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

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

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

#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).

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

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

#BNB $BNB Price Faces Resistance at $600 Amid Investors Turning to Algotech Presale in Final Round

The cryptocurrency market has turned into an investment battlefield for the best picks and attention in investment circles. One of them is the native token of Binance, with its surging prices likely facing stiff resistance at $600. 

Another player stepped onto the stage, with the price of BNB facing resistance in seeking to break this key level, Algotech, an algorithmic trading platform, quickly captured the attention of investors as it is in its final round of presale.

BNB Soars Toward $600 Amidst Growing Market Sentiment

Binance Coin has done very well over the last year, spiking from lows of about $300 to now. It faces a stiff resistance level of approaching $600. While the market sentiment seems somewhat mixed, sound fundamentals and increased adoption of Binance’s ecosystem led BNB into a consolidation phase. Technical indicators are now lining up at a crucial point, with a surge above $600 likely to trigger another leg up towards the all-time high.

In addition, the trading volume has soared exponentially over the last couple of days due to increasing coin interest from retail and institutional investors. Currently, the token is trading around $597.19, with a 24-hour trading volume above $1 billion, which represents a 25% increase. 

New partnerships, integrations, innovative products, and services are added daily to the Binance ecosystem. With this rapid growth in cryptocurrency adoption, churn on the rise, and the resulting increased utility as a native token for one of the world’s biggest cryptocurrency exchanges, demand should be able to push the price of BNB higher, increasing potential valuations.

Potential White-Hat Hackers Exploit #BNB Chain for $80K in Bitcoin

BNB Chain became the latest victim of a hacker attack where more than $80,000 worth of Bitcoin (BTC) has been stolen. The situation that took place and was identified by the blockchain security firm Cyvers concerns certain suspicious operations with BTC. 

Cyvers informed X of the breach, suggesting that the attacker may be a White-hat hacker with the intention of investigating the network. The money that was utilized to facilitate the attack was obtained through Tornado Cash, a crypto mixer that is on the sanctions list due to its effectiveness in anonymizing transactions. 

Furthermore, the hacker engaged in the Binance exchange, and this indicates a certain level of expertise which makes him/her to have a possible ethical motive towards the act of hacking. 

Despite the BNB Chain governance token worth $315, the breach of the trading platform may indeed be a wake-up call, while losing $80,000 may be a relatively low sum in terms of cryptocurrency thefts. 

More thefts faced by the crypto platforms

The timing of the exploit is quite significant since it occurred barely a week following the hack of Gala Games, a significant gaming and blockchain company. Gala Games’ attack led to the user assets’ loss of around 23 million, making it one of the biggest crypto exploits this month. 

Gala Games’ CEO, Eric Schiermeyer, accepted the breach explaining it with inadequate internal controls. Mr Schiermeyer sought to reassure the stakeholders that measures are underway to enhance security to avoid such unfortunate occurrences in future. 

The company has since then, managed to rectify the issue and regained some of the stolen crypto-currencies with the support of Binance and police.

This has made most of the crypto space extremely tense and worried about other occasions where such vulnerabilities could be again exploited.
#BNB $BNB

#BITCOIN $BTC Breaks $70K Barrier, Leading to $27.75M in Liquidations

The price of bitcoin has exceeded $70,000, increasing by 2.1% during today’s trading sessions. This latest rise led to the liquidation of $27.75 million in bitcoin short positions.

Bitcoin Trades Above $70K, Leading to Multi-Million Dollar Liquidations

Bitcoin (BTC) is up 2.1% today and 3% over the past seven days. The price has also risen 12% over the last 30 days against the U.S. dollar. As bitcoin crossed $70,000, its trade volume surged from over $10 billion to $21.58 billion. Tether (USDT) is the largest trading pair with bitcoin, accounting for more than 41% of trades, while the stablecoin FDUSD makes up more than 35%.

#USDT and #FDUUSD are followed by USD, USDC, and the South Korean won (KRW), which commands 2.67% of all bitcoin trades. While BTC is trading for $70,245 per coin, it has a premium in South Korea, where it trades for $71,044 per unit. The premium, which had fallen below 1%, is now back above the threshold at 1.07%.

