KILT Protocol (KILT) is in the process of creating a long-term bullish reversal pattern. Confirmation could help the token rise by over 230% from its current level.

Interest in the decentralized identity (DID) field is increasing, as Binance’s recent Launchpad projects Galxe (GAL) and Space ID (ID) are both related to this area.

KILT is a parachain in the Polkadot ecosystem that provides secure, scalable, and decentralized digital identity solutions. On March 28, the KILT Protocol partnered with Bitcoin Suisse to make it easier for institutional investors to access the project.

Inverse Head and Shoulders Pattern

The KILT Protocol (KILT) price has been on a long-term downtrend since reaching an all-time high of $15 in November 2021. The decline led to a low of $0.21 at the end of November 2022.

The price has since risen and tested the $0.75 resistance level. Although rejected, KILT appears to have created a higher low in the week of March 6-13 and is currently forming the right shoulder of an inverse head and shoulders pattern. This is a bullish pattern that typically appears at the end of a downtrend.

This pattern will be completed when the price breaks above the $0.75 resistance level. The weekly RSI indicator supports this possibility by creating a significant bullish divergence and the divergence line remains intact.

If so, the price could rise to the pattern target of $1.3, marking a 233.1% increase from its current level.

KILT/USD weekly chart. Source: TradingView

20-day MA

The KILT price has respected the 20-day MA line for over four months. KILT typically begins a new trend when the price breaks above or breaks below this MA.

After bouncing from the horizontal support level of $0.33, the KILT price has created a higher bottom and is currently retesting the 20-day MA. As mentioned above, a successful breakout could help KILT start a new uptrend. The nearest target is $0.75.

The RSI indicator supports the possibility of a breakout as it has broken above the downtrend line. Such breakouts typically occur before a price breakout.

This outlook will be invalidated if the price breaks below the support level of $0.33. If so, it could fall to the annual low of $0.21.

KILT/USD daily chart. Source: TradingView

Conclusion

The most likely prospect shows that KILT will break above the 20-day MA and rise to at least $0.75.

Breaking the $0.75 level would help KILT complete the inverse head and shoulders pattern with a target of $1.3.

#KILTprotocol #KILT #crypto2023 #azcoinnews #azcoin

This article was republished from azcoinnews.com

On March 19th, 2023, six major central banks across the world, including the US Federal Reserve System and the European Central Bank, announced that they would work towards making liquidity supply more smooth. This joint effort is being interpreted as an attempt to ease the rising concerns around the stability of the global financial system following the recent bankruptcy of Silicon Valley Bank (SVB).

The central banks of the United Kingdom, Canada, Japan, and Switzerland have also joined the effort, which will involve the strengthening of liquidity supply through existing dollar liquidity swap agreements. The joint statement issued by the central banks stated that those providing dollar operations have agreed to increase the frequency of seven-day maturity operations from weekly to daily to enhance the efficiency of swap lines that provide US dollar funds.

The US Federal Reserve explained that this move was aimed at improving liquidity supply through the US dollar liquidity swap line agreement. Meanwhile, a currency swap agreement is an arrangement between two countries that involves exchanging different currencies at an agreed exchange rate.

This joint effort by the central banks is being seen as a significant step towards stabilizing the global financial system amidst the growing concerns over its instability following the SVB bankruptcy. The move is expected to improve the efficiency of the existing swap lines, which should ensure that the supply of US dollar funds is more readily available, leading to increased stability in the global financial system.

The decision by the central banks to work together is also being viewed as a positive development towards building trust and confidence among the major players in the global financial system. This joint effort is expected to create an environment of cooperation and collaboration that could lead to more concerted efforts towards ensuring the stability of the global financial system.

Overall, this move by the six major central banks is being seen as a positive step towards stabilizing the global financial system amidst growing concerns over its instability. With the increased efficiency of the swap lines, the supply of US dollar funds is expected to be more readily available, which should ensure greater stability in the financial system.

#bank #azcoinnews #azcoin #crypto2023 #BTC

This article was republished from azcoinnews.com

Polkadot (DOT) has successfully flipped the previous resistance level into support. The price is expected to continue to rise.

Weekly outlook

DOT price broke out of the descending wedge pattern in January with a large bullish candle, helping the price approach the horizontal resistance level at $7.4.

