Blockchain

In an interview with CNBC on Monday, David Marcus, former President of Paypal and Head of Facebook Payments, expressed his belief that Bitcoin (BTC) is the universal protocol for money on the internet. 

He emphasized Bitcoin’s significance as the flagship cryptocurrency and its core value as a payment solution while discussing its potential as a global payment network.

Bitcoin As The Universal Protocol For Internet Money

Despite enduring a challenging period and navigating various headwinds in recent months, Bitcoin remains at the forefront of the cryptocurrency market. According to Marcus, Bitcoin’s prominence is not solely due to its market position but is also driven by its ability to serve as a universal protocol for internet money.

Marcus highlighted the absence of a universal protocol for value transfer on the internet, stating, “There’s no universal protocol for money on the internet that enables value to be transported.” 

He explained that the vision is to transform Bitcoin into a global payment network, providing a seamless and efficient means of transferring value across borders.

One of the advantages Marcus cited for Bitcoin is its availability and accessibility. Unlike traditional financial systems, where individuals may face fees and the need to visit a branch during limited hours, Bitcoin operates 24/7. 

This inherent characteristic of Bitcoin allows for greater convenience and flexibility, enabling users to transact at any time, including weekends.

While acknowledging Bitcoin’s potential as a payment network, Marcus noted that its primary function may not be as a currency for everyday purchases. He stated, “Our view is that BTC is not the currency people will use to buy things.” 

However, he emphasized Bitcoin’s role as the universal protocol for money on the Internet, enabling secure and efficient value transfer across various digital platforms.

As Bitcoin continues to gain attention and recognition, Marcus’s endorsement further solidifies its position as the flagship cryptocurrency and reinforces its potential as the universal protocol for internet money. 

BTC Trading Volume Hits Lowest Level Since 2019 

According to Satoshi Club data, Bitcoin is experiencing a significant slump in its daily trading volume, reaching its lowest point since February 2019 at just $5.4 billion. 

This decline has been attributed to a lack of market enthusiasm following the collapse of FTX. Furthermore, Bitcoin’s price dipped to $24,900 on Monday, the lowest level since June, exacerbating concerns about a potential extended decline shortly.

The dwindling daily trading volume of Bitcoin indicates a prevailing apathy among traders, with reduced participation and a lack of significant buy or sell activity. This trend is reminiscent of the market sentiment observed after the collapse of FTX, which has had a lingering impact on investor confidence.

Of particular concern is that Bitcoin’s price dropped to $24,900 on Monday, reflecting a downward trend that has persisted since BTC reached its annual high of $31,800 on July 14. 

This decline has intensified worries among market participants about the possibility of a prolonged downward trajectory for Bitcoin in the coming weeks.

The cryptocurrency has successfully reclaimed the $25,000 level; however, it continues to decline by over 1.5% within just a few hours of Monday’s trading session.

Featured image from iStock, chart from TradingView.com 

Bitcoin price keeps falling, now pushing down against support at $25,000 per coin. The recent sweep of lows has resulted in a perfected TD9 buy setup according to the weekly TD Sequential indicator.

Although this sounds positive for crypto, if the signal fails, there is risk of an extreme drop ahead. Here is a closer look at why.

Is The TD Sequential Telling Us To Buy The Dip In Bitcoin?

Things are improving for Bitcoin price action, but the situation surrounding altcoins and the increasingly negative macro environment has kept upside momentum at bay. The result over the last several weeks has been another BTCUSD downtrend. This series of down weeks has satisfied a specific sequence required to trigger a TD9 buy setup.

Even more important, the signal has been “perfected” now that price has made a lower low on weekly timeframes. The TD Sequential is a market timing indicator created by Thomas DeMark, which can be used to potentially time reversals. However, when a buy signal fails, the move down can be dramatic.

The last time there was a perfected TD buy setup series in the same timeframe, Bitcoin was priced at $42,000 per coin. There was a short-lived recovery, but a more than 50% collapse followed due to the buy setup failure.

If the buy setup doesn’t fail here, Bitcoin should reverse before the week is over, resuming its prior bullish 2023 uptrend.

