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Hamster Kombat Faces Criticism in Iran
Iran Criticizes Tap-to-Earn Game Hamster Kombat
According to the Associated Press, Iranian officials are vehemently opposing the Tap-to-Earn game Hamster Kombat. The Deputy Commander of the Iranian Armed Forces, Habibollah Sayyari, has criticized the game, labeling it as a âsoft powerâ tool used by the West to distract the public from the upcoming presidential election.
Soft Power, a concept first introduced in 1990, describes the ability to achieve desired outcomes through influence and persuasion rather than by force. These criticisms arise amidst a surge of Iranian citizens flocking to Hamster Kombat to earn money in the face of âhyperinflationâ and with the presidential election on June 28 approaching rapidly.
The state-run news agency JameJam echoed the governmentâs stance, warning that the game embodies the perilous trend of âearning without effort,â or seeking wealth without working for it.
âA society that turns to games like these, seeking quick fortunes instead of working hard and striving for success, will see its culture of effort and entrepreneurship diminish,â the news agency stated.
The controversy has also caught the attention of Iranâs religious leader, Ayatollah Nasser Makarem Shirazi, who condemned cryptocurrencies as âthe source of much abuseâ and urged people to avoid Bitcoin-related games like Hamster Kombat.
Itâs not hard to understand why Hamster Kombat has become so popular among Iranians. With Western sanctions, high inflation, and widespread unemployment, many Iranians are struggling to make ends meet. A significant number have turned to cryptocurrencies and are beginning to explore Central Bank Digital Currencies (CBDCs). Hamster Kombat is seen by many as a âlifeline.â
Hamster Kombat Faces Criticism in Iran
Iran Criticizes Tap-to-Earn Game Hamster Kombat
According to the Associated Press, Iranian officials are vehemently opposing the Tap-to-Earn game Hamster Kombat. The Deputy Commander of the Iranian Armed Forces, Habibollah Sayyari, has criticized the game, labeling it as a âsoft powerâ tool used by the West to distract the public from the upcoming presidential election.
Soft Power, a concept first introduced in 1990, describes the ability to achieve desired outcomes through influence and persuasion rather than by force. These criticisms arise amidst a surge of Iranian citizens flocking to Hamster Kombat to earn money in the face of âhyperinflationâ and with the presidential election on June 28 approaching rapidly.
The state-run news agency JameJam echoed the governmentâs stance, warning that the game embodies the perilous trend of âearning without effort,â or seeking wealth without working for it.
âA society that turns to games like these, seeking quick fortunes instead of working hard and striving for success, will see its culture of effort and entrepreneurship diminish,â the news agency stated.
The controversy has also caught the attention of Iranâs religious leader, Ayatollah Nasser Makarem Shirazi, who condemned cryptocurrencies as âthe source of much abuseâ and urged people to avoid Bitcoin-related games like Hamster Kombat.
Itâs not hard to understand why Hamster Kombat has become so popular among Iranians. With Western sanctions, high inflation, and widespread unemployment, many Iranians are struggling to make ends meet. A significant number have turned to cryptocurrencies and are beginning to explore Central Bank Digital Currencies (CBDCs). Hamster Kombat is seen by many as a âlifeline.â
$BTC #BTCâ
Experts Predict Bitcoin Could Fall to $50,000
According to cryptocurrency analyst Markus Thielen, Bitcoinâs failure to break above the $72,000 mark has led to the formation of a âdouble-topâ price pattern, potentially pushing the price down further to the $50,000 level.
In an analysis note on June 24, Thielen, founder of 10x Research.
A double-top pattern forms when the price reaches two similar peaks with a slight dip in between. This pattern typically completes when the price breaks below the âneckline,â potentially leading to a further decline equal to the distance between the peaks and the neckline.
Thielen also pointed out that double-top patterns often lead to significant losses for retail investors, with many altcoins experiencing substantial drops during this period.
While events like the upcoming U.S. elections and the Consumer Price Index (CPI) could have positive impacts later this year, Thielen cautioned that Bitcoin could still face a âsharp correctionâ in the short term.
After Bitcoinâs halving event on April 20, where the minerâs reward was cut from 6.25 BTC to 3.125 BTC, many prominent cryptocurrency traders are speculating about Bitcoinâs price.