Despite being rejected, the price has successfully flipped the wedge’s resistance line into support during the week of March 6 to 13. This suggests that DOT may have formed a bottom.

Additionally, DOT has also flipped the 20-week MA as support. Therefore, the price is expected to rise to the $7.4 level, marking a 15% increase from the current level.

Breaking out of this level will help DOT form a bullish structure, and the price may quickly rise to the next resistance level at $9.5.

DOT/USDT weekly chart. Source: TradingView

Regaining the important price zone

After being rejected by the $7.4 level, the DOT price fell below the important support level at $5.9. However, this turned out to be a false breakdown as the price quickly regained this level and confirmed it as support on March 15 (green arrow). Such a false breakdown often leads to a strong upward move.

The RSI indicator has also recovered strongly from oversold levels and is above 50, supporting continued price growth.

Therefore, DOT is likely to continue to rise to the recent high of $7.4 in the near future.

DOT/USDT daily chart. Source: TradingView

Conclusion

Overall, the most likely prospect is that DOT will continue to rise in the future, with the nearest target at $7.4.

Breaking below the $5.9 level will invalidate this scenario and indicate that the price is expected to drop to the yearly low at $4.2.

#DOT #DOTPrice #polkadot #azcoinnews #azcoin

This article was republished from azcoinnews.com

In the world of cryptocurrency, a flurry of activity has been detected on Twitter as multiple crypto projects have posted the same image and message about an event happening on March 24th.

The tweet contains a rectangular image with the date of March 24th inscribed vertically, indicating that some important event is scheduled to take place on that day.

Liquity Protocol, the developer of the stablecoin LUSD, was the first project to tweet this content at 4 PM on March 23rd (UTC). Shortly after, a slew of crypto projects followed such as Rocket Pool, SushiSwap, SyncSwap, Argent, and many more.

Many members of the crypto community believe that this event is related to zkSync, a layer 2 scaling solution built on Ethereum using zk Rollup technology. Several projects have tweeted about zkSync, such as Argent, SyncSwap, SpaceFi, and Orbiter.

Twitter: @azcoinnews

The @mingoairdrop account even suggests that the zkSync Era will launch its mainnet this week, which has many people excited about the possibility of another layer 2 project to airdrop for users after Arbitrum.

As reported by AZCoin News, Arbitrum recently airdropped tokens to users on March 23rd at 11 AM (UTC). The ARB token is currently trading at around $1.35 with a market capitalization of $1.7 billion, according to CoinMarketCap.

The simultaneous posting of the same image and message by multiple crypto projects on Twitter is not a new phenomenon. In February, major decentralized finance (DeFi) projects posted a picture of their arms crossed with the word “Monday” inscribed below, indicating that a big event was scheduled for that day. They later announced a collaborative campaign to spread awareness about the nature of the industry.

With the crypto world constantly evolving, it remains to be seen what this event on March 24th will bring. Nonetheless, the Twitter activity and speculation surrounding it have certainly stirred up the community’s curiosity and excitement.

#Twitter #ARBITRUM #sushiswap #azcoinnews #azcoin

This article was republished from azcoinnews.com

Xapo Bank, the world’s first international private bank to combine traditional banking with Bitcoin, has announced an increase in its interest rates for both USD deposits and Bitcoin.

As of March 21, 2023, Xapo Bank’s members worldwide will earn an interest rate of 4.1% on US Dollar deposits, which doubles the rate the bank previously offered and is significantly higher than the industry average. Additionally, Xapo Bank has introduced a 1% interest rate on Bitcoin, divided over the year and paid out daily.

This increase in interest rates is part of Xapo Bank’s interest rate restructuring, which aims to ensure that members can continue to earn sustainable returns on their deposits, based on market conditions. Xapo Bank’s 4.1% interest rate on US dollars and 1% interest rate on Bitcoin is available to all new and existing members around the world.

Xapo Bank, which is based in Gibraltar, also provides protection on fiat deposits up to 100,000 US Dollars through the Gibraltar Deposit Guarantee Scheme, which is equivalent to that provided by leading banks in Europe and the UK. This level of protection, combined with Xapo Bank’s market-leading interest rates, makes the bank’s proposition particularly attractive to consumers.

