Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

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Stacks (STX), Optimism (OP), Kaspa (KAS) top gainers as Bitcoin rallies

  • Stacks (STX) price was up 25% as Bitcoin (BTC) broke above $28k for the first time in weeks.
  • Optimism (OP) and Kaspa (KAS) also gained double-digits.
  • The tokens were outperforming major altcoins such as Ethereum, BNB and XRP.

As Bitcoin (BTC) broke to highs above $28k on Tuesday, several altcoins took cue to post huge moves. 

Top market cap coins like Ethereum (ETH), BNB (BNB), XRP (XRP) saw modest gains. However, a few stand out performers on the day included Stacks (STX), Optimism (OP) and Kaspa (KAS).

Stacks price

Stacks (STX) is outperforming peers today with a 25% price surge in the past 24 hours. The coin’s stellar performance has recently been down to the growing popularity of Bitcoin Ordinals. With Bitcoin-based NFTs on the rise, the demand for STX has increased.

The token traded to highs of $0.76 on Tuesday, up from lows of $0.58. The all-time high for Stacks is $3.39, which was reached in December 2021.

Optimism price

Optimism (OP) price was up 18% at the time of writing. The price of the L2 blockchain hit $1.34 on Tuesday afternoon after trading at lows of $1.06 this week, with the gains coming on the back of the broader market’s bounce.

However, there was another likely trigger for OP price – the launch of an Optimism-powered testnet on the BNB Chain. The opBNB testnet went live on Binance’s BNB Chain on Monday and saw the OP token begin to soar amid increased trading volumes. Optimism price hit its all-time high of $3.22 in February this year.

Kaspa price

Kaspa (KAS) also saw double digit gains on Tuesday to rank among the biggest gainers in the top 100 coins by market cap. With price up more than 11% on the day, KAS inched further into bulls’ territory with over 40% upward action in the past week. 

KAS/USD was trading at $0.022 at the time of writing, which is about 46% off the coin’s all-time high of $0.043 reached in April this year.

Recently, the Kaspa team announced a funding pool initiative that targeted eventual KAS listing on the cryptocurrency exchange Bitpanda. The L1 proof-of-work blockchain network implements the GHOST protocol, which has been cited in the whitepapers of Ethereum, Cardano and XRP.

The post Stacks (STX), Optimism (OP), Kaspa (KAS) top gainers as Bitcoin rallies appeared first on CoinJournal.

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Schwab-backed crypto exchange EDX Markets goes live

  • EDX officially launched trading in bitcoin, ether, litecoin, and bitcoin cash today.
  • The crypto exchange has also completed a second funding round with new investors.
  • EDX has plans of launching a clearinghouse business later this year as well.

Investors can now trade bitcoin, litecoin, ether, and bitcoin cash on a new digital assets marketplace – EDX Markets.

EDX Markets is backed by financial giants

On Tuesday, the crypto exchange that has support from a bunch of Wall Street behemoths, including Fidelity, Charles Schwab and Citadel Securities launched trading in the said digital assets.

EDX Markets had first revealed plans of launching a non-custodial exchange last year in September. In a press release this morning, its CEO Jamil Nazarali said:

EDX’s ability to attract new investors and partners in the face of sector headwinds demonstrates strength of our platform and demand for a safe and compliant crypto market.

It is noteworthy that neither of the four crypto assets available to trade on EDX were dubbed “securities” in the recent complaints the U.S. SEC has filed against Binance and Coinbase.

EDX will soon launch a clearinghouse business

In its press release, EDX Markets also confirmed today that it has completed a second round of funding with new investors. CEO Nazarali added:

We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices.

A non-custodial crypto exchange is known to be safer than the custodial wallet. On Tuesday, EDX Markets revealed plans of introducing a clearinghouse business in the coming months as well.

The news arrives only days after BlackRock officially filed to launch a Spot Bitcoin ETF in the United States (read more), suggesting the long-term institutional demand remains intact despite the FTX fiasco and the ongoing regulatory crackdown.

