Cryptocurrency

According to data from Arkham Intelligence, the address “bc1qmpn” originally appeared on on-chain radar two weeks ago, when it landed 16.87 BTC, equivalent to $1.01 million. The funds came from another unknown address under the name “bc1qcacv.” Then, eight days later, the new whale received another 176.616 BTC, worth another $10.63 million, and its activity stopped for a while. However, in the last 24 hours, an unknown large player began to aggressively absorb Bitcoin again, and from the same address where they initially received it. As a result, the total share of their holdings of the main cryptocurrency came to a mark equivalent to colossal $770.49 million. It is known that the first address that sent funds to “bc1qmpn” received its first BTC from a wallet that could presumably belong to Fortress Trust, a crypto custodian and trustee. However, whether this colossal amount of Bitcoin, which could be worth over a billion and a half dollars cumulatively, belongs to this company cannot be said for sure. It is possible that the funds belong to one of the trustee’s clients.This article was originally published on U.Today More

EasyA, the world’s leading blockchain education platform, proudly announces the launch of its EasyA x Polkadot University. This will be the world’s first university focused on educating the next generation of blockchain developers. EasyA alumni have already founded companies valued at over $2.5 billion. The EasyA x Polkadot University will bring the next wave of these founders into the Polkadot ecosystem and get them launching their projects on Polkadot.With 1 million users already learning about blockchain via the EasyA app and thousands of developers attending EasyA hackathons around the world, EasyA is now taking its educational initiatives to the next level. The EasyA x Polkadot University will leverage the widespread talent within universities and focus this on the Polkadot ecosystem.Through a combination of workshops, hackathons and demo days, the University will focus on educating students about Polkadot and helping them launch new projects in the ecosystem. The biggest breakthroughs in blockchain have been driven by students, like Vitalik Buterin who dropped out to create Ethereum, and Polkadot’s own Robert Habermeier who was just a student when he stepped away from academia to build Polkadot. With its University, EasyA will focus on finding the world’s most talented founders and nurturing them to success.EasyA’s own founders, Phil and Dom Kwok, have a wealth of experience in both blockchain and business. Having started their journey into blockchain in 2013, they have seen precisely what works and what doesn’t over the past decade. Phil was a scholar at Cambridge University, and was one of the youngest people ever to pass the New York bar. Dom was educated at the Wharton School, University of Pennsylvania, where he was also a scholar before working at Goldman Sachs and subsequently the private equity giant Blackstone (NYSE:BX). The EasyA x Polkadot University ushers in a new era for blockchain education: a place where the world’s best builders will create this next phase of the internet.About EasyAEasyA is one of Web3’s most popular apps, making it easy for anyone to learn about Web3 right from their phones. Learners earn rewards for mastering new skills and the best are invited to in-person hackathons to launch their startups in world-leading hubs like San Francisco, London and Singapore. EasyA alumni have founded startups valued at over $2.5 billion and have raised from top VCs like a16z, Founders Fund, YC and many more. Launched by brothers Phil and Dom Kwok, top grads from the University of Cambridge and The Wharton School, EasyA has over 1 million users and has won Apple’s highly-coveted App of the Day award. To learn more: https://www.easya.io/ContactMrDom KwokEasyAdom@easya.ioThis article was originally published on Chainwire More

Traders are usually taking large bets on future market directions when open interest is this high. Still, the ramifications can change based on the mood of the market. A bullish slant to the market may indicate that traders are getting ready for a price breakout. However, if sentiment turns more cautious, this spike might trigger a sharp sell-off if prices do not live up to expectations, which could lead to a possible long-term retracement. Several price levels are important to keep an eye on, especially considering the current state of the market where Bitcoin is trading at about $63,500. Initially Bitcoin is facing immediate resistance at the $64,000 level, which it recently tested. If trading volume continues to support the upward move, a break above this level may spark a stronger rally. The amount of $62,000 serves as vital support and is the second most important level. If Bitcoin is unable to sustain this level, traders may sell off their long holdings, sending the price of the cryptocurrency into a downward spiral. The main support level below $62,000 is $60,500, to sum up. A collapse in this area might trigger steeper drops, which could force BTC into a longer retracement. Additionally, the increase in open interest suggests that there might be a lot of leveraged positions. If the market moves sharply against these positions, there is an increased risk of liquidation cascades, which further increases market volatility. Traders should be mindful of this situation because it has the potential to cause sudden quick moves in either direction. In conclusion, the increase in Bitcoin open interest indicates that a big move in the market is imminent. To predict the next possible movements for Bitcoin, traders should be wary of the $64,000 resistance and keep an eye on the $62,000 and $60,500 support levels.This article was originally published on U.Today More