The increase in bitcoin’s value has resulted in significant liquidations, alongside ethereum’s (ETH) price rise. Across the entire crypto economy, $111.23 million in long and short positions were wiped out. ETH shorts saw $23.52 million in liquidations, while BTC experienced $27.75 million in liquidated shorts. Out of the $111.23 million in liquidations over the past day, $70.12 million were shorts.

#WorldCoin. $WLD faces bans worldwide amid increasing privacy fears

The increasing adoption of Worldcoin, an AI-centric identification project with its own cryptocurrency, is alarming privacy advocates and regulators.

According to the project, over 5 million people have already lined up to stare into a silver sphere the size of a bowling ball and scan their irises.

In addition to receiving online ID verification, users are rewarded 25 WLD, worth about $115.

As of April 11, over 10 million people had signed up for Worldcoin’s World App.

Sam Altman, founder of Worldcoin and CEO of OpenAI, claimed that the project aims to create “a global financial and identity network based on proof of personhood,” which is essential for an era where artificial intelligence is commonplace.

However, since its inception, Altman’s startup has received significant backlash from influential privacy advocates, including American whistleblower Edward Snowden.

Despite using cryptocurrency and blockchain technology, the project has received lukewarm support from the crypto community. 

Vahan P. Roth, an executive board member at Swissgrams AG, said Worldcoin “blatantly contradicts the central ethos of cryptocurrencies – the core principles of anonymity and decentralization on which Bitcoin and its peers were founded.”

On top of that, regulators in several countries have begun to ban the project outright, fearing that this collection of biometric data could be a critical threat to privacy.

Is Worldcoin’s biometric data collection a real threat to privacy, or do people just misunderstand the company’s goal?

Biometric data is the holy grail of personal info

Data breaches and sales of stolen data online are already a fact of life.

However, an online biometric data record is more concerning due to its sensitive and highly personal nature.

JPMorgan doubts SEC will approve ETFs for XRP, SOL, and SHIB, citing strong regulatory views on most cryptocurrencies as securities.
While there have been recent positive developments in the space of crypto ETFs, including the approval of 8 Ethereum ETFs, JPMorgan is still doubtful about the chances of the US SEC approving similar ETFs for Solana (SOL), XRP, and Shiba Inu (SHIB).
JPMorgan Stance on Crypto ETF’s Approvals
Nikolaos Panigirtzoglou, a managing director and global market strategist at JPMorgan, said that the recent decision of the SEC to approve Ethereum ETFs was ‘’stretched’’ especially given the on-going debate on whether Ethereum should be classified as a security.
Panigirtzoglou stated that as the SEC classifies most other cryptos as securities, it is unlikely that ETFs related to Solana and Shiba Inu will be approved anytime soon.
As Panigirtzoglou pointed out, the likelihood of more such products receiving SEC approval depends on US lawmakers enacting legislation that asserts that most cryptos are not securities, which does not have legislative backing at the moment. #altcoins

#SHIB $SHIB "Super Diamond Trader" Sells Shiba Inu (SHIB)

According to blockchain analytics firm Lookonchain, a trader has managed to turn $2,625 into $1.1 million with the help of the Shiba Inu #SHIBUSD  cryptocurrency. 

The trader originally purchased roughly 48 billion SHIB tokens in February 2021. Back then, the meme coin was still an obscure project that very few cryptocurrency enthusiasts knew about. 

They have traded the SHIB tokens for 278.7 ETH, making a whopping 419x gain. 

The SHIB token managed to captivate the attention of the investment community back in October 2021 when it managed to briefly surpass rival Dogecoin by market capitalization. 

The Dogecoin rival is still down more than 70% from its current all-time high of $0.00008616 which was achieved back in October 2021. 

Despite failing to time the market with a higher degree of precision, the aforementioned trader seems to be content with the massive gains that they have made over these three years. The trader seems to be confident that SHIB does not have much bullish potential left.

