Blockchain

In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, scalability, and global adoption by simplifying users’ access to crypto.

xDay 2023: “No Time To Waste In Driving Innovation”

On the event’s third day, we sat down with Bogdan-Gruia Ivan, Romanian Minister of Research, Innovation and Digitalization. The Minister intends to support the crypto community and builders by attracting capital into the country, giving crypto companies tax exceptions, and implementing a new legal framework to provide them with clarity and security.

The Minister sees himself as a “true believer” in blockchain, artificial intelligence, and their capacity to drive innovation in the country. “There is no time to waste,” he said, as he promised to turn words into facts. This is what he told us:

Q: How do you feel about the event and projects coming out of MultiversX?

A:

The first time I was in the Romanian Parliament was 20 years ago. For two years, I served as a member of the Chamber of Deputies. I’m a member of the parliament now, and I feel I have never seen the Romanian Parliament in such a great way, looking so well and having that positive and brilliant vibe about shaping the future. It’s amazing what Beniamin (Mincu) and Multiverse X are doing here.

Q: How is Romania going to support MultiversX and the crypto community? Can implementing Markets in Crypto-Assets (MiCA) help you achieve your goals?

A:

First of all, right now, we already have a Romanian memorandum, an understanding of how we could improve and we are working on a legal framework about technology and about blockchain. Once we pass all reviews from all public institutions, next week, we’ll bring it into the government, and we’ll make it the legal framework for blockchain and emerging technologies. So that is one of the strategic points of developing and putting Romania on the map.

The second one is the Romanian AI strategy. We want to launch on 26 September with an entire large debate about our AI strategy and we’ll finish it by the end of the year. And after that, we’ll pass a legal framework for AI.

Third, Romania has huge potential, the most brilliant minds of our young people from the IT sector, and with them, we had to figure out how we could improve and be part of quantum technology (…). And in my opinion, Romania could provide, could be the regional provider, and could be the great hub for entire software and for quantum technologies. So in that way, we’ll launch the framework and the national debate about quantum strategy in two or three weeks.

Q: Do you think cooperation with crypto projects will extend to other members of the European Union?

A:

I’m interested in that because we’re part of the change. We are in the same stage with our partners (…). But at the same time, I want Romania to have its own position in that game. So I would like to put Romania on the map, so it can lead the cryptocurrencies and other emerging technologies because of the ecosystem (in the country), because regulations are friendly, because we have that golden mine in the minds of those bright young people. So that’s why I want Romania to lead in crypto and not only in crypto.

As of this writing, the price of Bitcoin approaches $30,000.

Cover image from MultiversX, chart from Tradingview

Things seem to be going well for XRP at the moment, and the cryptocurrency appears to be well positioned to make gains in the market. The price of XRP had an incredible rally yesterday as news broke of the US Securities and Exchange Commission withdrawing its case against Ripple Labs’ executives Brad Garlinghouse and Chris Larsen. In addition to this, on-chain data has shown investors accumulating XRP in anticipation of a continued bull run. 

Smart Money Holders Accumulating Rapidly

XRP jumped 10% in 24 hours in response to the SEC lawsuit news to reach $0.53, despite most altcoins seeing little influx and most of the attention going to Bitcoin. According to on-chain analytics platform Santiment, this price jump can be attributed to many medium and large scale investors accumulating XRP tokens. The sharks and whales, also called the ‘smart money’ tier by Santiment, started to accumulate after the news broke out to hold their highest amount since July 27th. 

#XRPLedger enjoyed its first jump above $0.53 in 10 days despite most #altcoins continuing to decline. The rise can largely be attributed to the ‘smart money’ tiers, holding between 10K to 10M $XRP, accumulating rapidly. They hold 29.5% of the supply. https://t.co/KULxMtMGRL pic.twitter.com/LTzFcrwG3f

— Santiment (@santimentfeed) October 20, 2023

These set of traders hold between 10,000 to 10 million XRP tokens in their wallet and own 29.5% of the total XRP supply. These aren’t your typical whales that can increase or reduce buying pressure with just one trade, but mass trading action like this surely shows the general market sentiment. 

