Cryptocurrency

Dora 2.0 Update Allows searchability across 10+ chains alongside bridging, and swapping across all supported chains & expansion into new VM ecosystemsDora, the unified search, discovery, & action engine for the multichain world, is excited to announce a series of significant upgrades to its services, which will provide Dora users with a unified search view, and actions interface to enable bridging and swapping for more than 10 chains, including Ethereum, Base, Rari, Xai, Palm Network, Gnosis, Scroll, and more. Current blockchain services can be highly siloed, with significant barriers or friction for interoperability, innovation and liquidity. The launch of the Dora 2.0 Update is a key step in Dora’s vision to support the progression towards a multichain and multiVM world by providing an unfragmented and unified multichain experience. Due to Dora’s recent agreement with Movement and Fluent (NASDAQ:FLNT), Dora will also progress to be the first multiVM block explorer. This will make Dora the only block explorer that allows users to not only search EVM chains but also review their SVM, Wasm, and Move interactions within the same interface, streamlining the user experience and reducing the complexity of managing and reviewing transactions.The announcement encompasses three key updates:About DoraDora is the Unified Discovery Engine for the Multichain World. We collaborate with a multitude of blockchain networks and rollup teams to provide comprehensive block explorer and search solutions. Our mission is to enhance the accessibility of on-chain data through innovative search capabilities, driving discovery and mass adoption of blockchain technology.For more information, users can visit about.ondora.xyzContactSenior ConsultantBridget van VoorstCW8 CommunicationsDora@cw8-communications.comThis article was originally published on Chainwire More

The defunct Mt. Gox exchange remains a key issue for the world’s largest cryptocurrency, with the exchange’s trustees recently starting to refund tokens to clients affected by a 2014 hack. The exact amount of this distribution is unclear, but wallets linked to the exchange moved about $9 billion worth of tokens earlier this year.Moreover, the German government has been offloading Bitcoin confiscated from a piracy website, potentially holding at least $2 billion worth of tokens.The sharp decline in Bitcoin price has raised concerns that major Bitcoin miners might start selling some of their holdings to break even, particularly after Bitcoin’s halving earlier this year reduced miner rewards.These factors have weighed on BTC significantly in the recent period, shaving roughly 15% of its value over the past month.Bitcoin is currently trading above the $58,000 mark, having bounced from last week’s low of $53,600. The cryptocurrency remains in a technical downtrend from March’s record high of $73,800, with consecutive lower highs at $71,300 and $63,900.Eugene Cheung, head of institutions at Bybit, said that while optimism remains for the medium-term outlook, the cryptocurrency market is not immune to abrupt macro events that could significantly affect global market sentiments. However, Cheung notes that the $57,000 support level has so far helped hold Bitcoin price, pointing to the resilience of the market and limiting further declines.“If the price can climb back above the 200-day moving average quickly, this recent decline could be considered a bear trap, and a rally higher could be expected,” Cheung told Investing.com.Historically, market corrections have acted as healthy resets within ongoing bull markets, aligning with well-established trends. Cheung notes that there has been a decline in trading activity and crypto prices on centralized exchanges for nearly two months following the halving event in previous Bitcoin cycles, a pattern that has repeated in the current cycle.“The market cycles can last 12 to 18 months after Bitcoin halving before producing a new cycle top,” he said. “Despite common fears that “this time is different,” the cyclical nature of markets often sees history not repeating but certainly rhyming.”Meanwhile, recent data from on-chain and market data analytics firm CryptoQuant offers a different perspective, suggesting that a major Bitcoin price correction or the onset of a sustained bear market could be imminent, as the profit and loss index hovers around its 365-day moving average. Previous crossovers to the downside preceded significant declines in May and November 2021.CryptoQuant’s bitcoin bull-bear market cycle indicator is also nearing a critical level that indicates a potential descent into a bear market. More

Thus, the major cryptocurrency has experienced a significant fall in recent days, dropping from $64,000 to just under $54,000 in five days. This was followed by attempts by buyers to recoup the decline.However, despite recapturing the $59,000 mark, it has not been able to hold that price consistently. At the time of writing, Bitcoin is trading at $58,465, which nevertheless represents a 6.5% recovery since the beginning of the week.In the context of these market fluctuations, Samson Mow, a prominent figure in the cryptocurrency industry and proponent of the $1 million BTC, has noticed notable Bitcoin whale activity.It is important that this is Bitfinex data, because in addition to being a major cryptocurrency exchange, it is one of the oldest, having been operating on the market since 2012. Activity on Bitfinex is closely monitored by experts, as large amounts of BTC often appear there, influencing overall market trends.In addition, Bitfinex was one of the first professional platforms built for cryptocurrency trading, which means that many old-timer whales who have experienced a lot in crypto reside here, and their activity can say a lot about the mood of the most influential market participants.This article was originally published on U.Today More

