Introducing Merlin Chain: A Native L2 Solution for Blockchain News, Opinion, TV, and Jobs

Posted on January 31, 2024 by Igor Mitreski

New York, USA, January 31, 2024, Chainwire

This week, the long-awaited Bitcoin L2 solution Merlin Chain went live on testnet, with mainnet expected to launch within a month.

Bitcoin network congestion dilemma and scaling solutions

The evolution of Ordinals over the past year has brought renewed attention to the Bitcoin ecosystem after a long period of time. While increasing the excitement in the Bitcoin ecosystem, it is also increasing the depletion of network resources. Increasingly high transaction costs, combined with the rising price of Bitcoin itself, are further congesting the network and discouraging new users from getting interested in Bitcoin.

(Bitcoin daily average transaction fee $: YCharts)

The idea of developing an EVM-compatible L2 network has been recognized as the first to yield results because the implementation path is simple.

Merlin Chain is also one of the EVM-compatible L2 chains and is developed by Bitmap Tech (formerly Recursiverse), the team that built the BRC-420 protocol and Bitmap.game, and is highly sought after by the community due to the team's past success. It is highly rated.

BRC-420

The BRC-420 protocol supports arbitrary file format combinations/recursion to form more complex inscriptions. Character images, game scripts, virtual machines, AI models, and more can all become Bitcoin assets.

Its core asset, Blue Box, has risen from a registration cost of $0.15 to an ATH floor price of $26,000, while other assets such as Minerals and Dis Song About NFT are the most actively traded on the OKX market. It's one of our assets. Today, we have over 1000 developers and 600+ collections, and our prices are only going up, not down, and we've been performing great even in bear markets.

bitmap games

Bitmap.Game is a fully on-chain, fully decentralized, and fair-launched Metaverse project. It is based on the digital matter theory underlying Bitcoin and is open sourced to be run or verified by any client, reflecting the concept of “client agnosticism” in a fully on-chain game.

During this time, Bitmap's market cap rose from $3 million to an ATH of $290 million. With over 30,000 owners, Bitmap has surpassed Sandbox as the metaverse asset with the most owners across all blockchains.

Unleash Bitcoin's potential with innovative magic

Merlin Chain believes that L2 for Bitcoin means more than just cheap transfers or the availability of DApps, it also means further innovation that unlocks Bitcoin's potential through native assets, users, and protocols. I think it should be something.

For example, how to create games based on bitmaps so that bitmap users can participate in different metauniverses at low cost, since bitmaps are fully decentralized assets. Or for DeFi protocols based on BRC-420, how to authorize NFTs and FTs in both directions. For Inscription Minting, we will discuss how to mint his L1 assets on L2 in a more cost-effective and flexible manner. Rather than replicating how Ethereum works, only these “Bitcoin-native” innovations can continue to power the ecosystem.

So far, Merlin Chain has built a strong DApp ecosystem, effectively addressed liquidity concerns, and plans further expansion.

Efficient and secure scaling with ZK-Rollup

Diverse ecosystems and assets also mean higher throughput requirements and some safety risks. To solve this problem, Merlin Chain adopted ZK-Rollup. This allows you to compress large numbers of transaction proofs into simple checksums, improving transaction efficiency and scalability.

Merlin Chain's sequencer nodes are responsible for collecting and batching transactions, generating compressed transaction data, ZK state roots, and proofs via zkEVM. Compressed transaction data and ZK proofs are uploaded to Bitcoin L1’s Taproot via the decentralized Oracle network and made available across the network, ensuring transparency and security.

Decentralized Oracle network nodes are required to stake $BTC to prevent inappropriate activity. Users can start challenging her ZK rollup based on compressed data, ZK state roots, and ZK proofs. If the challenge is successful, it will be rolled back to the last verified state and the Oracle node will lose its locked $BTC, ensuring the security and reliability of the system.

Through the integration of these technologies, Marlin Chain has demonstrated superior technical capabilities and is on track to build an efficient and secure native Bitcoin L2 solution.

Native integration – Merlin Chain’s Bitcoin-centric approach

Compared to other Bitcoin L2 attempts currently being attempted, one of the key features of Merlin Chain is that it is “Bitcoin native.”