Trader Jelle noted that Bitcoinâs price action is still playing out âsimilarlyâ to the post-halving cycle in 2016 and is âtrading around previous cycle highs.â
Experts Predict Bitcoin Could Fall to $50,000
According to cryptocurrency analyst Markus Thielen, Bitcoinâs failure to break above the $72,000 mark has led to the formation of a âdouble-topâ price pattern, potentially pushing the price down further to the $50,000 level.
In an analysis note on June 24, Thielen, founder of 10x Research.
A double-top pattern forms when the price reaches two similar peaks with a slight dip in between. This pattern typically completes when the price breaks below the âneckline,â potentially leading to a further decline equal to the distance between the peaks and the neckline.
Thielen also pointed out that double-top patterns often lead to significant losses for retail investors, with many altcoins experiencing substantial drops during this period.
While events like the upcoming U.S. elections and the Consumer Price Index (CPI) could have positive impacts later this year, Thielen cautioned that Bitcoin could still face a âsharp correctionâ in the short term.
After Bitcoinâs halving event on April 20, where the minerâs reward was cut from 6.25 BTC to 3.125 BTC, many prominent cryptocurrency traders are speculating about Bitcoinâs price.
Trader Jelle noted that Bitcoinâs price action is still playing out âsimilarlyâ to the post-halving cycle in 2016 and is âtrading around previous cycle highs.â
$BTC #ETHETFsApproved
Australia Lists Its First Spot Bitcoin ETF
The Australian Securities Exchange (ASX) listed the VanEck Bitcoin Exchange Traded Fund (ETF) on Thursday, marking it as the platformâs first spot bitcoin ETF.
According to VanEckâs website, the VanEck Bitcoin ETF, trading under the ticker VBTC, had net assets totaling approximately AUD 982,850 (USD 655,560) as of Wednesday. VBTC serves as a feeder fund, enabling investors to gain exposure to bitcoin by investing in the VanEck Bitcoin Trust (HODL) listed in the United States.
âWhile Bitcoin can be traded through cryptocurrency exchanges, gaining exposure to Bitcoin through an ETF on an exchange like ASX allows you to buy and sell these units via a traditional brokerage account, simplifying the process and broadening access for more Australians,â said Andrew Campion, ASXâs General Manager of Investment Products and Strategy, in a statement.
ASX is Australiaâs premier stock exchange, handling about 80% of local trades. As of May, ASX had a domestic market capitalization of USD 2.6 trillion, according to its website.
Earlier this year, it was reported that ASX was preparing to list its first bitcoin ETF, noting that several issuers besides VanEck had filed applications. This list includes local issuers BetaShares and DigitalX.
Australia Lists Its First Spot Bitcoin ETF
The Australian Securities Exchange (ASX) listed the VanEck Bitcoin Exchange Traded Fund (ETF) on Thursday, marking it as the platformâs first spot bitcoin ETF.
According to VanEckâs website, the VanEck Bitcoin ETF, trading under the ticker VBTC, had net assets totaling approximately AUD 982,850 (USD 655,560) as of Wednesday. VBTC serves as a feeder fund, enabling investors to gain exposure to bitcoin by investing in the VanEck Bitcoin Trust (HODL) listed in the United States.
âWhile Bitcoin can be traded through cryptocurrency exchanges, gaining exposure to Bitcoin through an ETF on an exchange like ASX allows you to buy and sell these units via a traditional brokerage account, simplifying the process and broadening access for more Australians,â said Andrew Campion, ASXâs General Manager of Investment Products and Strategy, in a statement.
ASX is Australiaâs premier stock exchange, handling about 80% of local trades. As of May, ASX had a domestic market capitalization of USD 2.6 trillion, according to its website.
Earlier this year, it was reported that ASX was preparing to list its first bitcoin ETF, noting that several issuers besides VanEck had filed applications. This list includes local issuers BetaShares and DigitalX.
$ETH #ETHETFsApproved
Ethereum Price Rises Slightly After SEC Concludes Investigation
The U.S. Securities and Exchange Commission (SEC) is reportedly concluding its investigation into Ethereum 2.0 and ConsenSys, the company behind the MetaMask wallet. In response to this update, ConsenSys announced it had âsurvived the SEC,â marking a significant victory for ETH developers.
