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No need to get panicked the market will goes up from this point based on 1 hour chart analysis
No need to get panicked the market will goes up from this point
based on 1 hour chart analysis
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The surge in large transactions on the Cardano (ADA) blockchain, totaling 25 billion ADA within a 24-hour period, has prompted a closer examination of on-chain metrics and their potential impact on ADA's future, as reported by U.Today. This increase in on-chain activity, often associated with significant movements by whales or institutional players, suggests preparations for forthcoming market developments, whether bullish or bearish. ADA's price chart reflects this tension, with signs of recovery following a period of decline, currently hovering around the 50-day EMA at approximately $0.5. The focus lies on whether ADA can muster the momentum to surpass this critical EMA level. A successful breach could lead to the next resistance around $0.55, aligning with the heightened on-chain activity. Conversely, failure to surpass the 50 EMA might prompt a retest of support near $0.49, a recent low that could serve as a launching pad for another upward attempt. The future trajectory of ADA hinges on the interplay between on-chain activity and market buying momentum. However, the market is currently in a pause, potentially before another upward movement. Decreased liquidity and volatility as the weekend approaches could precipitate a significant price drop.
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Monex Group, a Japanese financial services provider, has finalized the acquisition of a majority stake in Canadian crypto asset company 3iQ Digital Holdings, as reported by Foresight News. This acquisition aligns with Monex Group's strategic goal of expanding its cryptocurrency business. Prior to this acquisition, 3iQ had already made significant strides in the crypto space, launching the first regulated Bitcoin and Ethereum exchange-traded funds (ETFs) in North America, as well as the first Ethereum ETF with a pledge function on the Toronto Stock Exchange. With the integration of 3iQ, Monex Group aims to cater to the growing demand from global institutional investors and exchanges for crypto asset management solutions. This move underscores Monex Group's commitment to establishing a strong presence in the cryptocurrency market and providing comprehensive services to its clients.
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On Apr 24, 2024, 20:32 PM(UTC). According to Binance Market Data, BNB has crossed the 610 USDT benchmark and is now trading at 610.599976 USDT, with a 0.43% increase in 24 hours.
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The Bitcoin blockchain ecosystem has witnessed a surge in speculative points farming, with Merlin leading the trend. Within just a month, Merlin has experienced a remarkable 2,000% growth, accumulating over $1 billion in total value locked (TVL), surpassing established layer-1s like Avalanche and Polygon. The majority of Merlin’s TVL is held in Solv Finance, a protocol enabling users to deposit wrapped bitcoin and receive 'Solv Points'. These points, although valueless themselves, often determine allocations in future token airdrops. Recent airdrops linked to Solana and EigenLayer have highlighted the significance of points farming within the Bitcoin ecosystem. Merlin's native token, MERL, recently experienced a nearly 40% decline since its listing on CoinGecko. Despite this, Merlin positions itself as a Bitcoin layer-2 solution, enhancing transaction privacy and efficiency through zero-knowledge proofs integrated with Bitcoin’s blockchain via Taproot. Unlike Ethereum zk rollups, where proofs are verified on-chain, Merlin’s off-chain verification ensures scalability and security without overwhelming the Bitcoin mainnet. The growth of Merlin reflects a broader trend of renewed interest in speculative applications for bitcoin beyond its price. The introduction of Runes and the influx of venture capital into the ecosystem underscore this trend. Additionally, there's a race among projects like Stacks to draw liquidity to Bitcoin layer-2 solutions, exemplified by Stacks' recent Nakamoto upgrade aimed at improving speed
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Data from Coinglass indicates that the cryptocurrency market encountered a total contract liquidation of $193 million over the past 24 hours, affecting 85,846 individuals. Long positions bore the brunt of the liquidation, accounting for $151 million, while short positions totaled around $41.88 million. Bitcoin (BTC) and Ethereum (ETH) were notably impacted, with liquidation amounts of approximately $43.60 million and $38.72 million respectively.
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