Merlin Chain, which has been a strong believer in Bitcoin for many years, is very passionate about the development of the Bitcoin ecosystem, and rather than providing services to other ecosystems in the name of Bitcoin, Through my work, I aim to bring more users and assets to Bitcoin. Therefore, Merlin Chain appreciates the native nature of Bitcoin in its ecosystem of projects and users.

Additionally, Merlin Chain supports most of the major Bitcoin L1 protocols, including BRC-20, Bitmap, BRC-420, Atomicals, SRC20, and Pipe. All inscriptions on L1 will be automatically whitelisted by Merlin Chain, allowing users to trade safely and affordably.

In line with its pursuit of “Bitcoin Native”, Merlin Chain plans to adopt BRC-20 as its governance token. This makes much more sense than the other Bitcoin L2, which currently uses the Ethereum standard token as its governance token. Tokens will be released through a fair launch, with a 48-month release period that does not start within two years, with the exception of a portion that will be distributed to VCs and teams, to prove the interests of teams and investors. Trust in Marlin Chain.

Bridging the Gap – Simplifying Bitcoin Adoption and Accelerating Growth

Another tricky issue for Bitcoin ecosystem builders is the lack of new users and new capital. Ordinals continues to do well, but the number of active addresses has not increased significantly. It's the same group of people involved in different projects. The fundamental reason for this is Bitcoin's complexity. Not only does it require downloading a Bitcoin wallet, writing is also not very easy, the user has to spend at least 2 blocks of time writing, while for confirmation he has to spend 3 blocks of time , which is complex and complex. it takes time.

(Daily active Bitcoin address: Glassnode)

Marlin Chain solves this problem. Currently, Marlin Chain is connected to 40 Ethereum chains, so even users who are not familiar with Bitcoin can use familiar wallets such as Metamask and familiar assets such as stablecoins, $ETH, and $BNB. Masu. . Interact with Marlin Chain. A user doesn't need to know the principles behind Bitcoin, or even what BRC-20 or Atomic is, before he can experience Bitcoin the way it was meant to be in a familiar way.

To this end, Merlin Chain plans to integrate the first multi-chain writing DApp. This will allow users to write assets to other layers, including Bitcoin L1 on Merlin Chain. Only one block of time is required to wait. At the same time, the Launchpad is also available on the Marlin chain, with a mechanism that every inscription fired on it is rated at 100,000 FDV, and more users will be able to use the BRC-20/ BRC-420 You will be able to easily purchase assets such as /. Atomic/Runes at a very low price. Additionally, as part of its decentralization efforts, Merlin Chain plans to release most of its governance tokens to the community.

Users should stay tuned for the upcoming mainnet launch. The future of Bitcoin is about to unfold with Merlin Chain at the helm.

About Marlin Chain

Marlin Chain is a Bitcoin Layer2 that integrates the ZK-Rollup network, a decentralized oracle network, and an on-chain BTC anti-fraud module. Marlin Chain is committed to powering Bitcoin's native assets, protocols, and products on Layer 1 through the Layer 2 network to make Bitcoin fun again. Marlin Chain is a subsidiary product line of Bitmap Tech, his OG team of top-notch players with a combined market capitalization of over $500 million. The BRC-420 “Blue Box” collection under Bitmap Tech has become one of Ordinals’ most popular assets.

Users can start following Marlin Chain twitter For further updates.

contact

jeff
marlin chain
bitmap@bitmap.tech

Source: the-blockchain.com

QRDO Foundation and EQ LAB Join Forces to Introduce Warden Protocol – Latest Blockchain Updates, Insights, and Opportunities

Posted on January 31, 2024 by Igor Mitreski

Cayman Islands, Cayman Islands, January 31, 2024, Chainwire

QRDO Foundation, dedicated to the growth and development of the QRDO ecosystem, announced a strategic partnership with EQ LAB, a leading blockchain development lab, to launch Warden Protocol. This effort will accelerate the upcoming launch of Warden Protocol, an intent-based interoperability protocol built on Cosmos and based on Fusionchain primitives.

Introducing the Warden Protocol

of warden protocol is a modular intent-centric blockchain built on Cosmos-SDK. At the most basic level, it allows users to create spaces and wallets on various blockchains and manage their activities through on-chain intents. Complex multi-leg transactions can be constructed, and cross-chain activity is protected by complex intents, all enforced on-chain by the Warden protocol.

For builders in this space, Warden enables the deployment of smart contracts into Cosmos using Solidity and WebAssembly, facilitating a modular marketplace of leading management solutions ranging from HSM solutions to multiparty computing providers.

