Crypto Markets Erase Weekend Gains as Rising Treasury Yields Dampen Risk Assets

Bitcoin and Ethereum caught a boost over the weekend after the SEC approved options trading for Bitcoin ETFs.

Crypto markets turned sharply lower on Monday, erasing weekend gains fueled by the SEC’s approval of options trading for Bitcoin exchange-traded funds (ETFs).

On Oct. 18, the SEC granted accelerated approval to 11 spot Bitcoin ETFs to list and trade options on the New York Stock Exchange (NYSE). This move gives investors a new way to hedge their exposure to Bitcoin through listed derivatives, potentially boosting institutional interest in the world's largest cryptocurrency.

Bitcoin (BTC) dropped 1.5% to $67,000, while Ethereum (ETH) reversed into the red after trading as high as $2,760. Solana (SOL) rose 4%, while Polkadot (DOT) dipped 3%.

The approval also coincided with a surge in total net flows for the U.S.-based spot Bitcoin ETFs, which crossed the $20 billion mark on Oct. 17, highlighting the growing institutional demand for Bitcoin.

This comes as Bitcoin dominance, the ratio of Bitcoin’s market cap to the overall crypto market cap, reached 58%, its highest level since April 2021. The global crypto market cap is $2.3 trillion, with Bitcoin alone accounting for $1.34 trillion.

BTC ETF Inflows Remain Strong
Spot Bitcoin ETFs have been a significant driver of market sentiment this week, with consistent inflows.

On Oct. 19, Bitcoin ETFs logged $203 million in inflows, marking a six-day winning streak.

The combined value of Bitcoin held by twelve funds stands at $66.1 billion, surpassing the previous record of $62.6 billion set in early June, according to SoSoValue data. This figure now represents 4.89% of Bitcoin's total market cap.

“With the SEC’s approval for BTC ETF options to be listed on the NYSE, we believe this will provide the ETF with the needed liquidity to attract sustainable inflows,” QCP Capital analysts wrote.

#UptoberBTC70K? #SCRSpotTradingOnBinance #APESurge #Bitcoin #BTC $BTC $ETH $BNB

Bitcoin dominance surges to 58% as ETF as institutional inflows continue

This week has been a pivotal one for the crypto world, with Bitcoin (BTC) experiencing a notable surge of 10.48%, peaking at $69,000.

As it approaches the significant psychological threshold of $70,000, there’s a sense of optimism among investors, especially since no major economic reports are anticipated to hinder its progress in the coming week.

A key driver behind Bitcoin’s impressive rally was the recent approval by the U.S. Securities and Exchange Commission (SEC) for Bitcoin ETF options to be traded on the New York Stock Exchange (NYSE).

This move is expected to enhance liquidity for the ETF, drawing in more stable investments.

Over the week, Bitcoin ETFs attracted substantial inflows, culminating in a total of $203.3 million in assets by Friday, marking a successful six-day streak. The ongoing institutional interest is evident from these consistent inflows, as highlighted by QCP broadcast.

Additionally, Bitcoin’s market dominance has climbed to a multi-year high of 58%, a level not seen since April 2021. As it nears the 60% resistance mark, analysts predict a potential rebound for layer 1 (L1) coins, which have not kept pace with Bitcoin’s gains.

Ethereum (ETH), in particular, is viewed as primed for a rebound, currently sitting 45% below its all-time high, while Bitcoin is just 7.9% away from its peak.

#MemeCoinTrending #WhichMemeCoin? #SCRSpotTradingOnBinance #USRetailSalesBoost #BinanceLabsInvestsLombard $BTC $ETH $SOL

PEPE Price Sees Breakout And Retest: Could It Gain 60% in 2024

Pepe (PEPE) crypto has witnessed slow and steady growth over a wider time frame. Since June, the PEPE price has declined due to resistance from a descending trendline.

Additionally, the price triggered a breakout from the trendline, and a retest was observed. During the retest, it smashed the key moving averages.

After the retest, the momentum has slowed, holding over the 20-day exponential moving average (EMA). It needs substantial volume to trigger a bullish momentum for a more extended period. Let’s see how the PEPE crypto price performs after the breakout.

