Cryptocurrency

Right now, the price of Bitcoin is slightly below the 200 EMA. This level has always been a reliable stopgap for a long-term trend, which makes it significant. Breaking below this mark could signal a more serious bearish trend and significant price drops. The bearish outlook has been reinforced by resistance at the 50 EMA, which is located at $63,634, and the 100 EMA, which is located at $63,315.While the overall trend remains weak, the RSI at 31 indicates that Bitcoin is approaching oversold territory, suggesting a possible short-term recovery. Peter Schiff’s analysis of Bitcoin often leans heavily toward bearish extremes despite the fact that it is based on traditional market skepticism.If Bitcoin breaks its current support, a prediction of, say, 60% of the value could be considered alarmist. A 60% decline would suggest a drop to roughly $23,000, which might not be consistent with previous price patterns even though further drops are still possible. Despite those drops, Bitcoin has been exhibiting some resilience – but obviously not enough.As a result of adoption trends and optimistic investor sentiment, Bitcoin has previously recovered from similar drops. Despite recent drops, institutional interest in Bitcoin has not diminished. Institutions continue to support Bitcoin by investing in and developing products linked to the cryptocurrency, indicating their confidence in its long-term potential. The market’s sentiment is subject to sudden changes. Positive news can swiftly alter the narrative and drive up costs. Clearer regulations or enhanced technology are two examples of this.This article was originally published on U.Today More

Bybit, the world’s second-largest web3 platform by trading volume, solidified its commitment to fostering innovation and collaboration within the blockchain industry through a multifaceted sponsorship at the prestigious Swiss Summer Web3Fest and Crypto Valley Conference (CVC) in Switzerland in early June 2024. Bybit actively fostered industry connections throughout both the Swiss Summer Web3Fest 2024 and the 6th edition Crypto Valley Conference (CVC) held in Zug and Rotkreuz, Switzerland respectively from June 5th to 7th, 2024.Swiss WEB3FEST Summer Edition is where Crypto Valley and Crypto Oasis converge for an extraordinary celebration of Web3 innovation and collaboration while the Crypto Valley Conference, now in its 6th edition, is a premier event attracting leading figures in the blockchain space. Bybit’s participation demonstrates its support for the growth and development of the crypto ecosystem in Switzerland.About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 33 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-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.ContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

Bybit, the world’s second-largest web3 platform by trading volume, is thrilled to announce the soft opening of its Netherlands office in Amsterdam as Bybit Powered by SATOS. This strategic move marks Bybit’s expansion into the Dutch market and reaffirms its commitment to providing exceptional services to the Netherlands’ crypto community by deepening its partnership with SATOS, a Virtual Asset Service Providers (VASP) license holder accredited by De Nederlandsche Bank (DNB).Building a Secure and Trusted Crypto Ecosystem in the NetherlandsBybit Powered by SATOS aims to address the growing demand for secure and reliable cryptocurrency trading platforms in the Netherlands. We offer a comprehensive suite of services, including:More Than Just an Office – A Hub for Collaboration and InnovationBeyond offering support and expertise, Bybit’s Amsterdam office will transform into a central hub for the Dutch crypto community. Bybit will open doors to crypto enthusiasts seeking a collaborative co-working space and will soon launch educational workshops for traders and partners. This collaborative environment will nurture creativity, networking, and knowledge exchange, further solidifying the Dutch crypto ecosystem.Official Grand Opening Ceremony Planned for AugustBybit looks forward to the official grand opening of its Netherlands office in August. Further details will be announced soon. #Bybit #TheCryptoArkAbout Bybit Powered by SATOSIn June 2023, Bybit formed a strategic alliance with SATOS, one of the oldest crypto service providers operating in the Netherlands and Belgium since 2013. This partnership is a testament to our commitment to providing the best services to our users in line with regulatory guidelines, and ensuring the delivery of high-quality services to our users.About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 33 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-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, users can visit Bybit Press. For media inquiries, uses can contact: media@bybit.comFor more information, uses can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

Venom Foundation is pleased to announce a major milestone in its global expansion strategy: the listing of its native token, $VENOM, on two of India’s leading cryptocurrency exchanges, WazirX and CoinDCX. This pivotal move grants Venom access to a massive user base in the world’s most populous country, further driving the adoption and visibility of $VENOM.As the global cryptocurrency landscape evolves, India has emerged as a vital hub for blockchain and crypto. With its tech-savvy population and rapidly growing crypto community, India represents a monumental opportunity for Venom to expand its reach and drive adoption.Listings on WazirX and CoinDCXWazirX: As India’s largest cryptocurrency exchange, WazirX serves over 16 million users. $VENOM is now available for trading in USDT and INR pairs.CoinDCX: CoinDCX, another major player in the Indian market, boasts over 14 million users. $VENOM is also available for trading in USDT and INR pairs.Key HighlightsVast User Reach: The combined user base of over 30 million on WazirX and CoinDCX offers unparalleled exposure for $VENOM in India.Market Expansion: These listings mark a crucial milestone in Venom’s expansion strategy, highlighting the explosive growth and adoption of $VENOM in one of the world’s fastest-growing crypto markets.Enhanced Accessibility: Indian users now have streamlined access to trade $VENOM in their local currency, fostering greater adoption and engagement.ConclusionThe listings of $VENOM on WazirX and CoinDCX are pivotal steps in Venom’s strategy to enhance its global reach and liquidity. These listings align with the Venom Foundation goal of increasing adoption and expanding it’s presence in the global crypto landscape.About VenomVenom is a cutting-edge layer-0 and layer-1 network, seamlessly integrating with other independent networks through innovative Mesh technology. Anchored by a masterchain for overall state and consensus management, Venom supports unlimited autonomous workchains for user accounts, smart contracts, and dApps. Mesh technology optimizes inter-chain communication, ensuring speed and scalability. With rapid finality, comprehensive security, stability, and user-friendly interfaces, Venom is ideal for hosting CBDCs and large-scale platforms. Learn more at https://venom.foundation/ContactVenom Foundationmedia@venom.networkThis article was originally published on Chainwire More

