Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

Source: NewsBTC.com

The post Ethereum (ETH) Records Surge In Active Addresses – Incoming Price Rebound? appeared first on Crypto Breaking News.

A crypto analyst has disclosed reasons why the price of Bitcoin could witness more declines to $52,000 lows. According to the analyst, Bitcoin has broken key support levels, which indicates a potential shift from a bullish to a bearish position. 

Analyst Projects Bitcoin Crash To $52,000

In a post on X (formerly Twitter) on June 21, crypto analyst, Justin Bennett predicted that Bitcoin could witness a price crash to key ranges between $52,000 and $54,000. He shared a price chart illustrating Bitcoin’s recent decline,  highlighting that its price remains range-bound, showing no clear downward or upward trend as it trades between support and resistance.

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Source: X

While Bennett believes that Bitcoin could plummet to $52,000, the analyst cited several reasons for this bearish outlook. He revealed that Bitcoin has broken past a key trend line from October 2023, suggesting a shift to more bearish territory. Additionally, the analyst noted market imbalances between February 26 and 27, indicating the possibility of less accumulation and more selling pressure for Bitcoin. 

Bennett also highlighted the presence of significant liquidity below the $56,500 price threshold for BTC. He suggested that markets often move towards areas with higher liquidity due to the concentration of buying and selling of Bitcoin. As a result, the potential for Bitcoin to drop below $60,000 is greater. 

On the upside, Bennett has disclosed the possibility for Bitcoin to have a bullish turnaround above $72,000, potentially capturing liquidity at these levels. However, the analyst also considers this a less likely scenario given the current state of the Bitcoin chart. 

“I’ve been a supporter of crypto since I got involved in 2020, but facts are facts. The charts don’t look great, and the stock market is the only thing keeping crypto from falling off a cliff,” Bennett stated. 

Investor Interest In BTC Is Waning

In one of his latest X posts, crypto analyst, Ali Martinez disclosed that investors’ interest in Bitcoin has begun to diminish. According to the analyst, BTC is experiencing a significant downturn in exchange-related on-chain activities. Additionally, the pioneer cryptocurrency is presently witnessing a substantial drop in its network usage, suggesting a shift in demand for Bitcoin. 

Source: X

Martinez has suggested that the crypto market may be turning their attention to Ethereum, the world’s largest altcoin. He disclosed that the “crowd was growing more optimistic about Ethereum,” highlighted by the surge in the cryptocurrency’s social media mentions. 

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This change in investor sentiment could be attributed to the imminent launch of Ethereum Spot ETFs, which is expected to attract significant inflows into Ethereum’s market and potentially drive up the cryptocurrency’s price. Martinez also shares similar sentiments with crypto analyst Bennett, predicting a possible price correction for Bitcoin toward new lows at $54,930. 

At the time of writing, the price of Bitcoin is trading at $64,265, reflecting a 2.87% decline over the past week, according to CoinMarketCap. 

BTC bulls reclaim control of price | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000 appeared first on Crypto Breaking News.

The Dogecoin price slump might be over very soon, according to a little-known but important indicator called the Gaussian Channel (GC). As recently noted by a crypto analyst known pseudonymously as Trader Tardigrade, the Gaussian Channel recently flashed green on the DOGE weekly chart, suggesting the crypto could surge to the upside for the next wave.

DOGE’s Gaussian Channel Flashes Bullish Green

The Gaussian Channel is a comparatively less well-known technical indicator among crypto experts, in contrast to other famous technical indicators such as moving averages, RSI, and MACD. The Gaussian Channel plots two curves derived from normal distribution to identify areas where the price is trading at extreme highs or lows relative to its recent range. Interestingly, the price of DOGE has been known to react positively whenever it reaches the green zone of this lesser-known but powerful tool.

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According to a DOGE weekly chart shared on social media platform X by analyst Trader Tardigrade, recent price action has seen the cryptocurrency hitting the green zone of the Gaussian Channel. This is a very bullish development that could signal a major move higher is imminent. “When the time is up, #Dogecoin will surge incredibly,” the analyst said.

A more in-depth examination of the chart reveals two earlier instances in which Trader Tardigrade identified similar patterns for Dogecoin and the Gaussian Channel. The first time the Gaussian Channel turned green was in 2016, allowing DOGE to go on a multi-year journey, which saw it setting multiple all-time highs in 2018. A similar pattern occurred in 2021 and 2022, which saw DOGE surging astronomically to peak at its current all-time high.

How High Can It Drive Dogecoin Price?

Of course, no one can predict exact price targets. However, if history is to repeat itself, DOGE is expected to exhibit bullish action for the next few years. According to the analyst, a potential surge could see DOGE break past its current all-time high into new price territory. His most optimistic outlook has Dogecoin breaking past its $0.73 this year and entering $1 by 2025. Trader Tardigrade noted a final price target well above $6.5, representing an increase of over 5,100% from the current price level. 

