Lido (LDO) Bulls Lock Horns For Rally This Week Ahead Of V2 Update

https://www.newsbtc.com/altcoin/lido-ldo-bulls-lock-horns-for-rally-this-week-ahead-of-v2-update/

May 15th marks a new dawn for the Ethereum liquid staking protocol, Lido Finance, as it seeks to launch the highly anticipated V2 update on its platform.

According to Lido contributors, the V2 update is its biggest platform update yet and a step in the right direction toward further decentralization in the blockchain industry.

The update aims to enhance the user staking experience on  Lido Finance protocol by introducing two new features which achieve this purpose.

Related Reading: PEPE Outperforms Bitcoin In Social Media Buzz, Triggers Bullish Run For Frog Coin

LDO, the official native token of the Lido finance protocol and liquid staking platform, is seen to soar in price in today’s trading session as bulls gear up in response to the incoming update.

What Is The Lido Finance Protocol V2 Update

Earlier in February 2023, an official Lido Finance announcement release introduced a V2 update proposal that brings unique enhancement features to its Ethereum liquid staking platform.

Fast forward to May, the team scheduled a final on-chain voting process for its V2 update proposal to take place from the 12th-15th following the success of the Ethereum Shapella upgrade in April.

According to a tweet from Lido’s official handle, if the vote on the proposal passes and is successful, the V2 update will go live on May 15th, which is today, and support direct in-protocol stETH: ETH withdrawals and staking router architecture.

So far, the V2 update proposal has been approved as it got the required approval and support rating needed for the update.

The V2 update on the biggest liquid staking platform brings two new core platform features, including a Staking Router and a Withdrawal feature.

The Staking Router feature on the V2 update promotes a diverse and decentralized ecosystem of validators by allowing the admission of new node operators. Using a new modular architectural design and framework, the V2 Staking Router enables anyone to develop on-ramps for node operators ranging from Distributed Validator Technology (DVT), solo stakers, and Distributed Autonomous Organizations (DAOs).

The second feature on the update, withdrawals, will be a game changer for Lido Finance as it enables stakers on the platform who hold stETH to have access to withdrawals at a 1:1 ratio.

LDO Daily Chart Analysis

Data reports from Coinmarketcap see the native token of the biggest liquid staking platform, LDO, trading at $2.12, a 9.58% increase in the last 24 hours. LDO market capitalization has also increased by 9.43% at the time of writing. LDO opened with a bullish candle on the daily timeframe and is among the top three gainers in the cryptocurrency markets today.

Related Reading: Dogecoin Sees Highest Transactions Count Ever Due DRC20 Madness

LDO trades at the strong resistance area at $2.12, with bulls looking to break that level for more upside movements. However, if bulls fail to break that critical area, the asset could experience a retracement in price and trade lower.

This resistance line and 50 EMA at $2.13 are major hurdles the asset must break to experience a rally.

 

Lido

 

Cosmos (ATOM) Shows Price Recovery In Response To New Update Reveal

https://www.newsbtc.com/cosmos-atom/cosmos-atom-shows-price-recovery-in-response-to-new-update-reveal/

Over the past few days, Cosmos Hub (ATOM) has demonstrated remarkable strength and resilience in its price fluctuations, despite significant downturns across the broader cryptocurrency markets due to shifts in trader sentiment. For three consecutive days, ATOM bulls have managed to bounce back and maintain the native token’s price, despite Bitcoin’s bearish momentum that has caused most altcoins to plummet.

Cosmos’ (ATOM) renewed strength and price stamina in the crypto markets may be linked to the fresh updates announced by the team behind the project.

Adoption Grows For Cosmos Replicated Security Model

In an exciting update, the Cosmos team announced yesterday that its first Replicated Security Model went live and has gained adoption by a top smart contract and consumer chain platform.

Before this, the team had made it known in February that the launch of the Replicated security model was close and presented an opportunity for delegators and validators to earn multiple tokens from upcoming consumer chains by staking the native token ATOM.

The Cosmos Replicated security model, a new and secure innovation, provides security to smart contracts and consumer chain platforms. The team announced and introduced Neutron as the first ever consumer chain and smart contracts platform to adopt and leverage its new and innovative Replicated security model.

In leveraging Cosmos’ Replicated security model, smart contracts and consumer chains platforms like Neutron no longer worry about platform security but can now focus on other application areas and services, according to the official announcement.

As seen in an official tweet where the team made the announcement, it was also stated that the Replicated security model brings forth a new dawn and era of utility as dApps can now launch with ATOM’s native security.

This fundamental news by the Cosmos team could be the backing behind ATOM’s recent show of strength and price resilience despite the bearish market outlook observed in several cryptocurrencies.

Daily Chart Analysis For ATOM

Cosmos (ATOM) trades at $11.04, a 2.02% increase from its 24-hour low at $10.55, as seen from Coingecko data trading reports. The market capitalization of ATOM is also seen to increase by 1.10%.

On the daily timeframe, bulls pushed ATOM’s price above the key resistance at $10.90 and moved further to an $11.27 high before retracing.

The previous resistance turned support level on the daily price chart is a good area for bulls to build momentum and push ATOM’s price to the upside. Although the 50 and 200 Exponential Moving Averages (EMA) are an immediate resistance level, bulls must contend with them to confirm further upside movements.

To the downside, a break above the newfound support at $10.90 will signal further bearish movements for the asset.

Cosmos

Bitcoin Bearish Chart Pattern Looms, Legendary Trader Sounds Warning

https://www.newsbtc.com/bitcoin-news/bitcoin-bearish-chart-pattern-looms-legendary-trader-sounds-warning/

Bitcoin, the largest cryptocurrency by market capitalization, has shown significant weakness in today’s trading session after failing to continue on its instant price rally following yesterday’s release of the April CPI report at 4.9%.

So far, the trading week has been negative for the alpha cryptocurrency as it is seen to decline further on its sixth consecutive bearish candle on the daily timeframe.

In addition, the legendary crypto trader, Peter Brandt, has raised concerns and a sound warning about a potential bearish chart pattern formation which the alpha cryptocurrency is seen to complete on the daily timeframe.

Will Bitcoin Bulls Yield To This Potential Bearish Chart Pattern Formation

Earlier today, the legendary prop trader, Peter Brandt, identified a potential head and shoulders chart pattern forming for Bitcoin on the daily time frame.