According to Kiyosaki, this impending collapse is a precursor to a long-term bull market cycle starting in late 2025.This future bull market will significantly benefit investors in gold, silver and Bitcoin, believes Kiyosaki. He attributes the upcoming economic turbulence to the United States being the largest debtor nation in history and the declining faith in traditional currency. In his rant, Kiyosaki emphasizes that after the anticipated crash, gold, silver, and Bitcoin are expected to surge to new all-time highs and advises patience, suggesting that the rewards for those who remain steadfast in their investments will be substantial.Kiyosaki has consistently voiced skepticism about traditional financial instruments, including even Bitcoin ETFs, preferring to hold physical gold, silver and BTC.His long-standing criticism extends to the Federal Reserve’s monetary policies, viewing the dollar as a “fake” currency and advocating for investments in tangible assets. That is why he has criticized traditional financial products for not truly representing the underlying assets, drawing attention to issues like overselling.This article was originally published on U.Today More

Layer 3 blockchain Orbs has announced the launch of its liquidity hub on Fenix Finance. Its deployment will deepen available liquidity on the Blast DEX and deliver greater capital efficiency for users of the L2.Orbs Liquidity Hub operates as a layer that sits atop the Fenix Finance DEX. It draws in additional liquidity sources that enable Fenix users to obtain the best possible pricing. This reduces slippage and allows users to extract more value from every trade they place.Designed to solve the problem of fragmented DeFi liquidity, Orbs’ solution also delivers reduced transaction fees, protection against Maximal Extractable Value (MEV), and gas-free transaction executions. Liquidity Hub integrates with the existing Fenix DEX interface, maintaining the user experience that traders are accustomed to.The integration of Orbs Liquidity Hub into Fenix marks its fifth deployment with DEXs operating on EVM networks and is a first for Blast. By merging liquidity from both on- and off-chain sources, Liquidity Hub delivers an enhanced trading experience without introducing custodial risk.If Orbs’ liquidity layer cannot execute the trade at a better price than the AMM, the transaction reverts to the AMM contract and executes as usual. This guarantees that trades will be executed at the best possible rate every time and frees traders from having to manually select their preferred liquidity route.The introduction of Liquidity Hub to Fenix follows the completion of a $300,000 seed investment round for Fenix Finance led by Orbs. This funding, coupled with the deployment of Liquidity Hub, will support Fenix’s goal of delivering the most capital efficient trading experience on Blast.More than 5,000 users have begun trading on Fenix since its Open Beta commenced two months ago. During this time, it has generated over $150M in volume and grown its share of the DEX market. With Orbs Liquidity Hub now deployed, Fenix is optimally positioned to roll out new products that will help to establish it as the preeminent protocol for Blast token trading and liquidity provision.About Orbs Orbs is a decentralized Layer-3 (L3) blockchain infrastructure designed specifically for advanced on-chain trading. Orbs optimizes trading with aggregated liquidity, advanced trading orders, and on-chain derivatives. Orbs enhances the capabilities of both EVM and non-EVM smart contracts without moving liquidity onto a new chain. This one of a kind setup acts as a decentralized backend that brings CeFi-level execution to DeFi trading.Learn more: https://www.orbs.com/About Fenix FinanceFenix is a unified trading and liquidity marketplace for Blast. Its next-generation decentralized exchange provides a technologically advanced and capital efficient trading and liquidity marketplace. Designed to provide superior UX and deeper liquidity, Fenix plays a pivotal role in catalyzing economic growth on Blast.Learn more: https://www.fenixfinance.io/ContactRan Hammerhello@orbs.comThis article was originally published on Chainwire More

