Bitcoin Drops Below $43,000: Market Sentiment Takes a HitBy AZC News | 3 hours agoBitcoin's valuet.m
Bitcoin Drops Below $43,000: Market Sentiment Takes a Hit
By AZC News | 3 hours ago
Bitcoin's value hovered just below the $43,000 threshold, while market sentiment continued to lean towards a bearish outlook.Bitcoin Drops Below $43,000: Market Sentiment Takes a Hit
Bitcoin's price was once again approaching the $43,000 mark at the time of this update. Anticipation surrounds the upcoming halving event, which will reduce Bitcoin's supply, potentially triggering an uptick in demand and fueling a bullish rally.
CoinMarketCap reported a dip in BTC's price to $42,226 on February 5th. However, the cryptocurrency quickly rebounded and was teetering just below $43,000 as of the latest data.
At the moment, BTC is trading at $42,861.96, boasting a market capitalization exceeding $840 billion. CryptoQuant's analysis, conducted by oinonen_t, indicates several factors that could lead to a supply shock due to heightened demand. The imminent halving and the role of ETFs are emphasized, with the analysis pointing out the potential impact on Bitcoin's issuance rate.
According to the analysis: "The recently opened spot ETF floodgates will create an environment of potential bitcoin supply shock: Approximately 80% of bitcoin’s circulating supply is liquid and most of investors are heavily in profit, thus they’re less likely to sell."
As demand for Bitcoin is expected to rise, historical trends suggest that an increase in demand, coupled with a stable or diminishing supply, typically results in a surge in the asset's value.
Signs Pointing Towards a Bull Rally for Bitcoin
While the potential for increased demand in BTC hinted at a bullish trend, further examination of diverse datasets was conducted to ascertain if a full-fledged bull rally was on the horizon.
Mignolet, an analyst and author at CryptoQuant, conducted an analysis using BTC’s Binary CDD, a metric designed to interpret the movements of long-term holders. The analysis revealed that the 182-day moving average of binary CDD data signaled the onset of a bullish trend, with the green box indicating advancement beyond the accumulation phase. A significant breakthrough of this range could potentially trigger a complete upward price cycle.
To gauge the likelihood of a rally, a thorough examination of BTC’s daily chart was undertaken. The analysis unveiled an uptick in Bitcoin's Relative Strength Index (RSI) from the neutral mark. Moreover, the Moving Average Convergence Divergence (MACD) displayed a bullish advantage, suggesting a high likelihood of a bull rally. However, the Chaikin Money Flow (CMF) appeared bearish as it recently declined.
Related: South Korea's Regulator Meets US SEC's Gensler on Spot Bitcoin ETFs
Interestingly, despite positive indicators for a bull rally, whales took the opportunity to accumulate more coins. Over the last six days alone, there was a notable 2.5% growth in the number of wallets holding balances between 1,000 and 10,000 BTC.
Surprisingly, despite these optimistic developments, sentiment around Bitcoin remained bearish, as reflected in the decline of Bitcoin’s Weighted Sentiment chart last week.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own rFormer Bitcoin President Nayib Bukele Successfully Re-elected
By AZC News | Feb 05 2024
Under the leadership of President Nayib Bukele, El Salvador became the first country to recognize Bitcoin as legal tender in 2021.Former Bitcoin President Nayib Bukele Successfully Re-elected
Nayib Bukele is edging closer to a new term in the 2024 Presidential election in El Salvador. Even though the electoral authorities have not officially announced the results, the Bitcoin-friendly former President seems to have confirmed his victory yesterday (04/02).
Sharing on his personal Twitter account, Bukele asserted:
We are leading with an overwhelming 85% vote share and the approval of at least 58 out of 60 National Assembly deputies.
CID Gallup's poll also reflects a similar figure, with 87% of voters supporting Nayib Bukele.
President Nayib Bukele is betting on Bitcoin
President Nayib Bukele has been in office since 2019 and sought re-election in September 2022. In his previous term, the 37-year-old gained popularity for his unconventional approach and tough crackdown on criminal gangs in the country.
He is renowned throughout Latin America for his strong stance on crime. Notably, El Salvador became the first country to legalize Bitcoin as a legal tender in 2021, despite criticism from international organizations such as the International Monetary Fund (IMF).
Bukele remains steadfast in his "Bitcoin dream," from developing the Chivo cryptocurrency wallet, exporting Bitcoin ATMs, to accumulating Bitcoin as a regular investment.
In addition to plans for building a "Bitcoin City" based on mining with renewable energy from volcanoes, the Central American nation intends to issue its first $1 billion Bitcoin bond in Q1 of this year.
Related: The US SEC Officially Approves Spot Bitcoin ETF
El Salvador's Bitcoin investment portfolio was reported to be in profit in December 2023, recording a gain of $10 million on January 10. Moreover, the government recently collaborated with Tether to launch the "El Salvador Freedom Visa Program," allowing anyone to become a citizen of El Salvador by investing $1 million in USDT or BTC in the country.
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Website ATH | Telegram Channel | Telegram Group | Facebook | TwitteEigenDA Supports Data Availability Solutions for Arbitrum Orbit
By AZC News | An hour ago
After the collaboration announcement on the morning of February 3rd, projects utilizing the Arbitrum Orbit toolkit will soon receive support from EigenDA's Data Availability service in the coming time.EigenDA Supports Data Availability Solutions for Arbitrum Orbit
According to EigenDA's announcement, the platform will collaborate with Arbitrum to support and provide Data Availability for Arbitrum Orbit.