QRDO Foundation representatives said: “The Warden protocol is the next evolution in intent and interoperability primitives. Joining forces with the EQ LAB team will help us achieve this ambitious vision, and QRDO token ownership “This will ensure that people can truly experience fulfillment.” A decentralized, open, intent-centric interoperability and key management protocol. ”

A variety of applications have committed to support deployment on Warden, including:

EQ.FinanceCosmos' liquid staking hub that powers existing liquid staking tokens.
WARDD is a decentralized stablecoin pegged to the US dollar that provides Warden users with instant access to dollar liquidity.
slightly, a pluggable protocol for decentralized capital pools that enables margin trading on any spot DEX.and
SpaceWard is a SAFE-like platform for wallet management and governance.

EQ LAB forms the core contributor team for Warden Protocol and brings an extensive team of 15 core developers to Warden Protocol.

EQ LAB Founder Alex Melikhov said: “We are very happy to contribute to the establishment of the Warden Protocol as a core contributor.As an experienced team of qualified blockchain developers, I We see a bright future in the Cosmos ecosystem and look forward to unlocking incredible value for both the existing QRDO community and the community of Q token holders.”

word token

Warden Protocol plans to introduce the WARD token through a fair initiation mechanism. The launch will take place without any pre-mining or investor allocation, and will initially extend eligibility for both airdrops and incentivized WARD swaps to existing QRDO holders. As a tribute to the public good performed by various other Cosmos chains, not only TIA and ATOM stakers are eligible, but also builders and users of other free protocols and chains. Further details will be announced soon.

The Alfama testnet will go live in the coming weeks, and details about the incentivized testnet will be published soon.

contact address

warden protocol

Warden Protocol is a new modular, intent-based blockchain based on CosmosSDK that enables users and builders to explore and build cross-chains securely.

pr@wardenprotocol.org

www.wardenprotocol.org

About EQ LAB

EQ LAB is an experienced software engineering house specializing in permissionless applications and protocols, serving as a technology partner for numerous projects on Cosmos, Ethereum, Arbitrum, Polkadot, and other blockchain platforms.

hello@eqlab.io

www.eqlab.io

About QRDO Foundation

The QRDO Foundation was created to focus on accelerating the adoption of open custody, security, and interoperability protocols and fostering the value of the QRDO ecosystem.

contact

PR team
QRDO Foundation
pr@qrdo.org

Source: the-blockchain.com

Bitbot, a new non-custodial Telegram trading bot, raises $300,000 in pre-sale within first 72 hours- Blockchain News, Opinion, TV, Jobs

Posted on January 24, 2024 by Igor Mitreski

Within 72 hours of the presale starting on January 17th, Bitbot raised an incredible $300,000.

Bitbot aims to lead the Telegram trading bot market, a fast-growing segment of the trading app market with lifetime trading volume worth $7 billion.

Telegram trading bot allows traders to manage their cryptocurrency trading portfolio within the Telegram app. In practice, this means that an investor who uses Telegram frequently (a significant number of the 800 million active Telegram users) straddles his two applications, the exchange and the Telegram app, to manage his trades. This means that you no longer need to operate with Additionally, the Telegram trading bot offers all the automated trading features found in exchange apps, bringing together the best of two worlds in one seamless package.

Andrew Jacobs, Technical Product Advisor at Bitbot commented: Our mission is to provide individual traders with powerful, institutional-grade tools in a simple and intuitive trading interface backed by robust security. We have a great team and we look forward to driving the evolution of the product and meeting the Bitbot community at his regular AMAs, which will be published on our social channels during the pre-sale period. ”

The Bitbot team aims to move quickly with a relatively small fundraising goal of $4.3 million, and is predicting a rapid pre-sale with prices closing between $0.0100 and $0.0200, with an initial investment before the project is listed. You may be offered 100% return on your home. An additional incentive is the attractive offer that the Bitbot token holder will receive his 50% of the company's profits, distributed as a percentage of his holdings, after its launch this year.

Bitbot (BITBOT) is Official site.

Promoting mass market adoption with Bitbot

Telegram trading bot increases convenience by allowing users to perform the entire trading process within Telegram, the preferred messaging platform for cryptocurrencies, avoiding the often complex user experience associated with exchanges.