On the other hand, on-chain whale tracker Whale_Alerts has shown sporadic whale transfers to crypto exchanges during the week. On Thursday, October 19th, data from the whale tracker showed two XRP whale transfers some hours before the SEC news. The first transfer was of 31,100,000 XRP worth $15,212,146 to crypto exchange Bitstamp. In the second transfer, 32,300,000 XRP tokens worth $15,794,353 made its way to Bitso. Coincidentally, the price of XRP fell from $0.4878 to $0.4788 that same day. 

31,100,000 #XRP (15,212,146 USD) transferred from unknown wallet to #Bitstamphttps://t.co/p9wr31zwJQ

— Whale Alert (@whale_alert) October 19, 2023

32,300,000 #XRP (15,794,353 USD) transferred from unknown wallet to #Bitsohttps://t.co/AGmGVVnJNC

— Whale Alert (@whale_alert) October 19, 2023

What’s Next For XRP – Potential Impact?

XRP has since pulled back some gains from the XRP news and is now trading at $0.517. However, on-chain data points to a more bullish sentiment than bearish as interest in XRP is now at a high level. During this period of accumulation, XRP’s dominance on social media also reached its second highest this month.

We could see XRP reach as high as $1 in the short term if the ‘smart money’ tier traders continue the buying spree, and whales start to join the accumulation. Data from Santiment also shows XRP holders are at a constant rise and this measure is now at 4.81 million wallet addresses.

XRP is currently approaching a critical threshold that has previously caused parabolic price spikes. Larsen, one of the co-founders of Ripple, has criticized the SEC after the agency dropped its lawsuit against the company’s founders.

Bitcoin, on the other hand, has led the crypto market in gains this week. Bitcoin’s price is up by 10.57% as it edges close to $30,000. 

Featured image from The Daily Hodl

In the last seven days, Bitcoin has gone up by 10.50%, following a series of significant gains across the week. Most notably, the largest crypto asset surged by 7% on Monday following the emergence of fake news on the approval of the BlackRock iShares Bitcoin Spot ETF.

As expected, this price gain drew a plethora of reactions from various crypto enthusiasts and analysts.

In particular, Larry Fink, the CEO of BlackRock, stated in an interview with Fox Business that the BTC surge was partially due to the fake news of the spot ETF approval but also because of a growing demand for an investment safe haven. 

According to Fink, the increasing geopolitical tensions – citing the ongoing Israel-Palestine conflict – have created uncertainties driving investors to traditional assets such as gold, but also crypto assets. 

The BlackRock CEO describes this trend as a “flight to quality.”

Dissecting The Bitcoin ‘Flight To Quality’ Theory

Will Bitcoin Benefit From a “Flight to Quality”?

As US bonds face a historic sell-off, with 10-year yields hitting a 16-year high of 5%, investors are seeking alternative assets. Long-term bonds have plummeted 20% in 6 months and are down 53% since March 2020. US debt… pic.twitter.com/ekaWjK5fs5

— IntoTheBlock (@intotheblock) October 20, 2023

Following Larry Fink’s statement earlier this week, blockchain analytics and research firm IntoTheBlock has now posted a report evaluating the feasibility of Bitcoin as a “Flight to Quality” asset. 

In the post on Friday, IntoTheBlock highlighted various factors that backed Fink’s claim. Firstly, the analytic firm stated that US bonds are experiencing a historic sell-off as the 10-year yields on long-term bonds hit 5% this week.

Generally, US bonds are considered one of the most secure investment forms. However, developments such as this are usually termed as negative. This is because an increase in bond yield leads to declining demand for existing lower-yielding bonds and in turn, the devaluation of these bonds. 

As expected, this increasing bond yield has resulted in a 20% depreciation of long-term US bonds over the last six months. Meanwhile, there has been a significant 53% decline in the value of these investment assets since March 2020. 

Bitcoin Records Less Volatility Than US Treasuries

Furthermore, IntoTheBlock highlighted that Bitcoin’s volatility is currently lower than that of these US long-term bonds, indicating it offers a higher level of stability to traditional investors looking at the value of their investment. 

Finally, the research firm pointed out Bitcoin’s remarkable performance during this bond market crash, likening it to the asset’s positive price movement during the series of US bank collapses earlier in 2023. 