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Considering the current DOGE price action, this ultra-bullish price target might seem unrealistic to some of the best meme coin enthusiasts. At the time of writing, DOGE is trading at $0.1235 and is down by 9.44% in the past seven days amidst a broader market decline. There are many price resistance levels to overcome before investors can be confident of a DOGE rally.

According to data from IntoTheBlock, DOGE whales have been reducing their holdings in the past year. This selloff has seen their collective holdings drop from 45.3% from a year ago to about 31% today. 

DOGE price falls below $0.13 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Little-Known But Important Dogecoin Indicator Goes Off, How High Can It Drive Price? appeared first on Crypto Breaking News.

Polygon (MATIC) is again flashing bullish signals, having maintained a bearish outlook for a while now. These bullish signals suggest that the token could soon make a significant move to the upside. Interestingly, crypto analyst World of Charts has predicted that Polygon could enjoy a 1,000% rally when this move happens. 

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Polygon To Rise To As High As $5

World of Charts predicted in an X (formerly Twitter) post that Polygon could rise to between $4 and $5 in the midterm. He made this prediction while stating that this might be the last chance to accumulate MATIC before the solid bullish wave, which he expects to happen soon enough. He suggested that this move for Polygon could occur during the imminent altcoin season. 

Interestingly, the crypto analyst expects Polygon to rise much higher than $5 in the long term. From the chart he shared, he hinted at the crypto token rising to as high as $40 by year-end or sometime in 2025. Meanwhile, he stated that a price between $10 and $12 was an “easy target” for MATIC. 

Data from the market intelligence platform IntoTheBlock shows that most of Polygon’s on-chain metrics are bullish, which could help contribute to the crypto token’s move to the upside. One of these metrics is the large transactions, which have been on the rise recently, suggesting that crypto whales are actively accumulating the crypto token. 

MATIC is currently trading at $0.56. Chart: TradingView

Furthermore, Polygon looks well positioned to enjoy a significant rally when the given altcoin season kicks off, considering that the Spot Ethereum ETFs are believed to be what will trigger this run for altcoins. That means that the rally could begin in the Ethereum ecosystem, where Polygon remains one of the most prominent Ethereum-based tokens. 

Time To Flip Bullish On Polygon

Crypto analyst CrediBUL Crypto also recently suggested that Polygon’s bullish reversal was on the horizon. He revealed that he had been going short on the crypto token for a while now but stated that it was almost time for him to flip bullish on Polygon. Crypto analyst Mayor of Matic also recently highlighted a wedge pattern on Polygon’s pattern and stated that the breakout above the wedge will be “powerful.” 

Crypto analyst Crypt Kaleo had earlier in March highlighted Polygon’s chart and suggested that the crypto token was looking well primed for that move. As such, considering how long it has consolidated since then, this parabolic move could happen sooner rather than later. However,it remains to be seen if MATIC can rise as high as $5 as World of Charts predicted. 

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At the time of writing, Polygon is trading at around $0.56, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Getty Images, chart from TradingView

Source: NewsBTC.com

The post Polygon (MATIC) Turns Bullish After Losing Streak – Is A 1,000% Rally Possible From Here? appeared first on Crypto Breaking News.

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

Source: NewsBTC.com

The post Bearish Wave Hits Solana: SOL Drops Below $140 – More Losses On The Horizon? appeared first on Crypto Breaking News.

They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC and Bitcoinist, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a future intertwined with NewsBTC and Bitcoinist. He says he sees himself “growing old” alongside these companies, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Source: NewsBTC.com

The post Toncoin Transfer Volume Hits $10 Billion, Social Appeal Soars appeared first on Crypto Breaking News.

The Bitcoin price performance over the past week failed to bring glory to the crypto market, as the leading cryptocurrency struggled once again. This trend was mirrored across almost all large-cap assets, many of which experienced significant losses.

Unfortunately, recent price action data suggests that the Bitcoin price is not safe yet, as there is potential for further downside over the coming days.

Is $60,000 The Next Stop?

In a new report, blockchain intelligence firm CryptoQuant put forward an interesting prognosis for the price of Bitcoin based on its recent movement. According to the analytics platform, the premier cryptocurrency could be headed for the $60,000 price mark after losing a significant support level.

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On Tuesday, June 18, the Bitcoin price fell below 65,000 for the first time in over a month. The price of BTC didn’t stay beneath this level for too long, as it quickly climbed back to $66,000 by Thursday. However, the premier cryptocurrency succumbed to the bearish pressure, falling as low as $63,500 on Friday, June 21.  

#Bitcoin is trading below the critical support level of $65.8K, now below $64K.

Falling under this threshold suggests a potential 8%-12% correction toward $60K. pic.twitter.com/hXwUkC13up

— CryptoQuant.com (@cryptoquant_com) June 21, 2024

In its analysis, CryptoQuant postulates that the price of Bitcoin is currently beneath the vital $65,800 level, which is the trader’s on-chain realized price. This price indicator can act as a support level, signaling an impending decline if the BTC price breaks it to the downside.

