Category: Cryptocurrency News

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Exchange, DeFi and metaverse tokens were hit hard in the second quarter of 2023 while Bitcoin continued to make gains.

Ethereum price is finding bids above the $1,875 support zone against the US Dollar. ETH could gain bullish momentum above the $1,940 resistance. Ethereum is holding the key support near $1,875. The price is trading below $1,920 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain pace if it clears the $1,920 and $1,940 resistance levels. Ethereum Price Could Start Fresh Increase Ethereum’s price declined again below the $1,900 support. However, ETH bulls were active near the $1,875 level. It seems like a double bottom pattern is forming near the $1,875 level. A low is formed near $1,875 and the price is now attempting a fresh increase. It broke the $1,900 resistance level. There was also a break above a key bearish trend line with resistance near $1,900 on the hourly chart of ETH/USD. The pair cleared the 50% Fib retracement level recent drop from the $1,944 swing high to the $1,874 low. Ether is now trading below $1,920 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,920 level. It is close to the 61.8% Fib retracement level recent drop from the $1,944 swing high to the $1,874 low. Source: ETHUSD on TradingView.com The first major resistance is near the $1,940 zone, above which the price could rise toward the $1,985 resistance zone. The next major resistance is near the $2,000 level. Any more gains could send Ether toward the $2,050 resistance or even $2,080. Fresh Decline in ETH? If Ethereum fails to clear the $1,920 resistance, it could start a fresh decline. Initial support on the downside is near the $1,900 level. The first major support is near the $1,875 level, below which the price could extend its decline. The next major support is near the $1,825 support level. Any more losses could open the doors for a move toward the $1,780 support level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,875 Major Resistance Level – $1,920

ASIC had previously suspended FTX’s license to operate in Australia, now the securities regulator has canceled it entirely.

Bitcoin price is attempting a fresh increase from $29,500. BTC could gain bullish momentum if it clears the $30,200 resistance zone in the near term. Bitcoin is slowly moving higher from the $29,500 level. The price is trading below $30,200 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance near $30,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent increase if there is a close above the $30,200 resistance. Bitcoin Price Aims Higher Bitcoin price followed a bearish path below the $30,200 pivot level. BTC even broke the $29,850 level and tested the $29,500 level. A low is formed near $29,500 and the price is now attempting a fresh increase. The price climbed above the $29,850 and $30,000 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The price is now consolidating near $30,000. Bitcoin price is still trading below $30,200 and the 100 hourly Simple moving average. Immediate resistance is near the $30,080 level. There is also a major bearish trend line forming with resistance near $30,100 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The first major resistance is near $30,200. A close above the $30,200 level might start a fresh increase. Source: BTCUSD on TradingView.com The next major resistance is near the $30,500 level. Any more gains could open the doors for a move toward the $31,000 resistance zone. More Losses in BTC? If Bitcoin fails to clear the $30,200 resistance, it could continue to move down. Immediate support on the downside is near the $29,650 level. The next major support is near the $29,500 level, below which the price could gain bearish momentum. In the stated case, the price could drop toward the $29,200 support zone. Any more losses might send the price toward the $28,750 level in the near term. 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 – $29,650, followed by $29,200. Major Resistance Levels – $30,100, $30,200, and $30,500.

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Avalanche, the smart contract platform for decentralized applications, witnessed remarkable growth in  Q2 2023, driven by increased activity on the C-Chain- one of the three chains that make up the Avalanche network- and the launch of new subnets.  According to a recent report by Messari, the network’s daily average active addresses and transactions on the C-Chain was increased by 132.1% and 162.2%, respectively, primarily due to a rise in stablecoin liquidity and activity from LayerZero.  Avalanche’s Unprecedented Growth Per the report, despite the challenging regulatory climate, Avalanche’s financial performance improved in Q2, with revenue in AVAX increasing by 173.1% Quarter-Over Quarter (QoQ) (up 150.3% in USD terms).  The increased revenue was partly due to higher transaction fees but primarily due to the activity stemming from LayerZero.  The difference between the change in revenue versus market cap suggests that the overall fundamental network utility was more significant than market behavior in Q2. Avalanche concluded the quarter as the 18th largest crypto asset by market capitalization, reaching $4.5 billion. Related Reading: Thodex CEO Sentenced To Prison For Tax Evasion Furthermore, the platform has been launching new subnets like Evergreen Subnets and Spruce, which have ushered in partners like T. Rowe Price, WisdomTree, Wellington Management, and Cumberland.  Alibaba Cloud also launched Cloudverse, a launchpad for businesses to deploy metaverses on Avalanche, and SK, one of South Korea’s largest conglomerates, launched its dedicated Avalanche Subnet, UPTN. In Q4 2022, LayerZero, an Omnichain interoperability protocol enabling cross-chain applications, launched support for BTC.b, a token representing Bitcoin on Avalanche.  Compared to other natively bridged Bitcoin assets, BTC.b allows users to freely transfer native Bitcoin without relying on custodians. BTC.b adoption on Avalanche quickly grew after LayerZero’s support in Q4 2022. Avalanche NFT Secondary Sales And Unique Buyers Decrease According to Messari, the Avalanche NFT sector experienced a decline in Q2 of 2023, with secondary sales volume and the number of unique NFT buyers decreasing by 38.3% and 49.8%, respectively.  However, despite the decline, Avalanche’s developer ecosystem expanded the NFT sector through new initiatives and partnerships. One such initiative was the Avaissance program, launched in Q1 to accelerate artists’ careers and catalyze the Avalanche NFT ecosystem. The program comprised an Artist-in-Residence program and the Mona Lisa Initiative for digital art curation.  During Q2, 70 artists were selected to participate in the 6-month Artist-in-Residence program, and the Mona Lisa Initiative announced the initial group of participating DAOs. Superchief Gallery NFT, Zeroone, and Peek NFT, three new marketplaces also announced partnerships with Avalanche and Ava Labs to launch unique NFT marketplaces.  In the gaming sector, DeFi Kingdoms continued to dominate, generating the lion’s share of transaction activity on the Avalanche network. However, several developments are underway to usher in more gaming activity from other applications.  Related Reading: XRP Overtakes Bitcoin In Highest Weekly Trading Volume Following Legal Triumph Avalanche introduced Avalanche Arcad3, a program to accelerate gaming development with partners like GREE, Loco, and TSM, and Merit Circle’s launch of Beam, a subnet catering to gamers and game developers. Gunzilla Games, Battle for Giostone (BFG), Draft Labs, Defimons, and NEOBRED announced their Avalanche launches during Q2. Overall, Q2 was a positive quarter for Avalanche, and the platform’s plans for 2023 remain robust as it seeks to remain competitive throughout the rest of the year. Despite the challenges posed by the SEC, Avalanche’s renewed network activity and expansion plans suggest that the platform is well-equipped to navigate the evolving landscape of the blockchain industry. Featured image from Unsplash, chart from TradingView.com

Polychain Capital raised $200M for its newest fund while Coinfund raised a better-than-expected $152 million.

Llama 2 is trained on 40% more public data and can process twice as much context than that of Llama 1 according to Meta.