Category: Cryptocurrency News

Bitcoin has a marketing problem, but journalist and BTC evangelist Joe Hall is doing his best to fix it.

Layah Heilpern has attracted a big following for her no-bullshit take on Bitcoin. Weirdly, in a former life she worked for China state media.

Bitcoin of America’s shutdown in Connecticut highlights the obstacles for companies operating crypto ATMs.

Data from Santiment suggests that the latest Bitcoin rebound took place after most investors had given up on the idea of it happening. Bitcoin Observes Rebound After “Buy The Dip” Crowd Goes Silent According to data from the on-chain analytics firm Santiment, calls for buying the dip had mostly disappeared right before the actual rebound. The indicator of interest here is the “social volume,” which measures the total number of social media text documents that mention a given topic or term. The text documents here refer to a collection of posts/threads derived from various social media platforms like Reddit, Twitter, Telegram, and 4chan. Note that the metric only cares about whether such posts make at least one mention of the given term, and not exactly how many times they do it. This means that even if a thread mentions the topic several times, its contribution to the social volume still remains one unit. The benefit of this restriction is that it provides a better picture about the trend being followed in the whole sector, as only a few posts with a lot of discussion can’t skew the total in their favor this way. Related Reading: Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations Now, in the context of the current discussion, cryptocurrency-related talks where users call out to “buy the dip” are of relevance. So, Santiment has taken the social volume of the entire digital asset sector and has then filtered it specifically using terms related to “buy” and “dip.” Here is a chart that shows the social volume related to this topic broken down for each of the major social media platforms: The value of the metric seems to have had a surge a couple of days back | Source: Santiment on Twitter As displayed in the above graph, right after Bitcoin and the rest of the market had crashed due to the news of SEC suing Binance breaking out, the social volume for discussions related to these terms had observed a large spike on Reddit and Twitter. This would imply that users had become hyped and had started calling for buying the dip as soon as the price plunge had occurred. As it turned out, however, there wasn’t any price rebound just yet, and BTC rather continued to go down after the market had become excited. Related Reading: Bitcoin Crash To $25,800 Sends 6.5% Of Supply Into Loss As the coin continued to move mostly sideways over the next day, though, the discussions related to buying the dip started to die out. That’s when the actual rebound in the asset’s price took place, seemingly catching the mainstream crowd off guard. Historically, Bitcoin and other assets have usually been more likely to show moves in a direction opposite to the majority’s view. The more lopsided the crowd gets toward one direction, the more probable the market becomes to show the reverse kind of move. Because of this reason, the followers of “contrarian investing” believe that it’s best to buy whenever the crowd is fearful and ideal to sell when greed is king in the market. It seems like this Bitcoin rebound would have worked into the favor of these contrarian traders. BTC Price At the time of writing, Bitcoin is trading around $26,600, down 2% in the last week. BTC has declined since the recovery above $27,000 | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

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Optimism ushers in a new era with the successful completion of its highly anticipated “Bedrock” upgrade. This transformative enhancement, announced by OP Labs, the network’s developer, brings forth accelerated deposit times, decreased layer-1 fees, and fortified security measures.  The implementation of these advancements marks a pivotal step in the developer’s ambitious mission to establish a “Superchain” comprised of scalable Web3 networks, leveraging the cutting-edge Optimism OP Stack software.  Related Reading: Polygon (MATIC) Large Transactions Explode 742% Amid Latest SEC Attack Optimism Bedrock: Revolutionizing Efficiency & Security According to an announcement by Optimism on Twitter, the network now possesses the ability to identify chain reorganizations occurring on Ethereum, seamlessly reflecting these reorgs in users’ Optimism balances. This revolutionary development has paved the way for deposit times to be dramatically reduced to a mere one minute, in stark contrast to the previous average wait time of 10 minutes.  ✅OP Mainnet’s migration to Bedrock has concluded and the Bedrock sequencer has started up. Key external OP Mainnet infrastructure is starting to come back online. You can track infrastructure status here:https://t.co/XTtaArdI03 — Optimism (✨🔴_🔴✨) (@optimismFND) June 6, 2023 The significant time savings are achieved by eliminating the need to achieve finality on L1 before processing deposits from Ethereum to Optimism. Streamlined Gas Optimization Recognizing the importance of affordability and accessibility, the Bedrock upgrade takes a stride towards a more user-friendly ecosystem. By leveraging the network’s innovative gas optimization techniques, the development team behind Bedrock has successfully slashed data availability fees on Ethereum by a remarkable 40%.  This momentous reduction is seamlessly passed on to Optimism users in the form of significantly lowered gas fees. As a result, participants can now transact on the network with increased efficiency and cost-effectiveness, making Optimism an even more attractive platform for decentralized activities. BTCUSD trying to reclaim $27K territory. Chart: TradingView.com Fortifying Security With 2-Step Withdrawal Process Ensuring the utmost security of user assets has always been a paramount concern for the Optimism team. With the implementation of Bedrock, the network introduces a robust two-step withdrawal process, explicitly designed to mitigate the risk of potential bridge exploits.  By implementing this comprehensive security measure, Optimism takes a proactive stance in safeguarding user funds and fortifying its infrastructure against potential vulnerabilities. As a result, participants can engage with the network confidently, knowing that their assets are shielded by cutting-edge security features. Related Reading: Pepecoin Frenzy Fades: How Meme Token’s Price, Market Cap Were Cut In Half A Promising Future With the arrival of the Bedrock upgrade, Optimism sets a new benchmark for efficiency, affordability, and security within the realm of decentralized networks. The remarkable reduction in deposit times, coupled with substantial gas fee optimizations, ensures that users can interact with the platform seamlessly while enjoying cost savings.  Furthermore, the implementation of a robust two-step withdrawal process offers an additional layer of protection, solidifying Optimism’s commitment to maintaining a secure and trusted environment.  As the network continues its journey towards building a Superchain of scalable Web3 networks, powered by the state-of-the-art OP Stack software, the future looks promising for Optimism and its growing community of users. Featured image from Optimism Docs