Related Reading: Bitcoin Rebounds From $27,100 After Spike In Bearish Sentiment

Peter Brandt had sounded a warning in a tweet on Thursday morning urging BTC traders and investors to pay serious heed and attention to this bearish chart pattern if it forms successfully.

 

A head and shoulders pattern in technical analysis is a chart pattern formation of a digital asset that predicts a potential price reversal in market trends. A typical head and shoulders pattern could be seen on a price chart as a baseline with three peaks, where the highest peak (Head) is in the middle of two shoulders with lower peaks of almost the same heights.

On establishing this definition, the head and shoulder pattern which is potentially forming for Bitcoin on the daily time frame indicates a bearish reversal of the asset as the second shoulder is seen to potentially form on the daily timeframe. If and when it forms successfully could mean a massive and continued decline in the price of the alpha cryptocurrency.

The key areas surrounding the second shoulder formation are decisive levels for bulls and bears to gear into action. So unless Bitcoin bulls swing into action and save price, a successful formation of the second shoulder could occur, sending sell signal opportunities to crypto traders.

BTC Price Analysis On The Daily Timeframe

At the time of writing, data reports from Coinmarketcap show BTC trading at $27,381, which is a 3% drop in price in the last 24 hours. The market capitalization of the alpha cryptocurrency is also experiencing a 2.91% decline.

However, the April Consumer Price Index (CPI) report, released yesterday, brought renewed hopes and positive sentiments back to the crypto markets as it stood at 4.9% lower than the expected 5.0%.

Related Reading: Ripple CEO Rebuts WeBlogs Founder’s Claims That XRP Is A Security

Bitcoin rallied on the news, reaching a peak of $28,305 before it retraced in price. Although, positive market sentiments stemming from BTC’s reaction to the CPI report were shortlived as the alpha cryptocurrency dumped massively in price due to market liquidity concerns.

On the daily timeframe, BTC price is seen to trade slightly above the $27,100 crucial support which must hold for the price to move to the upside. If and when Bitcoin picks up momentum, bulls will be faced with an immediate resistance at $27,800.

 

Bitcoin

 

Ripple CEO Rebuts WeBlogs Founder’s Claims That XRP Is A Security

https://www.newsbtc.com/analysis/xrp/ripple-ceo-rebuts-weblogs-founders-claims-that-xrp-is-a-security/

WeBlogs Founder Jason Calcanis, who also doubles as an angel investor with a large Twitter following, made controversial statements about the XRP cryptocurrency yesterday, calling it a security. Calcanis’ opinions of the native digital currency associated with the Ripple company caused a stir of reactions from the crypto community, earning responses from the likes of Ripple CEO Brad Garlinghouse and pro-XRP lawyer John Deaton.

Earlier this week, Garlinghouse was featured as a keynote speaker at the Dubai 2023 Fintech Summit and used the platform to talk about the internal costs of the ongoing legal battle with the United States Securities Exchange Commission (SEC).

Related Reading: Only 6% Left Until Cardano Hits Max Capacity, What This Means For ADA

The CEO’s statements on the monetary costs of the Ripple-SEC legal battle were seen to be the origin and factor driving Calacanis’s controversial remarks.

 

XRP Not A Security, CEO Defends

The heated legal battle between Ripple and the US Securities Exchange Commission (SEC) began when the US regulator accused the company of selling XRP in an unregistered security offering. While the company has made countless efforts over the years to debunk this claim, CEO Brad Garlinghouse mentioned at the Dubai Fintech Summit that Ripple will have spent $200 million fighting the SEC lawsuit.

On making this statement at the summit, Weblogs founder Jason Calcanis took to his official Twitter handle, saying, “XRP is obviously a security,” and it would have cost little for the team at Ripple to have registered it as a security and played by the rules just like everyone else in the industry does all day long.

The tweet by Calcanis was met with counter comments and opinions from top players in the crypto industry, including Garlinghouse.

The Ripple boss responded to Calcani’s tweet calling it wrongful and an embarrassment as there is no framework to register digital assets in the US.

 

Pro-XRP lawyer John Deaton also chipped in comments in defense of the cryptocurrency by saying that claiming Ripple sold XRP as a security is quite different from being a security itself.

Deaton responded to Calcanis, saying, “XRP is a line of code inside software. How do you register? ‘to have registered it as a security and played by the rules like everyone else.’ Where did ETH, ADA, ALGO, XLM, etc. register?” Deaton countered.

Ripple Remains Undeterred

Ripple continues to persevere amid crypto regulatory uncertainties in the US and speculations about when a ruling will finally come in their legal battle with the US Securities and Exchange Commission. As stated earlier, Garlinghouse mentioned the large sum of $200 million spent defending the company against the SEC lawsuit, which shows their commitment to emerging victorious.

Related Reading: XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?

Also, a major highlight from the Dubai Fintech Summit was an announcement by Ripple’s CEO Brad Garlinghouse on the company’s expansion in Dubai, as the country offers reasonable crypto regulations and operational guidelines.

At press time, XRP price experiences a decline observed across the global cryptocurrency markets.

XRP

Only 6% Left Until Cardano Hits Max Capacity, What This Means For ADA

https://www.newsbtc.com/news/cardano/only-6-left-until-cardano-hits-max-capacity-what-this-means-for-ada/

Recently, the Cardano blockchain ecosystem and decentralized platform have experienced an unprecedentedly high percentage of load pressure, which has led to raised questions and concerns from the blockchain community.

At the same time, its native token ADA’s price has struggled for months and has yet to record any significant gains and upside movements in the cryptocurrency markets.

Yesterday, a report analysis made by the cofounder of dcSpark and contributor to the Cardano blockchain clearly reflected where the blockchain platform is in terms of transaction load and what it means for users.

Cardano Is Currently At 94% Load, Only 6% Left-What To Expect

Sebastien Guillemot, the co-founder of dcSpark and Cardano contributor, recently highlighted a concern about the ADA blockchain network ecosystem.

Related Reading: Bitcoin Block 788695: The Day Transaction Fees Took The Crown

In a tweet yesterday, Guillemot stated that the Cardano blockchain network is currently at a 94% load, with only 6% left until it reaches max capacity.

 

According to Guillemot, if the load reaches max capacity at 100%, transactions initiated by each user on the blockchain will be queued up alongside other users’ transactions.

