Category: Cryptocurrency News

BTC’s price peers over the cliff at $25,000. Should investors look for shelter or perceive an opportunity?

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In an interview with CNBC on Monday, David Marcus, former President of Paypal and Head of Facebook Payments, expressed his belief that Bitcoin (BTC) is the universal protocol for money on the internet.  He emphasized Bitcoin’s significance as the flagship cryptocurrency and its core value as a payment solution while discussing its potential as a global payment network. Bitcoin As The Universal Protocol For Internet Money Despite enduring a challenging period and navigating various headwinds in recent months, Bitcoin remains at the forefront of the cryptocurrency market. According to Marcus, Bitcoin’s prominence is not solely due to its market position but is also driven by its ability to serve as a universal protocol for internet money. Related Reading: Lost In Transaction: Bitcoin User Overpaid By $500,000 For A $200 Deal Marcus highlighted the absence of a universal protocol for value transfer on the internet, stating, “There’s no universal protocol for money on the internet that enables value to be transported.”  He explained that the vision is to transform Bitcoin into a global payment network, providing a seamless and efficient means of transferring value across borders. One of the advantages Marcus cited for Bitcoin is its availability and accessibility. Unlike traditional financial systems, where individuals may face fees and the need to visit a branch during limited hours, Bitcoin operates 24/7.  This inherent characteristic of Bitcoin allows for greater convenience and flexibility, enabling users to transact at any time, including weekends. While acknowledging Bitcoin’s potential as a payment network, Marcus noted that its primary function may not be as a currency for everyday purchases. He stated, “Our view is that BTC is not the currency people will use to buy things.”  However, he emphasized Bitcoin’s role as the universal protocol for money on the Internet, enabling secure and efficient value transfer across various digital platforms. As Bitcoin continues to gain attention and recognition, Marcus’s endorsement further solidifies its position as the flagship cryptocurrency and reinforces its potential as the universal protocol for internet money.  BTC Trading Volume Hits Lowest Level Since 2019  According to Satoshi Club data, Bitcoin is experiencing a significant slump in its daily trading volume, reaching its lowest point since February 2019 at just $5.4 billion.  This decline has been attributed to a lack of market enthusiasm following the collapse of FTX. Furthermore, Bitcoin’s price dipped to $24,900 on Monday, the lowest level since June, exacerbating concerns about a potential extended decline shortly. The dwindling daily trading volume of Bitcoin indicates a prevailing apathy among traders, with reduced participation and a lack of significant buy or sell activity. This trend is reminiscent of the market sentiment observed after the collapse of FTX, which has had a lingering impact on investor confidence. Of particular concern is that Bitcoin’s price dropped to $24,900 on Monday, reflecting a downward trend that has persisted since BTC reached its annual high of $31,800 on July 14.  This decline has intensified worries among market participants about the possibility of a prolonged downward trajectory for Bitcoin in the coming weeks. Related Reading: Dogecoin Future In Question: What’s Next After Today’s Price Drop? The cryptocurrency has successfully reclaimed the $25,000 level; however, it continues to decline by over 1.5% within just a few hours of Monday’s trading session. Featured image from iStock, chart from TradingView.com 