According to CryptoQuant, every time the Bitcoin price crosses beneath the on-chain realized price, it undergoes an 8-12% correction, which explains the $60,000 price target. Interestingly, the waning on-chain metrics of the market leader support this bearish projection.

As explained by CryptoQuant, traders’ demand for Bitcoin has continued to decline, as the short-term holders are not purchasing BTC but rather decreasing their holdings. Meanwhile, the demand from large investors (whales) currently lacks the strength often associated with bullish momentum. 

Furthermore, stablecoin liquidity has been on a steady decline, putting a strain on the Bitcoin bull run. For instance, the 60-day growth in Tether USD’s (USDT) market capitalization has slowed down from $12.6 billion in late April to $3.7 billion as of now —  the slowest growth rate since November 2023. 

Naturally, higher stablecoin liquidity is required to kickstart price rallies in the crypto market. 

Bitcoin Price At A Glance

As of this writing, the Bitcoin price continues to hover around $64,000, with a 1.2% decline in the last 24 hours. In the past two weeks, the premier cryptocurrency has decreased in value by nearly 8%, according to data from CoinGecko.

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Bitcoin price at $64,121 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Source: NewsBTC.com

The post Blockchain Firm Says Bitcoin Price Might Be Headed For $60,000 – Here’s Why appeared first on Crypto Breaking News.

USDT, Tether’s digital token pegged to traditional currencies, is leading a quiet revolution in the world of finance. In a landmark development, USDT has surpassed Visa’s average daily transaction volume on the Tron blockchain, underscoring its position as the undisputed leader in the stablecoin space. This surge signifies a growing confidence in stablecoins and their potential to disrupt the financial landscape.

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USDT Flexes Muscles

USDT’s dominance is evident. Available on multiple blockchains, it has seen its market cap explode since its inception in 2014. But the recent milestone on Tron, a blockchain known for its lower transaction fees, is particularly noteworthy. Lookonchain data reveals USDT transactions on Tron hitting a staggering $53 billion in a single day, exceeding Visa’s daily average of $42 billion. This 20% lead underscores the increasing adoption of stablecoins for everyday transactions.

The 24-hour trading volume of $USDT on #TronNetwork is $53B, exceeding Visa’s average daily trading volume.

Visa’s trading volume in Q1 2024 was $3.78T and the average daily trading volume was $42B. pic.twitter.com/jolGKIUcxE

— Lookonchain (@lookonchain) June 21, 2024

Why The Rise Of Stablecoins?

So, what’s driving this surge? Unlike traditional cryptocurrencies known for their wild price swings, stablecoins offer a haven of stability. They are typically pegged to fiat currencies like the US dollar, meaning their value remains relatively constant. This stability makes them ideal for everyday transactions, eliminating the fear of sudden price drops that plague traditional cryptocurrencies. Additionally, stablecoins leverage the power of blockchain technology, enabling faster, cheaper, and more transparent transactions compared to conventional systems.

USDT market cap currently at $112 billion. Chart: TradingView

Regulation On The Horizon

As stablecoins gain traction, governments are scrambling to establish regulatory frameworks. The Lummis-Gillibrand Payment Stablecoin Act in the US and similar initiatives in the UK highlight a global concern for ensuring user protection and financial stability in the face of this innovation. While these regulations are crucial for responsible growth, navigating the ever-changing political climate adds another layer of complexity. For instance, the UK’s crypto policy remains uncertain with a looming general election.

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The Future Of Finance

Despite the challenges, the momentum behind stablecoins seems unstoppable. Their ability to bridge the gap between traditional finance and the crypto world offers undeniable advantages. While daily transaction volume can be volatile, and concerns like rising transaction fees on Tron need to be addressed, the overall trend is clear.

Stablecoins are here to stay, and their impact on the global financial system is likely to be profound. As regulations take shape and the technology matures, stablecoins have the potential to revolutionize the way we conduct everyday transactions, ushering in a new era of financial inclusion and efficiency.

Featured image from Pexels, chart from TradingView

Source: NewsBTC.com

The post Tron’s USDT Triumphs: Daily Volume Climbs Above $53 Billion, Dwarfing Visa appeared first on Crypto Breaking News.

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

Source: NewsBTC.com

The post Solana Records New Monthly User High Amidst Persistent Price Drop appeared first on Crypto Breaking News.

Shiba Inu whales are on the move again, sparking speculations on what they expect from the meme coin. One whale, in particular, has caught the attention of the SHIB community following a massive withdrawal from the popular crypto and stock trading exchange Robinhood.

Whale Pulls Out Almost $40 Million From Robinhood

The Shiba Inu whale transactions that have got tongues wagging were first picked up on June 20 by the on-chain whale tracking platform Whale Alert. According to the report, the whale had removed a total of 2,2 billion SHIB from the exchange, which was worth approximately $40 million at the time of this transfer.

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The whale moved the coins to an unknown wallet, something that could be bullish for the price. This is because when whales move their coins to exchanges, they intend to sell, which might push the price down due to the selling pressure. However, when whales remove their coins from exchanges, it could mean they don’t plan to sell and are holding for better prices.

