Strong buying pressure spurs bullish advancement for UNI, despite short-term retracement on the cards.
Original Post: Uniswap: Bulls stand tall despite this minor retracement
Strong buying pressure spurs bullish advancement for UNI, despite short-term retracement on the cards.
Original Post: Uniswap: Bulls stand tall despite this minor retracement
Bitcoin had been trending over $31,000 for the better part of Friday after reclaiming this support level from the bears. However, this did not last long as the digital asset saw a flash crash that sent its price spiraling toward the $29,000 level.
On Friday, the Wall Street Journal released a report that negatively impacted the market. The report revealed that the United States Securities and Exchange Commission thought that the recent barrage of Bitcoin ETH filings that it had received was inadequate in their filings.
This follows a two-week stretch of positivity after heavy hitters such as BlackRock, WisdomTree, and Fidelity, among others, filed requests for Bitcoin Spot ETFs with the SEC. Following the news of the filings, the price of Bitcoin rallied tremendously, crossing $31,000 for the first time in over one month.
However, with the news of the SEC saying that the filings are inadequate, it has quickly eroded investor sentiment. The price of BTC fell to $29,200 on Friday afternoon, before recovering quickly. Although the damage was already done and BTC bulls are now struggling to maintain support at $30,000.
Bitcoin had been able to establish a reasonably bullish trend over the last couple of weeks. But that did not last long as the SEC came to burst the bubble for investors. As a result, Bitcoin seems to be in freefall with no reasonable support to keep the price from falling lower.
In a matter of hours, the digital asset has lost about $1,000 of its value, turning a previously good day into a bloody day for investors. This rapid decline has shoved the cryptocurrency below its 5-day moving average, which could see BTC become bearish over the weekend.
However, in the mid and long-term, the digital asset remains as bullish as ever, ranging above both its 50-day and 100-day moving averages. Both of these levels signal that while bears may have gained temporary control of the price, bulls remain largely in control. And as long as sell pressure remains low, then BTC could recover back above $31,000 over the next couple of days.
At the time of writing, BTC is down 1.59% in the last 24 hours to be trading slightly above $30,000. Although it is currently struggling, its trading volume is sitting above $23.5 billion, showing a significant amount of demand for the digital asset as well.
Source: News BTC
Original Post: Here’s What Caused Bitcoin’s Flash Crash To ,000
Litecoin has been an investor favorite since 2023 began after the digital asset went through multiple rallies that saw it bring double-digit gains for investors. But despite how much the cryptocurrency has already grown, the bull case for the asset continues. This time around, a crypto analyst has come out to paint a very bullish picture for LTC, predicting that its price will double from here.
As Litecoin continues on another impressive rally, crypto analyst Michael van de Poppe says that the rally may just be starting. According to the chart posted by the analyst, LTC could continue this breakout, riding it all the way out to $200.
If this were to happen, then LTC could be poised for another 100% rally that would see it outperform the general market, and leading cryptocurrencies such as Bitcoin and Ethereum. However, it may not be a completely up-only movement for the digital asset.
Michael van de Poppe’s chart shows a possible retracement back to the low $90 level. This would not be out of the ordinary as the cryptocurrency continues to rally, then investors would want to take out some gains, leading to a temporary pause in its rally. Nevertheless, a recovery would quickly follow with LTC registering a higher low.
Over the last couple of months, anticipation has been building around Litecoin’s upcoming halving. This event has been behind the bullish sentiment seen among crypto investors. As it draws closer, this bullish sentiment has continued to grow stronger, leading to multiple rallies for the digital asset.
If the current bullish trend continues, with the halving event only about a month away, it is possible that buying pressure will continue to mount. If this is the case, then Michael van de Poppe’s forecast could play out quickly with LTC reaching the $200 level.
The expectation that LTC will become scarcer as the rate at which new coins are being brought into circulation is cut in half is currently the biggest bull case for Litecoin. Following the event, it’s possible that the price will quickly fall as the euphoria wears off and investors cash out their profits.
