Kategorie: Bitcoin News

• Bitcoin Dogs (0DOG) is projected to surge as Bitcoin’s price turns bullish.
• 0DOG could reclaim its all-time high of $0.04934 due to increased demand amid new exchange listings.
• Analysts predict a potential 100X move for 0DOG by the end of 2024.

As Bitcoin (BTC) gears up for what could be a record-breaking rally after struggling below $60k, many altcoins within its ecosystem are expected to follow suit, and Bitcoin Dogs (0DOG) stands out among them.

A BRC-20 token, 0DOG is directly tied to Bitcoin’s performance and with the current bullish outlook for BTC and a string of new exchange listings, it is poised to reclaim its previous all-time high of $0.04934.

Bitcoin (BTC) regains its footing, surging above $60k

At press time, Bitcoin price stood at $60,022, showing a steady 10% growth in the last seven days.

Although the price remains 17.43% below its all-time high of $72,689 (achieved six months ago), the market sentiment is bullish after a scare that made analysts anticipate a drop below $50k this weekend.

Most technical indicators currently show a buy signal indicating short-term bullishness and a possible long-term bullish trend. The key resistance level to watch is at $60,316, with bottom support around $58,294.

If Bitcoin breaks above the $60,316 resistance, analysts predict it could rapidly surge to the next target of $62,441.

Forecasts suggest Bitcoin could hit $79,207 by the end of 2024, with long-term projections reaching as high as $221,485 by 2025 and $369,701 by 2030. This anticipated growth, driven by institutional adoption and easing credit conditions, sets the stage for the entire Bitcoin ecosystem to surge, including projects like Bitcoin Dogs.

Bitcoin Dogs (0DOG) poised to retest $0.04934

Bitcoin Dogs (0DOG), the first-ever ICO launched on the Bitcoin blockchain as a BRC-20 token, offers a unique opportunity for those looking to capitalize on Bitcoin’s bullish momentum.

0DOG’s value is tied to Bitcoin, meaning as BTC surges, 0DOG is expected to outperform due to its smaller market cap and higher volatility. This is a classic “beta trade,” where a smaller asset experiences more significant percentage gains as its larger counterpart rises.

Currently priced at $0.00986, 0DOG is down 1.4% over the past 24 hours, but analysts are confident that the token is on the verge of a major breakout.

The all-time high for 0DOG is $0.04934, reached on August 22, 2024, and its current price presents a compelling entry point for investors looking to ride Bitcoin’s momentum.

With new exchange listings and a surge in market interest, 0DOG could see significant buy pressure, pushing it back toward its all-time high.

Exchange listings and future projections for 0DOG

Notably, Bitcoin Dogs has been on a listing spree, listing on major exchanges like MEXC, Gate.io, Uniswap, and UniSat Exchange shortly after a successful presale round.

These listings have opened 0DOG to millions of potential investors, increasing liquidity and market exposure.

The MEXC and Gate.io listings, in particular, are significant for the token’s growth prospects. For example, MEXC handles over $2 billion in trading volume daily and has a user base exceeding 6 million, providing Bitcoin Dogs with a massive platform to gain traction.

Also, the MEXC and Gate.io listings caused the token’s price to pump 3X within the first hour of trading, indicating the potential for 0DOG to experience a similar surge amid rumours of additional exchange listings, which could further fuel demand.

This increased market exposure, combined with Bitcoin’s expected bullish trend, makes 0DOG one of the top altcoins to watch in 2024. Analysts are predicting a potential 100X move before the end of the year, driven by both the macro environment surrounding Bitcoin and the internal developments within the Bitcoin Dogs project.

Additionally, a play-to-earn game tied to 0DOG is set to launch later this year, which could attract even more interest and drive up the token’s price.

For more information about Bitcoin Dogs and the 0DOG vesting schedule for those who purchased the token in the recently concluded presale, you can visit the official Bitcoin Dogs website here.

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• Solv Protocol has launched Bitcoin staking for cbBTC holders on the Base network.
• cbBTC holders on the Solv protocol can mint SolvBTC and convert it to SolvBTC.BBN for Bitcoin staking yield.
• cbBTC, backed 1:1 by Coinbase’s BTC holdings, is live on Ethereum and Base for DeFi integration.

Solv Protocol, supported by Binance Labs, has unveiled its latest innovation in the cryptocurrency space: Bitcoin staking for holders of the newly launched wrapped Bitcoin token, cbBTC, on the Base network.

Solv Protocol x @base

Solv Protocol is excited to enhance cbBTC’s utility on Base! With this integration, Bitcoin holders can now easily access new opportunities in Base’s growing DeFi world. This is a big step forward, adding even more possibilities for Base as Bitcoin joins… https://t.co/KnZT3lZdiB pic.twitter.com/vYJVmcKszk

— Solv Protocol (@SolvProtocol) September 12, 2024

Coinbase’s cbBTC token allows Bitcoin holders to convert their assets into this new wrapped token, similar to previous efforts with Wrapped Bitcoin (WBTC).

The conversion process involves transferring Bitcoin from user accounts to either Base or Ethereum addresses, where it is transformed into cbBTC. This token can then be utilized across various DeFi protocols, including MakerDAO, Aave, and Compound as we had detailed in our earlier news coverage.

Earning Bitcoin staking yields on Solv Protocol with cbBTC

Solv Protocol is capitalizing on the newly launched Coinbase cbBTC token, which is backed 1:1 by BTC holdings on Coinbase and is now available on both Ethereum and the Base layer 2 chain to offer Bitcoin staking through the cbBTC token on the Base network.