In this case, the whale has gone the way of the latter, suggesting accumulation rather than selling. Also, given the sheer volume of coins being withdrawn from the Robinhood exchange, it has removed a significant amount of supply from the open market from now.

However, the whale transaction hasn’t had much of an impact on the price. The SHIB price is still trading under $0.00002 at the time of this writing, although this presents ample opportunity for these investors looking to get in at cheap prices.

Shiba Inu Still Has Legs

Despite the price decline that has rocked the meme coin in recent times, expectations have not waned as analysts forecast another crypto bull market. One of those who still see a bright future for the meme coin is Shiba Inu marketing lead LUCIE.

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According to LUCIE, SHIB is still in a position. Sharing a Wall Street Cheat Sheet, she shows that the meme coin is now in the period just before Optimism. Now, the Wall Street Cheat Sheet shows that this is when investors really begin to believe that the rally is real.

From here, the price is expected to keep going up as investors go through the motions of Belief, then Thrill, and finally Euphoria, before prices start to correct. If LUCIE is right, then the real rally is yet to begin and the Shiba Inu price could go so much higher.

At the time of writing, the SHIB price is struggling to reclaim the $0.000018 support from the bears. However, with the Bitcoin price failing to move upward, the weekend could bring further declines for the market.

SHIB price falls below $0.000018 | Source: SHIBUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales? appeared first on Crypto Breaking News.

According to the latest insight from a CryptoQuant analyst, Bitcoin might be poised for a notable price correction. This possibility of a price correction is based on major Bitcoin metrics such as the Adjusted Spent Output Profit Ratio (ASOPR), signaling a notable implication for Bitcoin’s trajectory.

Understanding ASOPR’s Role In Predicting BTC Corrections

The ASOPR, a key indicator in the crypto market, measures the profit ratio of spent outputs by comparing the value at which coins were bought to the value at which they were sold.

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According to the CryptoQuant analyst, when this ratio exceeds 1, it suggests that coins are being sold at a profit, which often correlates with bullish market conditions.

However, a critical threshold observed in historical data is when ASOPR approaches 1.08. At this point, the market tends to shift, signaling a potential onset of a correction phase.

This pattern has been consistent over several market cycles, providing a valuable tool for investors to assess the market’s health. For instance, when ASOPR climbs steadily above 1 but nears the 1.08 mark, investors might consider this an opportune moment to evaluate their positions before potential downturns.

The CryptoQuant analyst particularly noted:

Considering past instances where similar patterns were observed, there is a possibility that the current situation might follow the same (down) trend.

Another critical component the analyst mentioned in his BTC market analysis is the 200-day moving average (MA), widely regarded as a barometer for the long-term market trend.

This indicator helps smooth out price data by creating a constantly updated average price, which can be pivotal in confirming the overall market direction. A rising 200-day MA suggests a long-term uptrend, while a decline might indicate a bearish market.

According to the chart shared by the analyst, Bitcoin’s performance below this key moving average currently confirms the cautious stance suggested by the ASOPR.

Bitcoin chart. | Source: CryptoQuant

With the price hovering around $64,000, a 14% drop from its recent peak, the convergence of these indicators suggests that the market might still be in a phase of reassessment and potential adjustment.

Bitcoin Continued Stagnancy

The prediction from the metric above is quite evident, as Bitcoin’s value continues to fall despite significant positive developments within the industry.

Earlier today, Standard Chartered Plc announced the launch of a new trading desk for Bitcoin and Ethereum, marking a significant move into spot cryptocurrency trading by one of the world’s major banks.

Additionally, the Winklevoss twins, founders of the crypto company Gemini, have publicly supported Donald Trump’s presidential campaign, donating $1 million each BTC for being a “pro-Bitcoin” candidate.

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Nevertheless, these developments have not spurred any significant upward movement in Bitcoin’s price, which has seen a 1.1% decline in the past 24 hours to $63,935.

BTC price is moving downwards on the 1-hour chart. Source: BTC/USDT on TradingView.com

Analyst Ansem predicts that Bitcoin may not see a significant price increase until later this year, anticipating it will remain between $58,000 and $60,000 for some time.

Featured image created with DALL-E, Chart from TradingView

Source: NewsBTC.com

The post Is Bitcoin’s Rally Over? New Insights from CryptoQuant Predict a Market Downturn appeared first on Crypto Breaking News.

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Source: NewsBTC.com

The post Bitcoin Slips Under $64,000: Here’s Where The Next Support Is appeared first on Crypto Breaking News.

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Source: NewsBTC.com

The post Bitcoin Slips Under $64,000: Here’s Where The Next Support Is appeared first on Crypto Breaking News.

Analysts at global asset management firm Bernstein have revised their former Bitcoin target to $200,000, foreseeing the influx of Spot Bitcoin ETFs inflows catalyzing this massive price surge. 

