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Bitcoin Retreats as Traders Mull Risk of Sales Linked to Mt. Gox
Failed Mt. Gox exchange closer to returning hoard of Bitcoin
One key question is whether creditors will opt to sell tokens
#BTC $BTC 

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Binance: Bitcoin has a scalability issue, but there’s hope in solutions Bitcoin’s ecosystem is changing due to new tech and high fees, demanding scalability solutions. Recent findings from Binance stress the pressing need to tackle Bitcoin’s scalability challenges. Bitcoin’s ecosystem is changing because of new technologies and rising transaction fees. It is getting clearer that Bitcoin has a scalability issue. Innovations in the ecosystem, highlighted in a recent report from Binance, reveal an urgent need to address Bitcoin’s (BTC) scalability issues. BTC scalability compared to Ethereum Ethereum (ETH) is valued at $450 billion, with $45 billion in total value locked (TVL) across its Layer-2 (L2) solutions, representing about 10% of its total value, per the report. In contrast, Bitcoin, with a market cap of $1.4 trillion, only has $2 billion in L2 TVL, just 0.13% of its total value. This highlights how Bitcoin needs to catch up in adopting effective Layer 2 solutions, which is crucial for enhancing its scalability. Addressing these scalability issues is urgent to ensure Bitcoin’s continued growth and usability in the face of increasing transaction volumes. Projects like Ordinals, Inscriptions, BRC-20 tokens, and Runes show demand for these features. As a result, the average transaction fees for BTC have increased from $1.5 in 2022 to $9.5 in 2024, indicating the network’s increased usage and limitations. Binance’s considerations for Bitcoin’s scalability According to the report, helping and fixing Bitcoin’s scalability solutions involves addressing several things, such as trustless two-way bridges, which should ensure seamless and secure asset transfer between layers without intermediaries. #BTC☀ $BTC

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BNB Price Launches Recovery Bid: Will the Bounce Hold? BNB price started a recovery wave from the $585 support zone. The bulls must clear the $600 resistance zone to push the price into a positive zone in the near term. BNB price extended losses and tested the $585 support zone. The price is now trading below $600 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could start a fresh increase if it stays above the $585 support. BNB Price Holds Support After a decent increase, BNB price struggled near the $615 resistance. As a result, there was a bearish reaction below the $600 support, like Ethereum and Bitcoin. The price dipped below the $595 support and the 100 simple moving average (4 hours). It traded as low as $586 and recently started a recovery wave. There was a move above the $595 resistance zone, and the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low. There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair. However, the bears were active near the $600 level or the 50% Fib retracement level of the downward move from the $613 swing high to the $586 low. The price is now trading below $600 and the 100-hourly simple moving average. Immediate resistance is near the $600 level. The next resistance sits near the $602 level. #BNBToken $BNB

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BNB Coin (BNB) Navigates Regulatory Hurdles, Eyes Price Uptrend BNB’s price is currently attempting to recover after dipping below the $600 support zone. While technical indicators hint at a possible short-term decline, recent developments suggest a potential upswing in the near future. Let’s break down these opposing forces. BNB price recently found support at $585, bouncing back from a decline. However, indicators like the RSI and MFI suggest weakening buying pressure despite the price rise. A break above $600 resistance is crucial to push the price into positive territory. French Regulatory Changes Affect Binance Binance France restructured its ownership to comply with French regulations. This move ensures Binance France’s right to operate and doesn’t affect global operations. Founder Changpeng Zhao (CZ) relinquished ownership due to legal issues in the US. BNB Beacon Chain Closure and Migration The closure of the temporary Beacon Chain is expected to benefit Binance Coin (BNB). BNB holders can now delegate their coins through a manual migration process for passive income. Binance Smart Chain will become the sole network for BEP20 tokens after the migration. #BNBToken $BNB

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#Dogecoin $DOGE Poised For 700% Explosion To $1.17 Amid Recovery In Major Metrics Crypto analyst Mags has raised the possibility of Dogecoin (DOGE) recording a 700% price surge that will send it above $1. The analyst’s prediction follows a recent recovery in Dogecoin’s on-chain metrics, which paint a bullish picture for the meme coin. Dogecoin About To Go Parabolic Mags remarked in an X (formerly Twitter) post that Dogecoin is about to go parabolic. He claims that the foremost meme coin will make a 700% move in this cycle as it rises above $1. Related Reading: Why Did CORE Price Surge 20% While The Crypto Market Dumped? The analyst is known to have rightly called Dogecoin just before it recorded a 170x price increase in the last bull cycle. Mags also revealed that he has been accumulating DOGE for the past few months and is ready for the 7x return he will gain if Dogecoin were to make this move. A 700% increase in Dogecoin’s price from its current level would mean the meme coin would rise to as high as $1.17. This aligns with other predictions made by crypto analysts, like Ali Martinez, who says that Dogecoin can rise to $1 in this market cycle. Meanwhile, crypto analyst Capt Toblerone has given a more bullish prediction, stating that Dogecoin could make a 1,300% rally and rise to as high as $1.5. However, unlike Mags, Capt Toblerone predicts that Dogecoin will still experience a 30% price crash and drop to around $0.108 before it makes this parabolic move to the upside. Meanwhile, it is worth noting that some of Dogecoin’s on-chain metrics are again in the green, presenting a bullish outlook for the foremost meme coin. Data from the market intelligence platform IntoTheBlock shows that Dogecoin whales are actively accumulating the meme coin with a 2.64% in large transactions over the last few days. The Bid-Ask Volume Imbalance has also turned bullish for Dogecoin. However, those looking to invest in DOGE might have to be cautious, given that most holders are currently in the money (in profits).

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First Mover Americas: Bitcoin Falls Below $68K After $9B Mt. Gox Transfer The latest price moves in crypto markets in context for May 28, 2024. Bitcoin fell below $68,000 after wallets belonging to Mt. Gox transferred $9 billion worth of BTC to an unknown address early Asian morning. The transaction is possibly part of a plan to repay creditors by Oct. 31. BTC dropped as low as $67,680, a decline of over 1.5% in the last 24 hours, following the transfer having climbed above $70,000 on Monday. Bitcoin subsequently seemed to shrug off the dip to reclaim $68,000 during the European morning. At the time of writing it is just under $68,500, largely unmoved in the last 24 hours. The CoinDesk 20 Index (CD20) meanwhile is up around 0.3%.#BTC $BTC

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