The industry-leading brand of DOGE and Litecoin mining machines announced a new product line at the recent Mining Disrupt 2024 conference.FoundationLogic, the fabless semiconductor design company behind high-performance ElphaPex Dogecoin (DOGE) + Litecoin (LTC) miners, took center stage at Mining Disrupt 2024 in Miami, Florida, held from 24-26 June. At the event, FoundationLogic unveiled its new product line for silent home miners.Like the pro ElphaPex DG 1/DG 1+ models, the new device, dubbed ElphaPex DG Home 1, is powered by the Proof-of-Work (PoW) Scrypt algorithm, offering dual DOGE and LTC rewards. Designed for a new era of home mining, ElphaPex DG Home 1 promises silent, low-maintenance, yet performant DOGE + LTC mining ensured by water-cooling technology. Set to be released in Q4, 2024, the new model boasts a hashrate of 2000M, power of 620W and power efficiency of 0.31JM. Upon launch, ElphaPex DG Home 1 will be available for immediate purchase through the ElphaPex official website. ElphaPex DG Home 1 drew an immediate reaction from crypto mining insiders, with some of the industry’s major influencers sharing photos on social media as soon as the model was showcased. Specifically, they described the new water-cooled miner as “silent, powerful, and efficient”. As the main sponsor of Mining Disrupt 2024, the Scrypt mining hardware company hosted the official opening party and operated one of the event’s busiest booths, featuring engaging activities and giveaways.Another standout at the conference was FoundationLogic’s keynote presentation.During the keynote, the company’s representatives emphasized their commitment to advancing Scrypt mining, highlighting its growing potential for miners. This is particularly significant in light of bitcoin’s recent halving, which has posed challenges across the industry due to reduced rewards. They also pointed out several key advantages of Scrypt hardware over SHA-256 hardware, including better cash flow, ROI, and equipment lifecycle.Another highlight of the presentation was the success of the ElphaPex DG 1+, an ASIC miner launched earlier this year at Blockchain Life 2024 in Dubai. As FoundationLogic’s flagship model, it has set a new standard in the market and continues to dominate the Scrypt mining sector with a hashrate of 14000M, power of 3920W and efficiency of 0.28JM.Considering recent price trends and the increasing availability of reliable Scrypt mining hardware provided by FoundationLogic, leveraging DOGE’s meme advantage alongside LTC’s solid track record may offer a strategy for mining operations this year.About FoundationLogicFoundationLogic is a Singapore-based fabless semiconductor design company dedicated to revolutionizing the cryptocurrency mining industry. With a focus on innovation and reliability, FoundationLogic utilizes state-of-the-art ASIC chips designed in-house and subjects its products to rigorous field testing. Through its flagship ElphaPex series, FoundationLogic empowers mining enthusiasts and professionals with cutting-edge, accessible machines, setting new standards for efficiency and performance in the field. For more information, users can visit elphapex.comX: https://x.com/ElphaPexLinkedIn: https://www.linkedin.com/company/100958166ContactVP of ProductBen Wengben@foundationlogic.comThis article was originally published on Chainwire More

The world’s biggest cryptocurrency took little support from weakness in the dollar, which fell amid increased bets on interest rate cuts by the Federal Reserve. Broader crypto prices also followed Bitcoin lower.At 06:00 ET (10:00 GMT), Bitcoin fell 5% to $57,722.0, just above the session’s low of $57,053.Bitcoin has been nursing steep losses over the past week as traders positioned for a potential mass sale event, stemming largely from defunct crypto exchange Mt Gox.The liquidators of the exchange said they will begin returning Bitcoin stolen during a 2014 hack to clients from early July. While the scale of the distribution remained unclear, traders bet that given Bitcoin’s massive price appreciation in the past decade, most receivers of the token would be inclined to sell.Such a scenario presents a large amount of selling pressure on Bitcoin. Several major whales were seen mobilizing Bitcoin on exchanges for a sale, while the token was also pressured by reported selling of confiscated tokens by the German government. Fears of a mass sale saw traders turn largely averse towards the world’s biggest cryptocurrency. This selling pressure spilled over into broader crypto markets, even as recent data showed some improvement in capital flows into crypto. However, despite these losses, new analysis from Glassnode suggests the Bitcoin market remains remarkably robust. According to the on-chain analytics platform, aggregate investor profitability is still strong, with the average coin holding a 2x profit multiple.Glassnode’s analysis reveals that the average coin in profit holds an unrealized gain of $41,300, with a cost basis of approximately $19,400, while the average coin in loss holds an unrealized loss of $5,300, with a cost basis of around $66,100. This divergence highlights potential sell-pressure points as investors weigh realizing gains against mitigating losses.The average cost basis per active investor remains around $50,000, Glassnode said, a key level the market needs to stay above to maintain the macro bull market.Broader crypto prices also retreated on Thursday and have also suffered over the past week.World no.2 token Ether fell 5.4% to $3,161.49 as traders largely disregarded recent speculation over a spot Ether exchange-traded fund. Ether touched an over one-month low, having largely wiped out gains made in May on hype over a spot ETF.XRP, SOL and ADA slid between 4% to 8%, while among meme coins, SHIB and DOGE shed around 8% each.Crypto prices took little support from weakness in the dollar, which fell as a swathe of weak labor market and business activity readings pushed up expectations of interest rate cuts by the Fed.Hawkish signals from the minutes of the Fed’s June meeting somewhat tempered this optimism, while several Fed officials also sounded caution over interest rate cuts.Focus was now on key nonfarm payrolls data due on Friday, which is set to offer more definitive cues on the labor market.(Ambar Warrick contributed to this article.) More