Cryptocurrency

Address activity for Bitcoin (BTC) has started to pick up again after concerningly low levels in May. In a tweet published earlier today, the blockchain intelligence firm Santiment noted that the number of active addresses for BTC climbed back to 960K for the first time since 3 May 2023.Number of active BTC addresses (Source: Santiment)The recent recovery in the on-chain metric marks a 3-week high as BTC’s utility shows signs of picking up. According to Santiment, increasing utility is necessary for crypto assets to enjoy sustained rallies.At press time, the market leader was changing hands at $27,218.63 according to CoinMarketCap. This was after the crypto’s price printed a 1.84% gain over the past 24 hours. The recent increase in BTC’s price flipped its weekly performance into the green. As a result, BTC’s weekly price performance stood at +0.44%.4-hour chart for BTC/USD (Source: TradingView)BTC’s price had flipped the $26,960 resistance level into support over the past 24 hours, and continued to trade above this mark at press time. Technical indicators on BTC’s 4-hour chart suggested that the crypto’s price would attempt to do the same with the next resistance level at $27,480 in the next 24-48 hours..The 9 EMA line on the 4-hour chart had recently crossed bullishly above the 20 EMA line – signalling that BTC’s price had entered into a short-term bullish cycle. In addition to this, the shorter EMA line was bullishly breaking away from the longer EMA line. The RSI indicator on the 4-hour chart was also flagging bullish at press time, with the RSI line trading above the RSI SMA line. Furthermore, the RSI line was sloped positively towards overbought territory, which was another bullish sign.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post BTC’s Network Activity Has Started Recovering From Its May Lows appeared first on Coin Edition.See original on CoinEdition More

According to blockchain security firm PeckShield, Jimbos Protocol — the liquidity protocol of the Arbitrum system — was hacked on the morning of May 28. The attack resulted in the loss of 4,000 Ether (ETH), worth approximately $7.5 million at the time.Continue Reading on Coin Telegraph More

Justin Sun commented on China’s commitment to embracing the Web3 technology asserting that it is demonstrative of the city’s recognition and adoption of the “transformative potential of decentralized systems and blockchain-based solutions”.In a recent tweet, Sun shared his fascination with China’s adoption of Web 3.0:Recently, China’s capital Beijing released the Web3 Innovation and Development White Paper (2023)”, with the intention to utilize and enhance the opportunities of Web3 technology in Beijing. Notably, the white paper acknowledged web3 technology as an “inevitable trend for future Internet industry development.”According to the report, the commission has planned to provide a minimum of 100 million yuan, equivalent to $14 million, per year till 2025; the amount is invested in establishing China’s capital city into a vast digital economy. The whitepaper highlighted the city’s enthusiasm for fostering the growth of the Web3 space, by enhancing policies and technological advancements.Sun threw light on the upcoming developments in Hong Kong, stating:In a previous tweet, Sun posted a similar comment on Hong Kong’s commitment to Web3 technology, praising the city’s long-term vision. His recent tweet was in response to a tweet shared by Changpeng Zhao (CZ), the CEO of the crypto exchange Binance, in which the latter opinionated that Beijing’s white paper release is at an “interesting time” in connection to the much-anticipated development in Hong Kong which is expected to be in June.The post Beijing’s Web3 Adoption Parallels Hong Kong’s Web3 Innovation appeared first on Coin Edition.See original on CoinEdition More

The most recent speculations in the crypto community emerged last week on Twitter, but so far, there’s no indication that Rockstar Games, publisher of the Grand Theft Auto franchise, plans to jump into Web3. Cointelegraph looked at the latest rumors and facts about the possibility of an upcoming crypto GTA.Continue Reading on Coin Telegraph More

Cicada relies on time-lock puzzles, a type of cryptography that allows users to encrypt secret values that can only be decrypted after a specific period of time has passed, Zhu stated. Continue Reading on Coin Telegraph More

Bankrupt crypto exchange FTXs revival plans could soon become reality. According to court filing documents, FTX’s new management had a series of meetings with creditors and debtors in the past month, reviewing plans for restarting the exchange and finalizing the material required for its rebooting as FTX 2.0. The documents also suggest FTX could soon enter into a bidding process. Previous reports pointed out that a reboot could come as early as 2024, as the exchange has already recovered over $7 billion in assets.Continue Reading on Coin Telegraph More

It’s unclear at this time what kind of trials the Neuralink tweet is referring to — the only other information mentioned was that the company isn’t accepting applicants yet. Continue Reading on Coin Telegraph More

The latest Macro Markets show begins by exploring why the crypto market capitalization is some 60% below its all-time high, while the S&P 500 is less than 15% away from its peak. For Pechman, the sector is suffering from a huge problem, as it doesn’t fit a commodity nor does it fit a foreign exchange currency. Moreover, not every mutual fund can hold crypto.Continue Reading on Coin Telegraph More