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๐Ÿ’ฅ๐Ÿ’ฅ๐Ÿ’ฅ๐Ÿ’ฅ Bitcoin Adoption News: Unlocking Bitcoin's Metaverse: Animoca Brands Ventures with Opal Foundation Support ๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€ Hong Kong-based gaming software company, Animoca Brands, has made a significant foray into the Bitcoin ecosystem by backing a new Bitcoin ecosystem protocol called the Opal Foundation. In a recent announcement on April 30th, Animoca Brands revealed its strategic move towards Bitcoin, outlining ambitious plans to construct the largest Web3 ecosystem focusing on gaming, education, and culture, all built on the foundation of Bitcoin. The Transition to Bitcoin: Animoca Brands' embrace of Bitcoin revolves around the Opal Protocol and the Runes token, which will be integrated into the BLIF token launched jointly by Animoca and the metaverse technology platform Darewise. The upcoming BLIF token is positioned as an integral part of the Bitcoin ecosystem, marking Bitcoin's readiness for Web3. Yat Siu, chairman and co-founder of Animoca, emphasized Bitcoin's evolution from a mere store of value to a cultural symbol for the Web3 era, underlining the Opal Protocol's role in advancing their vision of an open metaverse. Key Points to Highlight: Animoca Brands' announcement specified that six of its portfolio companies have already joined as Genesis members of the Opal Foundation. Additionally, all future Bitcoin-based projects by Animoca Brands will collaborate with the Opal Foundation. Launched in 2024, the Opal protocol aims to establish itself as a decentralized ecosystem protocol supported by BLIF on Bitcoin. It envisions a seamless integration of virtual and real-life experiences, encompassing banking, entertainment, education, and social interactions, all as a crypto extension of reality. The Opal Protocol's launch date and the BLIF airdrop event are yet to be announced, as confirmed by Opal's official Telegram group. Despite its impending launch, the Opal protocol's X profile boasts over 270,000 followers, indicating significant anticipation within the community. Source: CoinTurk

๐Ÿ’ฅ๐Ÿ’ฅ๐Ÿ’ฅ๐Ÿ’ฅ Bitcoin Adoption News: Unlocking Bitcoin's Metaverse: Animoca Brands Ventures with Opal Foundation Support ๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€

Hong Kong-based gaming software company, Animoca Brands, has made a significant foray into the Bitcoin ecosystem by backing a new Bitcoin ecosystem protocol called the Opal Foundation. In a recent announcement on April 30th, Animoca Brands revealed its strategic move towards Bitcoin, outlining ambitious plans to construct the largest Web3 ecosystem focusing on gaming, education, and culture, all built on the foundation of Bitcoin.

The Transition to Bitcoin:

Animoca Brands' embrace of Bitcoin revolves around the Opal Protocol and the Runes token, which will be integrated into the BLIF token launched jointly by Animoca and the metaverse technology platform Darewise. The upcoming BLIF token is positioned as an integral part of the Bitcoin ecosystem, marking Bitcoin's readiness for Web3. Yat Siu, chairman and co-founder of Animoca, emphasized Bitcoin's evolution from a mere store of value to a cultural symbol for the Web3 era, underlining the Opal Protocol's role in advancing their vision of an open metaverse.

Key Points to Highlight:

Animoca Brands' announcement specified that six of its portfolio companies have already joined as Genesis members of the Opal Foundation. Additionally, all future Bitcoin-based projects by Animoca Brands will collaborate with the Opal Foundation. Launched in 2024, the Opal protocol aims to establish itself as a decentralized ecosystem protocol supported by BLIF on Bitcoin. It envisions a seamless integration of virtual and real-life experiences, encompassing banking, entertainment, education, and social interactions, all as a crypto extension of reality.

The Opal Protocol's launch date and the BLIF airdrop event are yet to be announced, as confirmed by Opal's official Telegram group. Despite its impending launch, the Opal protocol's X profile boasts over 270,000 followers, indicating significant anticipation within the community.

