Bitcoin continued to consolidate on Monday, ahead of U.S. debt ceiling talks with President Biden and Republican House Speaker Kevin McCarthy. It is expected that if a deal isn’t reached this week, the government will run out of cash on June 1. Ethereum was marginally higher.

Bitcoin

Bitcoin (BTC) started the week in consolidation, as markets remain hopeful of a deal to increase the debt ceiling in the United States.

BTC/USD dropped to an intraday low of $26,549.73, which comes less than 24 hours after a high at $26,986.08.

Overall, Monday’s move is the third straight day in which BTC has traded below the $27,000 mark.

Bitcoin chart by TradingView

From the chart, it appears that BTC has now found a firm floor at $26,300, with prices hovering slightly above that point.

In order for a significant move to take place, a ceiling of 44.00, or support at 39.00, on the relative strength index (RSI), will need to be broken.

At the time of writing, the index is tracking at 41.18.

Ethereum

Ethereum (ETH) rose slightly higher on Monday, as it once again bounced from a key support point.

Following a low of $1,793.22 on Sunday, ETH/USD climbed to a peak of $1,820.25 earlier in the day.

The drop saw ethereum near its recent price floor at the $1,790 mark, however bulls used this as a sign to reenter the market.

Still, earlier gains have somewhat dropped, with the index currently tracking close to a ceiling of 46.00.

In order for momentum to fully turn bullish, this resistance will need to be broken, which is unlikely to happen until a debt ceiling deal is reached.

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XRP was marginally lower on Saturday, as bulls seemingly secured gains, following a recent six-day winning streak. The token, which has risen by nearly 10% in the past week, remains close to a three-week high. Polkadot remained in the green to start the weekend.

XRP

XRP, formerly ripple, remained close to a multi-week high to start the weekend, despite bulls moving to secure recent gains.

Following a peak at $0.4738 on Friday, XRP/USD declined to a bottom at $0.4627 earlier in the day.

Despite the decline, XRP remained close to its strongest point since April 30, when the price reached a top of $0.4818.

XRP/USD – Daily Chart

Looking at the chart, one of the catalysts of the move appeared to be a breakout on the relative strength index (RSI).

The index moved beyond the ceiling of 54.00, and as of writing, is now tracking at 56.09.

Bulls are likely targeting the $0.4800 mark, and could reach it this weekend, should the RSI move towards its next point of resistance at 59.00.

Polkadot (DOT)

In addition to XRP, Polkadot (DOT) extended its own gains on Saturday, as the token rose for a second straight session.

DOT/USD climbed to a high of $5.41 to start the weekend, following a low at $5.33 the day prior.

Saturday’s move comes as polkadot continued to move away from a recent support point at $5.30.

DOT/USD – Daily Chart

The slight increase in price has also led to the RSI moving towards resistance at 42.00, which is acting as an obstacle to further bullish pressure.

There is a good chance that DOT could make a run towards $6.00, should this current ceiling give way.

#feedfeverchallenge #Binance #BTC #crypto2023 #dyor

Based on recent data, the Litecoin (LTC) network has seen a considerable surge in activity due to an increase in Ordinal inscription minting happening on its blockchain. The cryptocurrency’s value has risen by more than 13% in the past week, although it has dipped more than 4% within the last 24 hours. Additionally, the Litecoin network is expected to halve its block reward in fewer than 77 days.

Litecoin Activity Soars With Ordinal Inscriptions Driving Transaction Boom

This week, Litecoin has experienced a significant volume of transactions, mirroring the recent activity on the Dogecoin network. This heightened activity is primarily attributed to the substantial influx of Ordinal inscriptions, with Litecoin registering over 2.58 million inscriptions to date. The growing number of inscriptions has significantly driven LTC’s daily transaction volume this week.

