Category: Cryptocurrency News

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Bitcoin price is eyeing more gains above the $73,000 resistance. BTC is setting up for a move toward the $75,000 resistance in the near term. Bitcoin price is showing positive signs and eyeing more gains above the $73,000 zone. The price is trading above $72,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $72,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move up if it clears the $73,450 and $73,500 resistance levels. Bitcoin Price Sets New ATH Bitcoin price remained well-bid above the $72,000 level. BTC formed a base and started a fresh increase above the $72,500 resistance. The price even broke the $73,000 level. It traded to a new all-time high above $73,500 before there was a downside correction. The price declined below the $73,000 and $72,500 levels. A low was formed near $71,725 and the price is again rising. There was a move above the $73,000 level. Bitcoin is now trading above $72,500 and the 100 hourly Simple moving average. It is holding gains above the 50% Fib retracement level of the upward move from the $71,725 swing low to the $73,485 high. Source: BTCUSD on TradingView.com Immediate resistance is near the $73,200 level. The next key resistance could be $73,500, above which the price could rise toward the $74,200 resistance zone. If there is a clear move above the $74,200 resistance zone, the price could even attempt a move above the $75,000 resistance zone. Any more gains might send the price toward the $76,500 level. Another Downside Correction In BTC? If Bitcoin fails to rise above the $73,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $72,800 level and the trend line. The first major support is $72,150 or 76.4% Fib retracement level of the upward move from the $71,725 swing low to the $73,485 high. If there is a close below $72,150, the price could start a decent pullback toward the $70,000 level. Any more losses might send the price toward the $68,500 support zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $72,800, followed by $72,150. Major Resistance Levels – $73,200, $73,500, and $75,000.

Binance Smart Chain (BSC), commonly known as BNB Chain, has announced the “BEP 336 upgrade”, inspired by Ethereum’s Dencun upgrade (EIP 4844), which aims to optimize data storage and processing on the blockchain. The upgrade is expected to significantly reduce transaction costs, improve network performance, and drive the price of Binance Coin (BNB) towards its previous all-time high (ATH) of $686, reached in May 2021. BNB Smart Chain Cost-Effective Data Solution According to the protocol’s announcement, BEP 336 introduces an innovative concept called “Blob-Carrying Transactions” (BlobTx) that will change how large data blocks are handled.  These temporary and cost-effective memory segments, known as blobs, can capture data blocks as large as 128 KB. By streamlining the transaction verification process, the network only needs to verify that the attached blob contains the correct data rather than verifying each transaction within a block. Related Reading: Zooming NEAR: Solid 75% Growth Sparks Crypto Frenzy The introduction of blob transactions within the BSC, which is particularly beneficial for opBNB – the layer 2 network of the BNB ecosystem – offers several advantages. Blobs reduce network space consumption, resulting in lower storage costs and more affordable gas fees for users, similar to Etherem’s Dencun upgrade. This storage strategy allows for efficient data handling while managing blockchain bloat, ensuring data integrity and availability throughout its lifetime on the chain. BEP 336 also includes two additional components. The Blob Market establishes a fee market for blobs, ensuring regulated storage and transmission costs based on network demand. The Precompile Contract adds a layer of security by verifying that the data in a blob matches the reference in the blob-bearing transaction. While BEP 336 draws inspiration from Ethereum’s EIP 4844, it is tailored to meet BSC’s unique requirements. Notably, BSC’s design mandates that blobs be managed exclusively by the BSC client, distinguishing it from Ethereum’s approach. Moreover, BSC implements a dynamic gas pricing mechanism for blobs, ensuring reasonable transaction costs with minimum and maximum thresholds. BEP 336 Integration With Phased Roadmap BSC has outlined a phased roadmap for the integration of BEP 336. Beginning with the Testnet launch in April, developers can test and interact with the upgrade in a “controlled environment” to address potential issues.  The subsequent Magnet phase in May will focus on further testing and optimization to ensure the “robustness” and “scalability” of BEP 336. Finally, in June, the mainnet hard fork will mark the official deployment of BEP 336 on the BSC mainnet, ushering in a new era of efficiency and cost-effectiveness for the network. Related Reading: Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target According to the announcement, the benefits of BEP 336 are expected to impact developers and users within the BSC ecosystem significantly. Gas fees will be reduced considerably as certain data types no longer require permanent storage, making transactions more affordable.  The temporary storage mechanism will keep the blockchain lean and bloat-free, enhancing overall network performance. With lower costs and improved efficiency, BEP 336 aims to make the BSC ecosystem more accessible to a wider audience, including developers and newcomers to blockchain technology. The announcement has boosted Binance Coin’s (BNB) price by over 8%, resulting in a current trading price of $588, just 15% below its all-time high of $686.  In case of further price gains, the next resistance walls for the BNB price are placed at the $600 level and the $608 mark, which could prevent the token from further price appreciation in its mission to reach its current ATH.  Featured image from Shutterstock, chart from TradingView.com