While Telegram trading bot trading volumes are impressive, it is clear that there is still a majority share of the pie that is currently dominated by traditional crypto exchanges. Even Bitspay consistently ranks in the top 70 exchanges. CMC, whose volume is similar to all Telegram trading bots combined. The magnitude of the opportunity is clear in terms of potential market share, and it is this kind of potential that is driving the product and development team and Bitbot to deliver a product suitable for mass adoption. .

This is probably one of the problems with Bitbot's competitors. Telegram trading bots can be quite complex and much of their operation relies on user commands. Moreover, many security issues have plagued even the biggest players in the market, which is a sour point for some but could be a very positive advantage for the Bitbot brand.

bitbot tackles both of these issues head-on. First, it eliminates the need for complex commands by providing an intuitive in-app interface that exchange users can instantly recognize.

Second, it offers non-custodial trading. This means a user can integrate her Bitbot with a cold wallet and eliminate the unpleasant need to part with private keys to initiate the bot's powerful automated trading features. This is supported by the brand's partnership with Safe Storage. This is a so far unprecedented product in the Telegram trading bot market and a truly unique and innovative approach focused on institutional level asset security.

This bot offers a myriad of advanced features, from copy trading to automatic sniping, that will appeal to both beginners and advanced traders.

Tokenomics and presale roadmap

As per the project white paperBitbot's pre-sale will run until Q1, with project listings on exchanges appearing in Q2 (which is possible given the current trajectory, unless the pre-sale sells out early).

Allocation details include: 30% reserved for presale, 20% for development team, 14% for marketing, 3% for liquidity, and 2.3% available to community (rewards and (consisting of airdrops), and 10% will be allocated to the Treasury.

The 20% designated to the development team will have a one-year vesting period to ensure long-term commitment from the team.

Bitbot’s impressive journey in the crypto market

Competing trading bots Unibot and Banana Gun quickly rose to prominence, and Unibot’s token price fell $230 Just 3 months after its release. According to a recent study, investors who participated in Unibot's pre-sale reportedly received returns of approximately 200x. CoinDesk article.

Bitbot hopes to follow in their footsteps, and its impressive fundraising was supported by a rapidly growing community. 90,000 followers of X We have over 5,100 members the telegram Within one week of pre-sale announcement. The project is currently already in stage 2, with a token price of $0.011, and only 9,200,000 tokens left before stage 3, when the price increases by 5%.

Bitbot hopes to attract pre-sale investors following the recent acceptance of Bitcoin ETFs and increased trading activity in the crypto market. This has garnered significant social support and has already been featured by prominent crypto publications like his Invezz, which has listed Bitbot in an article. Top cryptocurrencies of 2024.

Bitbot is a new Telegram trading bot that aims to put institutional trading tools into the hands of retail users, allowing them to trade using a variety of advanced features, including sniping and copy trading.

Audited by Solid Proof, Bitbot focuses on security and follows the motto “Your keys to your assets.” To achieve this objective, the project partnered with Knightsafe to deliver the world's first non-custodial Telegram trading bot to reduce risk for trading partners, and enhanced it with anti-MEV and anti-lag technology.

To learn more about Bitbot (BITBOT) users and to purchase, please visit the Bitbot site. Website.

contact

CEO
bitbot
bitbot
pr@bitbot.com

Source: the-blockchain.com

Investment inflows into BTC spot ETFs continue as BTC volatility shrinks – Blockchain updates, analysis, TV, and job opportunities

Posted on January 23, 2024 by Igor Mitreski

Mateo Greco, Research Analyst, Listed Digital Assets and FinTech Investment Business Finekia International (CSE:FNQ)

Bitcoin (BTC) ended the week at around $41,600, down just 0.4% from the previous week's closing price of around $41,750. Prices have become less volatile and more stable following the SEC's approval of the ETF compared to the previous week, putting an end to speculation on the issue.

The introduction of the new BTC Spot ETF has attracted funds from traditional finance to the digital asset market. The 11 spot ETFs have collectively attracted approximately $1.15 billion in cumulative inflows since inception. Leading the pack is the BlackRock Spot ETF with about $1.4 billion in assets under management (AUM), followed closely by the Fidelity Spot ETF with about $1.26 billion in assets under management.