At present, Chainlink (LINK) continues to witness further losses, with the altcoin experiencing a decline of nearly 7% in the past 24 hours. This depreciation has led LINK to touch its lowest point in several months, primarily driven by the overall weakness observed in the broader market. On the weekly chart, LINK has lost approximately 4% of its value. Although there has been a slight recovery from the nearest support, the technical analysis of LINK still suggests a bearish outlook. Demand and accumulation indicators have also declined on the chart. As Bitcoin begins to recover, moving back into the $26,000 range after a drop into the $25,000 zone, altcoins have also initiated their respective recovery processes. However, the sustainability of this recovery relies on the return of demand and buying confidence in the market. Related Reading: Ethereum Price Regains Strength But Key Downtrend Resistance Intact For LINK to experience significant price growth, it needs to surpass its overhead resistance level. Since encountering strong resistance at the critical level of $8.70, bears have dominated the market, resulting in intensified selling pressure and the breaking of significant support levels. Currently, the market capitalization of LINK remains low, indicating a lack of buyers in the market at the time of writing. Chainlink Price Analysis: One-Day Chart At the time of writing, Chainlink (LINK) was trading at $6.17. As Bitcoin rebounded to the $26,000 level, LINK also experienced a bounce from its support level of $6. The immediate overhead resistance for the altcoin was $6.36. If this resistance level is surpassed, Chainlink could potentially reach $6.70, leading to a significant rally of 8%. However, it’s worth noting that prevailing market weakness could still cause LINK to depreciate further at the time of writing. In such a scenario, a drop from the current price level would bring the coin to $6, followed by $5.60. If the bulls manage to defend the price at $5.60, it could pave the way for LINK to rise above the $7 level. The volume of LINK traded in the last session was in the red, indicating a lack of strong buying strength in the market. Technical Analysis Due to the prevailing low buying confidence, demand for Chainlink (LINK) has remained low. This is evident as the Relative Strength Index (RSI) is below the half-line, indicating that sellers are dominating the market at the time of writing. Moreover, LINK has fallen below the 20-Simple Moving Average (SMA) line, signaling a downtrend and sellers are driving the price momentum, further reinforcing the bearish sentiment in the market. In addition to other technical indicators, Chainlink (LINK) has displayed sell signals on the chart. The Moving Average Convergence Divergence (MACD) indicator, which indicates price momentum and changes, formed red histograms associated with sell signals for the altcoin. This suggests a bearish outlook for LINK. Related Reading: Aave Extends Losses But Here Are The Short Selling Targets The Directional Movement Index (DMI) also supports the downtrend, with the -DI line (orange) positioned above the +DI line (blue). Furthermore, the Average Directional Index (ADX), represented in red, moved above the 20-mark, indicating that the price trend is gaining strength. Featured Image From UnSplash, Charts From TradingView.com

Blockchain Association CEO Kristin Smith said that while the SEC’s approach to regulation is expected due to its anti-crypto stance, it’s still “unacceptable.“