Month: April 2023

Bitcoin derivatives favor further BTC price rally toward $30K

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Despite regulatory pressure and worsening macroeconomic conditions, Bitcoin (BTC) demonstrated bullishness holding near $28,000 for the past week. Furthermore, professional traders have maintained leveraged long positions on margin and in futures markets, indicating strength. On the regulatory front, on April 4, the Texas Senate Committee on Business and Commerce agreed to move forward and remove incentives for miners operating within the state’s regulatory environment. If passed, Senate Bill 1751 would set a cap on compensation for load reductions on Texas’ power grid during emergencies. Risk of recession grows against rate…

Ethereum projects launch MEV Blocker to protect users from high prices: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. A total of 27 Ethereum projects joined hands to minimize the cost incurred by users in the form of maximal extractable value (MEV). The launch partners include Balancer, Gnosis DAO, Shapeshift and StakeDAO, to name a few. Rugpulls in the DeFi ecosystem are nothing new, but in the first quarter of 2023, 73.3% of all rug pulls happened on Binance’s BNB Chain. The DeFi…

NFT marketplace LooksRare launches v2, reducing fees from 2% to 0.5%

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Nonfungible token (NFT) marketplace LooksRare has upgraded to version 2, reducing fees by 75% and implementing several other features, according to an April 6 announcement from the company. ! Rolled out rn:– Fee dropped to 0.5%– Gas 50% cheaper than Blur– One-signature bulk listing– Buy 70+ NFTs at once– Sellers get ETH instead of WETH Full deets https://t.co/3XXGeGK2r2 — LooksRare (@LooksRare) April 6, 2023 The LooksRare version 1 platform charged 2% per trade. This has been reduced to 0.5% in version 2. In addition, v2 has more gas-efficient contracts, allowing…

Conflux proposes deploying Uniswap v3, setting up $2M liquidity pool for CFX pairs

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Conflux, a regulatory-compliant public blockchain based in China, seeks to deploy the Uniswap v3 on its network, according to a proposal on Uniswap’s governance forum on April 7. The move comes days after the Uniswap v3 code license expired, enabling developers to fork the protocol and deploy their own decentralized exchange (DEX).  As per the proposal, the deployment would provide “access to millions of potential new users, particularly in the Chinese and Asian markets.” According to Conflux, its network experienced a spike in traffic in the first quarter of 2023.…

Snoop Dogg Sports Blinged-Out Crypto Hardware Wallet at Wrestlemania 39 – Bitcoin News

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Four days ago, the American rapper, entrepreneur, and owner of Death Row Records, Snoop Dogg, hosted WWE’s annual event, Wrestlemania 39, in Hollywood. The rap star was spotted wearing a gold and black diamond Ledger Nano X around his neck on a gold chain. Over the last year, Snoop has been one of several hip-hop artists showing off their custom-made and blinged-out cryptocurrency hardware devices. Snoop Joins Several Rappers Sporting Custom Crypto Hardware Wallets Over the weekend of April 1-2, 2023, Snoop Dogg hosted WWE’s 39th Wrestlemania event, featuring Cody…

Price analysis 4/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

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Bitcoin’s failure to clear the overhead resistance at $30,000 is attracting profit-booking in select altcoins. Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made. Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels…

Crypto Derivatives Exchange dYdX Ices Canadian Market

At 17:00 UTC, the exchange stopped onboarding new users based in Canada. Current Canadian users will retain full access to dYdX’s platform for the next seven days. But on April 14 they will be moved to “close-only mode” and only allowed to exit their positions and withdraw their capital. Source CanadianCryptoDerivativesdYdXExchangeICEsMarket CryptoX Portal

Arbitrum-Based Camelot Crypto Exchange to Deploy V2 Upgrade Saturday

The upgrade will launch in three phases, pseudonymous founder Myrddin said in Discord. First, on Saturday, Camelot will deploy a beta-stage automated market maker (AMM) based on the codebase of Algebra, a liquidity-focused protocol. The v2 upgrade will introduce “major enhancements” to Camelot’s infrastructure, such as adjusting pool fees and supporting the rebasing tokens like stETH. Source

Bitcoin leads crypto market recovery as regulators turn up heat: Report

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March has been a turbulent month for the crypto industry. Bitcoin (BTC) recorded its highest weekly close in 10 months and raised hopes among many that the bear market is over. One of the key drivers of this expectation was a series of banking collapses in the United States. This made investors hope for falling interest rates later this year, despite Federal Reserve Chair Jerome Powell’s insistence that lower rates were not part of the base scenario for 2023.  However, optimism about the macro environment risks being offset by the…

Historical Bitcoin price fractal hints at rally toward $50K

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Bitcoin (BTC) could rally toward $50,000 in 2023, according to a historical price fractal highlighted by popular market analyst Mags. Bitcoin price trend in 2015 vs. 2023 The chart fractal highlights the similarities between Bitcoin’s ongoing price trends and those recorded after the completion of the 2013–2015 bear market. That includes Bitcoin’s consolidation inside the $200–$300 range between January 2015 and August 2015, which appears identical to its consolidation between the $18,500–$25,000 range after the supposed completion of its 2021–2022 bear market. BTC/USD price performance comparison between 2015 and 2023.…