Presently, the price of LTC is trending at $101 after rising over 20% in the last 24 hours. This makes it one of the top gainers in the crypto market, according to Coinmarketcap. Its daily volume is sitting at $1.7 billion with its market cap rising above $7.4 billion.
Original Post: Crypto Analyst Says Litecoin Will Hit 0, Here’s Why
Coinbase’s developed Layer 2 network – Base – is gearing up for a mainnet launch. Since its deployment on testnet earlier this year, Base has already met 4 out of 5 of the criteria for the upcoming event while giving security the top-most priority in its goal to attract the next million developers and a billion users on-chain.
As such, the team tasked with protocol security has doubled down efforts to improve the security of Base and Optimism over the last six months. The experts haven’t detected any major flaws so far.
According to the blog post, the devs have audited all Optimism pre-deploys and contracts on both L1 and L2 to detect bugs and risks in the technology stack.
‘Fuzzing’ methods were leveraged for critical components such as the L2 bridge and the sequencer in addition to developing operational runbooks for different kinds of risk scenarios as well as distress events.
The team also reviewed and audited the key management setup and contracts for Base.
Following the completion of these audits, no critical severity bugs were discovered by over 100 external security researchers that were employed for the purpose. This boosted Base’s confidence to proceed toward the mainnet launch, the platform said in a statement.
The team is currently working on ensuring appropriate action for any informative or minor issues that were reported during the process.
“Our goal with all our security work is to see around corners and blunt the effectiveness of these attacks. We’re proud of the work we’ve done to secure Base and while even the best controls will sometimes fail, we will always learn and do better.”
Coinbase unveiled its own Ethereum layer-2 network in February, which is being developed in collaboration with Optimism. Its mainnet launch is slated for sometime in 2023. As part of the agreement, the crypto exchange joined Optimism as a core dev on the open-source OP Stack.
Moving forward, Base revealed the addition of an open-source monitoring tool, dubbed Pessimism, which is designed to notify builders of any anomalies such as account balance irregularities, contract events, or disparities between L1 and L2 states.
Furthermore, the new tool will be put alongside existing OP Labs monitoring tools, Coinbase’s native blockchain monitoring capabilities, as well as third-party tools for detecting malicious and out-of-pattern events.
The post Coinbase’s Base Applies Security First Mindset Ahead of Mainnet Launch appeared first on CryptoPotato.
Original Post: Coinbase’s Base Applies Security First Mindset Ahead of Mainnet Launch
PEPE 2.0’s price rose by more than 1000%, but soon the growth momentum halted. SHIB and DOGE also registered price gains.
Original Post: PEPE 2.0 enters the memecoin fight, will DOGE, SHIB give in?
Two blockchain networks had previously announced integration with the Fed’s instant payment service, but they were not found on a new list of certified providers.
Original Post: FedNow “early adopter” list contains no blockchains, but some may integrate later
New data reveals that over 25 million transactions have taken place over the testnet of Shibarium, Shiba Inu’s (SHIB) highly anticipated new layer-2 scaling solution, as the project’s developers promote its benefits.
According to blockchain scanner Blockscout, 25,780,900 transactions have taken place over the testnet, known as the Puppynet, since it launched in March.
Furthermore, the data shows that there are over 17 million unique wallets that use the protocol.
At the end of March, the testnet saw about 1 million transactions take place.
Lucie, a content marketing specialist for SHIB, lays out the benefits of using Shibarium, such as its scalability, cost-effectiveness and enhanced security, as well as its impact on Bone ShibaSwap (BONE), the project’s gas fee token.
“Shibarium empowers projects by offering scalability, cost-effectiveness, and enhanced security. The reduced gas fees on Shibarium can have a significant impact on Bone, increasing its demand and potential value.
With Shibarium, projects have the opportunity to innovate, expand, and create a more accessible and thriving decentralized ecosystem.”
Lucie also details how Shibarium will have a deflationary token-burning system in place that would lower the supply of SHIB, theoretically increasing its price.