A Broader Look At The Brewing BTC Trend

Upon zooming out, we can also see that Bitcoin’s uptrend from $3,000 is still intact, according to TDST support located at $10,376. TDST support only moves up when a TD series is perfected to the upside and a sell setup triggered. Instead, the perfected TD9 buy setup has renewed TDST resistance at $30,419.

Former TDST resistance was located at $25,250, which is potentially being retested now. Based on what the technical indicator tells us, is that Bitcoin is facing a critical inflection point in terms of timing and price level combined. However the dust settles could determine the future trend for the remainder of the year.

Will this TD buy setup lead to a reversal, or further failure for bulls to establish a new bull market?

Terra Classic (LUNC) has taken a decisive action in a bid to tackle the rising tide of spam proposals flooding its blockchain. The project recently submitted a groundbreaking proposal aimed at altering some fundamental aspects of its ecosystem to mitigate the incessant spam proposals that have been plaguing it. The Terra Classic community hopes that this move will help restore order and efficiency to its blockchain.

One of the most significant changes proposed is the substantial increase in the minimum deposit required for submitting proposals. In response to the dwindling effectiveness of a 1 million LUNC deposit due to the cryptocurrency’s recent price drop, the proposal suggests elevating the minimum deposit to 5 million LUNC. 

This move is expected to serve as a deterrent against frivolous and spammy proposals that have been inundating the platform.

Initiative to combat spam proposals by increasing minimum deposit amount to 5M LUNC

We currently have seen an increase in “SPAM” proposals going up, since the price of LUNC has dropped, 1M LUNC is no longer effective in combatting these types of proposals, this proposal will…

— Hexxagon (@hexxagon_io) September 8, 2023

Terra Classic Raises The Bar

At the time of writing, the Terra Classic community has shown overwhelming support for this proposal, with more than 90% of votes cast in favor of the change. With such resounding support, it appears highly likely that the proposal will pass. The voting period is set to conclude on September 16, and the Terra Classic community eagerly awaits the final verdict.

While Terra Classic strives to secure its ecosystem against spam, it’s worth noting that one of the project’s most promising indicators for the future lies in the steadfast support it has garnered from the world’s largest cryptocurrency exchange, Binance. This support is not a recent development but serves as a testament to Terra Classic’s continuous evolution and its efforts to remain at the forefront of innovation in the blockchain space.

Binance’s Backing Fuels Luna Classic’s Promise

In January, Binance officially declared its unwavering support for Terra Classic’s latest update, known as Proposal 11242. This governance proposal, backed by Binance, addresses crucial facets of Terra Classic’s evolution. Notably, it introduces measures to prevent the new minting of a portion of the burned LUNC tokens. By resetting the seigniorage reward policy, Proposal 11242 effectively safeguards against the re-coinage of tokens that had previously been burned.

Seigniorage is essentially a tax collected by governments through their ability to create money, resulting in a net transfer of resources from the real economy (businesses and households) to the government.

With Binance’s support and Terra Classic’s commitment to enhancing its ecosystem’s integrity, the project is poised for a bright future, despite recent price fluctuations. 

As of the latest data available, the current price of LUNC stands at $0.0000572, with a 3.6% decline in the past 24 hours and a 1.9% loss over the past seven days. Terra Classic (LUNC) remains resolute in its mission to create a more secure and efficient blockchain ecosystem, and these latest developments are sure to further solidify its position in the cryptocurrency landscape.

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

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On-chain data shows the Bitcoin network saw new addresses crop up at the second-highest rate in history during the past weekend.

Bitcoin New Addresses Metric Shot Up During This Past Weekend

According to data from the market intelligence platform IntoTheBlock, BTC has just observed its highest number of new addresses since 2017. The relevant metric here is the “new addresses,” which simply keeps track of the total number of new addresses appearing on the Bitcoin network every day.

Generally, new users coming into the network aren’t the only ones generating new addresses as existing holders of the asset may also create new addresses for better privacy of their transactions and other purposes like dividing funds into multiple wallets.

Regardless of this, a good chunk of the new addresses being created on any given day are indeed signs that new investors are coming into the market, so the indicator can provide us with hints about how the adoption of the cryptocurrency is coming along.