Could PEPE Price Trigger Another Breakout?
Crypto Bulls God (@CryptoBullGod) is optimistic about the PEPE price. He holds the belief that the PEPE coin might be beneficial for the future.

He claimed that the price action might repeat history as it has formed another symmetrical triangle pattern weekly. If it triggers a breakout, another bullish momentum can be seen.

Technical Analysis of PEPE Price Over 1-D Timeframe
Pepe crypto was trading at $0.0000103, which has dropped by 2.37% over the past 24 hours. The market capitalization was $4.36 Billion, and the 24-hour trading volume was $488.77 Million.

The bearish trend halted in August, and the momentum slowly shifted toward the buyers’ hands. Since August, the price has been continuously pushed down by the downside. Moreover, the price has departed from the 200-day EMA.

If the digital asset price surpasses the last swing high, it could generate a bullish signal.

Suppose the PEPE coin price manages to sustain over the $0.0000130 hurdle; strong buying momentum can be seen. If the trading volume remains strong, the price has the potential to gain 60% in the next few months.

On the other hand, if the PEPE price doesn’t gain momentum, sellers could dominate soon. Suppose the crypto price starts trading below the 200-day EMA; sellers may dominate further.

#pepe #Pepecoin #MemeCoinTrending #WhichMemeCoin? #WhichMemeCoin? $PEPE $BTC $BNB

Why Is The ApeCoin Price Up 100% Today?

ApeCoin (APE), a fundamental asset within the Yuga Labs ecosystem, has witnessed a remarkable price surge of over 100% today. This increase in value is attributed to the recent launch of new technological advancements and incentive programs that will enhance user engagement and expand utility across its network.

ApeCoin Price Skyrockets Due to LayerZero Integration
ApeCoin has recently upgraded its smart contract to integrate with Layer Zero’s Omnichain Fungible Token (OFT) standard. This development allows APE to function as a utility and governance token and as the native gas on its blockchain, ApeChain. 

More so, the integration ensures that APE can transfer across ApeChain, Ethereum, and Arbitrum. This sets a new standard for token interoperability and functionality.

Moreover, the introduction of a Native Yield mechanism, developed in collaboration with Decent.xyz, is another notable enhancement. It enables ApeCoin holders to automatically earn yields on their tokens without manual intervention. 

This feature is the default for all externally owned accounts (EOAs), where yields accrued are added directly to the user’s balance with each new block.

Market Response and Liquidity Boost

The market has responded positively to these updates, with ApeCoin’s trading volume surging over 6,400% to reach $1.84 billion. The positive market response and ApeCoin price surge is reflected in its market cap, which has crossed the $1 billion mark increasing over 100% in 24 hours. 

In addition, the liquidity on ApeChain has been boosted by the introduction of bridges that facilitate the migration of APE, ETH, and various stablecoins between networks. This capability has enhanced the fluidity of asset movement, attracting both developers and investors to the ecosystem.

Similarly, ApeChain’s performance since the update has been impressive, with over $25 million in volume traded within the first 12 hours.

#Apecoin #APE #MemeCoinTrending #WhichMemeCoin? #SCRSpotTradingOnBinance $APE $BTC $BNB

SOL Overtakes ETH As Analyst Forecasts Solana Price To Hit $1,400

SOL has overtaken ETH in weekly and daily DEX volume as crypto analyst Titan of Crypto predicts that the Solana price can reach $1,400.

Solana has overtaken Ethereum in weekly and daily DEX volume, a development that has further strengthened predictions that SOL could flip ETH or challenge its dominance in this cycle. Interestingly, crypto analyst Titan of Crypto has predicted that the Solana price can rise to as high as $1,400 in this bull run.

Solana Overtakes Ethereum In DEX Volume

Artemis data shows that the Solana network has overtaken Ethereum in weekly and daily decentralized exchange (DEX) volume to rank number one above all chains. Solana has witnessed a trading volume of $8.6 billion in the last seven days and $1.3 billion in the last 24 hours. At the same time, Ethereum has come in second place with a weekly trading volume of $8.2 billion and a daily trading volume of $772 million.