âEthereum has prevailed over the SEC. Today, we are thrilled to announce a major victory for Ethereum developers, technology providers, and industry participants: the SECâs Enforcement Division has informed us that they are closing their investigation into Ethereum 2.0.â
Ethereum 2.0 refers to the post-Merge era, when the network transitioned from Proof of Work (PoW) to Proof of Stake (PoS). Clarifying the updateâs implications for ETH sold after the Merge, the company added: âThis means the SEC will not allege that the sale of ETH constitutes a securities transaction.â
Ethereum Price Rises Slightly After SEC Concludes Investigation
The U.S. Securities and Exchange Commission (SEC) is reportedly concluding its investigation into Ethereum 2.0 and ConsenSys, the company behind the MetaMask wallet. In response to this update, ConsenSys announced it had âsurvived the SEC,â marking a significant victory for ETH developers.
âEthereum has prevailed over the SEC. Today, we are thrilled to announce a major victory for Ethereum developers, technology providers, and industry participants: the SECâs Enforcement Division has informed us that they are closing their investigation into Ethereum 2.0.â
Ethereum 2.0 refers to the post-Merge era, when the network transitioned from Proof of Work (PoW) to Proof of Stake (PoS). Clarifying the updateâs implications for ETH sold after the Merge, the company added: âThis means the SEC will not allege that the sale of ETH constitutes a securities transaction.â
#Chainlink's #ChainlinkUpdate
What is Chainlink? Information about LINK Token
Chainlink is a decentralized Oracle network founded by Sergey Nazarov in 2017. Initially operating on the Ethereum blockchain, its primary function is to bridge the gap between smart contracts and external data sources, ensuring secure access to off-chain information for these contracts.
However, with the introduction of innovative products like the Verifiable Random Function (VRF), Automations, and the Cross-Chain Interoperability Protocol (CCIP), Chainlink has significantly expanded its capabilities beyond being a mere Oracle provider.
What Problems Does Chainlink Solve?
Smart contracts on the blockchain have a critical limitation: they need off-chain data to function effectively but cannot directly access this data due to the isolated nature of blockchain environments. This limitation significantly constrains their real-world applications.
To bring data onto the blockchain, the most common solution is through an Oracleâa middleware that fetches data from the outside world and brings it into the blockchain. However, relying on a single centralized Oracle poses the âOracle problem,â where the smart contractâs outcome could be compromised or manipulated by that Oracle.
Chainlink addresses these challenges by constructing a sophisticated system comprising both on-chain and off-chain components:
On-Chain: This includes smart contracts and Oracles that handle user data requests.
Off-Chain: These are Oracle nodes operating outside the blockchain, connected to the Ethereum network. These nodes gather and process off-chain data before transmitting it on-chain via the Chainlink Core software.
Off-chain Oracle nodes are incentivized through the receipt of LINK tokens for their data collection and transmission services.
What is Chainlink? Information about LINK Token
Chainlink is a decentralized Oracle network founded by Sergey Nazarov in 2017. Initially operating on the Ethereum blockchain, its primary function is to bridge the gap between smart contracts and external data sources, ensuring secure access to off-chain information for these contracts.
However, with the introduction of innovative products like the Verifiable Random Function (VRF), Automations, and the Cross-Chain Interoperability Protocol (CCIP), Chainlink has significantly expanded its capabilities beyond being a mere Oracle provider.
What Problems Does Chainlink Solve?
Smart contracts on the blockchain have a critical limitation: they need off-chain data to function effectively but cannot directly access this data due to the isolated nature of blockchain environments. This limitation significantly constrains their real-world applications.
To bring data onto the blockchain, the most common solution is through an Oracleâa middleware that fetches data from the outside world and brings it into the blockchain. However, relying on a single centralized Oracle poses the âOracle problem,â where the smart contractâs outcome could be compromised or manipulated by that Oracle.
Chainlink addresses these challenges by constructing a sophisticated system comprising both on-chain and off-chain components:
On-Chain: This includes smart contracts and Oracles that handle user data requests.
Off-Chain: These are Oracle nodes operating outside the blockchain, connected to the Ethereum network. These nodes gather and process off-chain data before transmitting it on-chain via the Chainlink Core software.
