Cryptocurrency

This article was originally published on U.Today More

Bitcoin is on track for its fourth consecutive day of gains, reaching highs of $63,293 in today’s trading session after recovering from Friday’s lows of $56,538. According to Brandt, Bitcoin (BTC) might be unfolding its often-repeated “Hump Slump Bump Dump Pump” chart construction, a pattern he had observed in the past.”Bitcoin BTC could be unfolding its often-repeated Hump Slump Bump Dump Pump chart construction,” Brandt wrote in a tweet, suggesting Bitcoin’s price action might be following a defined pattern.This chart construction is characterized by a “Hump,” or price increase, followed by a “Slump,” or price drop. The “Bump” phase shows a price rise, followed by a “Dump,” which is another dip. Finally, the “Pump” phase represents major upward movement, frequently resulting in new highs.On July 5, according to Brandt, Bitcoin attempted to form a double top, a bearish pattern that led to lows of $53,499. However, Brandt identified this as a bear trap, a false signal that misleads traders into believing the price will continue to fall. This view is not farfetched, as Bitcoin had fallen for days ahead of this date.However, a positive close on July 13 invalidated the double top. Brandt suggests that the most likely scenario now is that bears are trapped. This interpretation suggests Bitcoin might continue its upward trajectory.However, Brandt notes that a close below $56,000 would negate this bullish outlook, thus remaining a key level for traders to monitor. At the time of writing, BTC was up 5.05% in the last 24 hours to $62,642.This article was originally published on U.Today More

The doors are now open for Web3 and Web2 developers to build on Constellation Network’s long-awaited Hypergraph distributed ledger technology – in development for the past several years under various contracts with the US Department of Defense.Constellation’s Global Metagraph Hackathon is a fully virtual event, free to enter, running from July 15th until September 9th, 2024. A total of $100,000 USD equivalent in $DAG (Constellation Network’s cryptocurrency) will be distributed to winners across several categories encompassing metagraph development and on-chain tooling, with the biggest single prize of $25,000 going to the most successful Metagraph.With its Hackathon, Constellation officially unveils its “metagraph” application layer technology that runs on top of its Hypergraph global consensus layer to a worldwide audience. A metagraph can be any type of Layer 1 decentralized application (dApp) network or legacy Web2 network with its own internal business logic. Other blockchains can even be metagraphs on top of Constellation’s Hypergraph.Constellation’s fast and feeless Hypergraph network is uniquely designed using DAG-based infrastructure and microservices to create an underlying digital transfer layer with a flexible structure and application network overlay (metagraph). This facilitates interoperability and composability across both Web3 and legacy Web2 networks, offering network security, data validation, scalability, and simplified onboarding that businesses and governments need for adoption.“Interoperability” is a buzz word in the Web3 space, it can be explained as all the networks that need to talk to other networks – like a smart factory or city where multiple networks of IoT devices communicate and share data, each with its own unique metagraph network communicating across the underlying Hypergraph. Constellation’s metagraphs can work with any data type, interface directly with external data sources, accept existing Scala or Java libraries, give complete control over validation and consensus logic within the network, and scale to the level applications need through multilayered microservice architecture. JudgingHackathon submissions will be judged Sept 16-23, 2024, and winners will be announced on or around Sept. 30th. Hackathon judges include:Users can download the Stargazer Wallet to hold $DAG.To find out more about Constellation Network: www.constellationnetwork.ioX/Twitter: https://x.com/Conste11ation and https://x.com/stardustco11ect Developer Discord: https://discord.gg/9PhXJKeAWC Telegram: https://t.me/constellationcommunityContactHead of MarketingDagnum PIStardust Collectivedagnum@stardust-collective.orgThis article was originally published on Chainwire More