The statement “Bitcoin is the balance of Power” might suggest that Saylor envisions a future where cryptocurrencies play a pivotal role in leveling the playing field, providing a counterweight to centralized financial power.As Bitcoin adoption continues to grow, the balance of power may indeed be shifting. As more institutional investors explore Bitcoin as part of their portfolios, the idea of Bitcoin as a counterbalance to traditional financial systems gains traction.Saylor’s tweet comes at a time of market uncertainty. After a period of volatility, many cryptocurrencies are showing signs of stabilization.Bitcoin, the first and largest cryptocurrency by market capitalization, is approaching a test of a key resistance level as reported, with the market eagerly watching for its next move. At the time of writing, BTC was up 0.72% in the last 24 hours to $57,630.Powell delivered his opening remarks yesterday, setting the stage for a two-day speech on Capitol Hill this week. Several other Fed members are scheduled to speak this week, which may provide further insights into the Fed’s economic and monetary policy expectations.The markets expect the Fed to start decreasing rates in September, followed by another quarter percentage point decrease by the end of the year.As it stands, the market continues to watch out for signals or clues that could decide the next direction, with a focus on prices.This article was originally published on U.Today More

To be sure, Bitcoin’s price fell to as low as $53,500 before buying interest rekindled, allowing it to reintegrate its former support around $56,500. Currently trading around $57,800, Bitcoin has dipped below the critical $60,000 mark. The pressing question, however, remains: will Bitcoin recover to its previous highs, or is it destined to fall further, potentially revisiting the lows of 2022 that wreaked havoc on the crypto market?At present, two primary reasons have led to the decline of Bitcoin price. First is the potential initiation of the distribution of confiscated Bitcoin from the collapsed Tokyo crypto exchange, MT. Gox, which was once a prominent crypto platform, which crashed after most of its crypto assets were stolen by hackers between 2011 and 2014. The second factor impacting Bitcoin’s price is the large-scale sale of Bitcoin by the German government. For several weeks, Germany’s government has been liquidating significant amounts of Bitcoin, totaling hundreds of millions of dollars. The sell-off recently intensified, with approximately $75 million worth of Bitcoin being transferred to exchanges such as Coinbase (NASDAQ:COIN), Kraken, and Bitstamp. The sell-off was seen as a part of a broader strategy, with $315 million worth of Bitcoin sold since mid-June, bringing total sales to over $390 million in less than a month. Despite market concerns, these sales represent a small fraction of Germany’s total holdings, leaving 40,359 Bitcoins still in reserve. Interestingly, the German government recently moved back 1,915 Bitcoins worth $111.5 million.As Germany continues to liquidate its Bitcoin holdings, analysts see it as an opportunity to capitalize on the dip. The ongoing sales by the German government are being closely monitored, with analysts predicting short-term market volatility. The strategic implications of these actions, both for Germany’s financial future and the broader cryptocurrency market, are a subject of significant debate.Some suggest that Bitcoin’s recent performance could indicate a “summer lull,” a pattern observed in previous cycles. This analysis pointed out that the cryptocurrency’s future in Q4 depends on its ability to regain and maintain key price levels in the coming weeks.Adding to the market’s unease is a noticeable decline in whale transactions, which have dropped significantly from 17,000 to below 12,000 in just one week. This decrease could signal waning interest from larger investors or a potential consolidation phase.Prominent trader Peter Brandt has issued a bearish prediction, suggesting that Bitcoin could drop to $44,000. Brandt highlights that the current correction should concern investors, noting that Bitcoin has breached the 200 exponential moving average, a historically reliable support line.This support breach raises the possibility of a more significant correction being underway. More