This metric tracks the trading volume witnessed on all DEXs on these networks. Therefore, this development is significant as it indicates that Solana is generating more user interest than Ethereum. Such fundamentals are also bullish for the Solana price since this sustained trend could help trigger rallies for the crypto.

This development has also fuelled further conversations that Solana could flip Ethereum or challenge its dominance in this market cycle.

Ethereum is known to boast the top DeFi protocols, a narrative that boosted the ETH price during the 2021 bull run. However, with that narrative looking to change, SOL could easily be the runner in this cycle and threaten ETH’s position as the second-largest crypto by market cap.

Analyst Forecasts SOL To Hit $1,400
Crypto analyst Titan of Crypto has predicted that the Solana price can reach $1,400. The analyst explained that a “massive Bull Flag” might be unfolding for SOL in the coming weeks and months, which indicates that the crypto could reach this price level.

#Solana #SOL #Ethereum #MemeCoinTrending #BTCBreaks66K $SOL $ETH $BTC

Ethena Labs Proposes SOL for a Stronger USDe Foundation

Ethena Labs, the creator of the synthetic stablecoin USDe, has proposed the inclusion of Solana (SOL) as a new collateral asset in its treasury. 

Unlike traditional stablecoins such as Tether’s USDT or Circle’s USDC, USDe operates as a synthetic stablecoin, meaning it is not backed by fiat currency at a 1:1 ratio. Instead, USDe maintains its $1 value by collateralizing various stablecoins and utilizing a hedged cash-and-carry trade strategy. 

This involves taking futures positions with substantial open interest, helping stabilize its value while a reserve fund manages risks in changing market conditions.

If approved by Ethena’s independent Risk Committee, SOL will be gradually integrated into USDe’s collateral framework, with an initial allocation target of $100-200 million. This amount would represent about 5-10% of SOL’s open interest, mirroring USDe’s existing stakes of 3% in Bitcoin (BTC) and 9% in Ethereum (ETH).

Additionally, the proposal includes the potential use of liquid staking tokens (LSTs) like BNSOL and bbSOL, similar to Ethena’s current approach with ETH LSTs, which constitute one-third of its ETH holdings.

Recently, Ethena Labs allocated $46 million of its USDe reserve fund for tokenized real-world asset investments in various projects, including BlackRock’s BUIDL, Mountain’s USDM, Superstate’s USTB, and Sky’s USDS. This aligns with the growing trend in decentralized finance (DeFi) toward generating yield from asset-backed tokens. 

#Altcoins #ENA #Ethena #moonbix #MemeCoinTrending $ENA $BTC $ETH

What Are the Odds of the SEC Winning Its Appeal?

A federal judge ruled last year that the SEC did not prove Ripple violated securities laws by selling XRP to retail customers on exchanges.

Recently, the SEC announced it would appeal this decision, and Ripple has filed a cross-appeal in response, adding another layer to the ongoing legal battle.

What’s Happening?
On the Thinking Crypto podcast, Lawyer James Murphy explained that while the SEC’s exact intentions are unclear, they are likely appealing two main points from the ruling:

Sales on Exchanges: The SEC aims to challenge the judge’s decision that Ripple’s sales on exchanges do not constitute securities transactions. This ruling shocked the SEC, as they previously attempted to appeal it immediately but were denied.

Disgorgement Limitations: The SEC also seeks to address a ruling that prevented them from claiming disgorgement (return of profits) because they lacked evidence of actual financial losses incurred by investors. This decision contrasts with precedents in other circuits, and the SEC hopes to overturn this limitation.

Additionally, there’s speculation about whether the SEC will appeal the $125 million penalty imposed on Ripple, seeking a higher amount. However, it’s uncertain if this part of the ruling would be changed since judges have significant discretion in determining penalties.

How Strong is the SEC’s Case?

Murphy shared his perspective on the likelihood of the SEC winning the appeal.

There are about 20 judges on the Second Circuit, and cases are decided by a randomly chosen panel of three. Once the panel is known, lawyers look at past decisions to guess how they might lean.