When this metric has a high value, it naturally means that a large number of addresses are coming online for the first time on the blockchain, which could suggest that new traffic is being attracted to the blockchain currently.

Now, here is a chart that shows the trend in the Bitcoin new addresses over the past year:

As displayed in the above graph, the metric’s value shot up during the weekend that has just passed by, suggesting a significant amount of address creation has occurred.

At the peak of this spike, the daily value of the metric had been about 719,000 addresses, which is the highest that the indicator has been since 2017. The spike in 2017 is an all-time high for the daily new addresses, which means that this latest value is the second-highest spike that the asset has ever seen.

This extraordinary influx of new addresses on the network would imply a large amount of investors have decided to enter into the market. Historically, adoption has been a constructive sign for the cryptocurrency, as a large user base provides for a more solid foundation for sustainable growth in the future.

Any positives arising from adoption, however, typically don’t appear in the short-term periods, as the effect only plays a role for the asset in the longer timespans.

BTC Price

Bitcoin has continued to struggle recently as the asset has been devoid of any sort of real volatility. At present, the asset’s price is floating around the $25,600 mark.

These recent prices may be what has pushed new users toward the network, as they may have found the current lows to be a viable entry point into the market.

However, as mentioned before, this adoption is unlikely to be of any help to the cryptocurrency right now, unless the users coming in are the likes of the whales.

James Howells, a Welsh Bitcoin investor and the man who inadvertently lost $557 million worth of BTC in a flash drive is seeking to file a lawsuit against Newport City Council (NCC) in the United Kingdom for refusing his requests to excavate the area he presumed he misplaced the hard drive. 

Howells Threatens Legal Action Against NCC

After 10 years of searching for the elusive flash drive carrying a fortune of 8,000 BTC, Howells has taken an aggressive approach to his hunt and threatened the NCC with proper legal action that may see the council firmly bankrupt if the court rules in favor of Howells.

The NCC is a single-tier unitary authority that oversees the administration of all areas in Newport, one of the principal areas in Wales. Howells has been in contact with the council over the years, requesting permission to undergo a landfill excavation in the area that supposedly harbors the flash drive. 

Howells claims that he has raised sufficient funds to propel the excavation work and only needed the council to give the go-ahead. However, the NCC has been adamant about its rejection despite Howells’ funding claims. 

The council has consistently declined Howells’ requests for a landfill excavation, with reasons of environmental concerns and prioritizing working officers’ time who ensure the safety and well-being of Newport residents. 

“In the current environment, we cannot justify wasting officers’ valuable time providing services to the residents of Newport,” a council spokesperson stated. 

In response to the multiple rejections, Howells has stated that he would sue the council for damages worth $557 million. He has submitted a letter to the council, demanding a concession to perform a landfill excavation on Monday, September 18. 

Following a failure to adhere to the ultimatum, Howells has requested a judicial review to evaluate the legitimacy of the council’s judgment to reject his Bitcoin recovery efforts.

NCC Can Keep 10% Of Recovered BTC

In an attempt to influence the decision of the NCC regarding the landfill excavation work, Howells has promised to deliver 10% of the total Bitcoin funds recovered. He has stated that he will use the funds to transform Newport into a “crypto-mecha.” 

The Welsh crypto investor also offered to provide 50 Euros to all Newport residents and facilitate the implementation of crypto terminals in local shops. 

Howells has been vigorously trying to recover his 8,000 BTC since 2013. With Bitcoin’s price over 1,000 times the value it was in 2013, the Welsh investor is desperate to locate the flash drive containing his potential fortune. 

He has expressed his frustration and determination with the NCC’s rejections, stating “I’ve tried everything possible for 10 years; they didn’t want to play ball, so now we have to take the legal route.”

In times of high congestion, Bitcoin users sending transactions on the network pay high fees to be included in the next block. These fees can reach hundreds of dollars depending on the transaction size, but a user might have broken the record.

20 Bitcoin To Move $200, What Happened?

Data from the analytics platform mempool.space, a user paid over $500,000 or 20 Bitcoin to transfer around $200. The chart below shows that the transaction fee has almost reached 200 million satoshis (sats).

