PRESS RELEASE. Date: 27th May 2024 Time: 17:00 UTC Location: Online Bitcoin BuildCon’s main objective is to help builders onboard in the current landscape of BTC development, providing them with insights from key players in the industry. How to get into the new wave of Bitcoin projects, where to deploy, and how to get funded […]
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Over the past week, non-fungible token (NFT) sales declined by 8.99%, amounting to approximately $137 million. Ethereum topped the charts with $43 million in sales, marking a 20.26% increase from the previous week. NFT Market Shrinks by 8.99%, Ethereum and Bitcoin Lead in Sales NFT sales experienced a decline this week, falling by 8.99% compared […]
Crypto analyst Javon Marks has laid out a bullish narrative for Terra Classic (LUNC). Based on his analysis, the crypto token could eventually see a 13x increase from its current price levels. The analyst alluded to LUNC’s historical pattern as what could drive such parabolic price surge. Related Reading: XRP Declares War On Uncertainty: Analyst Predicts Breakout Fueled By Regulation How LUNC’s Price Could Jump By 1,300% Marks mentioned in an X (formerly Twitter) post that LUNC has confirmed a “major bullish pattern,” signaling a continuation of its bullish run to the first price target at $0.00058046. He noted that this move of over 400% was likely to be attained with the crypto token holding above levels that it had earlier broken out from. The crypto analyst then raised the possibility of LUNC making a 1,300% move instead. He claimed that LUNC’s previous breakout and run pattern suggests that three targets could be broken above, meaning that the crypto token rising to the price target of $0.00139122 from here is “possible.” Marks has remained bullish on LUNC for a while now and has suggested that LUNC’s parabolic rally is a question of when and not if. However, he has failed to provide any specific timeframe for when this move will likely occur. LUNC’s fundamentals are also expected to contribute to this upward trend and push its price to such heights. One way that is likely to happen is through the LUNC’s burns, which are carried out regularly. The Terra community has burnt over 113 billion LUNC tokens since the burning initiative came into place following Terra LUNA’s crash in 2022. This has helped reduce the crypto tokens’s circulating supply and could be significant as demand for the token picks up. It is worth noting that LUNC is well below its all-time high of $119. However, this suggests that the crypto token has enough room to move significantly to the upside. Recent Developments In The Terra Classic Ecosystem Genuine Labs, a Terra Classic developer group, recently announced that the latest version of SDK 47 was ready. The proposed upgrade is expected to be put up for governance voting. The upgrade will introduce significant changes to the Terra network, including a fix to the dyncomm decorator. Furthermore, the upgrade will handle peer-to-peer (p2p) storms on the network and add new features to the Terrad client, which connects developers to the Terra blockchain. It is uncertain when the proposal will go live, but it should be soon enough. Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree Meanwhile, the Terra community also recently passed a proposal to make Allnodes an official organization for the community. Allnodes will be the official source for information regarding the circulating supply of LUNC, USTC, and other native tokens. At the time of writing, LUNC is trading at around $0.0001151, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Space.com, chart from TradingView
Following the Bitcoin halving in April, analysts and investors remain on the edge of their seats in anticipation of a major price breakout by the maiden cryptocurrency. While Bitcoin did rise to $71,443 in the past week, the token soon suffered a retracement falling as low as $66,936. Interestingly, renowned analyst with X handle Rekt Capital has provided an interesting insight into this recent price movement and also predicted the period BTC may finally embark on a highly-anticipated bullish run. Related Reading: Bitcoin Price Enters Make Or Break Zone: Analyst Reveals Important Levels To Watch Bitcoin To Consolidate For A Long Time – Analyst In a series of X posts on May 24, Rekt Capital noted that after the halving event, Bitcoin entered the “post-halving danger zone”, a period during which the token lost about 11% of its value. Following this phase, the most-priced cryptocurrency attempted a breakout which encountered a rejection at the range high zone ($71,500) of the macro re-accumulation range. #BTC Since the Bitcoin Post-Halving “Danger Zone” ended, Bitcoin broke out to $71500 However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from The consolidation continues and history suggest it will… https://t.co/YjZzimnFj9 pic.twitter.com/JGji7ZYOSe — Rekt Capital (@rektcapital) May 24, 2024 For context, this range represents a long-term consolidation phase where Bitcoin accumulates value before potentially breaking out to new highs. Rekt