Off-chain Oracle nodes are incentivized through the receipt of LINK tokens for their data collection and transmission services.
$Taiko #TaikoProtocol #TaikoKatlaTestnet
What is Taiko? Information about TAIKO Token
Taiko is a Layer 2 project utilizing zkEVM technology. zkEVM combines Zero-Knowledge Proof (ZK) and Ethereum Virtual Machine (EVM), allowing developers to easily migrate decentralized applications (dApps) between the Taiko network and Ethereum.
The project aims to become a Type 1 zkEVM â fully compatible with Ethereum at the consensus level. These Type 1 zkEVM solutions retain Ethereumâs security characteristics but have slower transaction speeds compared to Type 2 and Type 3 zkEVM solutions.
$Notably, Taiko has been praised by Vitalik Buterin (Ethereum founder) as an âexcellent projectâ with EVM compatibility faster than ZKP â a cryptographic technology that verifies the authenticity of information without revealing the information itself.
What is Taiko? Information about TAIKO Token
Taiko is a Layer 2 project utilizing zkEVM technology. zkEVM combines Zero-Knowledge Proof (ZK) and Ethereum Virtual Machine (EVM), allowing developers to easily migrate decentralized applications (dApps) between the Taiko network and Ethereum.
The project aims to become a Type 1 zkEVM â fully compatible with Ethereum at the consensus level. These Type 1 zkEVM solutions retain Ethereumâs security characteristics but have slower transaction speeds compared to Type 2 and Type 3 zkEVM solutions.
$Notably, Taiko has been praised by Vitalik Buterin (Ethereum founder) as an âexcellent projectâ with EVM compatibility faster than ZKP â a cryptographic technology that verifies the authenticity of information without revealing the information itself.
$NOT
Will Notcoin Challenge Its All-Time High Again?
Notcoin dropped over 10% in the past 24 hours. However, a bullish pattern has emerged on NOT's chart, indicating a potential price increase.
Notcoin [NOT] generated significant market buzz even before its launch. However, its debut was disappointing as its price quickly plummeted. Despite this, a potential turnaround could be on the horizon as a bullish pattern has emerged on the tokenâs price chart.
Notcoinâs Potential Revival
Notcoin was highly anticipated before its launch, but it failed to meet investorsâ expectations as its price dropped significantly. Recently, however, the token gained bullish momentum, surging over 40% within a week.
This positive trend was short-lived, as the altcoin depreciated by over 10% in the last 24 hours. At the time of writing, NOT was trading at $0.0203 with a market capitalization exceeding $2 billion. The price drop negatively affected the tokenâs social metrics, with social volume decreasing and weighted sentiment remaining in the negative zone, indicating that bearish sentiments still dominate Notcoinâs market.
Nevertheless, this setback might be temporary, as a bullish pattern has appeared on NOTâs price chart. Captain Faibik, a well-known crypto analyst, recently tweeted that NOT appears to be on the verge of breaking out of this bullish pattern.
NOT has been consolidating within a bullish pattern over the last few days, and a successful breakout could potentially lead to a 67% price increase. This surge might enable the token to retest its all-time high in the near future.
#Notcoinnews #Notcoinđđ„
Will Notcoin Challenge Its All-Time High Again?
Notcoin dropped over 10% in the past 24 hours. However, a bullish pattern has emerged on NOT's chart, indicating a potential price increase.
Notcoin [NOT] generated significant market buzz even before its launch. However, its debut was disappointing as its price quickly plummeted. Despite this, a potential turnaround could be on the horizon as a bullish pattern has emerged on the tokenâs price chart.
Notcoinâs Potential Revival
Notcoin was highly anticipated before its launch, but it failed to meet investorsâ expectations as its price dropped significantly. Recently, however, the token gained bullish momentum, surging over 40% within a week.
This positive trend was short-lived, as the altcoin depreciated by over 10% in the last 24 hours. At the time of writing, NOT was trading at $0.0203 with a market capitalization exceeding $2 billion. The price drop negatively affected the tokenâs social metrics, with social volume decreasing and weighted sentiment remaining in the negative zone, indicating that bearish sentiments still dominate Notcoinâs market.
Nevertheless, this setback might be temporary, as a bullish pattern has appeared on NOTâs price chart. Captain Faibik, a well-known crypto analyst, recently tweeted that NOT appears to be on the verge of breaking out of this bullish pattern.
