Average Convergence Divergence (MACD) indicated the price momentum and reversals through the formation of green histograms, which were growing in size. Related Reading: Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close These expanding histograms aligned with buy signals for Ethereum. Furthermore, the Chaikin Money Flow (CMF) indicator was positive, as it remained above the half-line. This indicated that capital inflows outweighed capital outflows at the time of observation, emphasizing positive market sentiment for ETH. -Featured Image From UnSplash, Charts From TradingView.com