Seamus Rocca, CEO of Xapo Bank, said that the bank is committed to helping its members grow and protect their wealth in a responsible manner, and offering a market-leading interest rate is just one of the ways that it does this. Rocca also stated that Xapo Bank’s decision to introduce GBP payments comes in reaction to uncertainty and turbulent markets, which could push players to look for alternative jurisdictions and currencies in which to operate.

Xapo Bank’s recent partnership with Lightspark and integration with the Lightning Network enables lightning-fast Bitcoin payments for its customers, which allows members to pay for small purchases of up to $100 instantly to any vendor who accepts Lightning payments without suffering high transaction fees and long blockchain confirmation waiting times.

#Xapobank #Bitcoin #azcoinnews #azcoin #crypto2023

This article was republished from azcoinnews.com

The world of finance and economics is in for a major shakeup, according to Robert Kiyosaki, author of the famous personal finance book “Rich Dad Poor Dad.” Kiyosaki has made a bold prediction on a lasted podcast on Youtube that the United States’ dominance as the world’s reserve currency will soon come to an end, and that silver and gold will take over as the new global currency.

Kiyosaki argues that the United States has long dominated the global financial position with the dollar as the world’s reserve currency. However, he cites a possible end to this dominance, due to Gresham’s law, which states that “bad money drives out good money.” According to Kiyosaki, the dollar is now turning into toilet paper, and silver and gold will be the best money to replace it.

The author asserts that the dominance of the dollar will come to an end, as other countries form economic alliances and choose to transact in other forms of currency. He points to the growing number of BRICS member states (Brazil, Russia, India and China) as an example. He further suggests that the world already has enough transactions in dollars while supplying real goods to the United States. However, he notes that now people are giving America cheap toilet paper back, indicating that the end is coming.

Kiyosaki predicts that the global economy may collapse as inflation increases, and he blames the Federal Reserve for being unable to control the situation. He warns that the collapse may happen soon, and people need to start investing in silver and gold to protect themselves.

In conclusion, Kiyosaki’s prediction of the end of the dollar’s global financial dominance is a bold one, and it remains to be seen whether it will come true. However, the world of finance and economics is undoubtedly changing, and investors should take note of these changes to make informed decisions.

#Kiyosaki #RichDadRichPoor #crypto2023 #azcoinnews #azcoin

This article was republished from azcoinnews.com

Despite regulatory pressure and falling prices, long-term hodlers of BNB remain optimistic about the future of cryptocurrency. According to data from crypto analytics platform Santiment, the average duration of BNB usage has increased significantly since March 9, indicating that long-term hodlers are unfazed by recent fear, uncertainty, and doubt (FUD) surrounding Binance.

The average coin usage period for BNB increased by nearly 52% from 44.30 days to 67.30 days between March 9 and April 4, as per Santiment. This suggests that long-term BNB holders are confident in the cryptocurrency’s potential and are holding onto their coins despite the recent negative news.

@azcoinnews

Should the trend of long-term BNB holders holding onto their coins persist, it may cause a decline in supply relative to demand, leading to a possible increase in the cryptocurrency’s price. Nonetheless, Binance’s recent legal problems with the US Commodity Futures Commission (CFTC) have already affected the price of BNB, as it dropped by 7% following the CFTC’s accusations of misconduct against Binance.

Despite this setback, the fact that long-term BNB holders remain optimistic is a positive sign for the cryptocurrency’s future. As of the afternoon of April 5, BNB was trading at $313 up 1.35% from 24 hours ago, according to CoinMarketCap data. It will be interesting to see how BNB performs in the coming weeks as long-term holders continue to hold onto their coins and the cryptocurrency market continues to react to regulatory pressures.

#Binance #BNB #BTC #azcoinnews #azcoin

This article was republished from azcoinnews.com

BlockFi, a cryptocurrency asset lending platform that filed for bankruptcy in November last year, has received approval from a New Jersey bankruptcy court to sell its assets to US Farms for approximately $4.7 million. The sale includes BlockFi’s coin miners.