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Bitcoin price keeps falling, now pushing down against support at $25,000 per coin. The recent sweep of lows has resulted in a perfected TD9 buy setup according to the weekly TD Sequential indicator. Although this sounds positive for crypto, if the signal fails, there is risk of an extreme drop ahead. Here is a closer look at why. Is The TD Sequential Telling Us To Buy The Dip In Bitcoin? Things are improving for Bitcoin price action, but the situation surrounding altcoins and the increasingly negative macro environment has kept upside momentum at bay. The result over the last several weeks has been another BTCUSD downtrend. This series of down weeks has satisfied a specific sequence required to trigger a TD9 buy setup. A perfected TD9 buy setup has appeared | BTCUSD on TradingView.com Even more important, the signal has been “perfected” now that price has made a lower low on weekly timeframes. The TD Sequential is a market timing indicator created by Thomas DeMark, which can be used to potentially time reversals. However, when a buy signal fails, the move down can be dramatic. Related Reading: Bitcoin Bullish Uptrend Remains Unbroken, Here’s Why The last time there was a perfected TD buy setup series in the same timeframe, Bitcoin was priced at $42,000 per coin. There was a short-lived recovery, but a more than 50% collapse followed due to the buy setup failure. If the buy setup doesn’t fail here, Bitcoin should reverse before the week is over, resuming its prior bullish 2023 uptrend. Bitcoin’s uptrend is still intact, but a downtrend is forming | BTCUSD on TradingView.com A Broader Look At The Brewing BTC Trend Upon zooming out, we can also see that Bitcoin’s uptrend from $3,000 is still intact, according to TDST support located at $10,376. TDST support only moves up when a TD series is perfected to the upside and a sell setup triggered. Instead, the perfected TD9 buy setup has renewed TDST resistance at $30,419. Related Reading: Bitcoin Reaches Most “Oversold” Record Since 2020: What This Means Former TDST resistance was located at $25,250, which is potentially being retested now. Based on what the technical indicator tells us, is that Bitcoin is facing a critical inflection point in terms of timing and price level combined. However the dust settles could determine the future trend for the remainder of the year. Will this TD buy setup lead to a reversal, or further failure for bulls to establish a new bull market? Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for 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

Terra Classic (LUNC) has taken a decisive action in a bid to tackle the rising tide of spam proposals flooding its blockchain. The project recently submitted a groundbreaking proposal aimed at altering some fundamental aspects of its ecosystem to mitigate the incessant spam proposals that have been plaguing it. The Terra Classic community hopes that this move will help restore order and efficiency to its blockchain. Related Reading: Boosting Optimism Protocol: Can Incentives Drive OP Prices Higher? One of the most significant changes proposed is the substantial increase in the minimum deposit required for submitting proposals. In response to the dwindling effectiveness of a 1 million LUNC deposit due to the cryptocurrency’s recent price drop, the proposal suggests elevating the minimum deposit to 5 million LUNC.  This move is expected to serve as a deterrent against frivolous and spammy proposals that have been inundating the platform. Initiative to combat spam proposals by increasing minimum deposit amount to 5M LUNC We currently have seen an increase in “SPAM” proposals going up, since the price of LUNC has dropped, 1M LUNC is no longer effective in combatting these types of proposals, this proposal will… — Hexxagon (@hexxagon_io) September 8, 2023 Terra Classic Raises The Bar At the time of writing, the Terra Classic community has shown overwhelming support for this proposal, with more than 90% of votes cast in favor of the change. With such resounding support, it appears highly likely that the proposal will pass. The voting period is set to conclude on September 16, and the Terra Classic community eagerly awaits the final verdict. LUNCUSDT trading at $0.0000572 on the daily chart: TradingView.com While Terra Classic strives to secure its ecosystem against spam, it’s worth noting that one of the project’s most promising indicators for the future lies in the steadfast support it has garnered from the world’s largest cryptocurrency exchange, Binance. This support is not a recent development but serves as a testament to Terra Classic’s continuous evolution and its efforts to remain at the forefront of innovation in the blockchain space. Binance’s Backing Fuels Luna Classic’s Promise In January, Binance officially declared its unwavering support for Terra Classic’s latest update, known as Proposal 11242. This governance proposal, backed by Binance, addresses crucial facets of Terra Classic’s evolution. Notably, it introduces measures to prevent the new minting of a portion of the burned LUNC tokens. By resetting the seigniorage reward policy, Proposal 11242 effectively safeguards against the re-coinage of tokens that had previously been burned. Related Reading: Massive PEPE Token Dump: Whale Unloads 762 Billion At Loss As Price Wobbles Seigniorage is essentially a tax collected by governments through their ability to create money, resulting in a net transfer of resources from the real economy (businesses and households) to the government. With Binance’s support and Terra Classic’s commitment to enhancing its ecosystem’s integrity, the project is poised for a bright future, despite recent price fluctuations.  As of the latest data available, the current price of LUNC stands at $0.0000572, with a 3.6% decline in the past 24 hours and a 1.9% loss over the past seven days. Terra Classic (LUNC) remains resolute in its mission to create a more secure and efficient blockchain ecosystem, and these latest developments are sure to further solidify its position in the cryptocurrency landscape. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from

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