SHIB's astronomic ascent turned some holders of the SHIB cryptocurrency into overnight millionaires and even billionaires. In 2021, a Shiba Inu wallet managed to turn just $8,000 into a whopping $5.7 billion. 

However, SHIB's performance has been rather underwhelming during this bull market cycle, and the altcoin field is becoming more crowded with each passing day. Some social media users have speculated that the trader might end up pivoting to some upstart meme coins that are currently gaining steam. 

As reported by U.Today, the meme coin season is currently in full swing, with multiple prominent meme coins posting double-digit gains. 

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$BB BounceBit Price Soars 40%, Will The Rally Continue?

BounceBit Price rallied over 40% today, sparking speculations in the broader cryptocurrency market. Here we explore the potential reasons behind the BB price surge.
The BounceBit price surged more than 40% today, catching the attention of the market participants. Although no specific recent events have triggered this spike, the broader market rally seems to have played a role. In addition, some other recent developments surrounding BounceBit (BB) may have also helped bolster the investors’ confidence.

Why Is BounceBit Price Soaring?
The recent surge in the BounceBit price has left many investors wondering about the potential reasons behind it. While no specific developments were noted today, it seems that the project’s recent unveiling of its roadmap has fueled market confidence.
For context, BounceBit recently announced its roadmap to democratize high-yield Bitcoin investing by merging centralized and decentralized finance (DeFi). According to a Medium blog post, BounceBit aims to blend the liquidity of centralized exchanges with decentralized infrastructure for Bitcoin without altering its core technology.

Meanwhile, BounceBit plans to enhance its BounceBit Chain, a proof-of-stake layer-1 chain secured by validators staking both Bitcoin and BounceBit’s native token BB. In addition, the startup plans to optimize the Ethereum Virtual Machine (EVM) execution layer to improve node performance. 
#BB #bouncbit #bounce

Why Dogecoin #DOGE cannot rise beyond THIS level right now

DOGE’s Open Interest soars from $800 million to $931 million as DOGE gains close to 8.5% in value.
Dogecoin [DOGE] was in an uptrend over the past month after breaching the $0.165 resistance and forming a series of higher lows.

However, a recent AMBCrypto report noted that the Weighted Sentiment behind the meme token was negative.

Despite the performance over the past three weeks, the public did not appear to be on board with DOGE’s bullish targets.
#BinanceLaunchpool #PEPE‏ #altcoins $DOGE

$BNB $BNB $BNB ##BNB #Binance BNB June Forecast: Could Binance Coin Reach $700?

Binance Coin is trading at $596, with projections for significant growth in June.
CoinCodex predicts a 19% increase for BNB by June 20, reaching $700, fueled by Bitcoin’s climb towards $70,000.
Cryptocurrency enthusiasts and investors are eyeing Binance Coin (BNB) with anticipation as the token experiences a steady climb in value amidst a bullish market. BNB, a cornerstone asset within the Binance ecosystem, has surged by 5% in the past week, trading at a notable price threshold of $596. With the crypto market poised for further gains, crypto analytics platforms are abuzz with forecasts hinting at a promising trajectory for BNB in the coming weeks.
June 20 Potential Milestone for BNB
According to projections by CoinCodex, a reputable source for crypto insights, a compelling prediction for BNB enthusiasts has been made. The platform suggests that BNB could soar by an impressive 19% by June 20, reaching a new milestone price of $700. This projection aligns with the overarching bullish sentiment permeating the market, fueled by Bitcoin’s steady climb towards the $70,000 mark. Should BNB fulfill this forecast, it would signal a significant achievement for the token and mark a noteworthy juncture in its journey.#

Ethereum ETF Greenlight Signals Path for More Crypto Investment Funds: TD Cowen

The recent approval of Ethereum exchange-traded funds (ETFs) has opened the doors for more crypto investment products, according to research from TD Cowen’s Washington Research Group.

While the speed of approval caught some off guard, the research group viewed it as an inevitable outcome following the approval of Bitcoin ETFs earlier this year.