Voluntary bankruptcy, under Section 11 of the U.S. Bankruptcy Act, is a method for companies to rebuild by reducing their debts while continuing business operations. In this case, BlockFi is selling its assets to maximize recovery for its creditors during its voluntary bankruptcy proceedings.

The sale of BlockFi’s assets, including the mining machines, was approved by the bankruptcy court on January 30, 2023. The court deemed the sale plan fair, reasonable, and appropriate to recover the business and maximize the realizable value for the company.

BlockFi has put up a total of 68,000 bitcoin miners as guarantees for the bond, and there is a possibility that the drop in mining machine prices may lead to a lack of collateral for BitFi creditors.

BlockFi is currently in the process of selling loans worth $155 million. However, the company has temporarily suspended its proceedings until the criminal case of Sam Bankman Fried, former CEO of FTX, is concluded. The US prosecutors are concerned that a Robinhood stock ownership lawsuit could impact the criminal proceedings against SBF.

BlockFi’s decision to sell its assets and restructure its debts through voluntary bankruptcy reflects the challenges that cryptocurrency companies face in the current economic climate. The volatility of digital assets can lead to a lack of collateral, and companies must navigate the legal and financial complexities of the industry to remain viable.

#BlockFI #FTX #azcoinnews #azcoin #crypto2023

This article was republished from azcoinnews.com

According to CryptoQuant, there has been a significant decrease in the realized cap of Bitcoin due to the over spending by short-term currency holders. The realized cap is a measurement of the value of a cryptocurrency based on the amount that is actually being used on the network. This measurement takes into account lost or unmoved currencies on the network, and removes them from the overall value.

CryptoQuant’s analysis found that the market cap of Bitcoin is significantly higher than its realized cap. This suggests that many Bitcoin holders may be making a profit at any given moment, but this profit may not be realized until they sell their Bitcoin. The over spending by short-term currency holders has led to a decrease in the realized cap, as they are selling off their Bitcoin in large amounts.

@azcoinnews

The report by CryptoQuant indicates that the main reason for the decrease in the realized cap is due to short-term currency holders who hold Bitcoin for periods of one week to one month, and then again from six months to 18 months. These holders have spent a total of $11 billion, which has contributed to the decrease in the realized cap.

@azcoinnews

This news is significant for those who are invested in Bitcoin, as it suggests that the market may be experiencing a temporary decrease in value. However, it is important to note that the long-term value of Bitcoin remains strong, and that the market is expected to recover over time.

In conclusion, the over spending by short-term currency holders has led to a significant decrease in the realized cap of Bitcoin. While this news may be concerning for some investors in the short-term, it is important to remember that the long-term value of Bitcoin remains strong. As with any investment, it is important to take a long-term perspective and not be swayed by short-term fluctuations in the market.

#bitcoin #azcoinnews #BTC #crypto2023 #azcoin

This article was republished from azcoinnews.com

Former U.S. congressional candidate and Gokhshtein Media founder David Gokhshtein, who frequently tweets about major cryptocurrencies and meme coins, has touched on Ethereum. The prophecies are seen on Crypto Twitter last year and earlier about ETH approaching $10,000.

Gokhshtein questions in his tweet whether the community of the second largest digital currency still feels it can achieve the previously announced high price level. He remarked that he had not lately heard anyone discussing Ethereum reaching $10,000 on Twitter.

The much-anticipated Ethereum update in Shanghai was revealed on Twitter around a week ago. The Ethereum network will undergo a critical hard fork on April 12.

Stakeholders can then withdraw their ETH from the Ethereum 2.0 deposit contract. This upgrade and another known as Capella will complete the blockchain’s move to the proof-of-stake consensus mechanism.

Several whales anticipate a drop in the Ethereum price following this since significant quantities of ETH are expected to be removed from the aforementioned staking contract. ETH is currently trading at $1,755, having just surpassed $1,800.

@azcoinnews

As the banking crisis in the United States persists, Ethereum has exceeded $1,800 numerous times this month. It all started with the failure of three large banks: Silvergate, Silicon Valley Bank, and Signature Bank. This quickly lifted the Bitcoin price to $28,000, allowing Ethereum to reclaim $1,800.

