Kategorie: Bitcoin News

• Bitcoin price has surged 5.6%, hitting a three-week high of $61.1K on Tuesday morning.
• Altcoins like Celestia, Immutable X, and Near have seen double-digit percentage gains.
• Crypto stocks have risen modestly ahead of the Fed’s expected rate cut announcement.

Bitcoin price has surged to its highest level in three weeks, triggering gains across the cryptocurrency sector and related stocks. It soared 5.6%, reaching $61.1K by 11:55 a.m. ET before pulling back to around $61k.

The surge marks a sharp reversal from the quiet start to the week, signalling renewed interest in digital assets.

Altcoins and Bitcoin price soaring ahead of Fed cuts

Besides Bitcoin, other major cryptocurrencies have also seen significant gains, with Ethereum (ETH) advancing 4.2% to $2.38K.

Notably, some altcoins have outpaced the larger tokens. For example, Celestia (TIA) has seen a 15.7% increase, Immutable X (IMX) has risen by 14.8%, Near Protocol (NEAR) is up 9%, Uniswap (UNI) has climbed 8.9%, and Sui (SUI) has gained 8.1%.

The rally comes just ahead of the Federal Reserve’s highly anticipated decision on interest rates.

Market analysts widely expect the central bank to lower rates for the first time in four years. With inflation largely under control and the labour market showing signs of cooling, many believe the Fed will adopt a more accommodative stance.

Lower interest rates are typically bullish for cryptocurrencies, as reduced borrowing costs make traditional savings and investment vehicles less attractive. As a result, investors often turn to riskier assets like cryptocurrencies in search of higher returns.

Crypto-focused stocks also surge

Crypto-focused stocks have also benefited from Bitcoin’s rally, though their gains were generally more modest compared to digital tokens.

MicroStrategy (MSTR), a company known for holding large reserves of Bitcoin, inched up by 0.6%.

Crypto exchange platform Coinbase Global (COIN) has risen by 3%, while crypto investment firm Galaxy Digital (OTCPK) has gained 5.4%.

In the crypto mining sector, Riot Platforms (RIOT) has advanced 2.4%, MARA Holdings (MARA) has risen by 1.9%, and HIVE Digital Technologies (HIVE) has climbed 4.3%. Bit Digital (BTBT) saw the largest jump, gaining 13%, followed by Hut 8 (HUT) with a 6.6% rise and CleanSpark (CLSK) up 3.1%.

As the broader stock market also experience buying pressure ahead of the Federal Reserve’s pivotal decision, the crypto sector continues to ride the wave of optimism surrounding the potential for lower rates and increased investment in digital assets.

The post Bitcoin price jumps to a three-week high appeared first on CoinJournal.

• 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.

The post Bitcoin Dogs (0DOG) makes an attempt at $0.04934 as Bitcoin (BTC) turns bullish appeared first on CoinJournal.

• 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.

The post Binance-backed Solv Protocol introduces Bitcoin staking on Base with cbBTC token appeared first on CoinJournal.

• 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.