Jaret Seiberg, a member of TD Cowen’s team, noted that the Ethereum ETF approval came about six months earlier than expected but was predictable after the Securities and Exchange Commission (SEC) gave the green light to crypto futures ETFs.

ETFs Including Basket of Crypto Tokens Could Come Next

Seiberg further suggested that within the next year, we could see investment offerings that include a “basket of crypto tokens,” encompassing Bitcoin and ٍther, and potentially even more.

However, the approval of Ethereum ETFs does not indicate a broader shift in the SEC’s stance on cryptocurrencies.

SEC Chair Gary Gensler, known for his critical stance on the crypto industry, issued a critical statement regarding the passage of crypto legislation that could potentially diminish the agency’s authority.

Crypto News

BNB -0.29%
$599.91

BTC -0.54%
$68,778.29

DOGE -1.23%
$0.16

ETH 3.17%
$3,862.51

PEPE 6.61%
$0.000016

XRP -2.10%
$0.52

SHIB -2.13%
$0.000024

SOL -3.11%
$162.28

$DOGEVERSE
presale is live
Cryptonews Ethereum News Ethereum ETF Greenlight Signals Path for More Crypto Investment Funds: TD Cowen
Ethereum ETF Greenlight Signals Path for More Crypto Investment Funds: TD Cowen
Ruholamin Haqshanas
Ruholamin Haqshanas
Last updated: May 26, 2024 12:00 EDT | 2 min read

Ethereum ETF Greenlight Signals Path for More Crypto Investment Funds: TD Cowen
The recent approval of Ethereum exchange-traded funds (ETFs) has opened the doors for more crypto investment products, according to research from TD Cowen’s Washington Research Group.
#ETHETFsApproved #EarnFreeCrypto2024 #altcoins

$BTC #Prediction: Bitcoin Will Reach $150,000 in 2030

Bitcoin's returns from here won't resemble its past gains.
The supply cap of Bitcoin is a compelling trait.
Investors should be prepared for Bitcoin's price to remain volatile.
Motley Fool Issues Rare “All In” Buy Alert
This top digital asset could be a big winner in the years ahead.

Bitcoin (BTC -0.58%) has been on a fantastic run over the past year and a half -- it's now up by 299% since the start of 2023. That growth has slowed a bit, as the price of the crypto is down 6% from its all-time high that was reached in March. The current price is roughly $69,400.

For those wondering if now is still a good time to buy the world's most valuable cryptocurrency, I think Bitcoin will reach $150,000 by 2030, delivering an annualized return of 14%.

Diminishing returns
It's important to recognize that Bitcoin's forward returns will likely be much less than its monumental rise to its current level. This asset isn't flying under the radar anymore. So, Bitcoin's appreciation will probably decelerate in the years ahead.

But some prominent figures in the business and investing worlds remain far more bullish than I do. Cathie Wood and her team at Ark Invest think Bitcoin's price could get to $3.8 million by 2030. And Jack Dorsey, the co-founder and CEO of Block, believes Bitcoin will hit $1 million by 2030.

In that context, my prediction of $150,000 by the end of the decade is a more tempered outlook, but it would be a gain that outperforms the S&P 500's average return. Historically, that broad index of 500 of the largest and most profitable U.S. businesses has produced annualized total returns of about 10%.
#BTC☀ #CryptoNewss #BinanceLaunchpool $BTC

BITCOIN

Is #BTC☀ at risk? This group may cause BTC’s price to drop

Bitcoin’s next major support level, according to liquidity maps, lies at $63,050. Will this lead to steeper declines?

The rise in market inflation indicated that BTC holders were selling some of their assets.
Data showed that the price could rise toward $72,000 before a major correction.
If the signals AMBCrypto got from Glassnode’s on-chain data are anything to go by, Bitcoin [BTC] could be set for a significant price decrease.

Leading this prediction is the LTH Market Inflation Rate. LTH stands for Long Term Holders in the market.

The LTH Market Inflation Rate uses the level of accumulation or distribution to determine Bitcoin’s next direction.

However, two lines exist on this chart, as shown below. Green represents the market inflation rate, while the manila color indicates the nominal inflation rate.