No “Cardano node implements transaction prioritization,” he said, and as such, each user’s transactions will be processed on a first-come, first-served model.

Guillemot further stated that this could mean longer wait times for transactions to show up on-chain, and in extreme cases, user transactions may never make it to the blockchain. The result of this, he said, is caused by light wallet Mempools hitting maximum capacity than it can hold.

Related Reading: Ethereum Gas Fees Skyrocket: What Does It Mean For Investors?

Another thing users can expect when Cardano hits 100% max capacity is the likelihood of staking pools selling priority access to decentralized applications (dApps) and even to some users.

Guillemot urged that when staking pools start selling priority access to select DEXs and dApps, it would be a good time for users to pay attention to how this move impacts one DEX to another and in choosing which DEX is suitable to leverage at any given time.

 Way Forward To Scalability

While Cardano nears max capacity, the dcSpark co-founder has suggested how to scale and reduce load pressure on the blockchain, having touched on what users can expect if it happens.

Guillemot had listed several ways to scale the blockchain, including increasing block sizes and migrating more decentralized applications (dApps) to Plutus V2.

He also suggested using sidechains and layer 2 blockchains to shoulder traffic off layer 1 and developing a data availability layer to transfer more data off layer 1 so that there is ample room for more blocks.

At press time, ADA trades at $0.363, a 0.91% increase from its daily low.

Cardano

 

Ripple CEO Weighs In On Company Expansion To Dubai

https://bitcoinist.com/just-in-ripple-ceo-weighs-company-expansion-dubai/

The first day of the 2023 Dubai Fintech Summit kicked off on May 8th and featured Ripple CEO Brad Garlinghouse as a keynote speaker. Garlinghouse made a major announcement during his presentation that caught everyone’s attention.

The CEO, who was present at the Dubai summit to share insights on crypto utilities and stance on regulators, had also taken the opportunity and platform to announce the company’s expansion plans.

Ripple has been in a heated legal battle with the US Securities and Exchange Commission (SEC), having been accused of selling the XRP cryptocurrency in an unregistered security offering. While there have been numerous speculations on the ruling outcome between both parties lately, Brad Garlinghouse has made an expansion announcement which could be a positive development for the company.

Ripple CEO Affirms Company Expansion In Dubai

A few hours ago, Brad Garlinghouse took to his official Twitter handle to reiterate his announcement regarding the Ripple – Dubai expansion while speaking at the Fintech Summit. The official tweet shows that the CEO clearly stated that the company “is expanding in Dubai.”

Garlinghouse had hinted partly at the reasons for expansion to the Middle East as Dubai offers a clearer regulatory regime. He added that with “20% of our customers based in MENA, it is no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive”.

The 20% in MENA that Garlinghouse touched on refers to Ripple users and customers in countries in and around the Middle East and North Africa.

Ripple is expanding its operations by opening a new Dubai International Financial Centre (DFIC) office. Additionally, preparations are underway to host the seventh annual customer conference in the capital of the United Arab Emirates (UAE) on November 8th and 9th this year.

Dubai- A Growing Tech Hub For Innovative Crypto Companies

With clear-cut and defined crypto regulations and guidelines, Dubai is on its way to becoming a global hub for tech and crypto companies worldwide. While the news of crackdowns and crypto companies asking for regulation clarity has been a significant headliner, especially from countries such as the US, Dubai has taken the opposite step by creating reasonable guidelines and set rules for crypto operations.

The Dubai government has effectively established the Dubai Virtual Assets Regulatory Authority (VARA), providing regulatory clarity for crypto companies to operate and oversee digital asset trading activities.

VARA, based in Dubai, prioritizes the safety of users who utilize digital asset services provided by cryptocurrency companies. They collaborate with financial regulatory authorities and global experts to effectively mitigate exposure risks and enforce relevant laws.

Per Bloomberg, crypto companies such as CoinBase are also warming up to the idea of an expansion to Dubai and the UAE, as hinted by the CEO of Coinbase, Brian Armstrong, who was present at the panel of the Fintech summit.

At press time, XRP trades at $0.4298 and has experienced a 5.6% decline in today’s trading session.

Ripple

Bitcoin Block 788695: The Day Transaction Fees Took The Crown

https://www.newsbtc.com/news/bitcoin/bitcoin-block-788695-the-day-transaction-fees-took-the-crown/

Bitcoin, the largest cryptocurrency by market capitalization and trading volume, sets another record with Block 788695 as transactions on its blockchain network spiral out of control.

Recently, there has been an alarming rise in user transactions on the Bitcoin blockchain, leading to network traffic and congestion. This has increased miner profitability significantly as transaction fees skyrocket to control the situation.

In an interesting development witnessed by the crypto community yesterday, miners were seen to have profited highly as transaction fees contained in Block 788695 surpassed the block subsidy. This will be the second occurrence for the Bitcoin network where transaction fees contained in a block are greater than the block subsidy.

Related Reading: BRC-20 Token Standard A Hotspot For New Memecoins As PEPE Soars

Bitcoin Block 788695 Sets Another Record

According to Bitcoin mining data reports from Mempool, transaction fees contained in Block 788695 were seen to be greater than the Block subsidy. The reports show that 6.7 BTC in transaction fees were contained in Block 788695, greater than the 6.25 BTC block subsidy.

 

The last time this occurred was in 2017 when transaction fees contained in Block 500546 were reported to have surpassed the block subsidy. This phenomenon occurs primarily when the Bitcoin blockchain network receives exceedingly high network activity from user transactions.

Miners are seen to profit highly from these congested blocks, which contain high user transactions compared to regular blocks. They create blocks by collecting transactions from the Mempool and adding them to a block, and once the blocks are filled, it goes through complex mathematical computations. The miner who solves the math problem is rewarded with transaction fees and the block subsidy.

Related Reading: Why Is Bitcoin Down Today? Crypto Market Takes Another Hit

The block subsidy refers to the amount of new Bitcoin created or minted in each block. For each block successfully created, the miner is allowed to mint a fixed amount of new Bitcoin, which is based on the ‘current issuance rate decided by the Bitcoin protocol.’

The Bitcoin block subsidy amount is determined by an algorithm in its source code and starts at 50 BTC per block, which is split in half every four years. The split process of the block subsidy, otherwise known as BTC halving, has trickled down to 6.25 from it 50 BTC where it started and is expected to be split further in 2024.