The blockchain research firm noted the crypto market leader tallies with gold with a 7% gain already in October and is receiving more recognition as a favorable alternative investment asset by several Wall Street financial experts.

Considering all the factors listed above, IntoTheBlock states that there are growing signs that Bitcoin is becoming a safe haven for traditional investors and could largely benefit from a “Flight to Quality” movement, especially with the potential launch of spot Bitcoin ETF.

At the time of writing, Bitcoin is trading at $29,667 with a 0.27% loss in the last day. In tandem, the token’s daily trading volume is down by 18.70% and is currently valued at $15.86 billion. 

The price of Stacks (STX) experienced a sustained rebound, driven by a prevailing sentiment of positivity within the cryptocurrency sector. STX had a significant increase, reaching a peak of $0.680, which represents the highest value observed since July 14th.

Stacks is a layer-1 blockchain solution aiming to enable smart contracts and decentralized applications on the Bitcoin network without altering its core features, like security and stability.

It operates through the Stacks token (STX), which powers smart contract execution, transaction processing, and asset registration on the Stacks 2.0 blockchain. This enhances Bitcoin’s capabilities without requiring a fork or changes to its original blockchain.

Stacks (STX) Racks Up 26% Gain

At the time of writing, STX was trading at $0.640, up 1.5% in the last 24 hours, and registering a solid 26% increase in the last seven days, data from crypto market tracker Coingecko shows.

The surge in STX is attributed to the prevailing optimism among investors on the potential acceptance of a spot Bitcoin ETF by the US Securities and Exchange Commission.

In a recent statement, Gary Gensler affirmed that the agency is currently engaged in an ongoing examination of the various proposals for exchange-traded funds (ETFs).

It is widely anticipated by analysts that the commission is likely to provide approval to proposals put up by established ETF companies such as Blackrock, Invesco, Infidelity and Franklin Templeton.

This expectation is influenced by their considerable knowledge and experience in the exchange-traded fund (ETF) sector. Given its previous setbacks in lawsuits against Grayscale and Ripple Labs, the SEC also hopes to head off any prospective legal challenges.

Meanwhile, Peter Schiff tweeted this week that the price of bitcoin might rise ahead of the ETF approval, only to fall afterward. Buying rumors and then selling them as news is a common practice.

How many times can #Bitcoin rally on the same ETF rumor? Once a U.S. Bitcoin EFT is approved, or $GBTC is able to convert into an ETF, there will be no more “good” news for Bitcoin to rally on. After years of buying the rumor, everyone will finally be able to sell the news.

— Peter Schiff (@PeterSchiff) October 16, 2023

Analysts’ Outlook For STX

A significant number of cryptocurrency traders utilizing platform X exhibit a favorable perspective towards STX.

DaanCrypto expresses a positive outlook regarding the possibility of a substantial increase in the STX price, contingent upon its ability to surpass the resistance level of $0.52.

$STX Not looking bad on the higher timeframe. Had this huge run up early in the year and has since come down to test the high timeframe support area.

Needs to break above $0.52 to break out of this consolidation.

Below $0.44 is the danger zone. pic.twitter.com/tGI6AeZZWN

— Daan Crypto Trades (@DaanCrypto) October 14, 2023

Nevertheless, the author cautions that a negative trajectory might potentially emerge in the event that the price descends below the threshold of $0.42.

Crypto Tony holds a positive outlook for the cryptocurrency, but his approach differs from the previous trader. He emphasizes a bullish ascending triangle pattern for the altcoin instead of placing the same emphasis on horizontal long-term levels.

$STX / $USD – Update

Break above 0.53c would be a trigger for a long position legends. Love the structure we are forming so far pic.twitter.com/Gd4xBYptGi

— Crypto Tony (@CryptoTony__) October 8, 2023

This indicates his expectation for potential upward price movement, as ascending triangles are typically seen as bullish patterns with the potential for a breakout to higher price levels. This analysis showcases the diversity of trading strategies and technical indicators in the cryptocurrency market.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Cute Wallpapers

In a recent CNBC report, Coinbase, the largest cryptocurrency exchange in the United States, expressed confidence in the approval of a US-based Bitcoin (BTC)  exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). 