Jameson Lopp, co-founder and CTO at CASA speculated about the transaction and why a single entity would pay such a high fee to send a small amount of money. Lopp stated:

The transaction that paid nearly 20 BTC ($500,000) fee a few hours ago looks like an exchange or payment processor with buggy software. They’ve received 60,000+ txns and sent 60,000+ txns from the same address (bad practice) and likely calculated their change output incorrectly.

In addition, CASA’S CTO stated that the transaction came from a “hot wallet,” a Bitcoin address connected to the internet, with the characteristics of those used by crypto exchanges and other enterprises. Lopp added:

It looks like it only receives deposits from one address to top up its balance every now and then. Spending pattern is one long peel chain!

As of this writing, the crypto exchange or company that owns this Bitcoin wallet seems unaware of its bug. The entity still holds over $10 million or 421 BTC on the hot wallet.

Moreover, the entity that paid $500,000 to move $200 seems active. The hot wallet records over 61,000 transactions, many occurring in the past hour alone, since its inception in late June 2023.

As Lopp noted, the address operates solely as a withdrawal hot wallet. The executive concluded that the transactions recorded by the wallet seem automated and probably the result of software created by a new entity in the crypto space.

Lopp said: “Looks like they haven’t noticed; they still have a ton of funds in the wallet and it’s still sending transactions.”

As of this writing, Bitcoin (BTC) trades at $25,700 with sideways movement across the board.

Cover image from Unsplash, chart from Tradingview

Dogecoin (DOGE), the beloved meme cryptocurrency that has captured the hearts of retail traders and internet enthusiasts, faced a critical juncture today as it witnessed a significant bearish breakdown below its key ascending support trendline. This trendline, which had offered a glimmer of hope to DOGE holders, seemed to be the last line of defense against a further price decline.

In the latest price analysis, DOGE recorded a 6% dip, pushing its value below the pivotal support trendline. At the time of writing, Dogecoin was trading at $0.061346 according to CoinGecko, reflecting a 0.9% decline in the past 24 hours and a 3.6% slump over the past week.

DOGE Bearish Territory Looms

Typically, such a break below a crucial support level grants sellers an enhanced edge in the market, potentially pushing DOGE further into bearish territory. However, amidst the price decline, the daily candle revealed an intriguing twist. Dogecoin experienced a stark rejection near the $0.06 threshold, signifying that buyers were jumping in at these lower price points.

The broader altcoin market also experienced a decline on Sunday, partially fueled by anticipation over crucial regulatory developments. Regulatory concerns have been weighing heavily on the cryptocurrency space, leading to increased volatility and uncertainty.

Furthermore, the Grayscale Ethereum Trust (ETHE) made headlines as it saw its discount to net asset value narrow to the lowest point in a year. This development, alongside the broader market sentiment, has raised questions about the future trajectory of cryptocurrencies like Dogecoin.

What Lies Ahead For Dogecoin?

As Dogecoin grapples with this significant breakdown of its support trendline, many in the cryptocurrency community are left wondering about its immediate future. Will the rejection near the $0.06 mark be enough to spark a reversal, or is DOGE headed for an extended correction?

Keeping An Eye On DOGE Price Movement

In the world of cryptocurrencies, sentiment can shift rapidly, and a single piece of news or a notable price move can alter the course of a coin’s trajectory. As such, traders and enthusiasts alike will be closely monitoring Dogecoin’s price action in the coming days to determine whether this beloved meme coin can bounce back from this setback or if it will continue to tread in bearish territory.

Dogecoin’s recent bearish breakdown below its support trendline has raised concerns among its holders and the wider cryptocurrency community. While the rejection near the $0.06 threshold provides a glimmer of hope, the altcoin market remains highly sensitive to regulatory developments and external factors.

(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 Hill’s Pet Nutrition

Over the course of Ripple’s legal battle with the United States Securities and Exchange Commission (SEC), John Deaton has grown to become one of the most prominent voices in support of the crypto firm. The result of this was a list containing 75,000 potential intervenors, all of which hold XRP.