This inflow was partially offset by the fact that one of the 11 spot ETFs launched was Grayscale Bitcoin Trust (GBTC). GBTC is not a new product; it has been traded in trust since 2015, but was converted to an ETF. The product has experienced significant outflows of approximately $2.81 billion since the conversion, with total inflows for the 11BTC Spot ETF decreasing from approximately $3.96 billion to $1.15 billion.

At the time of the conversion, GBTC held approximately 620,000 BTC, which has now decreased to approximately 552,000 BTC. The large outflow can be attributed to two main factors. First, prior to the conversion, due to the structure of the product, GBTC customers were restricted from redeeming their shares and could only sell them on the secondary market. This forced many customers to hold positions for years without an exit option unless they were willing to sell at a deep discount on the secondary market. Second, the high management fee charged by Grayscale (1.5%) compared to most of its competitors (0.2%/0.3%) has led some investors to choose between cashing out their profits or offering a more cost-effective option. I withdrew my investment from Grayscale to reinvest in a high-performing ETF.

BTC spot ETFs recorded strong activity with high trading volumes. Since their launch, the cumulative trading volume of the 11 spot ETFs has reached approximately $16.6 billion in six trading days, or an average daily trading volume of approximately $2.77 billion. As expected, GBTC recorded the highest trading volume given the large amount of BTC being stored and the dynamic activity related to the conversion of trusts into ETFs.

With the successful launch of the BTC Spot ETF, market participants and analysts are now focusing on the potential for the ETF to include a variety of digital assets. Analysts predict an Ethereum (ETH) spot ETF has a greater than 70% chance of approval this year. This expectation is reinforced by analyzing the price trend of ETH. Immediately after the approval of the BTC Spot ETF, funds were transferred from BTC to ETH. ETH rose 17% versus BTC and 11% in dollar terms during the week of approval. This indicates that market participants are anticipating the approval of the ETH Spot ETF following the green light for the BTC Spot ETF and are adjusting their positions accordingly.

Source: the-blockchain.com

SEC Approval of Spot Bitcoin ETF Leads to Increased Volatility in the Market – Blockchain News, Opinion, TV, Jobs

Posted on January 16, 2024 by Igor Mitreski

Bitcoin (BTC) closed last week at around $41,750, down 5.0% from the first week of the new year, to close at around $43,750. The price showed significant fluctuations, mainly influenced by the increased market dynamics due to the approval of the BTC Spot ETF. The week began with a strong uptrend in anticipation of approval on Monday, with prices rising 9.0% to nearly $47,000. BTC approached $48,000 on Tuesday, but the false news about confirmation encountered significant volatility, causing a drop below $45,000 before stabilizing near $46,000 overnight.

On Wednesday, the SEC granted approval for the BTC Spot ETF, leading to heightened volatility, especially on Thursday when ETF trading began. After soaring to around $49,000, BTC began a significant downtrend, especially on Friday, when the price fell by 7.7% to below $43,000. Prices gradually declined over the weekend, ultimately ending the week at around $41,750.

The launch of the BTC Spot ETF has increased market activity. An analysis of daily trading volume on centralized exchanges for the seven-day period from January 8th to 14th showed that daily trading volume reached nearly $50 billion, the highest since November 2022. The launch of ETFs has increased activity in the entire market, and not just in BTC.

From January 8th to 14th, BTC's daily trading volume was recorded at $17.8 billion, an increase of 26% from the $14.1 billion recorded the previous week. Ethereum (ETH) recorded a total daily trading volume of $7.7 billion during the same period, an 83% increase from the $4.2 billion recorded the previous week, indicating increased activity across the market.

The recent strength of the market compared to BTC is further substantiated by analyzing BTC's dominance in terms of market capitalization relative to the overall digital asset market. At the end of the week, BTC's share was 51.1%, down 5.4% from 54.0% the previous week.

BTC price trends, coupled with volume data and the performance of specific altcoins, indicate that it adheres to the typical “buy the rumor, sell the news” pattern associated with major market events. Market participants predicted the ETF's approval 90% of the time and adjusted their portfolios accordingly prior to SEC approval.

During Q4 2023, BTC showed significant strength, with the price increasing by 57% to around $42,300 from $27,000 at the end of Q3. As BTC reached almost $49,000 after approval, investors took profits on positions initiated at lower BTC price levels and transferred their capital to altcoins, as evidenced by its decline in dominance over the past week. began to be redistributed.