Bernstein Analysts Raise Bitcoin Target To $200,000

In a note to clients, Bernstein analysts, Gautam Chhugani and Mahika Sapra predicted that Bitcoin could reach $200,000 by the end of 2025. This new price target comes after analysts foresaw BTC hitting $150,000 earlier in May. At the time, the analysts disclosed that they anticipated about $70 billion in inflows from Spot Bitcoin ETFs between 2024 and 2025.

Related Reading

Presently, the analysts have solidified their predictions, reiterating that Spot Bitcoin ETFs would be the trigger driving Bitcoin’s price to $200,000 next year. Analysts have estimated that Spot BTC ETFs could grow in demand to represent about 7% of the total BTC in circulation. 

They disclosed their expectations for Spot Bitcoin ETFs to grow significantly in adoption, highlighting possibilities of approvals from major wirehouses and large private banking platforms in Q3 and Q4. The analysts also disclosed that almost 80% of Spot Bitcoin ETF inflows are generated by self-directed retail investors who invest through brokerage platforms. 

They believe that institutional investors’ demand for Spot BTC ETFs is still in its early stages. However, as the market continues evolving institutional investors’ interest could rise, adding massively to the current inflows in Spot Bitcoin ETFs. 

Bernstein analysts wrote in their notes to clients that currently around $15 billion of net new flows have been brought in by ETFs combined. The cumulative inflows in Spot Bitcoin ETFs according to Farside data, have reached $14.66 billion since its launch on January 11. 

Due to the high demand and massive capital pouring into this asset class, analysts expect Spot Bitcoin ETFs to be equivalent to 7% of BTC’s circulating supply by 2025 and 15% by 2033. They also anticipate Spot Bitcoin ETF’s total Assets Under Management (AuM) to reach $190 billion by ‘the 25E market peak and a whopping $3 trillion by 2033. 

This bullish prediction underscores the analyst’s confidence in Spot BTC ETFs, despite it being a newly discovered asset class. In less than six months, the total assets under management for Spot Bitcoin ETFs have grown to $59.19 billion, with an average expense ratio of 1.07%. This massive growth has been spearheaded by leading asset management companies like BlackRock, Fidelity and others. 

BTC Price Enters Fresh Bull Cycle

In their note, Bernstein analysts also declared that BTC has officially entered a new bull market cycle. The analysts disclosed that this bull cycle is currently driven by the recent Bitcoin halving event, which took place on April 20. 

Related Reading

They anticipate the rise of new catalysts that could trigger an increase in demand for BTC, propelling its price to new levels. In contrast, crypto analyst, Michael van de Poppe has predicted that BTC has likely reached its bottom between the price range of $63,000 and $65,000. 

As of writing, the cryptocurrency is trading at $63,865, reflecting a weekly decline of 4.76%. Poppe has suggested a potential reversal on the horizon, predicting that Bitcoin could find itself in upward momentum soon. 

BTC price threatens fall to $63,000 support | Source: BTCUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Bitcoin Spot ETFs Effect: Bernstein Analysts Revise BTC Target To $200,000, Here’s When appeared first on Crypto Breaking News.

Memecoins are in red this week as most sectors of the crypto market struggle. Dogwifhat (WIF) has not been the exception.  The memecoin sensation of Q1 saw a significant price drop following the movements of a whale. Recently, an address transferred millions of WIF to a crypto exchange, which ignited speculation about who was behind the transaction.

Related Reading

6 Million WIF To Binance

On Friday, reports of a massive WIF transfer to Binance hit the crypto community. Per the report, one of the top dogwifhat holders moved millions to the largest crypto exchange.

The whale transferred 5.97 million WIF, worth around $11 million, on June 21. Additionally, the address offloaded 48 million Trump Coin (DJT), approximately $500,000.

After the news, the crypto community began speculating who was behind the transfer. Some users claimed the whale was crypto trader Ansem, who was very vocal about WIF. The trader was also part of the Las Vegas Sphere project, where users donated around $700,000 to project the token’s image in the Sphere.  

Users on X criticized Ansem for the alleged deposit, expressing their disappointment in his “capitulation”. Some investors took the opportunity to express their discontent with the trader for “grifting and dumping on investors.”

The discussion sparked an important conversation: should Key Opinion Leaders (KOLs) not move their money? One user considers that Ansem, and all KOLs, are free to do what they want with their money.  The user argued that KOLs are subjected to criticism regardless of their route.

When people sell before you do, they are “jeet”. When KOLs sell some of their holdings or even move it around, they are “pump and dampers”.

Several community members agreed and questioned if KOLs are “obligated” to hold a token until investors are happy with their profits.  However, others argue that community members are “arbiters” of traders’ reputations.  

Dogwifhat Take A Blow, But Was It Ansem?

Despite the rumors, online reports suggest the wallet is not linked to the crypto trader. After deep-diving into the address, a community member found that the address was not associated with Ansem.

The post notes that the only reason it was linked to the trader was the large WIF balance and many Solana memecoins.

However, the address has a record of selling their token at a loss “to FOMO into new shiny stuff.” Furthermore, the wallet seems to be linked to a now-deleted X account.  At the time of writing, the trader has not acknowledged the rumors.  