Market speculation is running high, with traders and investors closely monitoring Bitcoin’s price movements, anticipating potential breakthroughs or pullbacks in the coming days.After experiencing significant volatility in recent weeks, Bitcoin’s price shows signs of stabilization, although a bigger test lies ahead for its price action. In this regard, market analysts have identified several key resistance levels that Bitcoin must overcome to sustain its upward momentum.After dipping to lows of $54,278 in Monday’s trading session, Bitcoin saw a rebound that brought it closer to a crucial resistance level that could determine its short-term trajectory.According to crypto analyst Benjamin Cowen, the “short-term resistance for BTC is around $59,000. This is the 200 Daily SMA and would also correspond to a backtest of the trend line that BTC broke down from.”After climbing for two days at a stretch, Bitcoin retested the daily SMA 200 and briefly surpassed it, reaching highs of $59,341 in today’s trading session.At the time of writing, BTC was just up 0.83% in the last 24 hours, giving up its intraday gains as bulls confirmed resistance near the daily SMA 200.As spot prices fall, the ratio of investor Realized Profit to Realized Loss falls along with them. According to Glassnode, this indicator has now fallen into the 0.50 to 0.75 region, a more neutral level typically observed during bull market declines.Looking particularly at short-term holder losses, Glassnode reported a total realized loss of more than $595 million this week, the greatest loss-taking event since the 2022 cycle bottom. Furthermore, just 52 out of 5,655 trading days (less than 1%) had a higher daily loss value, indicating the severity of the decline in dollar terms.This article was originally published on U.Today More

SKALE is enhancing scalability and efficiency for over 10 million monthly active users, solidifying its position as one of the world’s most efficient blockchains.SKALE, the gas-less EVM-compatible modular blockchain network, today launched the Pacifica V3 upgrade which accelerates block mining speed by 108% and increases transaction throughput by 122%. Leveraging its unique modular AppChain architecture, this upgrade brings significant advancements to SKALE Network’s capabilities, including improved transaction speed and predictability, enhanced network performance, and improved developer tools.In the forthcoming V3.1 update coming in the last half of 2024, SKALE will support all pre-deployments in “skale-contract” functionality and optimize performance through disk partitioning for chains.In June 2024, SKALE saved users $400 million in gas fees while successfully supporting roughly 55 million transactions. For more information, users can visit SKALE.space.About SKALE: SKALE Labs is the foundation behind SKALE Network, a gas-less EVM-compatible modular blockchain, which is designed to provide a world-class experience for builders of games, AI, SocialFi, and web3 applications. As of Q1 2024, SKALE Network serves over 10 million monthly active users and saves billions in monthly gas fees with its innovative modular architecture. SKALE Chains feature high performance, zero gas fees, enhanced security, and instant finality, making them ideal for a wide range of decentralized applications. With a commitment to driving the mass adoption of Web3 technologies, SKALE empowers developers and businesses to build scalable, efficient, and user-centric blockchain applications. On the SKALE network, developers can deploy their own EVM-compatible blockchain by unlocking advanced features such as AI/ML smart contracts, on-chain file storage, interchain messaging, and zero-cost minting. Harmonizing speed, security, and decentralization, SKALE Labs was founded in 2018 by Jack O’Holleran and Stan Kladko, PhD. ContactPR ManagerKyle HeiseSerotoninkyle@serotonin.coThis article was originally published on Chainwire More

In a note, the firm initiates coverage on Iris Energy (IREN) and Core Scientific (CORZ) with Outperform ratings. Bernstein highlights the miners’ hybrid business model, leveraging their existing Bitcoin mining infrastructure for AI data centers. They point to recent deals, like CORZ’s $4.7 billion co-hosting agreement with Coreweave, as evidence of this trend.”Bitcoin miners enjoy a lead in the ‘large load’ power interconnect queue,” says Bernstein, giving them a significant advantage in the buildout of AI data centers. This, combined with their competitive power costs, positions them well for partnerships. The analysts forecast that 20% of Bitcoin mining power capacity will be used for AI by 2027, with IREN, CORZ, and other similar players leading the charge.Bernstein remains bullish on Bitcoin itself, predicting a price of $200,000 by 2025 and exceeding $1 million by 2033. However, they see the AI data center angle as a buffer against Bitcoin’s price volatility, potentially attracting more institutional investors.The report compares IREN and CORZ, noting CORZ’s lead in co-hosting agreements, while IREN boasts a strong power pipeline and data center expertise. Bernstein values IREN and CORZ at a target Enterprise Value (EV) to EBITDA multiple of 9.7x and 6.4x for fiscal year 2025, respectively.”If power is the key constraint, then Bitcoin miner’s power access look undervalued,” concludes Bernstein. They believe the current market undervalues these companies’ potential in the booming AI data center space. More