Capital states that Bitcoin being rejected at the $71,500 price region is quite expected as BTC never breaks through the high side of the re-accumulation range on the first attempt after halving. Based on historical price data, Rekt Capital anticipates Bitcoin will now remain in consolidation for multiple weeks until 160 days after halving before finally experiencing its major price breakout in September. During this time, the premier cryptocurrency is expected to trade between $60,000 and $70,000 which will result in variations in the portfolio valuation for long-term investors. However, this price consolidation can also present opportunities for these investors to buy Bitcoin near the lower boundary of the range thus consistently accumulating at relatively stable prices. Meanwhile, short-term traders such as swing traders or day traders are likely to capitalize on these expected price fluctuations between an established support and resistance which could result in significant profit. Related Reading: Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode BTC Price Overview Bitcoin is currently trading at $68,720, marking a 2.27% gain in the last day, a 2.31% gain over the past week, and a 6.90% increase in the last month. Despite these gains, its daily trading volume has dropped by 45.68%, now valued at $24 billion. BTC is also 6.94% below its all-time high of $73,750. The recent price rise amid declining trading volume suggests cautious investor sentiment, with Bitcoin consolidating within a narrow range as the crypto market leader once again approaches significant resistance levels. Featured image from The Economic Times, chart from Tradingview
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A woman has been sentenced to nearly seven years in prison for laundering bitcoin tied to a £5 billion fraud in China. Authorities seized over 61,000 bitcoin during their investigation, now worth over $4 billion. The woman denied all charges, claiming she was manipulated by a “mastermind.” 61K Bitcoin Seizure Leads to Jail Sentence A […]
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Due to legal constraints, UK-based users still have restricted access to the Bitcoin white paper on the Bitcoin.org website.
In a week marked by consolidation across the cryptocurrency market, the native token of Uniswap, UNI, has defied the trend, surging over 15%, and surpassing the $10 mark. This bullish run comes amid positive developments within the Ethereum ecosystem and Uniswap’s ongoing legal battle with the US Securities and Exchange Commission (SEC). Related Reading: Tiny Pepe, Big Dreams: Memecoin Explodes, Eyes Dominance In The Dog House Riding The Ethereum Wave Beyond the legal battle, the current momentum within the Ethereum ecosystem is also propelling UNI’s price upwards. On-chain data reveals significant whale withdrawals from crypto exchanges following news of a potential spot Ethereum ETF. Another fresh wallet withdrew 213,166 UNI($1.96M) from #Binance just now.https://t.co/u15CE864hm pic.twitter.com/kyOBv0TB5G — Lookonchain (@lookonchain) May 24, 2024 This flight to safety, coupled with the overall bullish sentiment surrounding Ethereum, is creating a ripple effect that benefits UNI, a key player within the Ethereum DeFi landscape. From a technical standpoint, UNI’s breakout from a monthly consolidation phase paints a promising picture. Both technical indicators and on-chain data suggest a potential 25% price increase for UNI. The token’s recent surge indicates a potential bull run, with analysts eyeing a price target of $12.80 if the current momentum continues. Adding fuel to the fire is Santiment’s Age Consumed index, which measures the movement of dormant tokens. Spikes in this index often precede price rallies, and the latest uptick by the latter part of April seems to have foreshadowed UNI’s current uptrend. This on-chain metric reinforces the bullish outlook for UNI, suggesting that investors are awakening to its potential. Short Sellers Get Burned As Bulls Take Charge The recent price rally has also been accompanied by a significant rise in trading activity. Data from Coinalyze reveals over $1 million in Uniswap liquidations in the last day. The majority of these liquidations (over $750,000) were short positions, indicating that traders betting against UNI are feeling the heat. This surge in open interest, with more traders going long on UNI, further strengthens the bullish control over the token’s price. Uniswap Takes A Stand Against The SEC This display of defiance has instilled confidence among investors, who view it as a positive sign for Uniswap’s future. The popular decentralized exchange (DEX) recently received a Wells notice from the regulatory body, alleging that UNI is a security. However, Uniswap has vowed to challenge this claim, asserting that the SEC’s case is weak. Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree The SEC case against Uniswap remains unresolved, and a negative outcome could dampen investor sentiment. A broader market correction could still impact UNI’s price. Featured image from Wallpapers, chart from TradingView