NOT has been consolidating within a bullish pattern over the last few days, and a successful breakout could potentially lead to a 67% price increase. This surge might enable the token to retest its all-time high in the near future.
#Notcoinnews #Notcoinđđ„
$IO
CEO of io.net Ahmad Shadid Resigns Following Token Launch
Ahmad Shadid, the CEO of io.net, decided to step down two days after the project's token was listed on Binance Launchpool on June 6, 2024.
Ahmad Shadid, the CEO of io.net, has stepped down just days before the projectâs token is set to be launched on Binance Launchpool. This unexpected move comes amid a wave of criticism regarding Shadidâs past leadership. In his statement, Shadid wrote:
"Despite the allegations related to my past, I want to emphasize that my decision to resign is to ensure that io.net can focus on its growth and success without any distractions"
Shadid also pledged to contribute one million io.net tokens from his personal funds to the companyâs GPU Internet Fund to support the ecosystemâs development.#IOprediction #CEOIO
CEO of io.net Ahmad Shadid Resigns Following Token Launch
Ahmad Shadid, the CEO of io.net, decided to step down two days after the project's token was listed on Binance Launchpool on June 6, 2024.
Ahmad Shadid, the CEO of io.net, has stepped down just days before the projectâs token is set to be launched on Binance Launchpool. This unexpected move comes amid a wave of criticism regarding Shadidâs past leadership. In his statement, Shadid wrote:
"Despite the allegations related to my past, I want to emphasize that my decision to resign is to ensure that io.net can focus on its growth and success without any distractions"
Shadid also pledged to contribute one million io.net tokens from his personal funds to the companyâs GPU Internet Fund to support the ecosystemâs development.#IOprediction #CEOIO
A Great Opportunity to Receive Cristiano Ronaldoâs NFT with Binance
Campaign Period: May 24, 2024 14:00 UTC â July 15, 2024 23:59 UTC
Sale Period: May 29, 2024 8:00 AM UTC â June 18, 2024 23:59:59 UTC
These terms and conditions (âTermsâ) outline the rules and eligibility criteria for the Forever Worldwide: The Road to Saudi Arabia collection (hereinafter the âForever Worldwideâ NFT collection) promotion (âPromotionâ). By participating in the Promotion, participants (Forever Worldwide NFT Holders and/or registered Binance users â collectively âParticipantsâ or âHoldersâ upon purchase or receipt) agree to abide by these Terms.
1. Eligibility
Existing Binance users or new Holders who successfully complete and pass identity verification (âKYCâ) will be eligible to purchase, or to win, a Forever Worldwide NFT. Please note, the following users within the countries: Canada,Chile British Indian Oceans, Cuba, Japan, Hong Kong, Iran, Malaysia, Mauritius, Nigeria, Netherlands, North Korea, St Helena & Dependencies, Singapore, Seychelles, Syria and the United States wonât be allowed to take part in Forever Worldwide due to regulations, sanctions or strict marketing environment. This includes also participating in Sales/Auctions.
Be advised that users from the following listed countries will not be able to utilize Binance Pay to purchase items in Forever Worldwide: American Samoa, Australia, Canada, Cuba, Guam, Indonesia, Iran, North Korea, New Zealand, Northern Mariana Islands, Philippines, Puerto Rico, Singapore, Syria, Thailand, Ukraine(Crimea Region incl. Donetsk, Luhansk, Zaporizhzhia and Kherson as well as the Crimea Peninsula), United States Minor Outlying Islands, UK, USA, Vietnam, Virgin Islands (U.S.), Malaysia, Netherlands and the United Arab Emirates.
2.Forever Worldwide NFT Collection
The Forever Worldwide collection is a curated series of seven (7) NFTs, designed by selected local artists. Each NFT is inspired by a location where renowned footballer, Cristiano Ronaldo, represented either a club or his national team. These seven (7) locations are: Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia, and Portugal (hereafter known as âLocationâ or âLocationsâ).
Normal (N) NFTs: Madeira, Lisbon, Manchester, Madrid, Turin, and Saudi Arabia.