Why Are BTC Transaction Fees On The Rise?

The jump in BTC transaction fees can be attributed to recent user activities on its blockchain network. For one, the introduction of the BRC-20 token standard on the Bitcoin network for seamlessly minting fungible tokens has gained increased popularity in the blockchain and crypto community.

The recent hype of tokens, including meme coins minted using the BRC-20 standard, has led to increased FOMO of users carrying out multiple token purchases and transactions on the Bitcoin network.

Bitcoin

BRC-20 Token Standard A Hotspot For New Memecoins As PEPE Soars

https://www.newsbtc.com/news/bitcoin/brc-20-token-standard-a-hotspot-for-new-memecoins-as-pepe-soars/

The memecoin ecosystem has once again brought magic to crypto investors as PEPE the frog records massive gains and unbelievable numbers. The now popular PEPE meme token based on Ethereum was originally inspired by the Bitcoin BRC-20 PEPE which launched earlier in March, 2023.

PEPE’s exponential price growth in its barely first month recorded close to 38,900% ROI for early investors. This has led to crypto enthusiasts and developers to explore the original BRC-20 token standard version with which the first PEPE was created on.

The BRC-20 is a new and unique token standard that has recently gained massive popularity and exposure due to the successes of the Ethereum based PEPE.

A Dive Into The BRC-20 Token Standard

The BRC-20 token standard is an experimental mechanism to launch a token based on the Bitcoin blockchain network. This new token standard was created by a pseudonymous on-chain analyst called Domo.

Domo created the BRC-20 token standard in March 2023 to facilitate transfers of fungible tokens across the Bitcoin network.

This new experimental standard would also enable developers and programmers to create and send fungible tokens, including memecoins, via the Bitcoin ordinals protocol.

While several token standards are present in the blockchain industry, the BRC-20 was modeled after the popular Ethereum ERC-20 standard, although there are some fundamental differences.

The ERC-20 standard which requires using smart contracts to launch a token is quite different from the BRC-20. The latter simply requires a Bitcoin wallet to mint and create tokens without using smart contracts.

PEPE Sets A Precedence For Newer Memecoins

Recently, there has been a frenzy of newer memecoins launching into the crypto market using the BRC-20 token standard due to its popularity. According to data reports from Coinmarketcap, 8,500 tokens, including memecoins, have been minted and launched using this standard.

This has resulted in a massive surge in the BRC-20 token market capitalization and transaction volume which were reported to outperform Bitcoin by over 50% between April 29 and May 2, 2023.

The increasing transaction volumes and market capitalization of BRC-20, have drawn the interests of many investors who explore a variety of tokens created using this new token standard.

However, it is important to note that the BRC-20 standard is still in its experimental phase, and as such, caution should be exerted when exploring tokens based on it.

BRC-20

SUI Gets A Bear Introduction On Day 2, Will Sell Pressure Continue?

https://www.newsbtc.com/altcoin/sui-gets-a-bear-introduction-on-day-2-will-sell-pressure-continue/

Yesterday marked a new dawn in the crypto industry as the SUI Layer 1 blockchain launched on Mainnet with its hyped native token SUI. The news of the token launch on major exchanges brought excitement to the crypto community, and SUI did not disappoint as its native token rallied massively, recording over 2,000% in the first hour of listing.

The layer 1 blockchain token was seen to hit the $2.16 mark at the time of its launch and listing on exchanges before it retraced due to selloffs.

However, while crypto investors have been drawn to the opportunities and price potential a layer 1 blockchain token can offer, SUI has temporarily failed to continue its price rally on day 2 of its listing. Bears have sent a welcome message.

SUI Token Price Falls Short On Day 2

The Sui layer 1 blockchain token has experienced a price decline in today’s trading session after a significant rally that followed its launch and listing yesterday on major exchanges.

Related Reading: Polygon (MATIC) Price Shows Vigor, Are Bulls Up To Something?

According to trading data reports from Coingecko, the native token, which trades at $1.33 at the time of writing, is on a negative 38.46% from its 24-hour all-time high of $2.16.

Bears are seen to take over in today’s trading session as the token struggles to hold the price on its red candle on the daily timeframe.

Why Is The Ethereum Killer Falling In Price

The recent price decline of the layer 1 blockchain token may be attributed to selloffs from holders and traders who took part in the SUI recognition sale. Weeks earlier, before the mainnet and token launch, SUI had announced a community access program to enable its community members to receive its native tokens in the “early phases of the network’s life.”

Instead of carrying out airdrops as rewards, the SUI Foundation proposed a recognition sale for its user champions and network supporters. Community members and users eligible for the recognition sale were reported to have met specific requirements as stated by the foundation.

Related Reading: Bitcoin Rips Above $29,000, But Why Is The Mean Transaction Size At A 3-Year Low?

Eligible community members were required to register on a participating exchange, which would then notify them via email on how to purchase the allocated SUI tokens. Bybit, a participating crypto exchange for the recognition sale, made available 1,500 SUI tokens at a unit price of $0.03 for each eligible user purchase.

At this price, each eligible user purchased and received allocations of 1,500 SUI tokens at a total price of $45 before the public listing on May 3, 2023.SUI, upon launch, rallied massively, and at a high of $2, crypto traders who participated in the recognition sale made around $3,000 from their $45 investments.

As it is with airdrops and community recognition sales, the price of the reward token is subject to temporary retracements and price dumps due to selloffs and users cashing out their rewards. While SUI may experience selling pressure, it is important to note that the hype surrounding it is very much active as some call it the Ethereum killer and, as such, may recover in price.

Bitcoin’s price movements also have a major role and effect on the price direction of many altcoins, including SUI, and may dictate if selling pressure continues.

 

SUI

 

Polygon (MATIC) Price Shows Vigor, Are Bulls Up To Something?

https://www.newsbtc.com/analysis/matic-analysis/polygon-matic-price-shows-vigor-are-bulls-up-to-something/

May is looking up for Polygon (MATIC) price as it is seen to be in the green zone for two consecutive days. Polygon bulls have picked up steam and momentum in the new month after bears held the prices down since mid-February.

Despite Polygon’s countless innovative partnerships and bullish news events, its native token remained bearish for most of the 2023 first quarter. And BTC’s impressive price movements in April were still not enough to awaken Polygon bulls, as bears remained adamant and unmoved. However, Polygon (MATIC) bulls remain resilient in their new show of strength in May.

