AARON: Oceans DATUM Is Tackling Bitcoins Most Pressing Problem
Ocean's DATUM is since this weekend putting transaction selection back into the hands of hashers, benefiting Bitcoin's censorship resistance.
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Ocean's DATUM is since this weekend putting transaction selection back into the hands of hashers, benefiting Bitcoin's censorship resistance.
Kamala Harris has done nothing to confirm she will support or protect the industry so far, while her political opponent is going above and beyond for it.
Bitcoin emerged as an investors favorite this past week, recording a price rise of 4.07% according to data from CoinMarketCap. During this price surge, the premier cryptocurrency traded as high as $66,000, a level last reached in late July. However, despite this price gain which extends Bitcoins unusual positive performance in September, certain market conditions indicate concern over the sustainability of this rally. Related Reading: Bitcoin Set For Biggest September Gains In A Decade: Heres Why Why Bitcoins Rally Is In Danger In a Quicktake post on CryptoQuant, an analyst with username Wenry outlined several reasons Bitcoin may not sustain its current upward trend. Firstly, Wenry notes that there is a lack of interest from retail investors in Korea and the US as indicated by a stagnant Taker volume. This status is different from previous Bitcoin price rallies where retail activity in these countries was prominent. Therefore, the analyst postulates that the current price surge is devoid of new investments and is likely driven by a select group of market participants. Furthermore, Wenry highlights there is currently a high level of Open Interest in the BTC market, but the asset continues to move in a range-bound market i.e. consolidation due to a low spot volume. The combination of both factors reflects the absence of a significant buying interest in Bitcoin despite the present rally. Another point of concern raised by Wenry states the current Bitcoin price gain is caused by a rise in derivatives trading due to macroeconomic factors such as the reduction of interest rates. The crypto analyst pinpoints a lack of equal support from the spot market therefore, the rally is likely a temporal uptick rather than a structural market shift. In conclusion, Wenry states that the absence of significant spot market volume, a stagnant Taker volume, and low retail participation all threaten the longevity of Bitcoins current rally. Notably, if retail investors remain away from the market, Bitcoin would likely remain in consolidation or even experience a price correction. Related Reading: Analyst Backs Bitcoin Hitting $290,000 In Bull Run Heres Why Bitcoin To Break All-Time High In Q4? On another front, popular analyst Michaël van de Poppe has backed Bitcoin to surpass its all-time high price of $73,750 in the last quarter of 2024, following a similar trajectory with gold. Van de Poppes prediction seems quite plausible as Q4 is traditionally the most bullish moment for Bitcoin. In addition, the renowned analyst is also backing altcoins to experience a 3-5x price surge in the same period. At the time of writing, Bitcoin continues to trade at $65,810 following a 0.40% gain in the last day. In tandem, the assets daily trading volume is down 53.16% and valued at $65,649. Featured image from Freepik, chart from Tradingview
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Babylon has officially launched its Bitcoin staking mainnet, and the response has been nothing short of extraordinary. The network saw a significant spike in activity, leading to Bitcoin transaction fees soaring by 120x, reaching a staggering 60 BTC, all due to the rush to participate in Babylon’s staking event. In […]
Amidst the general financial market crash in early August, Ethereum (ETH) lost about 30% of its value, falling to $2,226 per unit. Notably in the last few weeks, the prominent altcoin has shown much resilience climbing back into the $2,600 price region. Albeit, this recent price retracement is accompanied by much uncertainty on how long Ethereum can sustain such upward momentum. Commenting on this dialogue, CryptoQuant analyst ShayanBTC has postulated that Ethereum may likely resume its bearish course. Related Reading: Ethereum Price Wobbles As Inflation Sees 210,000 Added To Circulation Ethereum Price To Suffer From Sellers’ Dominance In a QuickTake post on Saturday, ShayanBTC shared that the Taker Buy/Sell Ratio indicated that Ethereum may be set for more price loss in the coming days. To explain, the Taker Buy/Sell Ratio is an analysis tool that gauges the balance between aggressive buying and selling activity. It is calculated based on the volume of taker buy orders and taker sell orders. As common with other indicators, a Taker Buy/Sell ratio above one suggests there is an upward market momentum with more aggressive buyers than sellers and a ratio below one represents a downward market pressure with the