On May 6, 2023, the number of LTC daily transactions surpassed 400,000. By May 10, four days later, LTC had processed over 584,000 transactions as documented by bitinfocharts.com. Just five days afterward, on May 15, Litecoin miners verified slightly above 500,000 transactions. Since February 22, 2023—when LTC recorded just over 13,000 Ordinal inscriptions—the figure has soared by an impressive 198,694% within a span of 85 days.

In contrast to its recent decline of over 4% against the U.S. dollar, LTC has registered a weekly growth rate of 13%. Ranked as the world’s twelfth-largest cryptocurrency by market capitalization, Litecoin’s Ordinal inscriptions have been circulating longer compared to Dogecoin DRC20s or “Doginals.” Recently, Dogecoin saw its transaction numbers escalate significantly—reaching an all-time high of approximately 1.12 million DOGE transactions on May 17.

On or around August 3, 2023, LTC is projected to halve its block reward—from its current 12.5 LTC to 6.24 LTC. In line with this shift, Litecoin will become the next proof-of-work (PoW) blockchain to halve its reward allocation, preceding Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC).

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Although Bitcoin’s network transaction fees have decreased and a portion of the unconfirmed transfer backlog has diminished, the protocol still grapples with over 289,000 transactions awaiting confirmation. As of this writing, more than 218 blocks must be processed to fully alleviate this congestion.

Bitcoin’s Lingering Transaction Backlog

Data collected on May 20, 2023, at 1:35 p.m. Eastern Time reveals approximately 289,385 unconfirmed BTC transactions lingering in the backlog. This is slightly lower than the figure recorded nine days earlier on May 11, when just over 300,000 transactions were pending miner confirmation. However, fees have fallen since then; at that time, a high-priority fee was $3 per transaction.

Currently, mempool.space statistics indicate that a high-priority fee stands at $1.81 per transaction, while a medium-priority fee costs $1.62. A low-priority transfer, according to the site’s data, will amount to $1.47 per transaction on Saturday afternoon. Meanwhile, metrics from bitinfocharts.com show the average BTC transaction fee as 0.00023 BTC per transaction, or $6.07. Concerning median-sized transaction fees on the Bitcoin network,bitinfocharts.com reports a fee of around 0.00013 BTC or $3.55 per transfer.

The persistence of Bitcoin’s unconfirmed transfer backlog has led some to speculate that demand may eventually wane. Yet others argue that demand could endure for an extended period owing to Ordinal inscriptions and BRC20 tokens‘ existence. Presently, about 8,128,158 inscriptions can be found on the Bitcoin blockchain. Moreover, the current value of the 24,677 BRC20 tokens in existence is an estimated $592 million.

Despite the ongoing inscription and token trend occurring on Litecoin and Dogecoin blockchains as well, minting and transactions linked to inscriptions and BRC20s have not decelerated on the Bitcoin network. Furthermore, the Lightning Network (LN) capacity has consistently declined since our last report on the issue, which indicated the LN held 5,415 BTC on May 14. That figure has since contracted to 5,367 BTC.

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As of Sunday, May 21, 2023, over 8.3 million Ordinal inscriptions have found their place on the Bitcoin blockchain, accompanied by a count of 24,677 BRC20 tokens. These new BRC20 tokens have also amassed a collective market capitalization of $483 million. Statistics reveal that over 1.3 million Ordinal inscriptions have been issued in the past five days alone. Miners, benefiting from this inscription surge, have reaped rewards of 1,448.84 BTC.

Bitcoin’s Ordinal Inscriptions and BRC20 Tokens Are Still Gaining Momentum

In a span of just five days, Bitcoin.com News delivered a report stating the presence of slightly over seven million Ordinal inscriptions. However, as of the time of writing this article, an increase has occurred, bringing the total count to approximately 8,376,936 inscriptions. Within this short period, 1.3 million additional inscriptions have been added, signifying an ongoing trend. Recent statistics from Dune Analytics, recorded on May 21, reveal that bitcoin miners have seized the opportunity presented by these inscriptions, earning 1,448.84 BTC. The total value of these inscription-associated fees has reached roughly $39.14 million.