Super Super Rare (SSR) NFT: Portugal
The Forever Worldwide NFT collection will implement a Collect-To-Earn mechanism (hereinafter, âC2Eâ) in which participants can incrementally enhance the Utility Rarity level of their NFTs by accumulating multiple Locations. The Portugal SSR NFT will inherently possess the highest degree of Utility Rarity, classified as Super Super Rare Utility.
#CR7NFT #RonaldoNFTs
Sale Period: May 29, 2024 8:00 AM UTC â June 18, 2024 23:59:59 UTC
These terms and conditions (âTermsâ) outline the rules and eligibility criteria for the Forever Worldwide: The Road to Saudi Arabia collection (hereinafter the âForever Worldwideâ NFT collection) promotion (âPromotionâ). By participating in the Promotion, participants (Forever Worldwide NFT Holders and/or registered Binance users â collectively âParticipantsâ or âHoldersâ upon purchase or receipt) agree to abide by these Terms.
1. Eligibility
Existing Binance users or new Holders who successfully complete and pass identity verification (âKYCâ) will be eligible to purchase, or to win, a Forever Worldwide NFT. Please note, the following users within the countries: Canada,Chile British Indian Oceans, Cuba, Japan, Hong Kong, Iran, Malaysia, Mauritius, Nigeria, Netherlands, North Korea, St Helena & Dependencies, Singapore, Seychelles, Syria and the United States wonât be allowed to take part in Forever Worldwide due to regulations, sanctions or strict marketing environment. This includes also participating in Sales/Auctions.
Be advised that users from the following listed countries will not be able to utilize Binance Pay to purchase items in Forever Worldwide: American Samoa, Australia, Canada, Cuba, Guam, Indonesia, Iran, North Korea, New Zealand, Northern Mariana Islands, Philippines, Puerto Rico, Singapore, Syria, Thailand, Ukraine(Crimea Region incl. Donetsk, Luhansk, Zaporizhzhia and Kherson as well as the Crimea Peninsula), United States Minor Outlying Islands, UK, USA, Vietnam, Virgin Islands (U.S.), Malaysia, Netherlands and the United Arab Emirates.
2.Forever Worldwide NFT Collection
The Forever Worldwide collection is a curated series of seven (7) NFTs, designed by selected local artists. Each NFT is inspired by a location where renowned footballer, Cristiano Ronaldo, represented either a club or his national team. These seven (7) locations are: Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia, and Portugal (hereafter known as âLocationâ or âLocationsâ).
Normal (N) NFTs: Madeira, Lisbon, Manchester, Madrid, Turin, and Saudi Arabia.
Super Super Rare (SSR) NFT: Portugal
The Forever Worldwide NFT collection will implement a Collect-To-Earn mechanism (hereinafter, âC2Eâ) in which participants can incrementally enhance the Utility Rarity level of their NFTs by accumulating multiple Locations. The Portugal SSR NFT will inherently possess the highest degree of Utility Rarity, classified as Super Super Rare Utility.
#CR7NFT #RonaldoNFTs
#FET $FET
What is Fetch.ai?
Information about FET Token
Fetch.AI is a pioneering blockchain project that seamlessly integrates Artificial Intelligence (AI), Machine Learning (ML), and blockchain technology. Established in 2017 and officially launched in February 2019 through an Initial Exchange Offering (IEO) on Binance Launchpad, Fetch.AI (FET) has created a digital ecosystem where data, hardware, services, people, and infrastructure can collaborate efficiently.
Fetch.AI is not just a protocol but a decentralized digital network where users and marketplaces can interact intelligently. The goal of Fetch.AI is to combine powerful technologies like machine learning, artificial intelligence, multi-agent systems, and distributed ledger technology to build a new digital economy on the Internet.l
What is Fetch.ai?
Information about FET Token
Fetch.AI is a pioneering blockchain project that seamlessly integrates Artificial Intelligence (AI), Machine Learning (ML), and blockchain technology. Established in 2017 and officially launched in February 2019 through an Initial Exchange Offering (IEO) on Binance Launchpad, Fetch.AI (FET) has created a digital ecosystem where data, hardware, services, people, and infrastructure can collaborate efficiently.