MATIC Price Gets Relief From Bulls

Polygon (MATIC) bulls have shown resilience and pushed back prices after a major retracement that shook most cryptocurrencies due to a change in market sentiments of investors on the first day of May.

The cryptocurrency markets, which experienced a major rally in BTC price and some altcoins in April, were met with bearish sentiments as the “Sell in May” narrative trooped in.

Related Reading: This Meme Coin Created By GPT-4 Is Now Worth $40 Million, Here’s Why

Polygon (MATIC), which closed April bearish at $0.97, was seen to decline further as it traded at a price low of $0.94 on the first day.

However, yesterday’s trading session witnessed Polygon (MATIC) recovering as bulls stepped in and pushed back prices.

According to Coinmarketcap data, Polygon (MATIC) is seen to continue from its previous day’s price recovery in today’s trading session. When writing, Polygon bulls are up 3% at a trading price of $0.98.

The trading volume of the layer 2 blockchain token has also seen a near 14% increase in the last 24 hours, which may indicate buying activity from Polygon investors.

MATIC’s price is currently seen to trade below the 200-day Exponential Moving Average, with bulls moving to test that area acting as immediate resistance.

A break above the 200-day Exponential Moving Average (EMA), currently trending at $1.052, may see Polygon bulls pushing the price to the next available resistance.

MATIC

Polygon Onchain Analysis

A close look into Polygon’s on-chain activity and metrics gives insights into the reasons behind its native token’s recent bullish price movements. Onchain data reports from CryptoQuant reveal that the MATIC exchange reserve in the last 24 hours is on a negative 0.46%.

Related Reading: Prominent Analysts Vouch For Crypto As The Banking Stocks Nosedive

A low or negative exchange reserve indicates reduced selling pressure of a digital asset, while a positive indicates increased selling pressure of an asset from holders and traders.

Polygon’s exchange netflow today is low when compared to its 7-day average, which is also an indicator of the low selling pressure of MATIC on exchanges.

Bitcoin Price Targets Fourth Consecutive Bullish Monthly Close, Are We There Yet?

https://www.newsbtc.com/news/bitcoin/bitcoin-price-targets-fourth-consecutive-bullish-monthly-close-are-we-there-yet/

Since the start of the trading year, Bitcoin has maintained a 3-month bullish candle close and is on a path to stealing a fourth. 2023 has been an eventful year for the crypto industry and Bitcoin price, which rallied massively to the surprise of many crypto analysts this month.

The significant price movements of Bitcoin, which saw it rally past $30,000 for the first time since June 2022, triggered euphoria and awakened the interests of retail and large cryptocurrency investors. While market sentiments may seem to be positive at the moment, what could have brought about these sentiments?

Bitcoin Price Takes The Spotlight

Bitcoin has shown grit in its recent price movements and rallies, dragging several altcoins with it as it recorded significant gains.

This positive price development of Bitcoin alongside other cryptocurrencies has led to crypto communities calling a start of a bull run and continued price movements.

Related Reading: Bitcoin Holds At $29,300 As PCE Comes Out Neutral

Recently, crypto expert analysts, celebrities, and even some traditional finance analysts have made BTC a topic of major discussion, dropping bullish price predictions for the cryptocurrency.

According to a Reuters report, Geoff Kendrick, head of digital assets research at Standard Chartered, made price predictions for Bitcoin, saying the alpha crypto could reach $100,000 by 2024.

Also, Robert Kiyosaki, the famous best-selling author of “Rich Dad Poor Dad,” recently called a $100,000 price prediction for BTC on his Twitter handle.

BTC’s sudden price rise and attention could be attributed to several market factors and happenings in the Tradfi and business world.

Recent news of the collapse of bank giants such as Silicon Valley and Silvergate caused a stir in the traditional finance world, with users worried about the security of their funds.

Concerns of rising inflation and de-dollarization have also resulted in financial experts and analysts looking to Bitcoin as a “Safe Haven” asset due to its decentralized nature.

While the woes of the traditional finance system continue with recent news of the First Republic Bank potentially failing, Bitcoin price is seen looking to close another month in the bullish territory.

Bitcoin Chart Analysis On The Weekly TimeFrame

On the monthly chart timeframe, Bitcoin price is heading up to close April on a bullish note after its 3-month consecutive run.
The weeks of April have witnessed bullish activity and amazing price action from BTC as it rallied past the $30,000 price region for the first time since last year.

 

Bitcoin price

 

However, the previous week saw a huge price dump of BTC below $27,000 after it briefly tested the resistance hanging around the sub $31,000 price level.

This week is looking up for Bitcoin as bulls seem to take over. At the time of writing, BTC trades at $29,340, just above a key support level.

Related Reading: Dogecoin Bears Unshaken Despite New Trading Pair Addition On Top Exchange

A break below the $29,200 support level may see the alpha cryptocurrency looking to find the next support at the sub-$28,000 price level.

To the upside, if BTC bulls are able to build momentum and break resistance slightly above $30,000, then it could rally past $31,000 to test the next available resistance level.

Dogecoin Bears Unshaken Despite New Trading Pair Addition On Top Exchange

https://www.newsbtc.com/news/dogecoin/dogecoin-bears-unshaken-despite-new-trading-pair-addition-on-top-exchange/

Dogecoin bears dealt a blow on the Shiba Inu-inspired meme-coin yesterday after a sudden Bitcoin rally which saw the alpha coin reclaim the $30,000 price level and instantly crash to previous support levels. Several cryptocurrencies, including DOGE, recorded losses after what looked to be bullish sentiments returned to the market as Bitcoin rallied.

However, today’s trade session looked positive for Dogecoin after a leading cryptocurrency exchange announced the addition of a new trading pair for DOGE. While trading pair additions can boost liquidity and positively impact the trading volume of a cryptocurrency, DOGE is yet to be impacted positively in price.

Binance Exchange Pairs Up Dogecoin With TrueUSD (TUSD)

On Thursday, April 27, 2023, the Binance exchange announced on their website and mobile trading application about the TrueUSD (TUSD) stablecoin addition as a DOGE trading pair.