Sometimes, arguments are shaped to appeal to specific judges, similar to tactics used in the U.S. Supreme Court.

He said that when the summary judgment came out, many people criticized it, and some legal experts predicted it would be overturned.

#SEC #XRP #Altcoins #moonbix #MemeCoinTrending $BTC $ETH $XRP

Bitcoin Surge to $105,000 and $111,600, Analysts Study the Charts to Determine Which ATH Will Arrive First

Bitcoin kicks off the week with a pump to the $64,000 price range. Presently, the pioneer crypto asset hovers between the $63,000 and $64,000 targets.

Despite this bullish action the Crypto Fear & Greed Index is still in the neutral range which many analysts mark as a prime opportunity for traders and investors to accumulate.

Bitcoin Prepares for Major Q4 Gains

Reflecting the positive sentiment and high expectations for a bullish Q4 his Bitcoin Halving year is the Bitcoin chart itself.

To specify, most analysts believe that a parabolic BTC phase is inevitable. With September having closed in a high green signal, analysts are slowly switching to the opinion that Bitcoin’s accumulation phase is coming to a close as sharp upward movement is expected. 

Indeed, most analysts expect massive upward movement for Bitcoin (BTC) in the coming months. As we can see from the post above, one analyst expects a crossback above the $67,559 target for BTC price. Having said that, he expects the BTC price to still be looking for prices based on already-confirmed bullish patterns. 

Analysts Set 2 ATH Targets for Next BTC Pump
Furthermore, he states that the cross pattern may seem ‘ordinary’ but is far from it as the completion of this cross will likely bring a high of over $111,600 for Bitcoin into play and create room for another pump of over 72% to bring it about.

Similarly, another analyst adds to the bullish narrative for Bitcoin. 

According to the post above, this analyst expects to see a surge in Bitcoin (BTC) price to the $105,000 target. He believes that as market returns tend to diminish over time, this target is still a very conservative BTC price prediction for the current cycle, based on Fibonacci circles analysis.

#Bitcoin #btc #BrokeDown #BTC☀ #BitcoinTherapist $BTC $ETH $BNB

Is Bitcoin Poised to Break $64K? Analysts Eye Next Big Rally After 4% Surge!

Bitcoin just made waves after a quick bounce from below $59,500, shooting up to around $63,400! Although it has pulled back to about $62,700, this still marks a remarkable 4% increase in just 24 hours. Could this mean that Bitcoin is gearing up for even bigger moves ahead? 

Bitcoin Could Break Above $64K 

Bitcoin recently dipped below $59,500 but quickly bounced back, showing strong movement. Analyst Michael Van de Poppe believes this trend could lead to further price increases in the coming days. 

Bitcoin took the liquidity beneath $59.5k and quickly ran up.
Probably few days of consolidation, before next week is going to be significantly up.

He suggests that Bitcoin might consolidate for a few days before a significant upward movement begins next week. Breaking through the key resistance levels between $64,000 and $65,000 is crucial, as it could signal a major shift in the market.

If this happens, it may lead to new all-time highs and a surge in altcoin markets. With the current price fluctuations and the potential for bullish trends, investors are closely watching Bitcoin’s movements. If the breakout occurs, it could signal a broader market uptrend, benefiting various altcoins.

Bitcoin Price Analysis
As of now Bitcoin is currently trading around $63,000 and the 100-hour simple moving average. It may face resistance around $63,620 due to a bearish trend line forming at that level.

Meanwhile, the first major resistance is at $66,650, which is the 50% Fibonacci retracement level from the recent drop. If Bitcoin breaks above $63,650, it could rise further, with the next key resistance at $64,000.

#moonbix #10MTradersLeague #USPPIAboveExpectations #Bitcoin #BTC $BTC $ETH $BNB

It’s Official, First XRP ETF Filing Lands on SEC’s Desk

Investment asset management firm Bitwise has become the first firm to file an initial registration statement for a spot XRP exchange-traded funds (ETF) with the United States Securities and Exchange Commission (SEC). The pursuit of an XRP ETF reflects the increasing demand among institutional investors for safe crypto products.