Fetch.AI is not just a protocol but a decentralized digital network where users and marketplaces can interact intelligently. The goal of Fetch.AI is to combine powerful technologies like machine learning, artificial intelligence, multi-agent systems, and distributed ledger technology to build a new digital economy on the Internet.l
Bitcoin Holds at $69,000 Despite Record Inflows
Bitcoin continues to trade within a narrow range around $69,000, displaying extremely low volatility over the past 24 hours. However, there has been a significant surge in capital inflow into cryptocurrency investment products. A staggering $2 billion was invested in cryptocurrency products last week, according to CoinShares. Their report indicates that around $1.97 billion of this was allocated to Bitcoin [BTC].
Ethereum [ETH] also saw substantial investment, with an inflow of $69 million. This marks the highest inflow for the altcoin since its peak in March.
Bitcoinâs resurgence is not yet complete
For those unaware, CoinShares publishes a weekly report focusing on investments in digital assets, including cryptocurrencies. Last week, both Bitcoin and Ethereum garnered significant attention. With Bitcoin regaining its dominance, it appears investors are confident in the short-term and long-term potential of these cryptocurrencies.
However, James Butterfill, Head of Research at CoinShares, highlighted several reasons to focus on Bitcoin. According to Butterfill, positive macroeconomic data released last week played a crucial role. He stated,
We believe this shift in sentiment is a direct response to weaker-than-expected macro data in the US, raising expectations for monetary policy rate cuts. The positive price action saw total assets under management (AuM) surpass the $100 billion mark for the first time since March this year.â
Despite the recent improvement, BTC has been trading sideways for most of the past week. At the time of writing, Bitcoin is priced at $69,373. Analyzing STH-NUPL to assess short-term investor behavior, STH-NUPL stands for Short-Term Holder â Net Unrealized Profit/Loss.
This metric evaluates the sentiment of BTC holders who have possessed the coin for less than 155 days. Currently, the metricâs value is 0.085, placing it in the hope zone (orange). This suggests that most short-term holders lack confidence in a near-term price increase for Bitcoin. Consequently, demand for the coin might remain low, indicating that the price could continue to trade sideways.
On the price front, the Bulls and Bears indicator from IntoTheBlock provides additional insights. This metric tracks the activity of addresses that have bought or sold 1% of the trading volume in the past 24 hours. If the result leans towards the bulls, it indicates that the majority of the volume comprises buy orders. Conversely, a bearish trend implies increasing selling pressure.
For Bitcoin, the Bulls and Bears indicator stands at 0 at the time of writing. This neutrality suggests that BTC might continue trading within a narrow range for the time being. Looking ahead, bearish market conditions could push BTC down to $68,000. However, if market conditions improve, the coin could potentially rise to $71,000 again.
#Btc #bitcoin $BTC
Ethereum [ETH] also saw substantial investment, with an inflow of $69 million. This marks the highest inflow for the altcoin since its peak in March.
Bitcoinâs resurgence is not yet complete
For those unaware, CoinShares publishes a weekly report focusing on investments in digital assets, including cryptocurrencies. Last week, both Bitcoin and Ethereum garnered significant attention. With Bitcoin regaining its dominance, it appears investors are confident in the short-term and long-term potential of these cryptocurrencies.
However, James Butterfill, Head of Research at CoinShares, highlighted several reasons to focus on Bitcoin. According to Butterfill, positive macroeconomic data released last week played a crucial role. He stated,
We believe this shift in sentiment is a direct response to weaker-than-expected macro data in the US, raising expectations for monetary policy rate cuts. The positive price action saw total assets under management (AuM) surpass the $100 billion mark for the first time since March this year.â
Despite the recent improvement, BTC has been trading sideways for most of the past week. At the time of writing, Bitcoin is priced at $69,373. Analyzing STH-NUPL to assess short-term investor behavior, STH-NUPL stands for Short-Term Holder â Net Unrealized Profit/Loss.
This metric evaluates the sentiment of BTC holders who have possessed the coin for less than 155 days. Currently, the metricâs value is 0.085, placing it in the hope zone (orange). This suggests that most short-term holders lack confidence in a near-term price increase for Bitcoin. Consequently, demand for the coin might remain low, indicating that the price could continue to trade sideways.
On the price front, the Bulls and Bears indicator from IntoTheBlock provides additional insights. This metric tracks the activity of addresses that have bought or sold 1% of the trading volume in the past 24 hours. If the result leans towards the bulls, it indicates that the majority of the volume comprises buy orders. Conversely, a bearish trend implies increasing selling pressure.