Up until now, the regional composition of this 75,000-holder list has been unknown. But Deaton has finally revealed which countries are leading the pack as ‘potential intervenors.’

The United States Leads The 75,000 XRP Holder List

In a tweet shared on the X (formerly Twitter) platform, Deaton revealed to his more than 292,000 followers that the United States made up the majority of the 75,000 XRP holder list. The tweet highlighted that US holders currently make up 53% of the list, making it the leading region.

Going forward, the pro-XRP lawyer points to the United Kingdom as having the second-largest holder base on the list. This is then followed by Australia, which the lawyer excitedly reveals has moved up to the third position as of the last time he checked the holder list. However, Deaton explained that Australia’s lead over Canada in the fourth place only comes down to a difference of around 11 holders.

The lawyer’s tweet comes in response to an announcement from the Wave of Innovation official X handle that Deaton would be the keynote speaker of an upcoming event. The event totaled “XRP Gold Coast” would run from March 22-24 in 2024, and Deaton was picked as the keynote speaker due to his “significant contributions to the XRP community through his legal work and advocacy efforts.”

Deaton went on to highlight his pleasure of being the keynote speaker at this event by pointing out Australia’s growing dominance on the 75,000 XRP holder list. “I could not say no, nor pass on the opportunity to meet many of them,” he tweeted.

I checked the 75K #XRP Holder list. Australia has moved to the #3 spot. About 53% of the 75K #XRP Holders are from the United States
The United Kingdom comes in at #2. After that, Australia has a very small lead (ie like 11 people) over Canada , as the 3rd most… https://t.co/HYfaNOioju

— John E Deaton (@JohnEDeaton1) September 10, 2023

Representing The Interest Of Investors

John Deaton’s rise to fame, especially among crypto investors, first came when the lawyer began advocating for XRP holders. While Ripple Labs battled the SEC in the courtrooms, Deaton was the attorney of choice for XRP investors who wanted to make their voices heard in the case.

Support for Ripple had grown rapidly as many referred to the regulator’s actions as an overreach. Meanwhile, the number of XRP investors throwing their hats in the ring grew to over 75,000 on Deaton’s list.

According to the attorney, being on this ’75K List’ meant that XRP investors could potentially be able to seek reimbursement if the price of XRP were to suffer as a result of the regulator’s actions.

The legal battle that began in 2020 is currently still ongoing with the SEC filing an interlocutory appeal in response to Judge Analisa Torres’s ruling back in July. So whether or not there will be any reimbursement for XRP holders impacted by the regulator’s actions remains to be seen.

Yesterday’s weekly close of the Bitcoin price below the $26,000 mark has raised concerns among analysts and traders. This move could potentially signal a further decline for the leading cryptocurrency, as it appears to be the first step to confirming a double top formation on the weekly chart.

Rekt Capital, a prominent figure in the crypto analysis sphere, took to Twitter to share his insights, stating, “BTC has officially Weekly Closed below the ~$26,000 support. Technically, BTC has begun the first step in the process of validating this Double Top formation. Turn $26,000 into new resistance and the breakdown will likely be confirmed.”

How Low Can The Bitcoin Price Drop?

Remarkably, this isn’t the first time Rekt Capital has voiced concerns about this price level. Already on August 7, the analyst warned, “If BTC drops to $26,000 by mid-September then a Double Top may be forming. A breakdown from $26,000 would validate the Double Top.”

Diving deeper into potential price movements, Rekt Capital has speculated that a breach of the $26,000 base could see Bitcoin tumble towards the $22,000 region. The analyst emphasized the importance of observing the price action this week, noting, “if we see a weekly close below $26,000, followed by a rejection from $26,000, then we probably see a confirmed breakdown from this double top.”

However, it’s not all gloom and doom. Rekt Capital also highlighted the dangers of getting overly bearish, advising traders, “So it’s really important not to get caught in these downside wicks (below $26,000).” On a brighter note, the analyst pointed to the inverse head and shoulders pattern on Bitcoin’s weekly chart which played out in mid-March this year, suggesting that a retest of its neckline, around $24,000, might indicate the bottom of Bitcoin’s upcoming move.