First Republic Bank and Credit Suisse have just suffered the same fate. Deutsche Bank may be the next possibility for insolvency, if not of severe difficulties, as its share price has been falling. On Friday, the cost of credit default swaps on this financial giant’s debt increased significantly. This is causing the prices of Bitcoin, Ethereum, and the rest of the cryptocurrency market to climb.

#ETH #Ethereum #crypto2023 #azcoinnews #azcoin

This article was republished from azcoinnews.com

The listing of Arbitrum (ARB) on Binance, which was previously scheduled for 2023-03-23 17:00 (UTC), has been moved up to 2023-03-23 15:00 (UTC). At present, the top four major trading volumes are Bybit OKX Uniswap and KuCoin. Nansen shows that 188 million ARBs have been claimed by 21,235 addresses, accounting for 16% of the total airdrops.

#ARBITRUM #ARB #Binance #azcoinnews #azcoin

Binance has announced a partnership with MrPay, a licensed software provider, to make Binance Gift Card available in 5000 locations across major cities in Italy. This is the first time the Binance Gift Card will be introduced via physical outlets in the region, offering convenience for users who wish to purchase crypto offline with cash and top up on Binance easily.

Through kiosks and local shops, users can buy cryptocurrencies in the format of Binance Gift Card with different supported payment methods including cash (within the limits prescribed by the law). Users will receive the 16-digit redemption code of the Binance Gift Card printed on the receipt, which they can redeem via the Binance website with 0 fees.

MrPay, a licensed software provider with over 15 years of digital transformation experience, is registered in Italy as a VASP with the Organismo Agenti e Mediatori (OAM). The partnership holistically enhances MrPay’s crypto deposit service and reinforces Binance Italy S.R.L. as a Virtual Asset Service Provider (VASP) registered with the Organismo Agenti e Mediatori (OAM).

For users who are interested in buying crypto via offline kiosks in Italy, they can contact Binance Italy Customer Support to retrieve information on where to get access to Binance Gift Card via MrPay kiosks. Users may look for AM kiosk machines and stickers that say “Acquista crypto” with a Binance Gift Card logo. Binance Gift Card will be visible under the category of “Crypto”. If the crypto category is not available on the kiosk, then they can ask at the cashier inside the shop to buy a Binance Gift Card. However, gift card availability may vary per kiosk machine or local shop.

To redeem Binance Gift Cards, users can either paste their redemption code and redeem via the Gift Card Website or go to Profile – Gift Card – Redeem in the Binance App, select the redeem option and enter the 16-digit redemption code to redeem.

#Binance #BNB #MrPay #azcoinnews #azcoin

This article was republished from azcoinnews.com

Eleanor Terrett, a Fox Business correspondent, sees three outcomes for summary judgment in the Ripple-SEC case.

“For those not in the XRP community: If Judge Torres comes back with a decision on summary judgment in the Ripple case this week, one of three things could happen: She could side with Ripple, she could side with the SEC, or she could decide the case should go to trial,” Terrett tweeted.

According to CryptoLaw founder John Deaton, Judge Torres will favor Ripple CEO Brad Garlinghouse and Chris Larsen. He believes Judge Torres will declare that no reasonable jury could conclude that the two executives were irresponsible in failing to recognize XRP as a security when the SEC did not.

In the most recent developments in the case, Ripple defendants have presented Judge Michael Wiles’ decision in the Voyager bankruptcy case, which rejected the SEC’s concerns, in support of its fair notice defense.

Messari’s Ryan Selkis convinced XRP Ledger deserves to go global

Messari co-founder and CEO Ryan Selkis have joined Ripple as a new supporter. Turning to his preferred communication channel, Selkis stated that, despite his previous criticism of Ripple for various reasons, he wants the company to prevail in its ongoing litigation against the Securities and Exchange Commission (SEC).

Selkis believes the XRP-SEC lawsuit is “overreaching,” joining other loud critics criticizing the market regulator for going after crypto businesses. Selkis stated in a Messari thread that “XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally” due to the availability of demand.

Despite the SEC litigation, Ripple has constantly extended its operations beyond the borders of the United States. With strategic collaborations signed across the board, XRP Ledger’s payment infrastructure is now being used for remittance purposes in more regions than ever. According to the Messari update, XRP Ledger is poised to deliver financial services to people and established financial institutions such as central banks.