Paul Grewal, Coinbase’s Chief Legal Officer, highlighted that the SEC’s recent court setback in the case of Grayscale’s proposed Bitcoin ETF has paved the way for a potential approval in the coming months.

Coinbase Eyes Bitcoin ETF Approval 

Grewal emphasized that Coinbase is hopeful about the approval of ETF applications due to their compliance with existing laws governing financial services. Grewal noted that prominent financial institutions have submitted robust proposals, indicating progress in the regulatory landscape.

The recent court ruling against the SEC stated that the regulator lacked a valid basis to deny Grayscale’s request to convert its GBTC Bitcoin fund into an ETF. 

The SEC chose not to appeal the ruling within the specified deadline, further increasing the likelihood of a BTC-related ETF gaining approval shortly.

However, Grewal acknowledged that the ultimate decision rests with the SEC, and he refrained from providing a specific timeline for the approval process. 

Nevertheless, Grewal expressed confidence in the SEC’s obligation to fulfill its responsibilities, particularly in light of the court’s decision and the requirement to apply the law impartially.

The introduction of a Bitcoin ETF would offer investors an alternative means to gain exposure to BTC without directly purchasing the cryptocurrency from an exchange. 

This could be particularly attractive to retail investors seeking Bitcoin exposure without the complexities of owning the underlying asset.

Per the report, Coinbase, being the largest crypto exchange in the United States, stands to benefit from the potential approval of a BTC ETF. The company’s common stock is held in portfolios designed to provide investors with crypto exposure.

Legal Troubles Mount For Grayscale’s Parent Company

While the recent court ruling has bolstered prospects for a BTC ETF, it is important to note that Grayscale’s bid to convert GBTC into an ETF is not without its challenges. 

Digital Currency Group (DCG), Grayscale’s parent company, along with crypto exchange Gemini and DCG subsidiary Genesis, face a lawsuit from the New York Attorney General, accusing them of defrauding investors of over $1 billion.

Despite the ongoing legal issues, Grewal remained positive about the approval of additional Bitcoin ETFs in the future as the SEC adheres to the law and evaluates pending applications neutrally.

The report also touched upon the recent performance of BTC, which has experienced a resurgence in 2023. With a 72% year-to-date increase, Bitcoin has rebounded from significant declines in 2022. 

Factors such as anticipation surrounding the upcoming BTC halving event and investor reactions to the Federal Reserve’s potential interest rate policy changes have contributed to increased demand for the digital currency.

Ultimately while trading volumes have declined recently, attributed partly to retail investors’ reduced engagement in response to low volatility and industry players’ challenges, Grewal expressed optimism that various developments, including criminal trials and rigorous regulatory actions, will restore investor and consumer interest in the crypto market.

As the landscape for Bitcoin ETFs evolves, market participants will closely monitor the SEC’s stance and any potential regulatory developments that shape the future of cryptocurrency investment products.

Featured image from Shutterstock, chart from TradingView.com 

In a recent crypto investigation, the US FBI successfully infiltrated a group of Indian citizens suspected of engaging in illicit activities involving the exchange of cryptocurrency for over $15 million in cash. 

The alleged transactions took place at various locations in Westchester County, with the group catering to customers seeking anonymity for their activities.

Crypto Crime Unveiled

According to recent reports, five out of the six suspects were apprehended on October 17 and subsequently charged in US District Court, White Plains. 

The charges primarily revolve around operating an unlicensed money-transmitting business. The investigation unfolded with the assistance of law enforcement agents who monitored 80 “cash hand-offs”. 

The FBI’s scrutiny began in April 2021 when they identified a suspect operating within the “dark web” criminal marketplaces. 

Although the individual remains unnamed in the criminal complaint, they are believed to be a co-conspirator of the arrested local suspects. Notably, the suspect offered to ship cash to customers in exchange for cryptocurrency.

According to the complaint, the unidentified co-conspirator disclosed to an undercover officer in January that some of their customers were involved in drug sales, while their wealthier clients were hackers. 

The co-conspirator claimed to have amassed approximately $30 million over three years by exchanging cash for cryptocurrency.