This pattern is common and does not indicate a failed ETF launch. In the first two days of trading, the 11BTC Spot ETF closed with approximately $1.4 billion in cumulative inflows, partially offset by $600 million in outflows from the Grayscale Bitcoin ETF (GBTC). Net inflows were approximately $800 million.

The GBTC outflow was facilitated by the fact that it was not a new product launch, but rather a conversion from an existing Bitcoin trust holding over 600,000 BTC. Grayscale has higher management fees (1.5%) compared to most of its competitors (0.2%/0.3%), leading some investors to withdraw from Grayscale and opt for more favorable management fees. May reinvest in other BTC ETFs with fees.

Source: the-blockchain.com

Experts in the crypto industry foresee positive trend and possibility of Bitcoin surge in 2024 – Updates on blockchain, viewpoints, and employment opportunities

Posted on December 4, 2023 by Igor Mitreski

In the dynamic world of cryptocurrencies, industry leaders are optimistic about the beginning of a new bullish phase, with hopes rising for Bitcoin to reach an all-time high of over $100,000 in 2024.

Bitcoin has experienced an impressive rally of over 120% this year alone, and many enthusiasts believe this upward momentum will continue into next year.

Last week, Bitcoin ended around $37,450. Markets have experienced considerable volatility this week in the wake of the US Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange. The announcement of the settlement and the resignation of Binance’s CEO caused the market to briefly decline, with BTC trading at $35,700 at one point. The negative sentiment was quickly followed by positive news, such as Binance not facing further regulatory action, contributing to a newfound stability in the market.

The start of the new week was marked by BTC trading at a price of $40.665. This year’s highest price has been updated.

2023 looks like it will be the year we prepare for the upcoming bull market. 2024 and 2025 are highly anticipated.

Despite the crypto industry facing challenges such as coin crashes, project failures, bankruptcies, and criminal trials, recent high-profile cases involving exchanges like FTX and Binance have It is seen by some as a turning point. Some industry players believe that the speculative phase is nearing an end, allowing a transition to constructive development and problem-solving in the cryptocurrency space.

The speculative phase appears to be over, leaving room for actual builders to focus on technology and problem-solving.

Attention now turns to positive developments. First, there is excitement about the potential approval of a Bitcoin exchange-traded fund (ETF). If approved, it could attract larger traditional investors and could be an important milestone in Bitcoin’s mainstream adoption.

The second notable development is the Bitcoin halving scheduled for May 2024. This event occurs every four years and cuts the rewards to miners in half, thereby limiting the supply of Bitcoin. Historically, this has been the catalyst for new rallies in the crypto market.

Investors are closely monitoring these developments, with particular focus on potential ETF approval and the upcoming halving. Mateo Greco, Research Analyst, Listed Digital Assets and FinTech Investment Business Finekia International (CSE:FNQ) pointed out:

“Approval of a US-based Bitcoin Spot ETF is not only likely to bring in capital inflows, but also inject significant liquidity into the market, fostering more stable prices, and opening the doors to digital asset exchanges and digital assets. It has the potential to facilitate more advantageous trading in both financial products that incorporate the ”

Bold predictions for Bitcoin in 2024 have already surfaced, with various ETF endorsements predicting that Bitcoin could reach $100,000 by the end of 2024. This represents a significant 160% increase from the current price.

Moreover, Matrixport, a cryptocurrency financial services company expects the price to reach $63,140 by April 2024 and a whopping $125,000 by the end of next year. Their report highlights factors such as an expected drop in inflation and a possible interest rate cut by the Federal Reserve as factors that could push Bitcoin to new all-time highs in 2024.

As the cryptocurrency landscape evolves, industry leaders and investors alike are looking forward to a transformative year full of potential milestones and new heights for Bitcoin.

Source: the-blockchain.com

Bitcoin consolidates with increased profitability for long-term holders: Blockchain news, opinions, TV, and job opportunities

Posted on November 21, 2023 by Igor Mitreski

Last week, Bitcoin (BTC) ended at around $37,350, an increase of 0.8% compared to the previous week’s closing price of $37,000. It started with notable volatility, with BTC prices falling to $34,800 on Tuesday, but then made a strong recovery and reached almost $38,000 on Wednesday. BTC then fell again to $36,000 on Thursday. The second half of the week saw an uptick, with BTC ending the week at around $37,350.