This addition is programmed to go live tomorrow, April 28, 2023, at 08:00 UTC. However, the Binance spot grid for DOGE/TUSD will be enabled within 48 hours of the trading start time. The TrueUSD(TUSD) team confirmed this development via their official Twitter handle.

Due to this positive announcement and development, Dogecoin has seen some gains and could continue to extend them in the coming days. Trading pair additions to a cryptocurrency can boost liquidity, price growth, and exchange trading volume.

A potential hurdle for the bullish price action could come from Shibetoshi Nakamoto, who took to Twitter to say he does not represent DOGE. Shibetoshi, once again, established some distance between himself and the project, which could be detrimental to the long term due to the founder’s popularity and influence. 

Doge Technical Analysis On The Daily Timeframe

When writing, Dogecoin is trading at $0.079 and stands close to resistance levels on the daily chart timeframe. While Doge rallied and broke resistance yesterday due to Bitcoin’s sharp price movements from sub $27,000 to $30,000, the bullish price action was short-lived.

Today’s trading session turned positive for Dogecoin, forming a bullish candle following the Binance announcement of a new stablecoin trading pair, TrueUSD.

However, Dogecoin is yet to notably move in price as it trades below its immediate resistance level of $0.08.
DOGE, which trades at $0.079 when writing, is on a negative 24-hour price change of -3% and looks to struggle with a price.

Bitcoin’s unstable and sideways movements provide Dogecoin bears more room to impact. However, Dogecoin still has upside potential if Bitcoin picks up momentum.

Dogecoin

EOS Foundation Launches Upgrade As Crypto Market Rallies

https://www.newsbtc.com/news/eos/eos-foundation-launches-upgrade-as-crypto-market-rallies/

In an exciting update, the EOS Foundation recently launched a major upgrade with innovative developments and solutions to its network ecosystem.

The upgrade coincided with a market recovery today that saw the price rally of Bitcoin and some altcoins alongside it. The theme of the upgrade had a positive ring to it, intending to deliver speed, scalability, and reliability to the EOS blockchain network.

EOS Network Launches Antelope Leap V4.0.0 Upgrade

The Antelope Leap v4.0.0 upgrade is an open-source software that enables anyone to operate a node on the EOS blockchain network seamlessly.

For clarity, a node is a computer system that runs a blockchain consensus model by validating incoming user transactions and storing the data in a distributed network ledger.

Node operators use these computer systems to validate network transactions while securing a blockchain network. They earn token rewards for their contributions to the validity and integrity of blockchain ecosystems.

Related Reading: Bitcoin Price Signals Fresh Increase But $29K Is The Key To More Gains

That said, the EOS Antelope Leap v4.0.0 upgrade was launched to optimize node performance, making it easy for anyone to carry out node operations without hassle.

Solutions the upgrade brings forward to node operators include multi-threading features to boost node performance, reduced node latency, faster block propagation, and more visibility and control.

The Leap v4.0.0 upgrade is an important milestone and achievement for the EOS blockchain ecosystem.

Node operators have been advised to upgrade their nodes to the newest Leap version for ease of use and compatibility with other network infrastructure.

Will Price Respond

The price of the EOS token has responded sluggishly despite the Leap v4.0.0 upgrade launch and recent market rally, which saw Bitcoin reclaim the $29,000 price region.

At the time of writing, the third-generation blockchain token is seen trading at $1.07, according to Coinmarketcap data. This is only a slight increase from its 24-hour low of $1.02.

While BTC gained over $1600 from its 24-hour price change, EOS is still yet to notably move compared to some altcoins, largely profiting from the BTC rally.

Related Reading: Bitcoin Market At Decision Point: aSOPR Retests Crucial Level

Bitcoin is on the move to test its $29,200 resistance. If it fails to break, a retracement could occur, negatively impacting the price of EOS and other cryptocurrencies traded in the markets.

However, on the EOS monthly chart timeframe, the token is seen to be trading at base levels and halfway close to its all-time lows, which may indicate close to bottom levels for a reversal.

There is room for upside movements of the token to profit from as current market sentiments are becoming positive due to BTC’s recent price move.

 

EOS

CELR On A 16% Bear Strike, Bulls Must Hold The Line At This Level

https://www.newsbtc.com/news/celr-on-a-16-bear-strike-bulls-must-hold-the-line-at-this-level/

CELR, the official native token of Celer Network, is down badly from its previous week’s highs of $0.031, recording a disappointing -16% in today’s trade session. While several cryptocurrencies have shown price weakness, the Celer Network token has been the biggest loser over the past 24 hours.

In recent times, the general market sentiment has drastically changed. Most traders who called for a bull market after BTC’s previous week’s rally are now bearish due to a price retracement on major cryptocurrencies. However, will bulls show strength and prevent the next outcome for Celer’s Network token?

CELR Bears On A Mission, Further Losses Imminent?

Bears are on a mission as they move on a trail to wipe out two-week gains of the Celer Network token. The current price action results from CELR investors taking profits on the recent Bitcoin price rally, which saw the cryptocurrency move past $30,000 for the first time since June 2022.

The native token of the Celer Network was on the move and recorded a 7-day high of $0.031 after BTC bulls pushed the price upwards and lifted the entire market with the digital asset.

At the time of writing,  Coinmarketcap data reveals CELR to be trading at $0.023, a notable dump from where it was in price last week. Bulls may now need to act to defend what is left of the previous week’s gains of the Celer Network token.

CELR

CELR is currently trading at a key support price zone of $0.023 and might be at just the right spot for bulls to pick up steam and reverse the bearish trend. However, the price of Bitcoin is a major price decider for the crypto market and could dictate CELR’s fate in the coming days.

At the time of writing, Bitcoin trades at $27,327  and is currently faced with resistance at $27,800, according to a recent tweet by crypto analyst Michael Van De Poppe. Rejecting that resistance level may see Bitcoin sweeping further lows until it can bounce up.

A further Bitcoin price depreciation could mean dire consequences for CELR, thereby inviting bears to sweep off the remaining gains of the previous two-week candles.

Celer Network Token Price Unshaken By Recent Platform Development

Despite Celer Network’s recent development to its platform, a corresponding bullish impact is yet to be seen in the price of its native token. One recent development expands Celer’s bridging support for Izumi Finance native token (IZI) and the IUSD stablecoin.

Celer Network users can now seamlessly and securely bridge the tokens mentioned above between Arbitrum, Ethereum, Polygon, and ZKsync networks at low transaction costs.