“Shibarium significantly impacts the SHIB ecosystem by introducing a burning mechanism that reduces the supply of SHIB. When users make transactions on the network, the base fee is locked on a Shibarium contract, while the priority fee is paid to validators. The base fee is divided, with 70% burned and 30% set aside for network maintenance…
This burning mechanism has several key benefits. Firstly, it introduces deflationary aspects to SHIB tokens, reducing the supply over time. This can potentially benefit token holders through increased value and scarcity. Secondly, it helps maintain the supply-demand balance within the SHIB ecosystem.
With fewer tokens in circulation, assuming demand remains constant or increases, it can lead to price appreciation. Moreover, the burning mechanism incentivizes user engagement.”
SHIB is trading for $0.000007 at time of writing, a fractional decrease during the last 24 hours.
Shytoshi Kusama, a widely-followed SHIB developer, has hinted at the upcoming release of Shibarium. In a brief hype video shared with his 918,900 Twitter followers, Kusama did not disclose when Shibarium will launch but rather asked “Where?”.
Generated Image: Midjourney
Source: Daily HODL
Original Post: Shiba Inu Layer-2 Testnet Garners 25 Million Transactions As SHIB Developers Promote Shibarium’s Benefits
The special purpose acquisition company deal, first reported in August 2022, cost $885 million and is expected to allow investors exposure to Bitcoin Depot’s common stock.
Original Post: Crypto ATM firm Bitcoin Depot will go public on Nasdaq starting July 3
Azuki’s latest expansion of its NFT ecosystem missed the mark, while Candy Digital and Palm NFT are merging together to create a superpowered NFT production studio. Also, Warner Music Group and Polygon are launching a blockchain music accelerator program.
Original Post: Azuki Is Rebuilding After Its Elementals Mint Mishap
Higher timeframe Stellar traders must be prepared for the possibility of a range instead of a breakout past a key resistance.
Original Post: XLM turns bullish, gains 41% in two weeks
The Ethereum ecosystem had a positive run in the second quarter of 2023. From the Shapella upgrade in April to May’s memecoin frenzy, there was a lot of buzz surrounding the most prominent smart contract blockchain.
This was reflected in the network’s on-chain activity and gas fees. According to the quarterly report by blockchain analytics company IntoTheBlock, Ethereum recorded an 83% increase in network fees in the past three months.
The network fee surge experienced by the Ethereum network has been linked to the rise of Ethereum-based memecoins in the Q2 of 2023. In the last few months, new memecoins, like APED, BOBO, PEPE, etc., have taken over the market, with some of these tokens recording huge gains.
According to an IntoTheBlock report, speculative activity in the memecoin market is one of the major forces behind the elevated Ethereum network fees.
The impact of memecoins on Ethereum’s network activity was so high that it caused a shift in the top gas-burning altcoins at some point in April. Meme tokens, such as TROLL, APED, and BOBO, were amongst the top 10 gas-burning altcoins, displacing popular assets, like ETH, Wrapped ETH (WETH), and USDT, from their positions, according to a Santiment analysis.
Interestingly, Bitcoin also saw increased network fees in 2023’s second quarter, resulting from creating tokens via the BRC-20 standard. IntoTheBlock’s report revealed that Bitcoin fees increased by over 300% in the second quarter – the highest since Q2 2021.
Quarterly Update: #Bitcoin transaction fees increased 4x compared to last quarter, marking the highest increase since Q2 2021. The surge is primarily driven by Ordinals-related activity.
Stay tuned, we’ll share more updates on this past quarter in the coming days. pic.twitter.com/sUuilxWBNN
— IntoTheBlock (@intotheblock) June 30, 2023
It is worth noting that the Ethereum network fees have cooled since the May highs, returning to a range of 15-20 Gwei in recent weeks.
While Ethereum’s network fees rose in May, the supply of Ether tanked, reaching its all-time low. According to IntoTheBlock’s analysis, Ether’s annualized net issuance rate dropped as low as 3.75% during the memecoin frenzy.
