Cryptocurrency

In a groundbreaking analysis, leading cryptocurrency research firm Messari has published a comprehensive overview of the Nervos Network (CKB), spotlighting its pivotal role in enhancing Bitcoin’s technological framework. The report details how Nervos leverages its innovative Layer-1 blockchain and RGB++ protocol to address critical scalability and programmability challenges within the Bitcoin ecosystem.According to the report, Nervos Network not only expands on Bitcoin’s fundamental technologies but also introduces significant improvements with its Cell Model and CKB-VM. These advancements facilitate more complex applications and transactions on the blockchain without sacrificing the core principles of decentralization and security.Messari’s research further highlights the RGB++ protocol, an evolution of the original RGB protocol that enables smart contracts and asset issuance directly on Bitcoin’s blockchain. Since its implementation, the RGB++ protocol has driven a notable increase in network activity, including an 181% month-over-month growth in new addresses this April, demonstrating the community’s strong reception and the protocol’s impact.The integration of payment channels with the Lightning Network is also underway, which promises to make the Nervos Network more scalable and versatile for various blockchain applications. This development is poised to further cement CKB’s position as an essential layer for Bitcoin’s operation and accessibility.For more information and to access the full report, users can visit https://messari.io/report/understanding-nervos-network .About Nervos CKB:CKB is the first fully BTC-isomorphic L2 (PoW+UTXO), offering a more decentralized, secure, and Bitcoin-compatible L2 solution.CKB scales Bitcoin’s programmability and interoperability with RGB++ protocol, which maps Bitcoin UTXOs to CKB Cells, enabling the seamless transfer of Bitcoin L1 UTXO-based assets such as Ordinals, Atomicals, and Taproot, to CKB without any cross-chain bridge and vice versa. UTXO Stack, a Bitcoin L2 “OP Stack” secured by CKB and powered by RGB++, enables high-performance parallel chains, offering near-unlimited scalability without compromising security. CKB Lightning Network will connect with Bitcoin’s Lightning Network, facilitating a bi-directional, censorship-resistant, permissionless and trustless flow of assets between the two networks.CKB mainnet launched in Nov. 2019 and completed its first mining reward halving in Nov. 2023.ContactCKB Eco Fund MKTKelly JinCKB Eco Fundkelly@nervos.orgThis article was originally published on Chainwire More

In general, while Adler stresses that it is too low to say much about a recovery coming, the interest from the retail segment should be interpreted as a positive signal.Per his chart derived from CryptoQuant’s data, the dynamics of retail accounts’ interest might be correlated with the potential for price moves.The local peak of retail demand was registered in mid-Q1, 2024, right after Bitcoin (BTC) touched an all-time high above $73,738 on March 14, 2024.The analyst also highlighted that the rally of the first crypto will be back as crypto whales are interested in reinvesting their gains:Yesterday, the Bitcoin (BTC) price plunged below $65,000 and reached mid-May levels. By press time, the largest cryptocurrency is changing hands at $64,262 on major spot exchanges.He highlighted that, historically, miners with cost-ineffective hardware (outdated ASICs of previous generations) have left the segment after halving events.As the market matures and the net hashrate of Bitcoin (BTC) surges, this time, the long-anticipated capitulation of miners has lasted longer than previously.However, the ending of this process (that has already been running for over 60 days) will signal an opportunity for the next phase of the BTC rally.This article was originally published on U.Today More

During Friday’s trading session, the Bitcoin price fell to more than a one-month low of $63,300, the lowest level since May 15. The fall coincides with outflows from Bitcoin exchange-traded funds (ETFs) and fading prospects of interest rate cuts in the United States.On June 21, Bitcoin spot ETFs experienced a cumulative net outflow of $106 million. According to Spotonchain data, the net inflow has been negative throughout the trading week, with a total outflow of $545 million. These outflows may indicate cooling interest among institutional investors, adding to negative pressure on Bitcoin’s price. At the time of writing, Bitcoin was showing little movement, up 0.48% in the last 24 hours to $64,229.Against this backdrop, Saylor took to X (formerly Twitter) to share a lighthearted meme. The image featured the beloved Sesame Street character, Cookie Monster, gulping down Bitcoins, accompanied by the caption, “New logo?” This tweet demonstrates Saylor’s typical approach to market volatility: being optimistic and focused on Bitcoin’s long-term potential.Saylor has been one of Bitcoin’s most vocal proponents in the corporate world. Under his leadership, MicroStrategy has invested heavily in Bitcoin, viewing it as a strategic asset to hedge against inflation and currency devaluation.Bitcoin’s recent price decline might have caused concern among investors. By injecting humor into the situation, Saylor’s tweet is a reminder to the crypto community to stay focused on the bigger picture instead of short-term fluctuations.This article was originally published on U.Today More