Tornado Cash Suffers 13% Bear Hit, Will Parole Save Price?

https://www.newsbtc.com/news/tornado-cash-suffers-bear-hit-parole-save-price/

Tornado Cash token (TORN) is trading on a negative 13% in today’s trade session, canceling its previous day’s gains and rally, which saw the token rise close to the $12 mark. Coinmarketcap data reveals the token to be trading at $8.77 at the time of writing, a significant drop from where it was in price yesterday.

The TORN token and its decentralized mixing service platform became controversial when its developer, Alexey Pertev, was arrested mid-last year allegedly for money laundering. However, news about the possible jail release of Alexey circulated the industry yesterday, April 20, and created a rally for the TORN token.

Tornado Cash Developer Set To Be Released On This Date

According to a recent report, the developer of the TORN token, Alexey Pertev, is expected to be released on April 26, 2023, after spending nine months in detention without trial.

The news of his potential release came yesterday when the crypto markets were declining. However, the Tornado Cash token reacted to the news of Alexey’s release and defied market conditions by displaying bullish price action.

While the rally drew investors’ attention, the token could not continue its upward movements today despite positive price speculations by crypto experts and analysts.

Alexey Pertev, who is set to be released next Wednesday, will await trial from his home as ruled by a court in the Netherlands.

Upon his release, electronic monitoring devices such as an ankle bracelet will be installed on him and other monitoring devices in his home, according to the report.

At the time of writing, the TORN token is currently ranked among the top 3 losers in the cryptocurrency market. Alexey Pertev’s release date is approaching, and we may witness Tornado Cash reacting in price as it did with the news about his release.

 

Tornado

 

Bitcoin Price Impact On TORN Token

Bitcoin is on its 3-day bearish candle, failing to break the resistance slightly above the $30,000 price region. BTC price lost momentum after its previous week’s rally and failed to hold the key support level at $29,200.

Today’s trading session saw Bitcoin falling below $28,000 after it failed to hold $28,600 key support. BTC price fell to a 24-hour low of $27,815 but is now slightly back above the $28,000 price region.

Some Altcoins, including the Tornado Cash token, have brutally suffered from the Bitcoin price dump and are still yet to recover. However, a healthy recovery for Bitcoin price will be a good turning point for Tornado Cash as Altcoins are known to react to BTC price movements.

Tornado

 

FTT Token On a 8% Rockslide Despite FTX Ray Of Hope. Here’s Why

https://www.newsbtc.com/ftx/ftt-token-landslide-despite-exchange-ray-hope/

FTT Token, the native coin of the failed crypto exchange FTX, is experiencing a slide in today’s trading session. While it started the trading day negatively, it showed no recovery and further declined in price, recording up to an 8% loss and finding a spot in the top 3 losers in the sector.

Despite its previous week’s rally stemming from news of a potential FTX reopening, FTT has shown investors the other side of the palm by reversing its gains. However, the negative drop in FTT is not peculiar to it alone, as other cryptocurrencies have taken falls and show bearish price action.

Why Is FTT Token Crashing?

The drop in the prices of cryptocurrencies, including FTT, could be attributed to Bitcoin’s negative price action. The largest cryptocurrency by market cap was declining in dominance, but a surge in selling pressure reverted this trend and dragged the rest of the market with it. 

Yesterday’s trade session saw a drop in Bitcoin price as it failed to hold the key support level at $29,200. This resulted in a free fall of Bitcoin, looking to identify the next support area to hold up.

Bitcoin finally found some support at $28,600, although some Altcoins had already suffered the tolling effects from the drop. The Bitcoin fear and greed index had also shifted to a neutral number of 52, indicating a possible sideways movement in the markets.

According to Coinmarketcap data, the FTT token trades at $1.9 from its 24-hour highs of $2.0751. While the news of FTX reopening could boost the FTT token price, it is far from conclusive and definite.FTT Token

Updates On FTX Potential Exchange Reopening

As seen from a Bloomberg report, Tribe Capital, a venture capital company, has shown some interest in reviving the collapsed FTX exchange, which went bankrupt in November 2022.

According to the report, Tribe Capital, an FTX investor before the disastrous collapse, is considering a fresh volume of capital injection to kickstart the processes and bring the company back from its bankruptcy process.

While in the works of injecting $100 million of its venture-owned capital and limited partners, Tribe Capital is also considering piloting a $150 million fund-raising campaign to scale the process of reviving the exchange.

Arjun Sethi, the co-founder of Tribe Capital, also met with FTX, the unsecured creditor’s committee, to discuss an informal proposal to revive the FTX exchange, according to the report.

In a recent development, the FTX committee of unsecured creditors posted on their official Twitter handle that the entity is working with debtors to evaluate all options to reboot or sell the FTX exchange and create value for creditors. FTT Token continues to be on the traders’ watchlist as FTX developments unfold.

Featured Image from Istock, Chart from TradingView.com.

Bitcoin Bears Steal 3%, Time To DCA?

https://www.newsbtc.com/news/bitcoin/btc-bears-steal-price-time-to-dca/

Applying a Dollar Cost Average (DCA) method can be smart for investors looking to profit from the crypto markets. Yesterday’s trade session witnessed a brilliant price recovery from Bitcoin after it reclaimed the $30,000 level, pushing some Altcoins to the upside.

While the bulls basked in the glory of their supposed win and retaliation, BTC Bears decided to drop the ball again in today’s trade session with a slightly over 3% drop.

Several Altcoins, including Ethereum, have recorded losses as BTC struggles in price, trading slightly above the $29,000 price region. While market sentiments may fluctuate, employing a dollar-cost average strategy can be the close-to-perfect strategy to profit from these BTC rallies.

Applying A DCA Strategy To Bitcoin

Bitcoin started 2023 on a good note as it has produced four consecutive monthly green candles and a rally that broke past $30,000 for the first time since June 2022.

However, a Forbes report called for a $10,000 Bitcoin price prediction in the first quarter of 2023. Crypto investors who took the call and waited missed out on Bitcoin’s rally or had to buy at higher entry points. This is why DCA strategies are necessary not to miss out on future price bottoms and asset rallies.

Dollar-cost averaging (DCA) is an investment strategy smart investors use to buy into an asset using a fixed amount of capital at different time intervals.