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Ethereum (ETH) is poised for a notable improvement with the impending Dencun upgrade to enhance the network’s scalability. However, amidst this anticipation, QCP Capital, a seasoned crypto asset trading firm, has shed light on an emerging trend that might influence Ethereum’s price trajectory. The firm’s analysis reveals a shift in “risk reversals” for Ethereum, turning negative for upcoming expiries. This shift indicates growing concerns among investors about a potential decrease in ETH’s price, as a negative risk reversal often suggests a market leaning towards protective measures against a downturn. Related Reading: These Are The Ethereum Altcoins Witnessing High Whale Interest Market Leverage And Correction Concerns Notably, this trend towards negative risk reversals has been attributed to an increased interest in put options, which serve as a hedge against potential losses for those speculating on price increases. Moreover, the broader altcoin market participants are similarly hedging their investments in Ethereum, aiming to mitigate risks associated with their altcoin holdings. QCP Capital’s insights into the market dynamics also highlight an underlying nervousness about Ethereum’s price stability, especially in light of the considerable leverage within the market. The firm cautions about the potential for a market correction, albeit with an expectation of strong buying interest in the event of any price dips. QCP noted in the report: Altcoin speculators might also be buying ETH puts as a proxy to hedge altcoin downside. This makes us wary of a possible correction given the amount of leverage in the market. However, we think that the market will buy any dip aggressively. Additionally, Ethereum’s spot-forward spreads have decreased slightly, contrasting with Bitcoin’s sustained high spreads. Commenting on the implication for investors, QCP Capital stated: A sharp drop in spot price is likely to drag the forward spreads lower as leverage longs get taken out. Ethereum Performance And Outlook Despite the cautionary signals, Ethereum continues to perform “robustly” in the crypto market, closely trailing Bitcoin regarding price movements. Currently trading above $4,000, Ethereum has witnessed a modest increase of 0.6% over the past 24 hours. Moreover, data from IntoTheBlock (ITB) reveals an encouraging statistic: over 94% of ETH addresses are presently profitable, suggesting a strong holding pattern among investors and a reduced likelihood of selling pressure. This scenario could potentially set the stage for a price uptick. Related Reading: Ethereum Wallets Overflow: Over 90% Addresses In Profit, Ether To Retest ATH However, it’s important to note that Ethereum’s growth trajectory, while positive, has not mirrored the notable surge Bitcoin experienced following the approval of its spot Exchange-Traded Fund, indicating a more measured pace of appreciation for ETH. Featured image from Unsplash, Chart from TradingView

Now that things are getting a bit more traction, I'm considering going back to wrangling on bounties for crypto. Turns out the main platform I used a few years ago went under during the bear. What does the bounty landscape look like these days? Any platforms worth checking out? submitted by /u/FormalEqual302 [link]…
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Israel has taken a significant step in the cryptocurrency domain by green-lighting a pilot for BILS, the first stablecoin pegged to the New Israeli Shekel. Bits of Gold and Israeli Authority Launch BILS Stablecoin in Regulatory Sandbox The initiative, spearheaded by the crypto broker Bits of Gold in collaboration with the Israeli Capital Market, Insurance […]