Decentrader, a crypto intelligence platform, weighed in on the current market conditions, tweeting, “The market is currently experiencing the most sustained period of #bitcoin on-chain losses since the bear market lows. Is this a buy the dip opportunity or the start of a deeper pullback?”

They further highlighted potential price movements, stating, “Bitcoin Liquidity Map: There is a significant amount of 3x, 5x, 10x liquidity from $23,500 down to $21,600. IF price did get down to $23,500 we could see a fairly swift liquidity escalation event that could move price down fast.”

Final Correction?

Michaël van de Poppe, another esteemed analyst, provided a comprehensive historical perspective. He emphasized the significance of September as a historically challenging month for Bitcoin, stating, “There’s a level which #Bitcoin must hold in order to avoid a significant crash. Bitcoin is currently holding onto a significant level of support. It’s around the $25,500 barrier.”

Van de Poppe delved into the historical and cyclical aspects of Bitcoin’s price movements. He highlights that the months of August and September, especially in a pre-halving year, have traditionally been tough for Bitcoin. In August 2015, Bitcoin experienced a substantial correction towards the 200-EMA but managed to stay above it. A similar pattern was observed in August 2019, with a significant correction followed by a smaller one in November 2019.

Drawing parallels between the current market cycle and that of 2015, van de Poppe suggested that given the influx of new institutional participants, the current market could be mirroring the 2015 cycle. If this correlation holds, the current downturn could be the final correction before a potential rebound.

At press time, BTC traded at $25,692.

All eyes are on Stellar (XLM) as it breaches the $0.12 resistance despite the massive onslaught in the crypto market. The token managed to hold its past week’s gains while Bitcoin and other top coins maintained consistent bearish momentum. 

Stellar’s current price reflects the growing demand and interest in its payment solution, which is a plausible reason behind its strength. Moreover, excitement is high among XLM investors as the Stellar network prepares for a game-chaining announcement on Tuesday. 

XLM Soars Amid Heightened Speculation In The Stellar Ecosystem

XLM has been bullish since September 2 following Stellar.org’s announcement that “something cool is coming” to the network in 10 days. Following this announcement, XLM’s price increased by 10%, climbing from $0.1135 to $0.126.

Related Reading: Solana (SOL) Price Plunges On FTX Rumors, Buy Or Sell Now?

It maintained the momentum, though with a few dips, reaching $0.134 on September 10. This price move marked a nearly 20% increase from the month low of $0.1117 recorded on August 17.

Furthermore, Stellar Network continued to tease the community with the countdown to the mysterious announcement, as a September 7 tweet also teased that change is underway as the upcoming brand will introduce Stellar to the real world.

The Stellar community is abuzz with anticipation as enthusiasts await the unraveling of the mystery. Some community members speculate that the upcoming announcement could be related to a partnership with Apple. 

In a recent report, Stellar dominated all layer-1 networks in tokenized treasuries by market cap, surpassing Ethereum and Polygon. The August 23 tweet shows that Stellar recorded a tokenized treasury market cap of $304 million. Ethereum, on the other hand, recorded a Treasury market cap of $291 million, while Polygon followed with $24 million.

This report presents Stellar as a leading real-world asset tokenization network, a plausible reason behind XLM’s price increase. 

Price Outlook: XLM Slips Off $0.13. Will It Rebound?

Over the past 30 days, Stellar’s XLM embodied the resilience lacking in the broader crypto market. While most coins surrendered all past gains, XLM held on, bucking negative market sentiments and soaring new highs.

However, the rally has stalled, and the token currently holds over 3% price decline in the last 24 hours. But it still retains 1.78% gains in the last seven days. 

Stellar has slipped off the newfound support at $0.134 and now trades at $0.1272. This downslide suggests two things. Firstly, the hype around the mysterious announcement must have dwindled. Secondly, XLM could have succumbed to the bearish pressure present in the broader crypto market.

Nonetheless, XLM is in a critical conjecture, as the outcome of the next 24 hours will determine its price trajectory. If the announcement is bullish enough, XLM could witness a positive momentum shift with a massive upswing above the $1.3 price.