Regardless of market ups and downs movements, this strategy is utilized and employed by investors to profit from potential price bottoms and rallies in the future. As a case study, Bitcoin is a popular digital asset and cryptocurrency known for its high price volatility and movements in the crypto and financial markets.

Right from its creation as a cryptocurrency, it has experienced multiple bear and bull cycles which commonly sees it trading at high peaks (bull markets) and lows (bear market).

Every trader wishes to accurately time these bottoms and peaks and take profitable trade actions, but this is almost impossible, as it were unless a DCA strategy is applied.

Crypto Investors Are Still Greedy

Bitcoin’s fear and greed index still shows that while a retracement is seen in the price of Bitcoin today, investors are still greedy.

report shows that the current greed level for BTC at $29,274 is at 63, which is a relatively high amount of greed among crypto investors.

This indicates that investors are still buying BTC at the current price for which it is trading. On the flip side, a general rule of thumb is that extreme greed could indicate a possible price retracement, while extreme fear presents buy opportunities in the markets. At the time of writing, Bitcoin is seen trading at $29,163. 

DCA

 

ICP Bulls On A 10-Day Joy Ride, When Does It Stop?

https://www.newsbtc.com/news/icp-bulls-on-a-10-day-joy-ride-when-does-it-stop/

The ICP token is currently up on its largest candle after following the trend of its nine bullish candles on the daily chart. Despite Bitcoin’s mood swings that saw it trade below the $30,000 price level yesterday, the Internet Computer token showed unwavering resilience as it maintained its bullish streak.

Crypto day traders and analysts searching for trade opportunities of a major retracement from the ICP token had their mouths open in disbelief as bulls were sweeping off shorts. But while bulls enjoy their fair share, how long can this move be sustained? Will there be a blow-off soon?

ICP Bulls Profit From Bitcoin Rally

In the previous week, Bitcoin showed strength and position as alpha crypto as it rallied past sub $30,000 regions and touched $31,000.

Several Altcoins, including ICP tokens, had a fair share of the cake and rallied pulled up by BTC. However, it seems that the Internet Computer Token had a larger share as it has produced nine consecutive bullish candles, with today’s candle looking prime for a bullish close.

Crypto data insights from Coinmarketcap showed the ICP token gaining 10.78% against its BTC pair as of today’s writing. At a current price of $6.80, the Internet Computer token has a trading volume of $100 million, a 24.82% increase over the last 24 hours.

While this is an interesting outlook for the token, it is important to note that it is at a crucial resistance level of $6.79. Failure to break resistance will result in a price retracement and the end of its bullish streak.

If a retracement truly occurs, then the support area at $5.99 will be a good sitting point for ICP bulls to gear up for another run.

CKBTC Fully Integrated On Internet Computer

A recent post on the Internet Computer medium page shows that ckBTC, a synthetic version of Bitcoin, has been fully integrated into its platform.

ckBTC, an acronym for Chain-Key Bitcoin, acts as a Bitcoin twin that enables secure, fast, and low transaction fees on the Internet Computer ecosystem.

To achieve interoperability and security, Internet Computer has launched ckBTC to provide truly decentralized services to its users and customers.

The post also had a clear statement regarding ckBTC as a more ‘cryptographically secure alternative to cross-chain solutions such as wrapped Bitcoin and bridges, which otherwise pass through centralized custodial platforms prone to hacks and exploits.

Related Reading: Arbitrum Defies Bears As ARB Price Breaks Above $1.7 Resistance, But Can It Keep Up?

One crypto analyst says this is bullish news for the ICP token and could further impact its price in the coming weeks.

Chart from Tradingview

Rocket Pool (RPL) On 4-Day Bullish Streak After Shapella, Can It Make A Fifth?

https://www.newsbtc.com/all/rocket-pool-token-4-day-bullish-streak-after-shapella-update/

Rocket Pool native token RPL has recorded increased bullish activity and momentum in what seems to be an interesting turn of events stemming from the just concluded Shapella update and launch.

While the Ethereum Shapella launch was much about allowing validators to withdraw staked ETH rewards, crypto enthusiasts and the blockchain community felt some uneasiness and worry about the impact these developments would have on Ethereum price and its staking pool platforms.

For one, the RPL token cleared the doubts of many as it followed suit with Ethereum’s previous week’s rally, recording a whooping 4-day bullish streak on the daily price chart. But this leaves us with a question – will it continue and ride on to a fifth-day streak?

Rocket Pool Token Hovers Around Previous Day Close, Will It Step Up?

The Ethereum staking pool platform, Rocket Pool has seen a drop in the price of its native token which hovers around the previous day’s close after tentatively reaching a daily high of $64.29.

According to Coinmarketcap data, the RPL token is trading at $58.31 which is a 5.25% increase from its daily lows sitting at $55.22 earlier today.

Related Reading: Changes in the Crypto Market Following the Shapella Upgrade

As many crypto analysts and traders speculate on RPL closing prices for today’s trade session, it is important to note that Bitcoin had a role to play in determining the direction and price continuation of the staking pool platform token.

From time immemorial, Bitcoin price action and movements have always had an effect on Altcoin prices with its previous week’s euphoric rally changing the dimensions of market sentiments and outlook in the crypto markets

Earlier today, Bitcoin failed to scale through its $30,400 resistance area, and as such, has fallen sharply to the $29,600 price level, thereby tanking the prices of some Altcoins, including Rocket Pool.

However, RPL has maintained some sort of resilience and price balance despite BTC retracement and could be a good sign of bullish strength and continuation if Bitcoin somehow recovers and reclaim the $30,000 region.

RPL Liquid Staking Pool Ranks High On Defillama

Despite Ethereum withdrawals surpassing $2 billion as a result of the recent Shapella launch, ETH staking on staking pools has seen tremendous activity and awareness.

Related Reading: Bears Drag Ethereum Below $2,100 Support As ETH Withdrawals Cross $2 Billion

To get a clearer picture of this, Rocket Pool is now ranked by Defillama as the third ETH staking pool by total value locked (TVL).

The total value of locked ETH as seen on Defillama stands at a $16.886 billion valuation (8,085,475 ETH) with Lido Finance leading the rank. RPL has a market share of 5.77% with 466,832 staked ETH on its staking pool platform. RPL’s total valuation of staked ETH is now at $971.48 million, which is a 1.04% increase over the last 7 days.