So, as the trader explains in his latest post, the major cryptocurrency currently shows a step-like formation – a pattern, which is characterized by a series of price consolidations followed by upward movements, resembling steps in an ascending trend.Amid this formation, which looks a bit like a famous “cup with handle” bull pattern, van Lagen spots an ascending broadening wedge at the potential pre-breakout stage. This technical pattern is worth paying attention to because it breaks to the upside 79% of the time, according to van Lagen, and 67% of the time, it leads to a continuation of the prior trend.Based on this analysis, the target price for Bitcoin set by the trader is an impressive $300,000 per BTC, which is a 472.44% increase from current levels. This price target shows how much potential there is for growth, which fits with van Lagen’s optimistic view of the future of cryptocurrency.Meanwhile, on the shorter time frame, the price of Bitcoin has been hovering around $63,500 per BTC for the past four days. Interestingly, this price range aligns with the 200-day simple moving average, a key technical indicator that has proven to be a tough barrier.As Bitcoin has struggled to break above this moving average, traders would be wise to watch closely for signs of a breakout from here and out of the wedge pattern thereafter.This article was originally published on U.Today More

W3GG, the Yield Guild Games (YGG) backed decentralised gaming protocol, is thrilled to announce the listing of its native token, $W3GG, on Gate.io, MEXC, and Uniswap, marking a milestone in its mission to redefine the gaming industry through Web3 technology. The listing is scheduled to go live on 25th September 2024 at 10am UTC, offering users access to a project at the intersection of blockchain and gaming.W3GG and the Future of Web3 GamingAccording to the team, the gaming industry, which is projected to reach $125 billion by 2032 according to Global Market Insights, is undergoing a shift with the rise of Web3 gaming. Web3 is changing how gamers interact with the digital world by promising digital asset ownership and earnings opportunities within games. The W3GG protocol acts as a part of this transformation by offering players ownership of in-game assets and empowering developers to try and reward users directly.W3GG’s decentralised gaming protocol allows gamers the chance to earn blockchain-based rewards, with the intention that contributions like in-game achievements, time spent, and community building are recognized and rewarded. Furthermore, the W3GG token offers gamers the ability to engage and shape the future direction of the ecosystem.Expanding Market ReachThe listing of $W3GG on Gate.io, one of the top 10 global exchanges by trading volume, and MEXC, another global exchange known for its focus on emerging blockchain projects, ensures that the token will be available to a wide and diverse user base. Additionally, the decentralised nature of Uniswap allows users to trade $W3GG seamlessly and directly, providing the ability for liquidity and ease of access for decentralised finance enthusiasts.Position in the Web3 Gaming EcosystemAccording to Delphi Digital, Web3 games and metaverse projects raised nearly $673 million from January to June 2024, underscoring the rapid evolution of this space.W3GG, with its decentralised gaming protocol, and growing ecosystem of over 70 different web3 games, is hoping to capitalise on this growth. The protocol’s native token aims to not only fuel in-game transactions and rewards opportunities, but also enable users to participate in the governance and future direction of the platform. By leveraging the potential of blockchain technology, W3GG is aiming to establish itself as a key player in this multi-billion-dollar market.Token Utility and GovernanceThe $W3GG token will serve as the core utility token of the ecosystem:For more information, readers can visit w3gg.ioContactHead of Marketing and CommunityJoyal LangoyW3GGjoyal@w3gg.ioThis article was originally published on Chainwire More