Solv Protocol enables cbBTC holders to mint SolvBTC, a token designed to enhance participation in decentralized finance opportunities. The users can then convert SolvBTC into SolvBTC.BBN, a liquid staking token that provides additional Bitcoin staking yields.

Solv Protocol’s latest offering adds to the growing array of platforms providing liquid staking or restaking opportunities for Bitcoin, alongside other services like Lombard Finance, Swell, and AcreBTC.

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• Coinbase launches cbBTC, an ERC20 token backed 1:1 by Bitcoin in its custody.
• cbBTC allows BTC holders to access DeFi apps like Aave, Compound, and MakerDAO.
• Over 843,783 Bitcoins back cbBTC, representing 4% of the total Bitcoin supply.

Coinbase, the largest cryptocurrency exchange in the US, has officially launched its new tokenization product, Coinbase Wrapped Bitcoin (cbBTC), marking a significant development in the tokenization of Bitcoin across blockchains.

The newly launched ERC20 token is fully backed 1:1 by Coinbase’s Bitcoin holdings, allowing holders to interact with decentralized finance (DeFi) applications on Ethereum and Base.

The release of cbBTC provides an innovative bridge between Bitcoin and Ethereum’s DeFi ecosystem, giving Bitcoin holders more ways to lend, borrow, and earn yields with their assets.

cbBTC is backed by Coinbase’s Bitcoin holdings

Coinbase’s extensive Bitcoin holdings back the entire supply of cbBTC. As of now, Coinbase holds over 843,783 Bitcoins in custody, valued at around $48.7 billion, representing more than 4% of the total Bitcoin supply. This ensures robust liquidity for cbBTC holders.

The number of cbBTC tokens in circulation will be directly limited by the amount of Bitcoin Coinbase owns.

How cbBTC works

The mechanics behind cbBTC are simple yet effective. When users transfer Bitcoin from Coinbase to an address on Base or Ethereum, their BTC is automatically converted into cbBTC at a 1:1 ratio. This conversion happens seamlessly, and the reverse process occurs when cbBTC is sent back to a Coinbase account, transforming the wrapped asset back into Bitcoin.

Unlike a typical token launch, cbBTC will not have a separate order book or trading pair on Coinbase, but it will be accessible on decentralized exchanges (DEXs) like Aerodrome and Curve. Additionally, third-party exchanges may choose to list cbBTC in the future.

Expanding decentralized financial access

The introduction of cbBTC is not just a technical advancement but also part of Coinbase’s broader mission to expand decentralized financial access.

Will Robinson, Coinbase’s Vice President of Engineering, has highlighted cbBTC’s potential to bring “1 billion people on-chain.”

By providing Bitcoin holders with access to DeFi applications such as Aave, Compound, and MakerDAO, cbBTC enhances the utility of Bitcoin, helping users integrate their BTC into a wider financial ecosystem.

With the growing demand for Bitcoin-based DeFi products, cbBTC positions Coinbase as a leader in the tokenization space.

Notably, Coinbase’s move comes shortly after BitGo’s announcement regarding custody services for wBTC, further fueling competition in the wrapped Bitcoin market.

With support from major DeFi protocols, cbBTC is could play a key role in shaping the future of decentralized finance.

The post Coinbase’s wrapped Bitcoin token cbBTC goes live appeared first on CoinJournal.

• Bitcoin could surge to highs of $90k if former US president Donald Trump wins the next election in November, analysts at brokerage and research firm Bernstein predict.
• Analysts at the brokerage shared the prediction in a note to clients on September 9.

Bernstein says a “Trump trade”, as they referred to a potential win for the Republican candidate, could see the flagship digital asset’s value reach a new all-time high.

Gautam Chhugani, Sanskar Chindalia and Mahika Sapra shared the prediction in a client note published on Sept. 9. Per the analysts, Bitcoin price could climb to the $80,000-$90,000 level by the end of the year if Donald Trump wins the upcoming election.

But while a second term for the former president would herald a positive momentum for BTC, the opposite is likely should US Vice President Kamala Harris win. If the Democratic candidate surmounts the Republican challenge, her win could provide a negative impact for cryptocurrencies, the analysts noted.

In this case, it’s possible Bitcoin could trade low – price levels in the $40,000 to $30,000 range being the likely primary support area.  

🔸BERNSTEIN: TRUMP IS RE-ELECTED PRESIDENT, BITCOIN MAY REACH $90,000 BY THE END OF THE YEAR

• Brokerage Bernstein Said In A Research Report On Monday That If Donald Trump Wins The US Election In November, Bitcoin Is Expected To Hit A New High Later This Year, And The…

— *Walter Bloomberg (@DeItaone) September 9, 2024

Currently, most polls have Trump ahead of Harris. Traders on decentralized platform Polymarket are also betting on a Trump win, giving him a 52% chance.

Meanwhile, Polymarket data suggests Harris has a 47% chance of snatching victory.

Trump vs. Harris’ crypto approach

Trump’s more crypto-friendly stance and plans for crypto stand out as a key factor. Notably, the former US president’s approach largely contrasts with that associated with the Harris camp.

Although the Harris campaign has initiated moves such as the crypto roundtable meetings, the Democratic presidential nominee has not added her voice to the crypto question in her campaign or policy statements.

Bitcoin price struggles for upside

Bernstein’s predictions come amid Bitcoin price’s struggles in the $50k-$60k range.

Massive sell-off pressure, regulatory landscape and overall macro environment have all combined to add to a negative sentiment.

However, analysts are bullish on crypto in the short term, particularly if Trump wins. This will also feed into the long term picture, which Bernstein has previously predicted could catapult BTC to $200k by end of 2025 and $500k by December 2029.

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