Category: Cryptocurrency News

Former globe-trotting DJ Scott Melker — The Wolf Of All Streets — worries about the circumstances leading to Bitcoin topping $1 million.

The fourth episode sees StarkWare president Eli Ben-Sasson and Giza co-founder Cem Dagdelen explore the role of AI in smart contracts.

Bitcoin bears are closing in on a rare win as they have the advantage in this week’s $600 million BTC options’ expiry.

On-chain data shows a Bitcoin indicator is near a crucial retest currently that may decide where the cryptocurrency will go next from here. Which Pattern Will Bitcoin Follow Next: 2016 Or 2019? As pointed out by an analyst in a CryptoQuant post, the BTC SOPR for short-term holders is approaching the baseline. The “Spent Output Profit Ratio” (SOPR) is an indicator that tells us whether Bitcoin investors are selling/moving their coins at a profit or at a loss right now. When the value of this metric is greater than 1, it means that the average holder in the market is realizing some amount of profit with their selling currently. On the other hand, values below this threshold suggest loss taking is the dominant force in the market at the moment. Naturally, the SOPR being exactly equal to the 1 baseline implies the total amount of profits being realized are exactly canceling out the amount of losses as the market as a whole is neutral. This SOPR is for the entire Bitcoin market, but in the context of the current discussion, the relevant version of the metric is the one for just a single segment of the market: the “short-term holders” (STHs). The STH group includes all the investors who purchased their coins less than 155 days ago. This cohort generally includes the weak hands of the market, who may easily react to fluctuations in the market. Now, here is a chart that shows the trend in the 90-day and 365-day moving averages (MAs) of the Bitcoin STH SOPR over the last few years: Looks like both the metrics have been above the baseline in recent days: Source: CryptoQuant As displayed in the above graph, the 90-day MA of the Bitcoin STH SOPR (colored in yellow) broke out above the 1 baseline back when this rally first started around the beginning of the year. This breakout suggested a shift towards profit selling for these investors, something that has historically been observed in all previous major rallies in the cryptocurrency. With the latest leg in the Bitcoin rally above the $30,000 mark, the 365-day MA of the indicator (highlighted in blue) has also managed to climb up above this mark. Related Reading: Bitcoin Exchange Inflow Spikes, Is This Bearish? While this has been happening, though, the 90-day MA has actually been heading down and is now about to cross below the 365-day MA as it approaches the 1 baseline. In the chart, the quant has marked the two previous instances where a trend similar to this had formed for the asset. It looks like back in 2016 when the 90-day MA had retested the 1 mark after a similar structure had taken shape, the metric had found support at the break-even mark. This rebound kept Bitcoin going and the coin eventually built up into a bull market. In 2019, though, the retest of the 90-day MA STH SOPR failed and a bearish trend once again took over the coin. It wouldn’t be until 160 days later that bullish sentiment returned and the rally happened. Related Reading: Bitcoin Has Broken This Open Interest Pattern, Quant Explains As the current Bitcoin market looks to be in a similar spot as these two historical occurrences, it’s possible that it may follow the lead of one of these. It now remains to be seen, as to which of these patterns the asset might exhibit this time. BTC Price At the time of writing, Bitcoin is trading around $30,300, down 1% in the last week. BTC has surged during the past day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

The co-founder of the liquidity protocol said the zk roll-up-based scalable solution has the potential to solve the scalability dilemma put forward by Ethereum co-founder Vitalik Buterin.

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Spasova emphasized that the primary motivation behind running Collectible Avatars on-chain is to empower users with freedom of use.

Stellar (XLM) has registered a surprise surge, catapulting itself into the forefront of the crypto market frenzy. Beginning July 18, this surge has taken the digital asset on a solid price rally, propelling its value to new heights. Currently, XLM is trading at $0.1617, representing a 22.1% increase over the past 24 hours. Even more remarkable is its exceptional performance over the previous week, which has soared by 68.8%, and dominating the top 100 roster of cryptocurrencies. Source: Coingecko Now, the question on everyone’s mind is: What is driving this surge? XLM Makes Waves: Catalysts For Price Surge XLM’s remarkable ascent is primarily attributed to a significant development in the crypto space – Ripple Labs’s legal victory against the US Securities and Exchange Commission (SEC) – and the solid performance of XRP, which has likewise registered an impressive 72.3% climb at the time of writing. Related Reading: Solana (SOL) Continues To Shine With Over 20% Surge – What’s Next? A judge ruled that Ripple did not violate securities regulations when it sold its XRP token on public exchanges. This verdict sent XRP prices soaring and created a ripple effect (no pun intended), propelling other altcoins, including XLM and even Bitcoin (BTC), to surge in value. XLM market cap currently at $4.5 billion on the daily chart: TradingView.com Related Reading: BNB Chain Unveils Beacon Update – What’s Its Bearing On Price? Meanwhile, crypto exchange Coinbase has fully embraced the Stellar network, enabling seamless deposits and withdrawals of USD Coin (USDC). This integration bolstered Stellar’s status and expanded its reach, attracting more interest and investment to the platform. XLM seven-day price action. Source: CoinMarketCap Despite the initial upswing following US Judge Analisa Torres’ favorable verdict for the Ripple coin, XLM was unable to retest its previous week’s highs at $0.20. But it looks like the bulls are still in charge, as XLM trade volumes are relatively high. CoinGecko reports that within the past 24 hours, almost $700 million worth of XLM has traded hands on key exchanges. What Lies Ahead For Stellar XLM? As the crypto market continues to evolve, all eyes are on XLM to see if it can sustain its current momentum. With the legal challenges surrounding Ripple and its XRP token seeing full closure, investors may view Stellar as a more stable alternative for their digital assets portfolio. Traders should closely monitor the price movement and whether XLM can break past the significant resistance level at $0.20. 350 million people in Africa don’t have access to bank accounts, and only 20% of families have formal bank accounts.@fonbnk1 provides a real-world solution to this problem by turning 8 billion active prepaid SIM cards globally into virtual debit cards with Stellar. (1/3) — Stellar (@StellarOrg) July 18, 2023 In related news, Stellar has just announced a partnership with Fonbnk to convert 8 billion active prepaid SIM cards into virtual debit cards. This development is anticipated to have a positive impact on XRP’s price over the coming weeks. (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 Pxfuel