The number of Ordinal inscriptions and fees paid to miners for inscriptions recorded by Dune Analytics.

Of the vast number of inscriptions, approximately 90% consist of plain text, while a count of over 500,000 comprises JPEG and PNG files. Interestingly, there are nearly 10,000 inscriptions that house video files, while a small fraction of applications, and audio files, add a multimedia dimension to the 8.3 million minted inscriptions. These Ordinal inscriptions have not only provided a means for creative expression but have also paved the way for the creation of fungible tokens through the BRC20 standard.

According to archived data from BRC-20.io, as of May 21, there are currently 24,677 BRC20 tokens actively traded with tangible real-world value. Moreover, these BRC20 tokens have accumulated an impressive total of 6,895,176 transactions on the blockchain network to date. The BRC20 market has witnessed an impressive surge, with all 24,677 BRC20 tokens accumulating a valuation of $483.67 million. The token economy has also seen $207.48 million in 24-hour global trade volume.

Okx Lists the Top BRC20 Token Ordi Amid Bitcoin-Token Demand

Among the top contenders in the BRC20 market today, we have the tokens ordi, $B20, vmpx, piza, and pepe, capturing the attention of BRC20 investors and traders. Particularly noteworthy is the leading position of ordis, boasting the largest market capitalization with a valuation of $255 million on Sunday. Adding to the momentum, the crypto exchange Okx recently made an announcement, declaring its support for both BRC20 tokens and Ordinal inscriptions within the Okx Wallet. To further solidify their commitment, Okx exchange revealed that they would be listing the prominent BRC20 token ordis (ORDI).

The top six BRC20 tokens by market valuation according to BRC-20.io on Sunday, May 21, 2023.

The crypto exchange stated that it holds an advantage over decentralized exchange (dex) marketplaces thanks to Okx’s market order book. “BRC-20 tokens on Bitcoin present a distinctive challenge, and we’re thrilled to be among the pioneers in providing users with a smooth trading, deposit, and withdrawal experience,” said Jason Lau, Okx’s chief innovation officer, in a statement on May 20. Additionally, Ordinal inscriptions and BRC20s can be found on Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden.

#feedfeverchallenge #Binance #BTC #crypto2023 #dyor

From the beginning of this year, the crypto economy has surged by 41.77%, reaching a current market capitalization of $1.17 trillion. However, amidst this growth, the stablecoin economy experienced a substantial loss of $7.3 billion within a span of 140 days.

Stablecoins Experience a Significant Shift

As per the latest data, the stablecoin economy has witnessed a $7.3 billion decline in value in 2023. Archived records indicate that on January 6, the stablecoin economy stood at a valuation of $138.12 billion, but as of today, it has dwindled to $130.79 billion. Notably, numerous stablecoin projects experienced substantial redemptions in the past four months, with USDC alone shedding over $14 billion. Similarly, BUSD suffered redemptions exceeding $11 billion since the first week of January, while DAI faced redemptions amounting to $361 million.

While USDC and BUSD experienced redemptions exceeding $7.3 billion in 2023, a few other stablecoin projects managed to counterbalance these losses with growth. Take TUSD, for instance, which started the year with a market capitalization of approximately $846.57 million. Today, this stablecoin boasts a market valuation of $2.04 billion, indicating a growth rate of 140.97%.

Similarly, tether (USDT) witnessed a substantial increase in its market cap. Back in the first week of January, USDT stood at $66.29 billion, but it has since surged by over 25%, reaching $82.95 billion. Back on January 6, 2023, the stablecoin economy recorded $27.11 billion in 24-hour trade volume. However, fast forward to May 21, 2023, and the volume of the dollar-pegged token market has dipped considerably, settling at a comparatively modest $10.77 billion.