In February, an individual responsible for mailing packages of cash on behalf of the co-conspirator was arrested. The complaint reveals that this individual had been receiving sacks of cash from various individuals, three times a week for 18 months, at a Westchester County post office. The cash bundles ranged from $100,000 to $300,000.

In a bid to receive leniency during sentencing, the aforementioned individual agreed to assist the FBI with their investigation. Over several months (from February 10 to September 27), they allegedly participated in 80 controlled cash pick-ups amounting to $15,067,000.

One of the arrested individuals, Raju “Jay” Patel from Flushing Queens, played a significant role in the operation. The complaint alleges his involvement in 58 cash transfers totaling $10.8 million. 

Raju would collect cash from various locations in George, Massachusetts, North Carolina, Pennsylvania, and South Carolina. Subsequently, Raju allegedly coordinated the transfers with the co-conspirator and the FBI’s confidential source.

On March 6, Raju allegedly arranged an exchange of $250,000 at a Tarrytown supermarket parking lot. Surveillance conducted by law enforcement agents captured Raju leaving his Queens apartment with an orange cloth bag, which he handed over to the FBI’s confidential source upon arrival in Tarrytown. The bag reportedly contained $249,715.

Illicit Cash Exchange

Similar exchanges took place at a parking lot in Port Chester, further implicating the suspects involved. On August 6, Shaileshkumar Goyani allegedly handed over a bag containing $114,000 to the FBI’s confidential source.

Apart from Goyani, the complaint identifies Brijeshkumar “Samir” Patel, Hirenkkumar Patel, Naineshkumar Patel, and Nileshkumar Patel as additional suspects in the case. 

All the suspects are charged with operating an unlicensed money-transmitting business under New York and federal laws.

According to an affidavit by FBI agent Lawrence Lonergan, such unlicensed money-transmitting businesses operate as shadow banks, enabling funds to pass through without undergoing the scrutiny imposed by Congress on the United States financial system.

While the allegations against Goyani’s crypto fraud remain unproven, his defense attorney, Daniel A. Hochheiser, emphasizes that his client has not been indicted by a grand jury. Hochheiser further stated that if and when an indictment is issued, Goyani intends to enter a plea of not guilty.

Featured image from Shutterstock, chart from TradingView.com 

Raoul Pal, the founder of Real Vision and one of crypto frequent commentators, thinks SOL, the native currency of Solana, a smart contract platform, has “been extremely bullish all year.” In Pal’s assessment, the coin will likely double in the next few sessions, especially if there is a welcomed breakout above the immediate liquidation level. 

Taking to X on October 20, the founder noted that SOL has rallied by 171% in 2023 alone. At the same time, looking at technical candlestick arrangements, the immediate resistance level that traders should watch out for is $30. This line, Pal thinks, marks a critical liquidation level per the “big inverse head and shoulders” pattern evident in the daily chart. 

In technical analysis, this pattern signals that bear momentum is slowing, and the uptrend could be around the corner. Often, it forms when prices make three lows, with the middle low (the head) being lower than the other two lows (the shoulders). 

Pal Is Bullish On Solana, Will SOL 2x?

Even so, as Pal notes, the uptrend will be valid once there is a high volume bullish breakout above the “neckline.” In the Solana price chart in the daily chart, the neckline is at $30, a psychological level buyers have failed to break since it was registered in July 2023. This level also marks Solana’s highest price this year.

While Solana struggles to overcome the strong resistance by USDT (and technically USD bulls), SOL bulls have been easing past resistance levels versus Ethereum (ETH) and Bitcoin (BTC). As of October 2023, SOL bulls appear to be reversing losses posted in 2022 versus the two top coins by market cap.

To highlight this development, SOL is trading at new 2023 highs versus Ethereum, reversing losses and edging higher as bulls flock. SOL bulls have broken two critical liquidation zones at spot levels versus Ethereum registered in January and July. Still, Ethereum remains solid from a top-down preview, up 70% versus SOL reading from the SOLETH daily chart.

Will SOL Rally Trigger “Crypto Summer” In 2024?

While SOL bulls double down, the Real Vision CEO thinks the coin could lead the market to a “Crypto Summer” in 2024. The uptrend could be fanned by several developments, especially on partnerships struck in the recent past.