Mike Novogratz, a well-known investor in the crypto space, acknowledged the recent speculation and flagged its potential impact on the industry. He mentioned similar rumors and said he is interested to find out if there is any truth in them. China has a pretty complicated history with Bitcoin, as it was initially welcoming of the technology, even opening a domestic exchange in 2011. However, by 2013, things had changed. It is worth noting that in contrast to this, Hong Kong took a step toward wider crypto adoption last year by opening up spot Bitcoin trading.On top of the immediate economic impact, a potential unbanning could have political implications. As the U.S. gets more and more into the crypto market with things like Bitcoin and Ethereum ETF approvals, China might see an opportunity to compete for dominance in the digital currency space.If this pivot to being pro-crypto from China is confirmed, it could have a major effect on the market, potentially leading to big price movements and faster global adoption. As the second half of 2024 approaches, the crypto community is waiting for any official announcements from Chinese authorities with heightened interest.This article was originally published on U.Today More

Bitcoin reached a record high of about $74,000 in mid-March, fueled by demand for launched U.S. exchange-traded funds. The coin then fell back amid decreasing inflows and concerns over sales of seized tokens and the bankrupt Mt. Gox exchange.Bitcoin subsequently dipped to lows of $53,499 on July 5, levels last seen in February, after a persistent sell-off. After days of consolidation, Bitcoin picked up a rebound and started rising.From a technical perspective, Bitcoin’s recent price increase has been aided by a major breakout, with BTC surpassing the key level at the 200-day Simple Moving Average (SMA).This technical breakout boosted bulls further, propelling the price upward. According to crypto analyst Ali Martinez, a decisive breakout past this level was necessary for Bitcoin’s sustained bullish momentum.In an earlier tweet, Ali predicted that a successful break above the $59,200 resistance level that coincided with the daily SMA 200 could propel BTC to $63,800.At the time of writing, BTC was up 4.12% in the last 24 hours to $62,745 after hitting intraday highs of $63,293.According to CoinGlass data, $125 million worth have been liquidated in the last 24 hours, with a larger chunk of this, $101.43 million, representing bearish bets from traders hoping for crypto prices to go lower.Bitcoin accounted for nearly half of this figure, with BTC shorts losing $49.45 million in liquidations.According to on-chain analytics firm IntoTheBlock, while Bitcoin has reclaimed the $62,000 support level, resistance remains strong above it; however, enough bullish momentum can prevent selling pressure.This article was originally published on U.Today More

All eyes in the cryptocurrency world are on Bitcoin because of its recent price surge. Bitcoin is currently trading at about $62,732 after breaking through the $60,000 resistance. This notable increase in volume indicates that investors, both institutional and retail, are becoming more interested and confident. This bullish trend is being driven by multiple factors.First, a supply shock has driven up prices as a result of long-term investors and large corporations holding more Bitcoin, which is decreasing the available supply of the cryptocurrency. The general upbeat attitude on the cryptocurrency market has also aided in the ascent of Bitcoin. According to technical Analysis, Bitcoin has successfully broken through the 50 and 100 EMAs. The 200 EMA, or roughly $64,024, is the next significant resistance level. If this barrier is broken, there is a chance that Bitcoin will soon test $70,000. Further bolstering the bullish argument for Bitcoin is on-chain data, which shows an increase in transaction volume and activity. With the Relative Strength Index (RSI) at 56 right now, there may still be more room for Bitcoin to rise before it enters overbought territory. Still, prudence is advised, notwithstanding the optimism. Before the market makes a clear move, it may consolidate around the $65,000 mark, which is a major psychological barrier. To assess the strength of this uptrend, investors should keep a close eye on the volume and price action. The trajectory of Bitcoin will also be greatly influenced by outside variables like macroeconomic events and news of regulation. Bitcoin may be able to maintain its upward momentum with the help of favorable regulatory developments and growing institutional adoption.This article was originally published on U.Today More

