Month: April 2023

Bitcoin is preparing for a breakout, charts indicate

boss

As the world’s leading cryptocurrency, bitcoin (BTC), weathers a storm of indecision, market participants eagerly watch for signs of an impending breakout.  In the second week of March, BTC reached a 90-day high of $29,159 and has been trading sideways ever since. Despite the continuous push from bears, it has held its ground, trading at $28,321 as of April 10. Let’s delve into the current state of BTC and explore whether it’s on the brink of a breakthrough. BTC monthly chart | Source: CoinMarketCap Blast from the past: April 2019…

The state of the Bitcoin Lightning Network in 2023

boss

The Lightning Network, a layer-2 payment solution built on top of the Bitcoin blockchain, is six years old.  Products, users and the amount of Bitcoin (BTC) sent on the Lightning Network (LN) has sky-rocketed in 2023, despite the price per Bitcoin slipping under $20,000. Source: Twitter/Kerooke The LN has benefited from the integration into the Nostr protocol — in which users can send one another satoshis (small amounts of Bitcoin) — and the proliferation of custodial and noncustodial LN wallets, and its formal integration in territories such as El Salvador and Lugano. From Mediterranean cities…

The $3.3 hack is ‘weird’

boss

Decentralized finance (DeFi) protocol SushiSwap recently suffered an exploit due to a smart contract bug, leading to over $3 million in losses. Members of the crypto community responded to the hack, with some thinking that there was something fishy about it.  On April 9, security firms detected unusual activities in the DeFi platform’s smart contract aggregating trade liquidity. A few hours later, a $3.3 million exploit was reported. Jared Grey, the head developer of the decentralized exchange, asked its users to revoke the permissions they granted to the platform. The…

BTC Jumps Back Above $28,000, Following Easter Break – Market Updates Bitcoin News

boss

Bitcoin started the week climbing back above $28,000, as markets returned from the Easter holidays. The move saw the world’s largest cryptocurrency briefly break out of a key resistance level of $28,500. Ethereum was also higher, as it closed in on the $1,900 level. Bitcoin Bitcoin (BTC) was back above $28,000 to start the week, as market sentiment shifted towards the bulls following the Easter break. BTC/USD rose to a high of $28,532.83 earlier in today’s session, after trading at a low of $27,828.48 the day before. As a result…

‘Natural evolution’ of scaling solutions

boss

Cross-chain automated marker maker Symbiosis has onboarded layer-2 scaling protocol zkSync to improve speed and reduce fees of token swaps on its platform. The decentralized exchange (DEX) was launched in March 2022. It provides single-sided stablecoin pools that deliver zero impermanent loss to liquid providers. It also facilitates ‘any-to-any’ native asset swaps on its platform across Ethereum Virtual Machine (EVM) and non-EVM networks. Nick Avramov, co-founder of Symbiosis, told Cointelegraph that the integration of zkSync will provide one-click swaps from Ethereum, Polygon, Avalanche, BNB, Telos and other blockchains into zkSync and…

Over half of bitcoin supply is dormant as accumulation continues

boss

On-chain analytics provider Glassnode has recently released a report indicating that over 50% of the bitcoin (BTC) supply is dormant, pointing to a prevalent trend of holding and accumulating it. According to the data, these coins have been static for the last two years, with an all-time high of 53% of supply last active more than two years ago. This suggests that those who bought the digital asset more than two years ago are unwilling to sell. Notably, Anthony Pompliano, a popular industry influencer, tweeted that nearly 29% of all…

Ethereum generates $743m in fees over 6 months, outpaces rivals and bitcoin

boss

Ethereum (ETH) continues to be the top dog when it comes to generating fees in the blockchain world, signaling its unwavering adoption and growth. In an April 10 report, blockchain data firm Token Terminal revealed that Ethereum generated more than double the fees of its nearest competitor over the past six months, raking in a staggering $743 million in cumulative daily fees. Meanwhile, TRON, Ethereum’s closest rival, generated less than half at $282 million, with bitcoin (BTC) generating just under $80 million during the same period. Top crypto projects by…