BTC dominance, which measures Bitcoin’s market capitalization relative to the overall digital asset market, recovered after two consecutive weeks of decline and settled at around 52.6%. This represents an increase of 0.3% compared to the previous week and indicates a slowing in the dispersion of liquidity across the market following two weeks of solid momentum in the altcoin sector.

The recent rise in altcoin performance is supported by an analysis of the Total3 metric, which considers the sum of the market capitalizations of the top 125 altcoins. The index now stands at around $416.1 billion, the highest level since August 2022. This follows a solid rally led by the Bitcoin and ETF Spot stories in recent months, highlighting substantial positive momentum across the market, with significant gains in early May 2022 approaching market cap. It reached a level not seen since the collapse of UST-Luna, which triggered a recession.

Confirming the uptrend, several BTC indicators are showing strong momentum. Approximately 80% of addresses holding Bitcoin are currently profitable, indicating solid accumulation during the 2022 recession. Only about 20% of addresses have an average purchase price above $37,000, confirming that a bottom is likely to form sometime in 2022. This accumulation by short-term holders by long-term holders is typically seen in the later stages of a bear market. A cycle bottom is established. This is further supported by the unchanged BTC supply over the past 12 months, currently accounting for 70.2%, indicating the long-term commitment of most investors. Furthermore, the Bitcoin Irritant Supply Index, which measures the supply held in wallets with minimal spending history, reached an all-time high of 15.4 million BTC. This is consistent with our previous hypothesis depicting a recent surge in long-term holders who continued to accumulate assets without selling them during the 2022/2023 economic downturn, and was associated with the sale of BTC in their wallets. indicates minimal activity.

Examining BTC’s on-chain activity reveals positive trends. His daily transaction count, calculated on a 7-day average, is approaching around 575,000, and his total BTC on-chain transaction volume has reached a level not seen since the end of June. Transaction fees remain relatively high at $4-$5, indicating an overall upward trend in on-chain activity beyond centralized exchanges and financial instruments. This suggests that structural activity and interest are growing harmoniously across different investor cohorts.

Focusing on mining, recent reports indicate that Tether, the issuer of USDT, is expanding into mining with the aim of capturing around 1% of the total hashrate and securing a position in the top 20 mining farms. The company plans to invest $500 million. According to a BitVeria report, during the third quarter, miners focusing on power strategies managed to reduce the average direct BTC production cost by 35% from $21,100 to $13,800. This data highlights a significant improvement in the mining sector’s profitability compared to the challenges experienced through 2022 and parts of 2023.

Source: the-blockchain.com

Major Banks Foresee Significant Interest Rate Reductions – Stay Updated with Blockchain News, Expert Opinions, and Job Opportunities in the Financial Sector.

Posted on November 14, 2023 by Igor Mitreski

Strategists at UBS investment bank expect a significant interest rate cut by the US central bank, which is seen as bullish for Bitcoin. UBS said falling inflation could prompt the U.S. central bank (Federal Reserve) to start cutting interest rates as early as March. This development is perceived as very positive for Bitcoin, especially considering recent economic indicators.

US inflation slows significantly, eliminating bets on further Fed rate hikes

Recent data reveals slowing U.S. inflation, extinguishing hopes for further rate hikes from the Federal Reserve. The consumer price index stalled in October, with the core index rising 0.2%. Those numbers have led traders to push back when they expect the U.S. Federal Reserve to make its first move to cut interest rates.

This change in expectations is consistent with UBS’s prediction of a significant interest rate cut, creating a supportive backdrop for Bitcoin in the following ways:

Reduced opportunity cost: As traditional interest rates decline and expectations of further rate hikes fade, the opportunity cost of holding Bitcoin also decreases. This could make Bitcoin more attractive to investors looking for alternative assets.

Inflation hedge: As inflation slows, investors could turn to assets like Bitcoin, which some see as a hedge against inflation. The scarcity and decentralized nature of cryptocurrencies could make them an attractive store of value in an environment of reduced inflationary pressures.

Market speculation: Revisions to the Fed’s rate hike outlook could spark speculative activity in financial markets. Bitcoin’s higher return potential and its characteristic volatility may attract traders looking for opportunities in a changing interest rate landscape.

Macroeconomic uncertainty: Recent economic data, coupled with revised Fed rate hike expectations, may signal broader economic uncertainty. In times like these, Bitcoin’s role as a decentralized and non-traditional asset is likely to become more prominent as investors seek to escape market volatility.