One critical question is whether Messari’s new assistance from Ryan Selkis will make a difference in the trajectory of the litigation moving forward. Since the beginning of the legal battle, Ripple has supported pro-crypto lawyers like John Deaton and James K. Filan, who have helped shape the impressions of both the court and the public.

While Messari’s voice will help legitimize the Ripple business model and technology among the general public, it may have little to no weight on the lawsuit, especially when the summary judgment phase is likely.

#Ripple #XRP #Messari #azcoinnews #azcoin

This article was republished from azcoinnews.com

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The long-awaited documentation outlining the Shibarium Layer 2 protocol and its operations is now available. Shibarium would be 10,000 times cheaper than Ethereum. Shiba Inu transaction fees are divided into base fees and priority costs.

@azcoinnews

The base charge is an important component of blockchain transaction fees. When a user does a network transaction, the base charge is locked in a Shibarium contract, while the priority fee is paid to the validator.

The SHIB community is excited because this base charge will be split into 70% burned and 30% set aside to sustain the network.

Throughout this procedure, collected BONE is transmitted to Ethereum’s L1 for an automated swap for SHIB, and this amount is burned by calling its contract function. According to the document, users can access a specific portal on Shibarium’s website for this process.

In good news, the Shibarium testnet’s chain ID has been updated from 917 to 719.

Although similarities between Shibarium’s chain ID and Rinia raised curiosity, SHIB creator Kaal Dhairya stated that a new chain ID would be issued for Shibarium beta.

Following the incidents that caused consternation in the Shiba Inu community, Shiba Inu leader Shytoshi Kusama has announced the creation of a new Discord channel for Shibarium-related conversations.

Shiba Eternity, Shiba Inu’s CCG game that debuted last October, has received a new upgrade. The onboard memory improvements, rampage scheduling, and speed changes in version 1.1.7 are designed to improving the user experience.

#ShibaInu #Shiba #Shibarium #azcoinnews #azcoin

This article was republished from azcoinnews.com

The XRP price has deviated dramatically from the broader cryptocurrency market, with the token benefiting further from the continuing legal battle between Ripple and the Securities and Exchange Commission (SEC).

The newly discovered XRP momentum has resulted in the cryptocurrency reclaiming a previously held support position. We can predict the price of XRP on Easter Sunday, 2023, using CoinCodex’s technical analysis indicators.

According to data gathered on March 22, XRP is expected to break over resistance at $0.50 on April 9. The expected price is $0.509, even though it is set to fall a month from April 21 to trade at $0.444.



PricePredictions, a machine learning algorithm-based crypto tracking platform, is another tool that provides a peek at the token’s price trend. According to the tool’s price estimate, XRP investors could anticipate a lesser asset valuation rise to $0.464 on April 9.

XRP is trading at $0.4385, down 3% in the last 24 hours and up 21% over the previous seven days on the weekly chart.

While XRP has primarily followed the overall market’s upward trend recently, the remarkable rise may be attributable to growing optimism that Ripple would eventually prevail in the SEC litigation. This follows a series of beneficial occurrences for the blockchain company leading up to the summary decision.

XRP investors became thrilled again when the defendants in this litigation recently filed a Letter Notice of Additional Authorities. On March 20, attorney James Filan tweeted a copy of a court document that appears to suggest the defendants tried to strengthen their fair notice position by citing another case in which U.S. Bankruptcy Court for the Southern District of New York Judge Michael E. Wiles rejected an SEC argument because it was too broad.

According to Ripple, the market is in disarray due to the SEC’s lack of openness over applying securities rules to digital assets. As a result, market participants are unsure of what they must do to be in compliance with the law. Ripple CEO Brad Garlinghouse stated that the company is confident that the conclusion of the year’s first half will resolve the litigation.

#XRP #Ripple #Prediction #azcoinnews #azcoin

This article was republished from azcoinnews.com

As the world of cryptocurrency continues to captivate investors and enthusiasts alike, market analysts are always on the lookout for innovative ways to gauge the supply and demand dynamics of the most prominent digital assets. According to Glassnode, a leading on-chain analytics firm, the analysis of Whale Netflow to Exchanges has emerged as a potential proxy for understanding the cohorts’ influence on the supply and demand balance in the Bitcoin market.