The post Schwab-backed crypto exchange EDX Markets goes live appeared first on CoinJournal.

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Bitcoin signals potential breakdown, top analyst says about BTC price

  • Bitcoin (BTC) is positioned for further downside as a new Weekly Close below the 200-week moving average signals.
  • BTC rejecting from above $26k would welcome bears to the party as double-confirmation of the breakdown.
  • According to crypto analyst Rekt Capital, the 200-week MA is a robust resistance zone. 

As Bitcoin bulls face rejection from above $26k, a top analyst has pointed out the benchmark cryptocurrency’s price faces fresh downside pressure.

BTC price is currently 2.4% up in the past week, but has failed to break past key resistance around $26,600. The breakdown to lows of $24,800 last week amid negative regulatory headlines appears to have only emboldened bears further.

Bitcoin positioned for downside

According to crypto analyst Rekt Capital, the technical outlook for BTC suggests more weakness is likely. This is after a new weekly close below the 200-week moving average, which signals a “double confirmation of [a] breakdown,” the analyst noted.

Last week, Bitcoin price recovered from lows of $24.8k after the market reacted sharply to the SEC’s lawsuits against crypto exchanges Binance and Coinbase. Commenting after the upside, Rekt Capital suggested that Bitcoin had “run straight into the 200-week MA”

He noted that if bears managed to turn this zone into new resistance, there was likelihood BTC could see a “two-step breakdown confirmation.” Such a price scenario was likely to result in further downside pressure.

“Technically, BTC is positioned for downside. Why? Because it has produced another, new Weekly Close below the 200-week MA. As a result, $BTC has shown double-confirmation of breakdown from the 200-week MA. Continued rejection here could send price lower,” he tweeted on Monday, pointing to last week’s prediction.

Here’s a chart the analyst shared, showing Bitcoin’s rejection at both a downtrend line and the 200-week MA.

If Bitcoin gives up the $26k level again, a run to June lows could open up room for more losses. However, as BitMEX founder and former CEO Arthur Hayes pointed out last week, its likely crypto will hit the pain of an extended sideways action before a new trigger sets up an “autumn rally.”

As CoinJournal reported, the BitMEX founder believes the trigger will be retail trading, and a big possibility is this next bull market is led by the Chinese trader. BlackRock filing for a spot Bitcoin ETF could also be a significant tailwind in coming months.

The post Bitcoin signals potential breakdown, top analyst says about BTC price appeared first on CoinJournal.

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Bitcoin holders with 100 BTC or less scooped 254% of mined supply last month: Glassnode

  • Bitcoin’s price struggles aside, last month saw more entities with less than 100 BTC buy 2.54X of all coins mined.
  • Glassnode data shows these entities added 2,286 BTC per day.
  • Shrimps increased their BTC holdings by 117% last month, while crabs added 80% and fish bought 57% of mined bitcoin.

It appears Bitcoin (BTC) wallet addresses with under 100 BTC have used the recent dump in the flagship cryptocurrency’s value to add to their positions.

According to on-chain data shared by Glassnode, the cohorts from shrimps (less than 1 BTC) to fish (less than 100 BTC), purchased 2.54x of daily mined supply over the past month. With the current daily mined coins at approximately 900, these entities scooped 2,286 BTC per day.

Shrimps and crabs increase total BTC holdings 117% and 80% respectively

As can be seen in the chart below, the monthly absorption rates for shrimps, crabs and fish was 117%, 80% and 57% respectively. That’s a massive 254% in terms of the share of mined coins – shrimps, crabs and octopus and fish added to their total holdings last month. With Bitcoin price around $26,300, that’s more than $60 million worth BTC per day.

Bitcoin monthly distribution rates for shrimps, crabs, octopus and fish. Source: Glassnode

Shrimps now hold 1.26 million BTC, or 6.6% of the total circulating supply, up from roughly 4.86% a year ago. Crabs account for 2.03 million BTC, which is 10.5% of circulating supply. The cohort’s total holdings have increased from 8.7% from a year ago.