After the reports, WIF’s price dropped from the $1.90 to the $1.80 price range. On the last day, the memecoin plunged from the $2.15 mark, representing a 13% decrease.

Related Reading

The token has also seen a 25.3% and 36.1% drop in the weekly and monthly timeframes. Crypto analyst Bluntz forecasted a bearish $1 target for the dog-themed memecoin. Ultimately, the analyst stated that a descent to the $1 support level was “inevitable” before the “next parabolic leg.” As of this writing, WIF is trading at $1.83.

WIF’s performance in the weekly chart. Source: WIFUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Source: NewsBTC.com

The post WIF Plunges 11% As Whale Deposits Millions To Binance, Who’s Behind It? appeared first on Crypto Breaking News.

Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

Source: NewsBTC.com

The post Survival of the Fittest: Here’s How Bitcoin’s Next Rally Hangs on Miner Capitulation appeared first on Crypto Breaking News.

Data shows XRP is currently exhibiting an interesting on-chain behavior amidst a broader market uncertainty. This unusual behavior was highlighted by CryptoQuant, a crypto on-chain analytics company. The peculiar behavior is noteworthy because it is associated with a growing open interest in XRP in comparison to other cryptocurrencies, suggesting XRP is primed for a major price move.

XRP Open Interest Surges

According to CryptoQuant data initially noted by an analyst associated with the analytics platform, recent news involving the SEC and Ripple, XRP’s parent company, has seen the open interest for XRP resuming an uptrend.

Related Reading

As per the CryptoQuant chart below, the open interest, which has generally been in an uptrend since April 15, recently took a hit in the first week of June and started to decline concurrently with a fall in the price of XRP. However, the open interest has now rebounded and has resumed its uptrend. 

Source: X

Interestingly, this increase is more significant than that of other cryptocurrencies, considering many crypto prices have struggled in the past week. The rising open interest also relays the current sentiment among XRP investors, as it indicates that investors are opening more positions in anticipation of an increase in the price of XRP.

How Will This Affect Price?

Open interest refers to the total number of outstanding derivative contracts that haven’t been settled. Climbing open interest often signals more money flowing into the market. This is evident in the chart above, as increases in open interest have mostly been registered with a corresponding increase in the price of XRP.

Furthermore, open interest is considered a leading indicator for many savvy investors. When it soars, it signals that new money is flowing into the market as traders open new positions. This increased activity and liquidity can foreshadow where an asset’s price might be headed next. Regardless of the direction in which the price heads, one outcome is nearly guaranteed: more volatility.

Related Reading

At the time of writing, XRP is trading at $0.486 and has increased by 1.44% in the past seven days. Despite this meager increase, it’s interesting to note that XRP is currently the only asset among the top 20 largest cryptocurrencies still in the green zone in the past week. Adding to the bullish outlook is the strong trading volume over the past few days.

According to data from Santiment, some traders are still bearish on XRP despite the fact that it is currently outperforming many other assets. XRP is also traders shorting to counter the bulls. However, as Santiment noted, this is a good sign for patient bulls, as the shorting activity can act as ‘rocket fuel’ for continued price rises when they eventually become liquidated.

Token price recovers from dip | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post XRP Exhibiting Unusual On-Chain Behavior, How Will This Affect Price? appeared first on Crypto Breaking News.

Competition for blockspace is and always will be one of the core tensions that exist between different users of the Bitcoin protocol. At the end of the day there are only two restrictions on how it will be used, the technical and consensus layer of what is actually possible or allowed by the protocol, and the economic layer of what people are willing to pay to make use of blockspace to different ends.

This is a fundamental and inescapable reality of how the network works. It is a purely market driven distributed mechanism for deciding how Bitcoin is used. Concerning anything that is possible to do, the market is the ultimate decider as to whether or not it will be done. The market is also the ultimate decider when it comes to enabling new things that are not already possible.

It’s an important thing for market participants to actually have an informed understanding of the dynamics involved in different use cases of blockspace to really assess how different uses might interact with each other.

Blockspace As A Common Resource

Blockspace is essentially a commons, no one owns it, both on the production and the consumption side, but it is finite. It is not quite a tragedy of the commons as such, especially given the inescapable cost of using it, but the dynamics of its use does have some similarities. Every use case consuming blockspace has an externality it imposes on every other use case that has a need for that blockspace. On some level, blockspace consumption is very much a zero sum game. One entity or use consuming space pushes out another entity or use that would also consume that space.

In any type of normal social context, people would consciously work out such conflicts. If one use arrives that is consuming large amounts of space, people would work to make that more efficient, or make uses that are pushed out more efficient, in order to maintain some type of balance. In the worst case, destructive uses that are detrimental to a large set of others would be limited or restricted. But Bitcoin is an anarchic system, there is no point of control or authority to engage in that type of system management.

All we have is the market.