Source: CoinTurk

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๐Ÿ’ฅ๐Ÿ’ฅ๐Ÿ’ฅ #Bitcoinโ€™s Bold Bet: Options Traders Eye $100K Surge By September The #cryptocurrency market is buzzing with anticipation as Bitcoin options traders position themselves for a potential September price rally, with many betting on Bitcoin surpassing $100,000. Recent analysis by industry experts reveals a significant shift in Bitcoin options sentiment, with call options (options to buy) now commanding higher prices than put options (options to sell). This shift indicates growing optimism among traders, with a preference for call options, particularly those with ambitious strike prices of $75,000 and $100,000 for September. Data from the Deribit derivatives exchange confirms this trend, showing high volume for call options with a strike price of $110,000 for the end of September. This enthusiasm in the options market suggests a bullish outlook for Bitcoin, with expectations of a significant price uptick by the end of the third quarter. However, there are concerns regarding potential short-term volatility, highlighted by actions from Bitcoin whales. The whale ratio on exchanges, indicating the amount of Bitcoin large holders are moving to exchanges, has increased, suggesting that major players may be considering selling, potentially introducing heightened sell pressure into the market. Despite these short-term concerns, the broader Bitcoin market has displayed signs of recovery after a decline from its peak above $73,000 in March. Bitcoin has shown resilience with a 5.8% increase over the past week and a 2.8% rise in the last 24 hours, bringing its trading price to around $63,791 at the time of writing. #MicroStrategy 's #MichaelSaylor sees regulatory rejections of spot ETFs for other cryptocurrencies as a potential catalyst for Bitcoin's price. He believes this could strengthen Bitcoin's position as the leading digital asset, attracting more institutional investments and solidifying its status as the 'steel' of the crypto world. Source - newsbtc.com #BinanceSquareBTC
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๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿ”ฅ #bitcoin Price Dips Again, Is This A Fresh Bearish Signal? Bitcoin faced resistance at the $65,500 level and is now experiencing downward pressure, with several bearish signals emerging below $63,500. Following its upward surge, Bitcoin retraced below $63,500 and is currently trading under that level, as well as the 100-hourly Simple Moving Average. Additionally, a significant bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair was breached. The failure to surpass the $65,500 resistance resulted in a correction, with the price dipping below the 23.6% Fib retracement level of the recent upward wave from the $56,380 swing low to the $65,550 high. Immediate resistance is anticipated near the $63,350 mark, with $64,000 presenting the first major hurdle. Beyond that lies the key resistance zone at $65,000, followed by the critical barrier at $65,500. A decisive breakthrough above this resistance could pave the way for further upside momentum, with targets set at $66,650 and potentially $68,000. However, if Bitcoin struggles to breach the $63,500 resistance, a continuation of the downward movement is likely. Immediate support is found around the $62,000 level, followed by a significant support zone near $61,000, marked by the 50% Fib retracement level of the recent upward wave. A breach below $61,000 could signal further downside potential, with the price potentially targeting $60,000 and then the $58,000 support zone. Key technical indicators reveal increasing bearish momentum, with the MACD gaining pace in the bearish zone and the hourly Relative Strength Index (RSI) dropping below the 50 level. In summary, Bitcoin's failure to breach key resistance levels has triggered a correction, with the possibility of further downside movements if key support levels are breached. Source - newsbtc.com #CryptoNews๐Ÿ”’๐Ÿ“ฐ๐Ÿšซ #BinanceSquareBTC #cryptocurrency $BTC
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๐Ÿ‘‰๐Ÿ‘‰๐Ÿ‘‰ Market Technician Sees XRP Hitting $1.68 if This Happens Jonathan Carter, a market analyst, predicts a potential rally for XRP to $1.68 in the medium term, contingent upon a breakout from a multi-year symmetrical triangle pattern. XRP has been in a downtrend since its decline from the peak of $1.96 during the April 2021 cycle. This downward trajectory has formed a symmetrical triangle with strong resistance along the upper descending trendline. XRP's Position within a Symmetrical Triangle - Carter anticipates an eventual end to this downward trend, foreseeing a breakout. He highlights a significant drop last month, leading to a retest of the lower trendline of the three-year symmetrical triangle. This decline pushed XRP to $0.4188 on April 13, marking a low last seen in May 2023. - However, this sharp decline led to a retest of the support level at the lower trendline of the triangle, signaling a potential upward movement in XRP's price. Carter expects this upswing to breach the upper trendline of the triangle, potentially leading to significant gains. A Conservative Mid-Term Target