Category: Cryptocurrency News

“A multitude of expansion factors curated at the [VC] group level” helps startups get traction, says Tony Cheng of Foresight Ventures.

A quant has explained how a pattern in the Bitcoin open interest that held during the past month now appears to be broken. Bitcoin Open Interest Is Now Moving Against The Price As explained by an analyst in a CryptoQuant post, the BTC price had earlier been rising along with increases in the open interest. The “open interest” here refers to an indicator that measures the total amount of Bitcoin futures contracts that are currently open on all derivative exchanges. When the value of this metric goes up, it means that users are opening up more positions on the futures market right now. As leverage generally increases when this happens, the price of the asset may become more volatile following this trend. On the other hand, the value of the indicator decreasing suggests the users are either closing up their contracts of their own volition or are being liquidated by their platforms currently. Such a trend may lead to the cryptocurrency’s price becoming more stable. Now, here is a chart that shows the trend in the Bitcoin open interest over the past few weeks: Looks like the value of the metric has been going up in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin open interest has been steadily rising during the past few days. This suggests that investors have been slowly opening up more contracts on derivative exchanges. Related Reading: Signal With Perfect Track Record Predicts Bitcoin Bull Market Parabola: Analyst During the last month or so, whenever the open interest had risen, the price of the cryptocurrency had also registered an increase. The quant notes that this would imply that the bulls had been dominating the futures market in this period, as the open interest going up alongside the price implies that the increase in contracts had been coming from long contract holders. This pattern had held up until the surge BTC had observed a few days back. This sharp increase in the price had ended up only being temporary, and as the price had plunged down, the longs had seen liquidation. As the longs had previously dominated the Bitcoin market, this decrease in the open interest was quite sharp, as is visible in the chart. The indicator didn’t take too long to rebound, however, as it initially sharply rose and then fell back to a trend of gradual growth. which has continued until today. Related Reading: Litecoin Whales Deposit Big To Exchanges, Bearish Sign? But as the price has in fact been going down in this same period, it would appear that the increase in the open interest is now being driven by the shorts. This would imply that a shift in the market may have occurred, as the open interest pattern that had previously held up now seems to be invalid. “Have the bears returned once again? In any case, it is advisable to exercise caution in the current area,” warns the quant. BTC Price At the time of writing, Bitcoin is trading around $30,000, down 2% in the last week. BTC has been struggling recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Blockchain.com

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On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses Ripple’s latest win against the SEC and what it means for the crypto market.

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While Bitcoin price recedes from the $30,000 support, payment solutions Stellar (XLM) and XRP continue riding the bullish wave, with Stellar (XLM) outranking top gainers today amid impressive ecosystem developments. Determined to break all barriers to the $0.2 target, XLM painted all charts green, with a whopping 43.29% gain in value on the week. The cross-border payment facilitator has added over 8.79% to its valuation over the past 24-hour trading session. XLM Rides On Bullish Momentum From Impressive Ecosystem Developments Following ecosystem developments, XLM continues to soar as interest in its innovative payment and remittance solution increase. In a recent development, Stellar partnered with MoneyGram and HoneyCoin app to support global digital assets cash out with USDC across Nigeria, Ghana, Tanzania, Kenya, Uganda, and the UK. Related Reading: Pre-Mined Ethereum Worth $116M Moves After 8 Years: Is A Major Price Dip Imminent? In another announcement, Stellar partnered with Fonbnk to provide payment solutions to the unbanked in Africa. Considering that millions of Africans lack access to banking services, Stellar’s partnership with MoneyGram and Fonbnk could bring more users to the digital finance landscape, further expanding the crypto industry. Moreover, Stellar is now available on multiple chains, including Ethereum, Solana, Celo, and Polygon, through Allbridge’s interoperability and bridge solution. Announced on July 11, the integration marks a significant milestone for Stellar, demonstrating its utility for innovative opportunities in decentralized finance. This feat could be among the factors pushing XLM’s price over the past seven days. Again, the token still enjoys the bullish wave of its close relative, XRP’s victory in the SEC/Ripple lawsuit.  Stellar (XLM) Price Movement In The Last Seven Days Over the past seven days, XLM witnessed a significant shoot-up. On July 13, when news of Ripple (XRP)’s victory broke out, XLM’s price went from $0.096 to $0.153, a 60% boost within 24 hours. Though it experienced a minute correction as the buzz subsided, XLM remains bullish, fighting for more gains to surpass $0.1 and claim $0.2.  CoinMarketCap data shows XLM has surged more than 42% in the last seven days, bringing its value over 73% higher than it was 30 days ago. As of 6:19 AM EST on July 19, XLM’s price had added more than 21% to its past year’s value. The token’s growth in value is reflected in its over 11,173% rise from its November 18, 2014, all-time low of $0.001227.  Stellar’s spree of cross-border payment partnerships has undoubtedly improved XLM’s trading activity. The coin’s trading volume currently surpasses $321 million, with a 130% increase in 24-hour trading volume, according to CoinMarketcap.  Related Reading: XRP Price Resumes Rally – Here’s Why It Could Surpass $1 This Time An increase in trading volume often points toward two factors: large selloffs and high demand or buying pressure. However, in Stellar’s case, the price resurgence shows the bulls (buyers) are at work and may push prices near $0.2 if they persist. Featured image from Pixabay and chart from TradingView.com

Negative experiences in the music biz have seen artists like 3lau, Nas and The Weeknd turn to tokenized royalties for a fair deal.

Artificial intelligence and analog technology collaborate across the imaginative animations of noted Los Angeles-based NFT artist Ellie Pritts.