For Bitcoin, the Bulls and Bears indicator stands at 0 at the time of writing. This neutrality suggests that BTC might continue trading within a narrow range for the time being. Looking ahead, bearish market conditions could push BTC down to $68,000. However, if market conditions improve, the coin could potentially rise to $71,000 again.
#Btc #bitcoin $BTC
Top 10 Layer 2 Projects to Watch in the Near Future
Layer 1s Transitioning to Layer 2
From 2021 to 2022, Layer 1 blockchain platforms like Ethereum experienced significant congestion and high transaction costs, largely due to their Proof of Work (PoW) mechanisms. This led to slow transaction speeds and operational inefficiencies. In response, several new Layer 1 projects emerged, aiming to outperform and replace Ethereum by offering better performance and scalability.
However, the launch of Ethereum 2.0, which transitioned Ethereum from PoW to Proof of Stake (PoS), significantly altered the competitive landscape. Post-upgrade, it became evident that few, if any, Layer 1 platforms could rival Ethereumâs enhanced capabilities. By 2023, a notable shift occurred: many projects began transforming their models from Layer 1 to Layer 2 to leverage Ethereumâs robust ecosystem rather than compete against it directly.
Today, Ethereum retains a dominant position in the market. Transitioning to becoming Layer 2 solutions for Ethereum seems to be a more strategic move than directly competing with the Ethereum platform.
#layer1layer2 #Layer2Coin
From 2021 to 2022, Layer 1 blockchain platforms like Ethereum experienced significant congestion and high transaction costs, largely due to their Proof of Work (PoW) mechanisms. This led to slow transaction speeds and operational inefficiencies. In response, several new Layer 1 projects emerged, aiming to outperform and replace Ethereum by offering better performance and scalability.
However, the launch of Ethereum 2.0, which transitioned Ethereum from PoW to Proof of Stake (PoS), significantly altered the competitive landscape. Post-upgrade, it became evident that few, if any, Layer 1 platforms could rival Ethereumâs enhanced capabilities. By 2023, a notable shift occurred: many projects began transforming their models from Layer 1 to Layer 2 to leverage Ethereumâs robust ecosystem rather than compete against it directly.
Today, Ethereum retains a dominant position in the market. Transitioning to becoming Layer 2 solutions for Ethereum seems to be a more strategic move than directly competing with the Ethereum platform.
#layer1layer2 #Layer2Coin
$BONK
What is Bonk Toekn?
Bonk is the first âcat and dogâ themed memecoin project on the Solana blockchain, with a mission to support the community and attract users back to the platform. Launched in late 2022, Bonk emerged as a beacon of hope amid the challenges faced by the Solana ecosystem following the collapse of FTX and Alameda Research, which had significantly eroded investor confidence.
Recognizing the difficulties Solana had to overcome, the Bonk development team implemented strategies to rekindle community interest. A notable initiative was their airdrop program, designed with simple conditions like early trading or owning NFTs on Solana.
This led to a positive effect early in 2023, as Solana experienced a surge in trading volume. Liquidity pools on Solana saw over $20 million in transactions from BONK-related token pairs, generating thousands of dollars in trading fees.
What is Bonk Toekn?
Bonk is the first âcat and dogâ themed memecoin project on the Solana blockchain, with a mission to support the community and attract users back to the platform. Launched in late 2022, Bonk emerged as a beacon of hope amid the challenges faced by the Solana ecosystem following the collapse of FTX and Alameda Research, which had significantly eroded investor confidence.
Recognizing the difficulties Solana had to overcome, the Bonk development team implemented strategies to rekindle community interest. A notable initiative was their airdrop program, designed with simple conditions like early trading or owning NFTs on Solana.
This led to a positive effect early in 2023, as Solana experienced a surge in trading volume. Liquidity pools on Solana saw over $20 million in transactions from BONK-related token pairs, generating thousands of dollars in trading fees.
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Bitcoin is moving sideways so far this weekend as expected. The top end of the 4 hour demand at $68k is holding as support so far. Resistance at $68.5k, with no 4 hour candle able to close above this since Friday.
On the weekly timeframe, we are looking to close above $68.2k which will give us the highest weekly close since July!
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