of $1.68 - In this scenario, Carter predicts a surge towards $0.93 initially, representing XRP's highest value in two years. XRP previously reached $0.93 last July when it was declared a non-security in the #ripple vs. #SEC lawsuit. However, it faced substantial resistance at this level and retraced its gains. - Carter believes XRP is likely to surpass the significant resistance at $0.93 this time. Consequently, he sets a higher mid-term target of $1.68 following this breakthrough. Currently trading at $0.5362, XRP would need to rally by 213% to achieve the $1.68 target. - XRP's low MVRV Ratio, at -0.5733%, signals potential undervaluation, boosting optimism for its future performance. - The XRP Commodity Channel Index (CCI) on the 1-hour chart also suggests XRP is undervalued. With a current value of -99.58, the CCI prompts ambitious price projections such as $20. Source - thecryptobasic.com #cryptocurrency #BinanceSquareTalks $XRP
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#cardano Price Forecast: This $10M Signal Could Drive ADA above $0.50 Cardano's price surge of 15% in the initial three days of May 2024 encountered a roadblock at the psychological resistance level of $0.45. Vital market data sheds light on the prevailing sentiment among ADA traders. ADA Price Rally Meets Resistance at $0.45, Trails Market Average - The onset of May witnessed a resurgence in the #CryptoMarket , with altcoins collectively gaining $142 billion in market capitalization over the past week. - Initially, ADA experienced a robust rally of 15%, soaring from $0.42 to $0.48. However, the failure to breach the crucial $0.50 mark led to a retracement, with ADA prices settling around $0.45 at the time of writing on May 7. - ADA's monthly performance indicates a 7.7% increase, but it lags behind the TOTAL2 chart, which shows a 15% boost in the overall altcoin market for May 2024. Speculative Traders Bet on ADA Breakout with $10M Investment - Despite ADA's relative underperformance amid bullish sentiment in the altcoin market, strategic traders have been observed making bullish wagers on ADA. - Coinglass' Open Interest metric for ADA surged from $205.7 million on May 1 to $216.2 million on May 7, aligning with ADA's 7% price growth during the week. - Persistent growth in open interest during an uptrend indicates that the majority of ADA holders are increasing their bets in anticipation of amplified gains when spot prices surge. ADA Price Forecast: Aim for $0.50 Retest - Despite ADA's current price of $0.45, down 8% from the monthly peak, insights from the $10.5 million surge in open interest suggest a potential retest of $0.50 in May 2024. - Analyzing ADA's daily chart, #Bulls face strong resistance at the 20-day SMA around $0.47. Surpassing this level may lead ADA to break $0.50 for the first time since April 23. In case of a bearish reversal, the $0.43 buy wall may offer interim support, as indicated by the lower-limit Bollinger band. Source - thecryptobasic.com #BinanceSquareTalks #CryptoTrends2024 $ADA
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๐Ÿ’ฅ๐Ÿ’ฅ๐Ÿ’ฅ #Ethereum Price May Have Another Chance For A Bullish Streak: Hereโ€™s How Ethereum's price trajectory encounters a correction phase following its rejection near the $3,220 mark. A renewed bullish trend may unfold if it surmounts the obstacles at $3,055 and $3,080. The latest Ethereum price action witnessed a retracement after encountering resistance around the $3,220 level. This downturn saw ETH slipping beneath both the $3,100 mark and the 100-hourly Simple Moving Average. Notably, it tested the critical support at $3,000 before entering a consolidation phase. Presently, Ethereum is trading below $3,100, with immediate resistance looming around the $3,050 level. This aligns closely with the 23.6% Fibonacci retracement level of the recent decline from the $3,217 swing high to the $3,005 low. Furthermore, a pivotal bearish trend line is forming with resistance at $3,055 on the hourly chart of ETH/USD. The primary resistance lies near $3,080, coinciding with the 100-hourly SMA. Resistance is expected at $3,120, with a breakthrough potentially leading to bullish momentum towards $3,200. Surpassing $3,200 could target resistance levels at $3,350 and $3,500. Conversely, if Ethereum struggles to surpass the $3,055 resistance, it might resume its decline. Initial support is found at the $3,000 level, which is a crucial psychological level. Subsequently, the $2,950 zone emerges as a significant support area, followed by $2,920. A breach below $2,920 may lead to further downside pressure, with potential targets at $2,840 and $2,720 in the near term. Looking at the technical indicators, the hourly #MACD for ETH/USD indicates a weakening bearish momentum, while the hourly RSI is below the 50 level, signaling a bearish sentiment. In summary, Ethereum's ability to breach key resistance levels at $3,055 and $3,080 will determine its next directional move. Conversely, a failure to do so might prompt further downside, with $3,000 and $2,950 serving as crucial support levels. Source - newsbtc.com #CryptoNews๐Ÿ”’๐Ÿ“ฐ๐Ÿšซ #cryptocurrency #BinanceSquareTalks $ETH
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