Epic Bitwise XRP ETF push 
Like other crypto ETFs, the potential Bitwise XRP ETF will provide exposure to the value of the underlying cryptocurrency held by the trust. 

Bitwise CEO Hunter Horsley stated that the asset manager is optimistic about the results that the XRP ETF
implementation will bring. “We believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” Hosley wrote in the filing. 

He further noted that this is why, for the past seven years, Bitwise has helped investors access the opportunities in the space, and the Bitwise XRP ETP is not an exception. On Sept. 30, Bitwise registered an XRP ETF trust entity in Delaware. The trust listed CSC Delaware Trust Company as its registered agent in Wilmington, Delaware.

Bitwise’s latest move may encourage other asset managers to file a similar application with the U.S. regulator. The latest Form S-1 registration with the SEC follows Bitwise’s earlier entry into the crypto ETF ecosystem. 

Bitwise in crypto ETF game 
Almost a year ago, Bitwise resubmitted its amended proposal for Bitcoin ETFs after the regulator provided feedback and queries to an initial filing for the BITB.

In a matter of three months, the SEC approved the offering for trading, together with applications from BlackRock, Fidelity and Grayscale.

Similarly, the asset management firm filed an S-1 form with the U.S. SEC to launch a spot-based Ethereum ETF in Q1, 2024.

#XRP #Ripple #SECvsXRP #TMTG #tapswapwithdraw $BTC $ETH $XRP

Ripple CEO Expects More Filings Following Bitwise XRP ETF Application

Ripple CEO Brad Garlinghouse has predicted more asset managers could also file to offer an XRP ETF following Bitwise’s filing of the S-1 form for its Bitwise XRP ETF.

Garlingouse also highlighted how significant this development is for XRP adoption, especially in traditional finance (TradFi).

Ripple CEO Expects More XRP ETFs Filings Following Bitwise Application

Brad Garlinghouse stated in an X post that this is just the beginning following Bitwise’s filing of the S-1 form for its Bitwise XRP ETF. Therefore, the Ripple CEO expects that more asset managers could file to offer an XRP ETF like Bitwise.

Garlinghouse also claimed that the application for an XRP wasn’t only a matter of time, seeing as the Spot Bitcoin and Ethereum ETFs had been approved earlier in the year.

In May earlier this year, he stated that an XRP ETF was inevitable and would happen at some point. The Ripple CEO was also convinced that this would happen, considering that Analisa Torres had already declared that XRP isn’t a security in itself.

Meanwhile, the Ripple CEO stated that the move by Bitwise underscores the growing trust and integration of digital assets like XRP into TradFi. He added this marks the continued adoption and maturation of the crypto market.

Although Grayscale excluded XRP from its Q4 top 20 crypto picks, the asset manager could be one of the next asset managers to file for an XRP ETF. It is worth mentioning that Grayscale recently launched its Grayscale XRP Trust, which the asset manager could easily apply to the SEC to convert to an ETF.

Bitwise Files S-1 Form For XRP

Bitwise confirmed in a press release that it had filed the S-1 form for its Bitwise XRP ETF with the US Securities and Exchange Commission (SEC). This fund will hold XRP directly and offer institutional investors the opportunity to gain exposure to the crypto token.

#XRP #Ripple #SEC #BinanceLaunchpoolHMSTR #EIGENonBinance BTCUptober $XRP $BTC $ETH

Here’s Why the Crypto Market is Falling

It appears that the cryptocurrency market is poised for a massive price drop and may crash in the coming hours, following the escalated tension between Iran and Israel.

During the opening bell of the US stock market, Barak Ravid, a political reporter shared a post on X (previously Twitter) that Iran is preparing to imminently launch a ballistic missile attack against Israel.

Escalating Tensions Between Iran and Israel

Barak noted that “Senior White House Official tells me: ‘The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel.’” 

However, this post went viral like wildfire as it gained significant attention from crypto enthusiasts and has gained 1.2 million views in just a few hours.

Crypto Market Begins to Decline

At press time, the overall cryptocurrency market began falling, while major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have experienced price declines of over 2.5%, 3.5%, 4.6%, and 3.2%, respectively, over the past 24 hours.