Speculation that the failed assassination could increase Trump’s chances of a second term was a key driver of Bitcoin’s rebound, given that the Republican frontrunner has maintained a favorable stance on crypto in recent months. Bitcoin rose 5.2% in the past 24 hours to $62,709.1 by 09:12 ET (13:12 GMT). The token had slid to over four-month lows last week but was now trading nearly $10,000 above them.Trump reportedly sustained minor injuries after a gunman opened fire at a rally in Pennsylvania. But the former President was seen urging his supporters to “fight!” in the immediate aftermath of the attack.Initial reactions to the attack were that it stood to greatly boost Trump’s chances of a victory over Joe Biden. Trump spoke in support of crypto during his recent campaigning efforts, stating that he would ensure the future of Bitcoin would be made in the U.S.Trump also reportedly accepts campaign donation in crypto. Expectations that his reelection would be positive for crypto drove up prices over the weekend, especially as Trump’s somewhat defiant stance in the face of the attack appeared likely to boost his popularity. But just how much further Bitcoin could push remained in doubt, as distributions from defunct crypto exchange Mt Gox appeared set to continue.Mt Gox began returning crypto lost during a 2014 hack back to clients earlier in July, and has given no signal that it plans to stop. The sudden increase in token supply was a key driver of Bitcoin’s recent rout, as traders bet that receivers of the tokens would be likely to sell it. While it was not immediately clear what the full extent of Mt Gox’s distribution will be, wallets associated with the exchange were seen moving about $9 billion worth of tokens earlier this year. Broader crypto prices also rebounded, with world no.2 token Ether rising 5% to $3,351.61.SOL, XRP and ADA rebounded between 1% and 5.6%, while among meme tokens, DOGE added 5.3%, while SHIB rose nearly 4.7%.Sentiment towards crypto also improved amid growing expectations for an interest rate cut by the Federal Reserve in September.In other crypto-related developments, Alexey Pertsev, co-founder and developer of Tornado Cash, was denied bail by a Dutch court on Friday, DLNews reported.Pertsev’s lawyers had sought bail to allow him to prepare for his appeals process, but the court stated that “continuing his detention does not obstruct his possibility to prepare his defense,” according to Keith Cheng, Pertsev’s lawyer.Pertsev was found guilty of money laundering by a Dutch judge at the ‘s-Hertogenbosch court in May and sentenced to 64 months in prison. The verdict caused a significant uproar within the crypto community, with many expressing outrage. The case has been described as one of the most pivotal legal battles in the crypto world.Last month, Pertsev was denied access to digital facilities such as a computer, despite an 18-point presentation by Cheng highlighting the technical aspects of DeFi involved in the case.Cheng emphasized to DLNews that Pertsev is a crucial source of knowledge for the kind of preparation that “cannot be done by a lawyer.” More

With fresh capital in hand, Satoshi Protocol plans to upgrade security measures, expand integrations across multiple Layer 2 solutions, and increase the protocol’s global presence, Investing.com has learned. The Satoshi Protocol is the first to bring a Collateralized Debt Position (CDP) protocol to BEVM, offering a way to get liquidity for BTC through the SAT dollar stablecoin, making BTCFi more versatile. This approach is said to open up trillion-dollar liquidity in the Bitcoin world, allowing users to keep their Bitcoin while accessing funds.New developments like inscriptions and scaling solutions are breathing new life into the Bitcoin ecosystem. But there’s still a big problem: the lack of a reliable, fiat-pegged crypto for easy trading and efficient market pricing. That’s where Satoshi Protocol comes in. By letting users borrow SAT with their Bitcoin as collateral, it provides a deep liquidity solution for the Bitcoin ecosystem.Satoshi Protocol enables users to collateralize BTC/LST to mint the stablecoin $SAT on both Bitcoin mainnet and multiple Layer 2 platforms.”The support from our investors is crucial as we work towards creating a universal stablecoin that meets the needs of Bitcoin users,” said Naka, Founder & CEO of Satoshi Protocol. “This funding allows us to achieve these critical development and market goals.”Satoshi Protocol has already gained traction with several integrations with platforms such as BOB, Bitlayer, BEVM, Core Chain, Botanix, B^2, Alys/Anduro (Marathon Holding), and Omni Network. Moreover, the protocol collaborated with the Binance Web3 Wallet Campaign, engaging over 172,000 users.”Satoshi Protocol’s approach to integrating stablecoins is a real leap forward within the Bitcoin ecosystem,” commented Vineet Budki, Managing Partner at Cypher Capital. “This investment reflects our confidence in its ability to enhance liquidity options for Bitcoin users and Bitcoin’s overall utility.” More