Whale-to-exchange netflows, which represent the movement of large amounts of Bitcoin from whale wallets to exchanges, have exhibited an interesting pattern over the last five years. Specifically, these netflows have oscillated between ±5,000 BTC per day, indicating a balanced movement of funds between large holders and exchanges. However, recent data for June and July 2023 is suggesting a departure from this historical trend, with Whale inflows showing a sustained elevated inflow bias of between +4.0k to +6.5k BTC per day.

Source: Glassnode

To better comprehend the implications of this intriguing trend, analysts have turned their attention to the “Average Age of Unspent Transaction Outputs” (UTXOs) flowing into exchanges, and its correlation with Bitcoin prices. This metric tracks the average age of Bitcoin transactions being moved from wallet to wallet or, in this case, to exchanges. By applying a 21-day Simple Moving Average (SMA) to the data, Glassnode aims to uncover potential insights.

Upon analyzing the chart depicting the average age of UTXOs flowing into exchanges and the average price of Bitcoin over the period from January 1, 2023, to the present, the researchers observed an interesting similarity in movements between the current timeframe and that of January to February 2023. While there may be some short-term fluctuations, a broader perspective indicates that Bitcoin’s strength appears set to continue.

Source: CryptoQuant

The research presents an intriguing opportunity for investors and analysts to explore the potential relationship between the age of UTXOs and the average price of Bitcoin. If the age of UTXOs moving into exchanges correlates with market prices, it could serve as a useful indicator for understanding market sentiment and predicting potential price movements.

One possible interpretation of the sustained elevated inflow bias of Whales to exchanges could be that larger investors anticipate further price appreciation in Bitcoin and are taking advantage of the current bullish momentum to realize profits. Conversely, this trend might also indicate that institutional players are actively entering the market, signaling increased interest in Bitcoin’s long-term potential.

It’s essential to highlight that while the correlation between UTXO age and Bitcoin prices is intriguing, it’s not a definitive or foolproof indicator of future price movements. Cryptocurrency markets are highly complex and influenced by a myriad of factors, including macroeconomic events, regulatory developments, and global sentiment.

#bitcoin #azcoinnews #azcoin #Binance #BTC

Source: https://azcoinnews.com/bitcoins-bullish-run-continues-as-whale-netflow-analysis-reveals-key-insights.html

Twitter recently announced its rebranding as X, a name that has sparked speculation about the platform’s future direction. The mastermind behind this transformation is none other than #ElonMusk the renowned entrepreneur and CEO of Tesla and SpaceX.

Musk plans to transform #X into ‘The Everything App’ for the financial world, a concept that has drawn mixed reactions from the public. As rumors circulate about the potential integration of cryptocurrencies, particularly Dogecoin, into the platform’s payment system, the crypto community is closely following the developments with keen interest.

Elon Musk has never shied away from ambitious ventures, and his plan to turn Twitter into ‘The Everything App’ for the financial world is no exception. By combining the vast reach and influence of Twitter with the functionalities of a comprehensive financial platform, Musk aims to provide users with seamless access to various financial services. However, such an endeavor comes with significant risks, considering the regulatory complexities and ever-changing dynamics of the financial industry.

As news of Twitter’s rebranding to X emerged, popular crypto influencer Scott Melker voiced his concerns about Elon Musk’s background as the co-founder of PayPal, a prominent payments company. Melker speculated whether the new platform, X, would primarily focus on payments and how this could impact the future of cryptocurrencies, particularly Dogecoin. Dogecoin, initially created as a meme coin, has surged in popularity and value, leading some to believe that it could play a role in X’s payment system.

David Duong, #Coinbase’s Head of Research, weighed in on the discussion during a Twitter spaces session. He acknowledged the natural connection between finance and payments, suggesting that incorporating a unit of account like Dogecoin for payments on X could lead to a potential price jump in the meme-based cryptocurrency. However, he warned that it remains uncertain whether Elon Musk would adopt Dogecoin as the payment currency, given the complexities and regulatory challenges of such an implementation.

