Category: Cryptocurrency News

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Ethereum-based Layer 2 network “Base” has put on an impressive performance yet again, with its Total Value Locked (TVL) coming close to one of the most notable blockchains. Coinbase’s BASE Has Outperformed Solana Coinbase’s layer 2 blockchain network, Base, has seen an upward trajectory movement since it was introduced to the public, outperforming some of the notable blockchains in the crypto market. The network is now drawing close to Solana in terms of TVL, indicating remarkable growth within the network. Related Reading: Ethereum Holesky Testnet Already Seeing Issues, What’s Wrong This Time? Data from DeFiLlama shows that the blockchain network now sits a little above $407 million in TVL, while Solana sits a little above $650 million in TVL. The uptick in Base’s TVL is due to the significant number of users and developers currently settling on Base for their decentralized applications (dApps) and other financial protocols.  BASE TVL crosses $400 million | Source: DeFiLlama The blockchain network also managed to surpass Solana in terms of transaction volume and number of unique addresses. In the past two months, the blockchain network has experienced an immense increase in transaction volume and number of unique addresses more than that of Solana. Data from IntoTheBlock shows an impressive increase of 1.88 million daily transactions on September 16, 2023. Base’s immense increase in transaction volume and number of unique addresses can be traced back to the growing user base of Base’s Friend.tech, a social platform that allows users to buy and sell shares in public figures. “In just 2 months, Coinbase’s Base L2 has skyrocketed, topping the charts in transactions and unique addresses. Much of this growth is fueled by the new social app, FriendTech,” IntoTheBlock stated on X. Base operates as a layer 2 network on Ethereum that came about due to the combined effort from Coinbase and Optimism. Incubated by Coinbase, Base was created to provide its users with a faster transaction process, improved scalability, and lower gas fees. Currently, Base surpassing Solana in transaction volume, and the number of unique addresses is one of the most impressive achievements of the blockchain network, due to Solana being one of the most notable blockchains in the crypto ecosystem known for its speed and scalability. During the first week of its mainnet launch, the blockchain network also surpassed Cardano in terms of TVL, transaction speed, and number of successful transactions. The blockchain saw more successful transactions in one week than Cardano’s successful transactions in one month. SOL price tops $19.8 | Source: SOLUSD on Tradingview.com Social App Friend.tech Attributed To Base’s Achievements You can’t rule out Friend.tech when talking about Base’s achievement in the crypto market. The social app is well-known among users and investors and has become an eminent topic of discussion in the community. Related Reading: Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem During its official launch on August 10, 2023, the invite-only social app recorded over 4,400 ETH ($8.1 million) in trading volume in just 24 hours after its launch. The social app has also reportedly accumulated more than 130,000 daily users since its release. Base also saw a surge in Transactions Per Second (TPS) as more investors engaged in the social app. Featured image from Tapchibitcoin, chart from Tradingview.com

The proposals included stricter standards on risk assessments for crypto firms as well as a framework for designating token projects to the NYDFS’ greenlist

Buying/selling ETH become simple in my country due to regulatory changes. What is your best argument for having ETH now? Do you believe its value will keep increasing comparing to more "traditional" assets like index funds? submitted by /u/CoolDan123 [link] [comments]

Critics often overlook the inconvenient fact that “decentralized” blockchains in fact depend on centralized points of failure that have the potential to corrupt entire ecosystems.

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The Bitcoin price is sustaining its bullish momentum from the previous day. Today, it surpassed the $27,000 threshold, a level not seen since August 31. Notably, BTC recorded its first green weekly closing candle in five weeks yesterday. As of press time, the Bitcoin price has reached an intra-day high of $27,267. Why Is Bitcoin Price Up Today? One major indicator that has captured analysts’ attention is the rapid increase in Open Interest. DaanCrypto, a noted figure in the crypto space, commented on the Open Interest of Bitcoin: “Bitcoin Open Interest has been ramping up like crazy these past few hours. Up +$850M in hours.” According to him, this can be an issue if spot bid disappears which could cause for a full retrace similar to before. “This would then be due to underwater positions that entered near the top. If spot bid remains then these positions are obviously fine. Open Interest is now back to post Grayscale pump levels,” Daan stated, further noting the resilience in the spot premium at the moment, “Longs are comfy as long as spot bid is present.” Maartuun, the community manager at CryptoQuant Netherlands, also highlights the rapid surge in Open Interest: “Fasten your seat belts. The Open Interest goes bonkers on this break-out attempt. It has increased by $600 million (7%).” Related Reading: Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem Interestingly, Coinglass data reveals that as of press time, short liquidations for BTC remain modest, with just about $20 million in shorts being liquidated. At press time, OI skyrocketed further, up almost $1 billion (from $11.04 to $12.03 billion). Renowned analyst @52kskew emphasized the trading behavior on Binance: “Majority chasing shorts aggressively from what I can see so far. Binance Open Interest: Binance perp OI starting to moon again with minimal price difference ~ big move brewing. OI up and insignificant change in perp delta (positions opening into price). Takers still aggressively selling into price, bulls want to see constant limit chasing on the bid here. $26.7K pivotal price for direction.” Ali Martinez, another analyst, pointed towards Bitcoin’s 3-day chart and noted a buy signal by the TD Sequential yesterday. “A boost in $BTC buying pressure might drive prices to the channel’s mid or upper boundary – targeting $28,000 or $31,000. Still, watch the TD Risk Line at $24,500. It’s the key invalidation point.” From macro perspective, renowned analyst Ted (@tedtalksmacro) indicated a correlation between USD liquidity and Bitcoin price movements: “If you can track/forecast USD liquidity, you’ll have a solid idea of where price is headed.” He went on to highlight a divergence between the rise in USD liquidity and the previous stagnation of BTC, emphasizing the recent shift which might be driven by returning liquidity. Monthly Close Will Be Crucial As NewsBTC reported, September is historically one of the worst months of the year for the Bitcoin price. However, this year could be different if BTC continues its trend of the last few days. Rekt Capital highlighted the potential significance of the upcoming monthly candle close for Bitcoin in a recent tweet, stating: “The upcoming Monthly Candle Close will be pivotal.” According to the analyst, Bitcoin often produces long upward wicks when it transforms old Monthly supports into new resistances. Related Reading: Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000 In simple terms, an upward wick on a candlestick chart indicates price levels where Bitcoin traded during a period but didn’t close. A long wick suggests a strong rejection from those higher price levels. This could mean that while buyers tried to push the price up during the month, by the close, sellers had brought it back down, leaving a long ‘wick’ on the candlestick. Rekt Capital suggests that these wicks can extend up to +8% beyond the candle body. The analyst notes that if the monthly candle close produces an upside wick of +7% beyond the ~$27,100 level, it could mean the price might go beyond the weekly lower high. This could be a positive sign if the monthly close remains above $27,100, indicating it as a support level. However, if the price closes the month below $27,100 after reaching higher levels, it may confirm $27,100 as a new resistance, hinting that the recent price movement might be just a temporary upward rally. At press time, BTC stood at $27,241. Featured image from iStock, chart from TradingView.com