After integrating the Data Availability mechanism from EigenDA, transaction data on Layer-2 will be sent to the EigenDA-managed contract on Layer-1 (instead of the current simple calldata mechanism). This data will be restructured into blobs to save storage space while sending these "certificates" to Layer-2 to continue verification on Layer-1.
This approach will help Layer-2 (specifically Rollup) save verification costs, pushing transaction processing capabilities up by over 50 times.
At the time of writing, the integration of EigenDA with the Arbitrum Orbit toolkit is still undergoing testing on the Sepolia testnet.
EigenDA also mentioned that the current version has not integrated Fraud Proof and may require multiple updates in the future to add this verification mechanism to the solution.
Additionally, infrastructure from AltLayer is also involved in supporting the integration process to make it more seamless.
In December 2023, EigenLayer also announced a collaboration with AltLayer (a Rollup-as-a-Service provider) to develop the Restaked Rollup mechanism, addressing some current limitations such as Sequencer centralization, MEV, or finality speed.
Related: EigenLayer Increases Restaking Limit and Adds More Tokens
Earlier, EigenLayer also announced the integration of the EigenDA solution into the OP Stack toolkit (another counterpart to Arbitrum Orbit).
By AZC News | 3 hours ago
Ex-Terraform Labs CFO Han Chang-joon, who was arrested and convicted in Montenegro alongside Do Kwon, has been extradited to the South Korean authorities by the Montenegro police.Ex-Terraform Labs CFO Chang-joon Extradited to South Korea
Terra (LUNA) founder Do Kwon, arrested in Montenegro in March 2023, has been sentenced to four months in prison for using a fake passport. Notably, former Terraform Labs CFO Han Chang-joon also faced charges in this case.
Kwon faced extradition requests from both the United States and South Korea but successfully appealed the decision. He has hinted at the possibility of traveling to the U.S. for a trial in March.
On the other hand, former CFO Han Chang-joon did not contest extradition. Following the completion of his sentence in Montenegro, authorities there handed him over to South Korea's jurisdiction.
Montenegro police stated:
Chang-joon has been handed over to the South Korean authorities to proceed with legal proceedings related to charges of fraud in financial investment services, investment, and capital market. These charges could result in life imprisonment.
Meanwhile, the charges against Do Kwon by the SEC include:
- Fraud in securities offering activities
- Fraud related to securities offering activities
- Unregistered securities offering
- Securities conversion contract offering to individuals not eligible
- Conducting securities conversion contract transactions with individuals not eligible
These charges include two counts of conspiracy to commit fraud, two counts of securities fraud, two counts of wire fraud, asset fraud, and market manipulation related to LUNA and UST (U.S. Department of Justice).
Apart from Do Kwon, two other prominent figures in the crypto industry are awaiting trial dates in the U.S., including former Binance CEO Changpeng Zhao (February 23, 2024), and former FTX CEO Sam Bankman-Fried (March 28, 2024).
Related: The Trial of Do Kwon in the United States has Been Postponed
Terraform’s Algorithmic Stablecoin Shakes the Crypto Industry
In 2022, Terra's algorithmic stablecoin suffered a collapse, resulting in approximately $60 billion being wiped out from the market. This event ignited widespread controversy within the cryptocurrency community and heightened regulatory scrutiny.
South Korean authorities issued an arrest warrant for the former executive and other accomplices in September, but they remained elusive.
Subsequently, Interpol issued a red notice for the arrest of the former executive after he claimed not to be on the run. Terra's collapse was among the significant market downturns witnessed in 2022.
In November, the digital asset exchange FTX filed for bankruptcy, causing substantial losses for numerous investors. This development prompted criminal investigations into the actions of Sam Bankman-Fried and other executives at the company.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct theRestaking Trend, TVL EigenLayer Reached 3 Billion USD
By AZC News | An hour ago
The restaking trend is on the rise as EigenLayer's TVL continues to reach an all-time high (ATH) of 3 billion USD, and the platform is temporarily removing the old staking limits for each protocol.Restaking Trend, TVL EigenLayer Reached 3 Billion USD
EigenLayer continues to raise the ceiling for depositing LST tokens into the platform. Under this adjustment, each portfolio is allowed to restake up to 200,000 new tokens. The participation period for this activity extends from today until February 9th.
In parallel, EigenLayer introduces three new liquid staking tokens (LST), including sfrxETH (Frax Finance), mETH (Mantle), and LsETH (Liquid Collective).
Restaking is a prevailing trend, with the concept of reusing staked ETH for applications on other platforms such as Data Availability (through the EigenDA product branch) and network validation for new establishments (via AVS). Despite its straightforward mechanism, restaking proves to be significantly capital-efficient, making DeFi more accessible to users.
Another restaking project built on EigenLayer and backed by Binance Labs, attracting considerable attention, is Puffer Finance. Despite its recent launch on February 2nd, Puffer Finance quickly rose to the fourth position in terms of TVL.
Alongside the surge in restaking, some developers caution that EigenLayer's "security sharing" model may lead to network congestion or overload, especially with the upcoming Dencun upgrade on Ethereum.
Related: Ethereum Completes Dencun Upgrade on Sepolia Testnet
TVL EigenLayer
After expanding the restaking limits for two hours, over 1 million Ethereum (ETH) has flowed into the platform, elevating EigenLayer's accumulated TVL to 3 billion USD. As of now, EigenLayer's TVL stands at 3.2 billion USD, marking a 1 billion USD increase within the past 24 hours.
Source: Defillama
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research
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