Meanwhile, the supply held by whale entities continued to decline and stood at 34.4% as of June 2023. This is a decline of 45% since Bitcoin’s first halving in 2012, when whales accounted for 62.7% of total BTC supply. 

Whales currently hold approximately 6.64 million BTC, down from a peak of 7.8 million BTC in 2016.

The post Bitcoin holders with 100 BTC or less scooped 254% of mined supply last month: Glassnode appeared first on CoinJournal.

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Arthur Hayes says the Chinese trader will drive crypto’s next bull market

  • Arthur Hayes says the crypto autumn rally will be catalysed by Chinese traders.
  • According to the BitMEX co-founder, a weakening of the yuan amid massive credit issuance will drive capital into crypto markets.
  • He notes that “Hong Kong will be the conduit through which Chinese capital is allowed to own crypto.”

Arthur Hayes, the co-founder and former CEO of crypto exchange BitMEX, believes the next crypto market rally will be shaped by the Chinese trader.

In an opinion laid out in his latest blog post, Hayes highlights that the US Securities and Exchange Commission (SEC)’s current crackdown on crypto might be a negative trigger. The crypto market is likely to freak out and crater even further due to this.

However, according to the entrepreneur, it is not the US but China that could hold the baton as crypto heads into the next bull market. And the one catalyst to watch out for would be the “return of the Chinese trader” amid the weakening of the Chinese yuan.

“The return of the Chinese crypto trader through the financial pipes of Hong Kong will reignite the market at the same time the broke-ass American mass affluent are effectively shut out,” Hayes wrote in the blog post published June 16.

Hayes explains how China leads the next bull rally

The current market setup is much like the summer of  2015, that “nuclear bear market” whose catalyst was the implosion of Mt. Gox. 

Just as then, the 2022 bear market that included the implosion of FTX has volatility and trading volumes dried up and the sideways price action excruciatingly boring. Indeed, compared to 2015 when Bitcoin price traded near $200 for a long time, 2023 is seeing this with prices ranged below $30k since the breakdown in November 2022.

“But in August of 2015, the PBOC suddenly sparked a rally in China’s interest for Bitcoin with a “shock” devaluation vs. the USD. From August to November of 2015, the price of Bitcoin tripled, with Chinese traders driving the market higher. I believe something similar could happen in 2023,” Hayes noted.

According to the BitMEX co-founder, the above is an outlook he sees materializing as the world’s second-largest economy embarks on an insane credit issuance spree. On why selling now amid concerns around the US regulatory environment “is misplaced.” Why?

“At some point, the selling will stop, and then we get the dreaded sideways. The boring sideways price action will reign until something jump starts the degen spirits of crypto traders.”

That trigger, he says, will be a slowdown in China’s economy and the subsequent money printing spree that will weaken the yuan and see massive inflows into crypto. He explained:

“The less the Chinese economy grows, the more credit will be issued. Then the currency will weaken, capital will be allowed to “flee” into appropriate vehicles, and finally, the crypto capital markets will be provided with the spark to hopefully start the autumn rally.”

To weaken the currency, Hayes says the Peoples Bank of China (PBOC) will look to encourage credit growth sectors of the economy deemed “good.” These areas include semiconductors, artificial intelligence (AI), clean energy, and property. The central bank will allow these “good” sectors to access higher loan quotes, with banks “instructed to lend a certain amount of yuan to these sectors.”

The weakening of the yuan, and the focused approach to attracting crypto and blockchain in Hong Kong are going to be key factors, he added. It is a trajectory that best suits HODLers. The crypto bull summed up his market outlook:

“I have predicted before and continue to believe that Hong Kong will be the conduit through which Chinese capital is allowed to own crypto financial assets.” 

The post Arthur Hayes says the Chinese trader will drive crypto’s next bull market appeared first on CoinJournal.