The majority of the price decline occurred following the news of the ballistic missile attack on Israel.

Traders Liquidated $351.21 Million 

Following this news, traders have liquidated a significant $351.21 million, according to data from on-chain analytics firm Coinglass.

However, the single largest liquidation occurred on Binance, the world’s biggest cryptocurrency exchange, involving a BTC/USDT pair worth $12.37 million.

Amid this liquidation, the majority of liquidation happened in the past four hours,  with bulls facing the hardest hit during this price decline.

While analyzing total Bitcoin (BTC) liquidations in the past four hours, bulls have liquidated $50 million worth of long positions, while bears have faced $3.15 million of liquidations during the same period.

#BinanceLaunchpoolHMSTR #EIGENonBinance BTCUptober BTCPredictedNewATH #BTCReboundsAfterFOMC $BTC $ETH $BNB

Analysts Tip SUI to Rival Solana

Layer-1 blockchain Sui (SUI) has been tipped as an incredible force to reckon with after showing resilience in the face of the recent market downturn.

According to our market analysis, Sui has made a massive statement with a 36% surge in the last seven days and a 70% surge in the last 30 days.

At press time, the asset was trading at $1.44, and its 24-hour trading volume was up by 28%. 

Speaking on the asset, Real Vision CEO Raoul Pal disclosed to his million X followers that Sui’s future trajectory appears bullish, as confirmed by market signals, growing adoption, and technological upgrades.

Throwing light on this, Pal pointed out that the asset has broken the downtrend vs Solana (SOL) and all the top 20 tokens.

In addition to that, its Relative Strength Index validates any form of bullish thesis with the asset “acting like it would be one of the key Chosen Ones of the major new chains, if not THE Chosen One.”

From the technological perspective, Pal believes that the recent Mysticeti upgrade has led to a jaw-dropping finality that is under a second.

Interestingly, this makes it the “fastest of all chains.” Pal also cited the upcoming Pilotfish as another upgrade that could transform the network and position it above competitors.

According to our research, the Pilotfish has been designed to scale transactions per second (TPS) even above that of Solana Firedancer.

This, coupled with the recent decision of Circle to issue stablecoin (USDC) on the platform, could be “another good step” towards outpacing competitors, Pal said. 

But what are Sui/Mysten Labs trying to achieve? Basically, they are trying to rebuild the internet, brick by brick for Web3. It is built to scale to Facebook/Meta size use cases (3 billion-plus) from zero-knowledge (ZK) logins to the coming Walrus decentralized storage protocol.

#SUI #SuiNetwork #Solana #Altcoins #BinanceLaunchpoolHMSTR $SUI $SOL $BTC

Bearish Pressure Can’t Stop VET From Targeting $2

Despite bearish pressure weighing down on VeChain, analysts are still holding out hope that VET could face a massive surge to target an increase in a price as high as $2.

The token has certainly struggled throughout 2024. Yet, that could be coming to an end with October looking to turn things around for a host of tokens.

With ‘Uptober’ almost upon the market, there is a plethora of expectations for different cryptos.

As with all price movement, a lot of that depends on Bitcoin. There are many who believe the coming month could have BTC eyeing a return to $70,000. That could have a massive impact on the market as a whole, as well as VeChain.

VeChain Looks to Push Through Bears as VET Could Be In Line for October Surge

Like many cryptocurrencies in the last several months, VeChain has struggled. Over the last 30 days, the token has fallen more than 8%, according to CoinMarketCap.

Yet, it has enjoyed a notable turnaround. In the last seven days, it is up more than 14%, currently trading near the $0.024 mark.

There are many analysts who expect VeChain to successfully navigate bearish pressure, and allow the surge to carry VET as high as $2. The asset is currently down 91% from its all-time high of $0.28, with the market projecting that landmark figure to be a thing of the past.

Crypto analyst EGRAG took to X (formerly Twitter) to discuss their high hopes for VeChain. Specifically, they forecasted a massive move based on the Elliot Wave Theory. This identifies corrective wave patterns that could drive VET to notable highs.