This combination of factors, with the potential for increased demand and favorable market sentiment, is reinforcing Bitcoin’s positive outlook.

Source: the-blockchain.com

Traditional Finance’s Increasing Involvement in Bitcoin Revealed – Blockchain News, Analysis, Interviews, Opportunities

Posted on November 13, 2023 by Igor Mitreski

Last week, Bitcoin (BTC) rose 5.9% to close at around $37,000 compared to the previous week’s closing price of $35,000. This week has seen solid price movements, with BTC seeing fluctuations with prices increasing continuously every day from Monday to Friday. The highest trading price was observed on Thursday, reaching nearly $38,000. After this peak, prices declined slightly and stabilized at around $37,000 from Friday through the weekend.

BTC dominance, which measures Bitcoin’s market capitalization relative to the overall digital asset market, fell for the second consecutive week, settling at around 52.3%. This corresponds to a decrease of 0.7% compared to the previous week and highlights the continued dispersion of liquidity among more speculative assets. This is characteristic of a phase in which investors express confidence in the market and engage in riskier trades.

Trading activity continues to soar, with cumulative daily volume on centralized exchanges reaching $31.4 billion, calculated on a seven-day moving average. This figure is the highest since the end of March and reaffirms that the recent uptrend is driven by strong trading activity.

A notable aspect is the heavy involvement of traditional finance in the recent uptrend. Chicago Mercantile Exchange (CME)’s BTC open interest exceeded 100,000 contracts for the first time, surpassing Binance and becoming the top exchange in terms of BTC open interest. This strong presence of traditional financial investors is evident in the Grayscale Bitcoin Trust (GBTC) discount rate, which has now narrowed to 10.3%, its lowest level since August 2021. .

The increase in traditional financial activity related to BTC confirms the confidence market investors currently have regarding the approval of a future BTC spot ETF. It is important to note that the first final decision deadline from the SEC on the 21Shares BTC Spot application is scheduled for January 10, 2024. Presumably, to avoid giving issuers a first-mover advantage, the SEC will make a final decision to approve or deny all applications by this date. Additionally, applications for digital asset spot ETFs continue, with recent news including BlackRock’s ETH Spot ETF following Grayscale’s decision to apply for conversion from Ethereum Grayscale Trust (ETHE) to ETH Spot ETF. It has been revealed that he has applied for an ETF. How many weeks ago?

The surge in prices and trading activity, particularly through traditional financial channels, coupled with a consistent decline in the GBTC discount and significant net inflows observed in ETPs underlying digital assets, has led investors in the market to bet on approval. It suggests that Securing approval from the SEC is likely to attract significant investment from traditional finance, bringing an influx of new investors and potentially strengthening digital assets and pushing them into a more recognized asset class. . Conversely, a rejection would likely cause a short-term economic downturn, given the general expectation in favor of approval and the subsequent positioning of market participants, which will be heavily influenced by this expectation.

Source: the-blockchain.com

Mondo News

All of the latest tech and science news from all over the world.

Tag Archives: blockchain

Introducing Merlin Chain: A Native L2 Solution for Blockchain News, Opinion, TV, and Jobs

contact

QRDO Foundation and EQ LAB Join Forces to Introduce Warden Protocol – Latest Blockchain Updates, Insights, and Opportunities

contact

Bitbot, a new non-custodial Telegram trading bot, raises $300,000 in pre-sale within first 72 hours- Blockchain News, Opinion, TV, Jobs

Promoting mass market adoption with Bitbot

Tokenomics and presale roadmap

Bitbot’s impressive journey in the crypto market

contact

Investment inflows into BTC spot ETFs continue as BTC volatility shrinks – Blockchain updates, analysis, TV, and job opportunities

SEC Approval of Spot Bitcoin ETF Leads to Increased Volatility in the Market – Blockchain News, Opinion, TV, Jobs

Experts in the crypto industry foresee positive trend and possibility of Bitcoin surge in 2024 – Updates on blockchain, viewpoints, and employment opportunities

Bitcoin consolidates with increased profitability for long-term holders: Blockchain news, opinions, TV, and job opportunities

Major Banks Foresee Significant Interest Rate Reductions – Stay Updated with Blockchain News, Expert Opinions, and Job Opportunities in the Financial Sector.

Traditional Finance’s Increasing Involvement in Bitcoin Revealed – Blockchain News, Analysis, Interviews, Opportunities