The relationship between blockspace utilization and the market dynamics governing it is usually conceptualized in a very oversimplified manner. People buy blockspace, and they can do whatever they want within the consensus rules with it. While this is the foundational aspect of this dynamic, it is not the only one. What is consensus? How is consensus arrived at? This is also an integral component of the dynamic.

Consensus rules are an organic ground up thing enforced by economic actors, and consensus rules govern what can or cannot be done with blockspace. This is a critical layer of the market dynamics governing its use beyond the simple economic facet of what people choose to purchase blockspace for.

This is a critical aspect of the system, and how it works, and how users of blockspace must reason about the system if they wish to preserve the viability of their specific use of blockspace. Every participant in the system needs to understand that they can participate in market actions through what rules they choose to enforce, not just what they choose to pay for blockspace they consume themselves.

How Blockspace Is Used

Many different dynamics are important to consider when looking at different use cases of blockspace, and how they will impact the overall availability of space for other uses. How much is used, frequency of use, how much inelastic demand there is in the face of price volatility, etc. Everyone designing a system built on top of Bitcoin needs to consider not only how their system functions in regards to its use of blockspace in these ways, but also how other systems do.

Each system needs consider its own internal interactions with the blockchain, but also the equilibrium it will exist in with all the other systems. One system might function very well in a vacuum, but be stressed or ultimately run into a failure mode if it must operate in an environment with other systems of a different nature.

These are the core categories of properties to consider in these dynamics.

Amount of Space

The most basic factor is how much space does a specific use take up in a block in terms of bytes? This is the first form of scarcity introduced to the common resource of blockspace. An ideal system built on top of Bitcoin will seek to minimize the amount of space required for it to function to the largest extent possible without sacrificing utility or security.

Think of it as a simple ratio, you want to consume the least amount of blockspace possible while maximizing the utility and security provided to the user of a system. In some cases this can be done in an exact deterministic manner, i.e. the amount of space used is a constant and predictable thing dependent on the system design and the state the system is in when it requires use of blockspace. In other cases the blockspace requirements of a system cannot be so exactly predetermined. In the case of indeterminable space requirements, a range between lower and upper bounds can be established depending on the state of the system and system design.

So there are systems that have a constant size requirement that doesn’t change during different states of the system, or one that is relatively constant proportional to its level of use. Other systems could have space needs that are variable and not directly proportional to their level of use. Whether or not a protocol’s space needs are variable or constant is a critical consideration when designing a system.

Frequency of Use

The next important factor is how often you have to make use of blockspace. How much space an individual transaction in a system takes up is only a part of the total cost of that system, how frequently does it necessitate transacting?

Some systems are going to require constant utilization of blockspace everytime the system changes state or performs some action. Other systems will only require infrequent use of blockspace. Some might even require essentially none at all except to enter or exit the system.

Just like minimizing the overall space requirement for a single use of blockspace is an ideal design goal, so is minimizing the frequency with which a system must consume blockspace. Ideally a properly constructed system will not need to make use of blockspace except in a worst case failure mode, or when entering or exiting a system.

There are two ways to design a system in terms of frequency of blockspace use, constant or variable frequency. Obviously, in a constant frequency system any time the system performs an action and progresses in some way, blockspace must be used to progress the system forward. In a variable frequency system state can progress, or an action can be taken, without needing to consume blockspace in order to process that.

Both of these types of systems interact with the blockspace market, and each other, in different ways.

Constant frequency systems are predictable and easily analyzable in terms of blockspace use depending on the volume or use of the system itself. The engineering focus of such a system is on minimizing the on-chain footprint, as the frequency with which it will need to use blockspace is predictable and deterministic based on the level of use, i.e. not fundamentally changeable.

Variable frequency systems are not predictable, and are much harder to analyze in terms of blockspace use. The focus of the system isn’t only on minimizing its on-chain footprint, it is also balancing the incentives of the system. Variable frequency systems are generally variable because the need for blockspace arises from users of the system being non-cooperative with each other. This is the source of unpredictability, and why engineering focuses on incentive balancing to ensure cooperation.

Time Sensitivity

How time sensitive is a system’s requirement to utilize blockspace? When a system update or action needs to be performed, does it need to be performed immediately, or can it wait? Is it a response to some other action, or just an update that has to eventually happen but has no solid deadline?

Constant frequency systems should generally have no real time sensitivity other than the need to shift a system state change from unconfirmed to confirmed. Some specific instances of state progression might have some time sensitivity component, but overall the system will either progress state or not.

Variable frequency systems generally have a need for blockspace because a cache of off-chain state progressions is being disputed on-chain. This involves a time sensitivity because the use of blockspace is not a matter of retaining the current state or progressing it, it is a challenge during which it is possible for an entirely incorrect state to resolve on-chain.

These are two very different dynamics in terms of time sensitivity, and because of that price sensitivity, when systems require blockspace. Systems that are less time sensitive can be more price insensitive because they can simply wait longer to confirm some operation on-chain. Conversely, more time sensitive systems are more price sensitive, because they must pay whatever the current market rate is to confirm quickly in order to ensure proper state progression.