With Elliot Wave categorized by five sub-waves, EGRAG notes that VET is preparing to enter an impulsive Wave Three phase.

This projection hints that Wave Four could bring about a correction before an explosive rally capitalizes on Wave Five.
For the analyst, these moves could have VET targeting $1 in the short term, with a $2 top-end projection.

#VET #Vechain #Altcoins #CryptoNews #BinanceLaunchpoolHMSTR $VET $VTHO $BTC

Bitcoin’s long-term holders set record high – What it means for BTC

Bitcoin [BTC] continued to demonstrate strength as the crypto market rebounded after a six-month downturn.

Long-term holders’ actions are crucial for BTC traders, offering insights into trade timing.

Over the last two months, long-term holders have accumulated more BTC, marking the highest accumulation period in the last three years.

Additionally, these investors, along with new entrants, have collectively purchased over 1 million BTC since from the year 2022.

This aggressive buying behavior signals strong confidence in Bitcoin’s future. Some of the earliest Bitcoin mining addresses have recently become active, further increasing the long-term supply of BTC.

MicroStrategy (MSTR) leads top 10 performing stocks in the S&P 500, continues to support Bitcoin with gains of over 1000% since adopting its BTC strategy.

Recently, MSTR issued $1 billion in convertible debt at a low 0.625% interest rate to redeem $500 million of senior secured notes with a 6.125% rate to fund the purchase of Bitcoins.
This move reduced its blended interest rate to 0.81% from 1.6%, lowering annual interest expenses.

Remarkably, this debt offering also strengthens MicroStrategy’s balance sheet, allowing it to potentially acquire more Bitcoin in the future, even if BTC prices fall.

The ongoing acquisitions by major institutions like MSTR position Bitcoin for future growth.

Bitcoin 3-day MACD crossed bullish
Moreover, BTC’s 3-day MACD has crossed into bullish territory, signaling continued strength as BTC trades above $63K.
With expectations of breaking the $65,000 level soon, Bitcoin is showing resilience and a growing trend of reclaiming the 100-day moving average.

This upward momentum suggested that being bearish on BTC at this time may be risky, especially as Bitcoin appears poised to reach new highs.

#Bitcoin #BTC #CryptoNews #Altcoins #BinanceLaunchpoolHMSTR $BTC $ETH $BNB

Cardano Now Interoperable With Bitcoin, Here’s How

All networks are keen on attaining interoperability, which is crucial to their growth. In this light, Bitcoin developer and FluidTokens CTO elraulito took to X to announce the latest breakthrough in blockchain interoperability.

He revealed a seamless Plutus V3-based smart contract bridge between Bitcoin (BTC) and Cardano (ADA) applications.

Cardano-Bitcoin Bridge Comes With Multiple Features
This bridge will allow Bitcoin users to send ADA, manage, or stake them on any Cardano pool without additional software or wallet. elraulito further explained that the smart contract was built using tools and protocols.

It leverages a Cardano smart contract language known as Aiken and CIP69, which enhances the address’s programmability.

In addition, the smart contract has a multi-validator responsible for facilitating transactions, delegations, and reward withdrawals.

MeshJS manages off-chain transactions. The bridge employs Mesh, an open-source library that supports Web3 app development. This currently offers one of the few Plutus V3-compatible implementations.

The developer is confident that these capabilities may extend to the Ethereum Virtual Machine (EVM) chain, further broadening Cardano’s functionality.

Cardano Founder And Community Reacts to Interoperability Innovation

Charles Hoskinson, Cardano founder, expressed surprise at the innovation and its capacity to usher in a new phase of cross-chain connectivity.

It also generated questions from the crypto community on X, with most of them showing interest in understanding the mechanics and applications of the new bridge. Another set was more interested in the validation process.

Hoskinson is a core advocate for sound technology and is likely impressed by the latest developments. His interest and commitment are evident in his dedication to positioning the Cardano protocol for long-term success.

#Cardano #ADA #Altcoins #BinanceLaunchpoolHMSTR #CATIonBinance $BTC $ETH $ADA