However, recent observations by crypto analyst Ali might suggest a concerning trend: a significant downturn in exchange-related on-chain activity for Bitcoin.On-chain activity refers to the transactions and interactions recorded directly on the blockchain. This metric might be crucial in understanding the behavior and sentiment of market participants. Higher on-chain activity often correlates with increased investor interest and higher trading volumes, while a decline can suggest the opposite.As analyst Ali highlighted, Bitcoin’s downturn in exchange-related on-chain activity might signal a period of decreased investor interest and reduced network usage.As fewer transactions occur on exchanges, it suggests that traders and investors are either holding their assets in cold storage, reducing their trading activity or reflecting cooling interest among investors.The decline in on-chain activity might not necessarily be a negative indicator of Bitcoin’s long-term prospects. It might simply reflect a period of consolidation or that of investors waiting on the sidelines amid lackluster activity on the market in anticipation of a big move. However, it does suggest that investors and traders are currently less engaged with Bitcoin than in previous periods of high activity.Bitcoin fell to a more than one-month low, as the lack of new market drivers slowed this year’s record-breaking surge.Bitcoin has fallen roughly 14% since reaching an all-time high of nearly $74,000 in March on rising optimism about the approval of U.S. exchange-traded funds that directly hold the largest cryptocurrency. Adding to the melancholy are shifting expectations for U.S. interest rate reduction, which have reduced demand for the most risky assets.Bitcoin plummeted to a low of $63,300, its lowest level since May 15, during Friday’s trading session, and is now up 0.31% in the previous 24 hours to $64,232.This article was originally published on U.Today More

The SEC approved applications from Nasdaq, CBOE and NYSE last month to list ETFs tied to the price of ether, potentially paving the way for the products to begin trading later this year.Nine issuers, including VanEck, ARK Investments/21Shares and BlackRock (NYSE:BLK), hope to launch ETFs tied to the second-largest cryptocurrency after the SEC in January approved bitcoin ETFs in a watershed moment for the industry.A spot ethereum ETF allows investors to gain exposure to the price of ethereum without the complications and risks of owning ethereum directly. More

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Recent price action indicates that Bitcoin is having difficulty maintaining its hold above important support levels. With a break below the 50 EMA and an approach to the 100 EMA, the daily chart shows an extreme decline. There is also growing bearish momentum indicated by the RSI.The fact that Coinbase (NASDAQ:COIN) is the source of the selling pressure is crucial. The Coinbase Premium Gap, a measure that contrasts the price of Bitcoin on Coinbase Pro with those on other exchanges, is significantly negative, suggesting that Coinbase is currently executing orders of institutional investors who are willing to sell their holdings.The lengthy period of miner capitulation is also clarified by Willy Woo’s analysis. As indicated by the Bitcoin Hash Ribbons, which show periods of stress and recovery for miners, we are currently experiencing a record-breaking amount of miner capitulation. Woo says that when the hash rate starts to rise again and weak miners leave, Bitcoin usually bounces back. In a similar vein, the volume of big USD transactions has drastically decreased, suggesting that major players are scaling back or selling their holdings. The Bulls and Bears indicator which indicates a preponderance of bearish addresses highlights the bearish sentiment even more. It appears that more investors are selling rather than buying as the gap between bullish and bearish addresses has widened. The combination of these data suggests that there are multiple sources of selling pressure. With enormous amounts of Bitcoin being sold on the platform, Coinbase seems to be a major driver. Furthermore, as miners sell off their holdings to pay for operating expenses, the extended miner capitulation phase intensifies the selling pressure.This article was originally published on U.Today More

Recently, Saylor’s company, MicroStrategy, conducted yet another massive Bitcoin acquisition, while the BTC price took another dive.This tweet brought on a heated discussion in the comments, where some X users began to ask if this is a “new logo” for MicroStrategy since the creature in this image is eating Bitcoin – similarly to Saylor’s company, which continues to make large BTC acquisitions.This BTC was acquired at an average price of $65,883 per coin. MicroStrategy is now the leading corporate cryptocurrency holder by a large margin.This mega Bitcoin purchase was possible thanks to the company recently raising $800 million in debt using convertible senior notes sold to investors. The initial goal was to raise $500 million to buy more BTC and to use the rest of the funds for operational expenses.However, later, the goal was expanded from $500 million to $800 million.This article was originally published on U.Today More