In early September, Visa, a global payment processor, introduced USDC settlement on Solana, citing the network’s high throughput. Through this extension, Visa hopes to “improve the speed of cross-border settlement and provide a modern option for our clients to easily send or receive funds from Visa’s treasury.”

Recent analytical insights from JB, a crypto analyst from the Cheeky Crypto YouTube channel, suggest that Cardano (ADA) one of the leading altcoins in the crypto market might face a plunge before any potential resurgence.

Anticipating A Downward Trend

According to JB’s analysis, Cardano is possibly on the brink of a price dip. Following the cryptocurrency’s recent pullback, which was exacerbated by the unfounded news about a Bitcoin ETF approval, JB predicts ADA’s price could slide to a range between $0.2296 and $0.2185 before any possible upward reversal.

JB further emphasized the broader crypto market’s sentiment, referencing the Fear and Greed index, which recently stood at 47 – a nearly neutral position.

Interestingly, as highlighted by JB, this metric diverges from market expectations, as many assumed a more fearful sentiment following the unsubstantiated ETF news.

Furthermore, to get a clearer picture of ADA’s potential trajectory, the analyst touched on fundamental factors concerning Cardano. Within the 24 hours leading to JB’s analysis, there were 38,256 active ADA addresses on the Cardano blockchain.

Of these, 31,330 were receiving addresses, while 27,599 were sending. Moreover, during this period, ADA witnessed 55,893 transactions which accrued fees equivalent to 19,908 ADA or approximately $4,841.

Another interesting observation was the addition of 4,086 blocks to the Cardano blockchain, pushing the block height past 9.434 million. When examining ADA’s holders, JB noted a 0.16% weekly increase in wallets possessing up to 10,000 ADA.

This growth expanded to 0.55% over the past month. Conversely, wallets holding over 1,000 ADA experienced a 0.2% increase in the last week and a 0.08% rise over the month.

Whales’ Play In Cardano (ADA) Price Movement?

Another revelation by the analyst that caught attention was the plummeting number of wallets holding up to 1 million ADA. This segment saw a reduction from 2,789 to 2,773. This could insinuate that ADA whales might be partaking in a sell-off strategy.

According to JB, their rationale could be to drive the price downwards, enabling them to repurchase ADA at more favorable rates, and setting the stage for more significant profit margins in the future.

Regardless of the analysis, ADA has experienced a notable increase in its price over the past week and has maintained a bullish trend in the last 24 hours, rising by 2.2% to a trading price of $0.251, at the time of writing.

In addition, the altcoin’s trading volume has also appreciated significantly in the past week. Particularly, ADA’s daily trading volume has surged from below $95,000 recorded this last Friday to as high as above $150,000, in the last 24 hours.

Featured image from Unsplash, Chart from TradingView

In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, scalability, and global adoption by simplifying users’ access to crypto.

Summarizing The MultiversX Event, Day 2

In the early hours, the CEO and Co-Founder of MultiversX, Beniamin Mincu, announced a partnership with big tech giant Google Cloud. The company pledged to help the community of MultiversX builders, and Google Cloud will secure all data running on this blockchain.

The community celebrated the announcement, followed by other major partnerships, including Axelar, to improve its interoperability with Telekom, which will become a validator for MultiversX.

Other representatives from big tech companies, from Amazon Cloud to Deloitte and Tecent, spoke during the event about Gaming, ways to drive growth and adoption, and the convergence of Gaming, the Metaverse, and Web3.

From the crypto space, Alex Odagiu from Binance Labs and Danilo Carlucci from Morningstar Ventures discussed the importance of data, and the different ways crypto investors are using it to make investments during bull and bear markets.

Overall, attendees were impressed with the event’s capacity to gather a big crowd during a bear market and the partnerships announced throughout the day. The sentiment was optimistic about the future of blockchain and crypto.

#MultiversX, the blockchain tech built for large-scale solutions.

Combining AI, Big Data, Gaming, the Metaverse and beyond.