Although the current volume may appear smaller, the $10.77 billion worth of stablecoin trades still represents a significant portion, accounting for 57.9% of the total 24-hour trading volume within the entire crypto economy. On the other hand, when the dollar-pegged token volume reached $27.11 billion, it accounted for 81.36% of the day’s global trade volume (on Jan. 6, 2023) across the 12,775 listed crypto assets on coingecko.com at that time.

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Bitcoin started the weekend in consolidation, as markets remained nervous despite somewhat dovish comments from U.S. Fed Chair Jerome Powell. Speaking on Friday, Powell stated that rates may not be increased by as much as initially expected. Ethereum rose marginally higher today.

Bitcoin

Bitcoin (BTC) consolidated below $27,000 to start the weekend, despite dovish comments from Federal Reserve Chair Jerome Powell.

Following a high of $27,128.62 during yesterday’s session, BTC/USD dropped to an intraday low of $26,700.21 earlier today.

The move sees bitcoin remain relatively close to a floor at $26,300, and comes despite optimism that the Fed could soon begin to ease monetary policy.

BTC/USD – Daily Chart

Looking at the chart, the volatility in the market comes as the 14-day relative strength index (RSI) continues to track below a key resistance level.

At the time of writing, the index is tracking at 40.75, which is below a ceiling at 42.00

In order for BTC to remain firmly above $27,000, and begin to head towards $28,000, this point will need to be broken.

Ethereum

Ethereum (ETH) on the other hand was marginally higher on Saturday, as prices remained above $1,800.

ETH/USD hit a high of $1,826.19 earlier in the day, which comes less than 24 hours after nearly dropping below $1,800.

Since dropping to a floor at $1,790 earlier in the week, ETH bulls have managed to keep price away from this point.

ETH/USD – Daily Chart

Similar to BTC, ethereum’s RSI continues to hover below a resistance point at 46.00, and is now at a reading of 44.84.

A breakout will also need to occur at this zone, in order for bullish momentum to fully return to ethereum.

#feedfeverchallenge #Binance #crypto2023 #dyor #BNB

In 2010, a man named Laszlo Hanyecz made a bold decision that would become legendary in the world of Bitcoin. He offered to exchange 10,000 Bitcoins for two pizzas on the Bitcointalk forum. Surprisingly, someone took him up on the offer, and the pizzas were delivered to Laszlo's Florida home. And thus, Bitcoin Pizza Day was born.

Back then, the value of Bitcoin was just starting to take shape, and the 10,000 Bitcoins used for the pizza purchase were worth a mere $41. Looking back, it's easy to see the immense missed opportunity for Laszlo, as those Bitcoins would be worth millions today. However, his willingness to use Bitcoin as a currency made him a legend in the crypto world.

Since then, Bitcoin has come a long way, evolving from a fledgling concept to a dominant force in the financial landscape. Despite facing obstacles and volatility along the way, Bitcoin has shown remarkable resilience and potential. It has gained acceptance worldwide, with businesses embracing it and even countries like El Salvador making it legal tender.

Bitcoin's success extends beyond its value as a digital currency or investment opportunity. It has challenged traditional financial systems, sparked discussions about economic sovereignty and transparency, and pushed the boundaries of what is possible in finance. The underlying technology of Bitcoin, blockchain, is revolutionizing various industries, ranging from healthcare to supply chain management.

As we celebrate Bitcoin Pizza Day, it's important to reflect on the progress Bitcoin has made and envision its future possibilities. It's a time to appreciate the collective efforts of a global community that believes in the transformative power of Bitcoin. Let's remember Laszlo Hanyecz not as the person who spent millions on pizza, but as the individual who had faith in Bitcoin's potential when few others did.

So, as we raise a slice to Bitcoin Pizza Day, let's embrace the cheesy optimism and look forward to the bright future of Bitcoin.

#binancepizza #feedfeverchallenge #Binance #BTC #crypto2023