The world’s biggest cryptocurrency had risen after the Federal Reserve cut interest rates last week and announced the start of an easing cycle, with lower rates presenting better prospects for crypto.But this momentum slowed as markets sought more cues on how much the Fed will cut rates further. Broader sentiment towards crypto also remained weak amid waning retail demand and an uncertain regulatory outlook.Bitcoin remained steady at $63,625.0 by 08:30 ET (12:30 GMT). While Bitcoin has witnessed a significant resurgence after dipping below $54,000 earlier this month, analysts from cryptocurrency exchange Bitfinex remain cautious, saying a full bullish reversal has yet to be confirmed.In a note seen by CoinDesk on Tuesday, the analysts highlighted that Bitcoin needs to surpass the August high of $65,200 to signal the end of its prolonged downtrend, which has been marked by lower price highs since March.”BTC is now within touching distance of the Aug. 25 top of $65,200. The reason this level is important is because since the all-time high of $73,666 was reached on March 14th, BTC has still not managed to eclipse a single high before a local/new bottom was formed. This qualifies for the technical definition of a downtrend,” the note explained.”This implies that the August 25th local high at $65,200 before our September 6th local bottom holds a lot of significance from a higher time frame perspective,” it added.A solid move above this level would indicate the end of the interim downtrend and mark a continuation of the broader uptrend from October 2023, when Bitcoin was trading below $30,000.Despite the recent price rise, the flattening of the cumulative volume delta indicator since Bitcoin crossed $63,500, suggests a slowdown in spot market buying, offering a reason for caution, Bitfinex points out. The cumulative volume delta tracks the net buying and selling volumes on centralized crypto exchanges over time.Data from digital assets manager CoinShares showed on Monday that crypto investment products logged a second straight week of capital inflows, amid optimism over the Fed’s rate cut.Inflows amounted to $321 million last week, slowing from the week prior. Bitcoin was the primary focus of the inflows, but short-Bitcoin positioning also increased. Ether clocked a fifth straight week of outflows, while most other altcoins logged mild inflows. But despite the two weeks of inflows, overall capital inflows and trading volumes were at a fraction of those seen earlier this year, as sentiment towards crypto remained weak. The prospect of a tight U.S. presidential race also presented an uncertain outlook for crypto, given that only Republican presidential candidate Donald Trump has presented a pro-crypto stance. Democratic nominee Kamala Harris is widely expected to continue the Biden administration’s crackdown against crypto.Broader crypto prices tracked Bitcoin’s underwhelming performance, with the world no.2 crypto Ether slipping 0.2% to $2,642.99.XRP, SOL, and MATIC moved in a flat-to-slightly high range, while ADA outperformed, rising 5%.Among meme tokens, DOGE added 2.6%. Traders remained mostly cautious before addresses from a slew of Fed officials this week- most notably Chair Jerome Powell.PCE price index data- the Fed’s preferred inflation gauge- is also due on Friday.Ambar Warrick contributed to this report.  More

The world’s second-biggest cryptocurrency has consistently underperformed Bitcoin since these launches, with its share of the global crypto market cap steadily declining. Meanwhile, Layer 1 Ethereum activity remains subdued, even as Layer 2 usage has risen significantly. According to Citi analysts, this trend may shift in the wake of the risk-friendly stance taken by the Federal Open Market Committee (FOMC) in September. “Should the broad risk-on market environment continue, crypto and ETH may be supported and potentially reverse the net ETF outflows,” Citi analysts said in a note, though this would require improved activity on the Ethereum network.The dovish FOMC decision appears to have halted ETH’s decline relative to BTC, as the BTC/ETH ratio has slightly fallen since the meeting. Still, the challenge remains significant: only about 30% of trading days have seen positive net inflows into spot ETH funds. Citi points out that for Ethereum’s market share to recover meaningfully, Layer 1 activity would need to pick up.“While Layer 2 network activity has been strong (especially on Base), active addresses on L1 have been subdued, which perhaps could explain some of the coin’s underperformance in recent weeks,” analysts noted.While Ethereum has seen outflows, Bitcoin ETFs, in contrast, continue to attract attention, with net inflows totaling $17.2 billion since their launch. Bitcoin’s first-mover advantage, combined with its status as “digital gold,” has helped it outperform ETH in terms of both inflows and market dominance. In fact, BTC’s share of the global crypto market cap has increased steadily since January 2024.In recent weeks, the correlation between cryptocurrencies and U.S. equities has surged, driven by macroeconomic factors such as labor data and the Federal Reserve’s policy trajectory. Citi notes that this link is expected to remain strong as markets gain clarity on the economic outlook and potential regulatory changes, especially with the upcoming U.S. presidential election.Equities have emerged as the dominant macro driver for crypto. Notably, the crypto-USD correlation turned positive on August 5, a rare occurrence in recent years. Separately, while fears of monetary debasement, which could boost both crypto and gold, are not prominent at this stage, Citi analysts continue to monitor any signs of their resurgence. More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the launch of its Islamic Account, making it the first global cryptocurrency exchange to offer such a service to Muslim traders worldwide. This initiative represents a major step towards providing crypto trading that is both accessible and compliant with Islamic law.Bybit’s Islamic Account offers a comprehensive suite of Shariah-compliant trading products, providing Muslim traders with an inclusive platform to engage in the digital asset market. Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.Key Features of Bybit’s Islamic Account:#Bybit / #TheCryptoArkAbout BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find a fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, readers can please visit Bybit Press. For media inquiries, readers can please contact: media@bybit.comFor more information, readers can please visit: https://www.bybit.comFor updates, readers can please follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More