Interacting Systems

Both constant and variable systems need to interact with each other, or rather the externalities each creates for everyone, when they interact with the blockchain. Each of them is a very different kind of beast. Constant frequency systems are giant lumbering creatures, not very adaptable or dynamic. They must always use blockspace when the system progresses. Variable frequency systems are much more nimble and flexible, and capable of dynamism in operation. They can find inventive ways in terms of design or incentives to avoid having to consume blockspace.

Whether these systems are constant or variable systems in terms of space requirements is also a huge factor regarding the adaptability of a system sharing the common resource of blockspace with others. Every system’s cost of operation is a factor of the overall saturation of blockspace use globally and where that pushes the price of blockspace. So how often do they have to consume blockspace, and how much do they have to consume?

To top it off, the general level of saturation and therefore fees is determined by the aggregate of systems operating on Bitcoin. So it is a feedback loop, the nature of the systems operating are going to decide how saturated blockspace demand is, and how high fees are. This then has consequences for the viability and operating cost of systems with different architectures.

Lots of constant frequency systems will create consistent and predictable demand, and after a certain saturation point will start driving fees up constantly. Constant systems cannot adapt to this except by finding ways to lower their on-chain footprint, paying more, or simply waiting longer to process system updates.

Lots of variable frequency systems will have less consistent and predictable demand for blockspace. Rather than being a result of consistent system state progression, blockspace demand driven by these protocols will be caused by entry and exit to the system, or severe disruptive events causing incentive breakdowns or disruptions to user cooperation.

When it comes to adapting to high fee environments that cause the cost of systems built on Bitcoin to increase, constant and variable systems have two fundamentally different strategies that can be employed to adapt to that environment.

Constant Systems can compress the data they need to include in the on-chain transactions that they use to progress the system state. Other than this, their options are to wait longer or pay more.

Variable Systems can try to scale the coordination of larger groups of individuals in an incentive compatible way. They can also adjust the architecture to remove or mitigate incentive misalignments or attack vectors that could disrupt systems and force them to consume blockspace to settle a contested state.

Lightning is a perfect example of a variable system, both in terms of frequency of blockspace use and data size. Rollups are shaping up to be a perfect example of a constant frequency and data size system. Both of these things interacting with each other are going to be an important part of watching fee markets mature on Bitcoin, and understanding the different aspects in how they consume blockspace is important.

What Is Gained?

The most important question to ask when comparing different system architectures is what is gained from them? What type of security model does a user gain in choosing one particular system over the other? What is the cost of that security model in one architecture over another? Is the cost borne by a single user alone, or shared across a large number of users?

The cost of constant and variable systems needs to be weighed against the benefits. The stronger the security model, and the fewer parties or assumptions that must be trusted, the greater the value realized by users.

There will overtime be a large number of trade offs in this regard. Many different architectures will come with different costs, different blockspace consumption frequencies, and different benefits. Each one of these systems will have implications for the costs and benefits of all of the other systems operating.

Another factor to consider is centralizing pressures. Variable systems create breathing room to allow many different participants to exist in a system, and leave flexibility for users to adapt to each other’s presence in the context of periodically needing to consume blockspace to guarantee the system’s functioning. Constant systems will likely not, and lead to more centralizing dynamics due to the rather rigid consumption of space and the upper limit of room for other systems to operate that creates.

Choices of the Market

Ultimately what types of systems will exist on Bitcoin, and the effects they will have on each other, comes down to what the market of users chooses to use. It is important for users to both understand the costs and benefits of different systems for themselves, but also the externalities that different systems they use will have on the wider network and ecosystem.

People continuously bring up absurd concerns when new features for Bitcoin come up, like government blacklists, or arbitrary data, or other nonsensical rationalizations to police what people should be able to or not able to do with blockspace they purchase. These are red herrings in my opinion.

The real concern when discussing adding new functionality to Bitcoin is the interaction between constant and variable systems built on top of it, and which one of these types of system architectures a new feature adds utility or efficiency to. This needs to be deeply considered when analyzing new functionality for Bitcoin.

How these different classes of systems are catered to in the base protocol will have profound implications in terms of how Bitcoin’s fee market, and viability (or lack thereof) of different types of systems, evolve in the long term.

Constant systems have a hard ceiling of how far they can push scalability, given their consistent need for blockspace, and those dynamics also make it very likely that they will be a huge driver of consistent and heavy fee pressure if too many of them operate concurrently.

Variable systems might drive fee pressure during mass on-boarding or off-boarding events, or disruptions to system functioning, but otherwise likely won’t drive consistent and predictable fee pressure until reaching a much deeper saturation point than constant systems. If close to ideal designs are made possible, they could potentially never hit a true consistent saturation point.

The market will ultimately decide, but that market should be an informed one. 

Source: Bitcoin Magazine

The post Bitcoin Blockspace: Dynamics of System Resource Use appeared first on Crypto Breaking News.

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn’t just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn’t a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa’s full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

Source: NewsBTC.com

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