Duong further emphasized that while X might function as a payments app similar to Apple Pay, it might not necessarily involve cryptocurrency payments. The surge in Dogecoin’s value could present difficulties for its practical use within the X platform, as its increasing worth may hinder its feasibility for everyday transactions. This observation raises questions about the types of currencies that X might incorporate and how it will navigate the evolving financial landscape, especially amid the recent surge in cryptocurrency interest and the regulatory developments in the industry.

Twitter’s rebranding as X has ignited discussions about Elon Musk’s ambitious vision of creating ‘The Everything App’ for the financial world. With the potential integration of cryptocurrencies, particularly Dogecoin, into X’s payment system, many eagerly anticipate how this move will impact the cryptocurrency market and whether it will bring more mainstream adoption to digital currencies.

#azcoinnews #azcoin

Source: https://azcoinnews.com/coinbases-head-of-research-elon-musk-currently-unable-to-use-doge-for-payments-on-x.html

Radix Tokens (Jersey), the issuer of the asset-oriented smart contract platform Radix, has raised $10 million in a private funding round led by DWF Labs. The investment gives Radix a $400 million valuation and arrives just in time for the launch of its Babylon mainnet, which will introduce smart contract capability to the platform for the first time.

DWF Labs, a global leader in market making and multi-stage web3 investment, led the funding round, with undisclosed blockchain VCs and angel investors also participating. The investment is a boost for Radix as it seeks to build out its high-throughput DeFi ecosystem.

The Radix platform currently hosts over 50 projects, including dApps for trading, saving, lending, borrowing, gaming, NFTs, and wallets. It is also running a grants program that provides funding and mentorship to six selected teams.

Radix’s Babylon mainnet launch has received support from DWF Labs, with the firm’s managing partner, Andrei Grachev, expressing excitement about the platform’s potential in the asset-oriented smart contract space. Radix Director Andy Jarrett also welcomed the support, calling it “fantastic.”

Backed by ten years of research and development, Radix has a global community of thousands and a network value of over $400 million. Its platform offers a full-stack for web3 without breaking atomic composability. DWF Labs, which trades almost 2,000 pairs with a daily volume that places it among the top five ranking entities trading on the world’s top 40 exchanges, seeks to invest in and support the founders who want to build the future of web3.

#DWFLabs #Radix #azcoinnews #azcoin #crypto2023

This article was republished from azcoinnews.com

Coinbase’s L2 blockchain Base has recently announced that its Base Ecosystem Fund will extend a Request for Builders to work on several critical areas that are crucial for onchain economy growth.

The fund aims to invest in early-stage projects building on Base, offering them a pool of capital combined with dedicated support from the Base team to help teams succeed.

One of the critical areas that Base is interested in exploring is the development of stablecoins that track the rate of inflation, enabling users to have stability in purchasing power while also having resiliency from the economic uncertainty caused by the legacy financial system. Base also welcomes other forms of ‘flatcoins’ that do not peg to fiat but rather fill the space between fiat pegged coins and volatile crypto assets.

Base is also interested in exploring the development of onchain reputation protocols that natively support onchain entities. These reputation protocols could include FICO or Google page rank type score on ENS names, ratings/reviews for merchants, and other measures that help build trust onchain.

Moreover, Base is curious to see how builders approach designing decentralized LOB exchanges on or around Base that can offer the throughput needed for a more advanced exchange while also eliminating counterparty risk through self-custody. Base believes that existing exchange offerings, such as AMMs, are incredibly useful and a critical DeFi primitive, but LOBs have a role, particularly for professional traders and institutions.

Lastly, Base believes that we need better tools to keep up with the pace of innovation while keeping funds safe in the DeFi ecosystem. This includes tools that can protect against smart contract code vulnerabilities or protocol logic errors, threat prevention, circuit breakers, incident response systems, and onchain insurance and cover protocols.

Recipients of funding from the Base Ecosystem Fund will have a first look at new product features on Base, along with direct support from the Base core development and Ecosystem team members in the Base developer Discord.

In conclusion, Base’s Request for Builders is an excellent opportunity for builders around the world to be a part of the Base Ecosystem Fund and explore these critical areas. The fund’s capital pool combined with dedicated support from the Base team will undoubtedly help early-stage projects succeed and bring the next billion users onchain.

#Coinbase #Base #Layer2 #azcoinnews #azcoin

This article was republished from azcoinnews.com