opposite scenario. According to ShayanBTC, after recently failing to surpass the $3000 price resistance, Ethereums Taker Buy/Sell Ratio declined drastically as evidenced by the assets price movement. As expected, the metric also experienced a rebound following ETHs recent price gains. Albeit, the Taker Buy/Sell Ratio could not rise above 1 staying in the zero region, which indicated a lack of sufficient buying pressure allows the sellers to retain market control. However, ShayanBTC reports that the TakerBuy/Sell Ratio has once again declined indicating that sellers are preparing to offload their assets, potentially causing an Ethereum price fall. The analyst calls for caution, stating that the ETH market will require a massive rise in demand to avoid resuming the downward price movement. Related Reading: Brace For Impact: Ethereum Price Could Plunge To $1,200 In December, Says Expert ETH Price Overview According to data from CoinMarketCap, Ethereum currently trades at $2,610 reflecting a minor 0.61% gain in the last day. However, the assets performance on larger time frames is still unimpressive with a decline of 23.93% in the last month. With persistent gains, the most prominent altcoin is set to encounter an early resistance at the $2,700 price region. If buying pressure proves sufficient, ETH could move past this barrier rising as high as $3,000. On the other hand, a massive selling pressure as indicated by the Taker Buy/Sell ratio can force the assets price as low as $2300. Featured image from Adobe Stock, chart from Tradingview
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Ethereum (ETH) recorded a significant loss in price this week following the trading debut of Ethereum spot ETFs. According to data from CoinMarketCap, ETH has declined by 6.60% in the last seven days, falling as low as $3,100. However, amidst this price crash, CryptoQuant analyst burakkesmeci has made an important observation with a potential impact on market movement. Related Reading: Ethereum Targets Recovery: Can It Mirror Bitcoins Performance? Ethereum Open Interest Surges By $1.5 Billion In Three Weeks In a Quicktake post on CryptoQuant, burrakesmeci shared that the Open Interest (OI) on Ethereum has risen by a remarkable $1.5 billion in the past three weeks. For context, Open Interest refers to the total number of outstanding positions for a particular asset. Generally, an increase in Open Interest indicates a rise in market participation for any asset i.e., more traders are opening long or short positions on Ethereum. With this rise in open positions, there is likely an equal increase in the number of leverage trades. Burakkesmeci expressed that a surge in liquidations should also be expected as leveraged trades, which are open with borrowed funds, are always closed once an insufficient price margin occurs. Furthermore, This increase in leverage trading liquidations is expected to produce a high market volatility, resulting in unpredictable and rapid price movements. In regards to price action, a rise in Open Interest indicates the current market trend is gaining stronger. Therefore, despite Ethereums price dip in the last week, the prominent altcoin is likely to extend its 7.01% gain of the past three weeks in the coming months. At the time of writing, Ethereum presently trades at $3,278.80 with a 3.46% increase in the last 24 hours. The altcoin appears to be attempting a market recovery with a strong resistance expected at the $3,500 region. However, if the current buying pressure proves insufficient to break past this barrier, Ethereum could return to the $3,100 price mark or even slide as low as $2,900. Related Reading: Ethereum Whales Rapidly Accumulate ETH Amid Price Decline Ethereum Spot ETFs Net Outflows Reach $469 Million In another development, the newly launched Ethereum Spot ETF market has now recorded a cumulative outflow of $469.83 million in its first three days of trading. Data from Farside Investors identifies Grayscale’s ETHE with a total outflow of $1.51 billion as the major cause of this current market position. Meanwhile, BlackRocks ETHA continues to lead the market with inflows worth $354.8 million, followed closely by Bitwises ETHW with $265.9 million. Like their Bitcoin counterparts, the debut of the Ethereum spot ETF has been accompanied by a significant price drop. However, it remains uncertain whether these Ethereum ETFs will eventually trigger a price surge akin to the one experienced in the Bitcoin market during the initial two months of BTC Spot ETF trading. Featured image from Investopedia, chart from Tradingview.com
The Core Foundation announced today the launch of its Dual Staking model, a significant upgrade to its pioneering Non-Custodial Bitcoin Staking system. This innovative model, which functions as a Bitcoin bond layer, has been instrumental in establishing the Bitcoin Risk-Free Rate. With approximately 55% of Bitcoin mining hash power now […]
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