All unfolding at unprecedented speed. pic.twitter.com/eh431p4x8R

— MultiversX (@MultiversX) October 20, 2023 

Interview With Sunny Aggarwal, Co-Founder At Osmosis Labs

During the event, we got to chat with Sunny Aggarwal, a co-founder at Osmosis Labs, the company behind the decentralized protocol running on Cosmos. One of the most prominent decentralized finance (DeFi) protocols in this ecosystem, the DEX has processed over $3 billion in trading volume, according to data from Token Terminal.

Aggarwal is a validator for MultiversX, the “only non-Cosmos” network he validates. In an interview with our team, the Osmosis Co-Founder spoke about the early days of MultiversX, when the project was known as Elrond Network.

Aggarwal was one of the first to see the Elrond (MultiversX) Whitepaper and has been helping as a “non-official” external consultor ever since. During the interview, the Cosmos Co-Founder spoke about the passion and the drive behind MultiversX.

Speaking about the factor that makes MultiversX stand out from other blockchains, he mentioned their flagship product, xPortal. The “SuperApp” tries to offer users finances, social interactions, and payments, all using a single app. Aggarwal said:

I actually think xPortal was a big one. I remember they showed me, it wasn’t called xPortal back then. It had a different name, but when they showed it to me back in 2020. At the time, it was the best mobile wallet I’ve seen. I think the work that they did around the UX and when you log in, you get a username right away. And I think that they were very early on understanding how the UX has to be done. So I think that’s a very big interesting (…).

During the event, the team at MultiversX has been trying to remove “Web 3,” “crypto payments,” and similar words from their narrative. The team believes just “Web,” or “money,” is a better message for the users. Aggarwal agrees with the message, which heavily focuses on adoption:

I think the users don’t care about how the technology works. I think they care about what it does, but also they want to know, telling someone something is a cryptocurrency is not what matters, what matters is telling them it’s secure from hacks or that it’s private. That’s what matters, right? You have to sell the features that cryptocurrency gives you without necessarily having to know (the technology).

Cover image from MultiversX, chart from Tradingview

Bitcoin has approached the $30,000 mark with a sharp rally today, but on-chain data suggests the level could provide some major resistance.

1.49 Million Addresses Bought Around The $30,000 Level

According to data from the market intelligence platform IntoTheBlock, the most significant potential resistance for BTC is at the current levels. The “resistance” here refers to not the technical resistance, but rather the on-chain one.

From the on-chain perspective, levels are defined as resistance/support on the basis of the concentration of investors/addresses who bought at said levels.

The below chart shows what the distribution of the holders looks like right now across the various levels of the asset:

Generally, whenever the price of the asset retests the cost basis of an investor, they may become more likely to show some kind of move. If this retest happens from below, that is, the holder had been in losses prior to this, they might be tempted to sell at break-even.

On the other hand, a decline in the price towards their acquisition price may lead to them buying more of the asset, as they might think that if these same levels proved to be profitable earlier, they could do so again in the near future.

The thicker the band of investors who have their cost basis inside a specific price range, the more pronounced effects like these would be. Thus, such ranges above the price could be looked at as sources of resistance, while those below may serve as support.

As is visible in the above graph, the $29,800 to $30,700 range is particularly rich with addresses right now. To be more particular, about 1.49 million addresses bought their coins here.

Naturally, this means that Bitcoin could find it troubling to cross above this range, as it has already happened throughout the past year. “At the same time, 73% of Bitcoin addresses are currently in profit,” notes IntoTheBlock, as the ranges below all have thick green bands currently.

While the range will be hard to clear, at least strong support below means the cryptocurrency could keep up the retests until eventually it can find a break. If BTC can indeed clear the range, it shouldn’t have much resistance at higher levels, as not many investors have their cost basis there.

One positive sign for the current rally could be the fact that it’s not driven by the derivatives side, as an analyst has pointed out on X.

In the above chart, the data for the ratio between the Bitcoin open interest and market cap is displayed. The “open interest” here is a measure of the total amount of BTC contracts open on the futures market.

The indicator’s value has declined recently, implying that the open interest has gone down relative to the market cap. This could suggest that the current rally is driven by spot buying.

BTC Price

Bitcoin is currently inside the range of major resistance discussed before as its price is trading around $29,900.