Following the Merge last September, the amount of ETH issued per block dipped by 90%, making Ether more prone to deflation during fee spikes. Notably, the ETH supply trend has stabilized since the network fees dropped back into the normal range.
According to CoinGecko data, ETH trades at $1,935, gaining 4.6% in the past 24 hours. The token is the second-largest cryptocurrency, with a market cap of roughly $233 billion.
Original Post: Ethereum Network Fees Experience Significant Growth In 2023 Q2, Here’s Why
Source: YouTube: Altcoin Buzz
Original Post: BULLISH BREAKOUT 110% Crypto Pump | SUI Surprises Everyone...
This week’s Crypto Biz examines the story behind Binance’s debanking in Australia, Bitcoin miners preparing for the next halving and Bitfinex’s expansion in Latin America.
Original Post: Crypto Biz: Binance’s chaotic June, miners gear up for halving, Bitfinex’s Latam expansion
A federal court ordered crypto exchange Kraken to turn over account and transaction information to the IRS, which said it needed that information to see if any of the exchange's users had underreported their taxes.
Original Post: Court Orders Kraken to Turn Over History Transaction and Account Information to IRS
At a recent concert, 5,000 of the pop star’s fans opened digital wallets through the EVNTZ app, paving the way for future blockchain-based rewards.
Original Post: Harry Styles Concert App Takes Fans in More Than One Direction With Blockchain Rewards
Cboe's BZX Exchange named crypto exchange Coinbase as the market for its surveillance-sharing agreement when it refiled its bitcoin exchange-traded fund application on TKday.
Original Post: Coinbase Will Be Surveillance Partner for Fidelity, Other Bitcoin ETFs, Refiled Applications Say
American multinational investment giant – Citigroup Inc. – is reportedly reviewing its partnership with Metaco. The Swiss firm, which specializes in crypto custody for institutional investors, had partnered with Citi a year back to develop and pilot the latter’s digital asset custody capabilities.
The latest development comes amidst tumultuous market conditions that have significantly strained the relationships of traditional financial firms that tapped into the digital assets industry.
According to Bloomberg’s sources familiar with the matter, both Citi and Metaco have started informal talks with other providers. However, the deliberations are private, and hence, the sources have chosen to remain anonymous.
The reason for the decision has not been revealed yet, as a Citi representative declined to comment. The latest wave of uncertainty that has gripped the crypto industry induced several of its dedicated banking partners to go under or step back from crypto firms.
The report cited examples such as the recently-launched platform EDX Markets, a crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., that scrapped its plan to leverage Paxos as a custodian.
Similarly, banking giant State Street Corp. also ended its licensing agreement with crypto custody firm Copper last month, thereby winding down its enterprise infrastructure business to bridge banks and hedge funds with digital assets. Copper’s association with State Street lasted for over a year since its partnership last March.
Last month, blockchain firm Ripple announced spending $250 million to acquire Metaco in a bid to expand its services to enable customers custody their digital assets with its forthcoming product suite. Commenting on the development, Metaco Founder and CEO Adrien Treccani said that the acquisition will allow the Swiss company to scale up in the market.
But with Ripple itself being embroiled in a long-drawn lawsuit with the US Securities and Exchange Commission (SEC) and custody becoming a bone of contention for the crypto industry, Citi’s decision to review the partnership, which has been in place since last summer, appears to be alarming.
The post Citigroup Reviews Partnership With Ripple-Owned Metaco: Report appeared first on CryptoPotato.
Original Post: Citigroup Reviews Partnership With Ripple-Owned Metaco: Report
Approximately $215 million of stolen assets have since been recovered.
Original Post: 6M lost from crypto hacks, scams and rug pulls in H1 2023: Report
The top 100 DeFi tokens didn’t see much change in price over the past week, with the majority posting minor weekly gains.
Original Post: Over 4M lost to DeFi hacks and scams in Q2: Finance Redefined
The team behind Azuki discussed ways to rebound after its community was left frustrated by the new Elementals NFT collection.
Original Post: Azuki Teases Anime Series, New Artwork After Missing the Mark on Elementals Mint