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  • US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules

    US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules

    US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules
    • US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under current regulations.
    • SEC plans new regulations for DeFi and trading systems to protect investors.
    • Crypto firms, including Coinbase, push back against expanding regulatory scope.

    In recent statements, SEC Chairman Gary Gensler has firmly reiterated that Bitcoin is classified as a non-security under existing SEC regulations. His comments came during an interview on CNBC’s “Squawk Box.”

    Gensler emphasized the importance of regulatory clarity, insisting that while many firms have benefitted from the public’s growing interest in cryptocurrencies, they often resist the regulations designed to ensure market integrity.

    In the interview, Gensler noted that the SEC’s role is to foster trust in the market, stating, “Innovations do not develop in the long term unless they also build trust.” He referenced the significant losses and bankruptcies that have occurred in the crypto space, underscoring the necessity of having regulations in place to protect investors.

    Gensler’s remarks also follow the recent eToro settlement, which confirmed that Bitcoin (BTC), along with Bitcoin Cash (BCH) and Ethereum (ETH), are not considered securities.

    Despite Gensler’s reaffirmation regarding Bitcoin, he acknowledged the discontent among crypto firms concerning regulatory frameworks. He highlighted that many industry stakeholders argue against the existence of such regulations, which he attributes to their discomfort with the enforcement actions taken by the SEC.

    Gensler indicated that the SEC is working on new regulations for decentralized finance (DeFi), suggesting a potential shift in oversight for various trading platforms.

    SEC’s trading systems proposal

    Earlier Gary Gensler while testifying before the US House Financial Services Committee discussed the SEC’s ongoing proposal to mandate that alternative trading systems register as brokers. This proposal aims to close regulatory gaps among trading platforms, ensuring compliance with rules intended to prevent unfair trading practices.

    However, the proposed regulations have met significant push-back from digital-asset firms, including Coinbase, which argue that the definition of an exchange could inadvertently include DeFi platforms, complicating their compliance.

    As the SEC continues to navigate the complex landscape of cryptocurrency regulation, Gensler reiterated the agency’s commitment to fostering a transparent market.

    With no timeline set for final decisions on the trading systems proposal, the SEC remains open to considering applications from exchanges seeking to offer central clearing for the US Treasury market, which is projected to expand significantly under new rules.

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  • Bitcoin wallets dormant for 15 years suddenly move BTC

    Bitcoin wallets dormant for 15 years suddenly move BTC

    • Satoshi era bitcoin wallets dormant since 2009, have just moved 250 BTC to new wallet addresses.
    • The five wallets transfered BTC in batches of 50 coins each.
    • Bitcoin price traded around $63,500, having touched highs above $64,000 across major exchanges.

    Several Bitcoin (BTC) miner wallets that have been dormant for over 15 years suddenly woke up and have moved 250 BTC worth over $15 million.

    The so-called ‘Satoshi era’ wallets are miner addresses created in the years that Bitcoin creator Satoshi Nakamoto actively mined BTC. Such wallets date back to 2009 – five of which just transferred 50 bitcoin each to new addresses.

    On-chain transactions tracker Whale Alert highlighted each of the five 50 BTC wallet movements early Sept. 20. In total, five wallets had transferred coins worth $15.9 million to new wallets.

    Lookonchain shared a screenshot of Whale Alert’s posts about the dormant coins. In this case, each of the miner addresses received bitcoin as mining rewards in 2009. Not one of these wallets transacted since that first transaction.

    Notably, none of the new wallets had moved the coins to a crypto exchange as of writing.

    In March 2024, a Bitcoin wallet dormant for over 12 years, suddenly woke up to move 500 BTC. Another wallet dormant for over 10 years, suddenly activated in April 2023.

    Bitcoin price

    The movement by these ‘Satoshi era’ BTC wallets come as Bitcoin price recovered to above $64,000 amid market reaction to this week’s Federal Reserve interest rate cut. The benchmarket cryptocurrency has over the past few months struggled to break higher – with a major dip to below $50k seen on August 5, 2024.

    Commenting on price outlook, crypto analyst Ali Martinez says its likely traders may want to take profits at current prices.

    BTC price tounched highs of $64,140 on Coinbase early Friday, September 20, 2024. However, it changed hands around $63,513 at the time of writing.

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  • Bitcoin (BTC) price targets $63k as crypto market awakens after Fed rate cut

    Bitcoin (BTC) price targets $63k as crypto market awakens after Fed rate cut

    Bitcoin (BTC) price breaks above $62K as crypto market awakens after Fed rate cut
    • Bitcoin has broken past $62K post-Fed rate cut; next resistance at $63K.
    • Ethereum and Solana have also surged, reflecting a broader crypto market rally.
    • Caution remains due to economic uncertainties and potential regulatory issues.

    Bitcoin (BTC) price has surged past $62,000 following the US Federal Reserve’s decision to cut interest rates by 50 basis points.

    The move by the Fed, aimed at bolstering economic growth and mitigating recession risks, has ignited a rally across digital assets. The monetary policy adjustment has not only energized Bitcoin but also lifted a broad range of altcoins and risk assets.

    Next Bitcoin (BTC) price resistance level at $63k

    Currently trading around $62,096, Bitcoin’s price has demonstrated a solid 24-hour gain of 2.29% and a more impressive 7-day increase of 6.20%.

    Most notably, the price breach above the $62,000 mark represents a crucial psychological milestone for Bitcoin, following a period of consolidation near $60,000.

    Technical analysis highlights that Bitcoin’s next significant resistance level is positioned at $63,000, with the potential for further gains if this barrier is surpassed. The upper boundary of Bitcoin’s Bollinger Bands indicates heightened volatility, suggesting that while a short-term profit-taking phase may occur, the overall trend remains strongly bullish.

    Support is firmly established at around $60,100, acting as a critical floor that has been repeatedly tested and held firm.

    Investor sentiment towards Bitcoin is largely positive, with increased trading volumes reflecting growing institutional interest.

    As Bitcoin’s (BTC) price continues to climb, it benefits from a broader narrative of cryptocurrencies serving as a hedge against traditional market volatility and inflation fears, which have been exacerbated by the Fed’s dovish stance.

    Ethereum and Solana lead as altcoins mirror Bitcoin’s surge

    The rate cut by the US Federal Reserve has not only impacted Bitcoin price but has also spurred a broader rally in the cryptocurrency market, lifting major altcoins alongside Bitcoin (BTC).

    Ethereum (ETH), for instance, has surged past $2,400, marking a 24-hour increase of 4.94% and a 7-day rise of 2.97%. Ethereum’s price reached $2,430 before settling slightly, mirroring Bitcoin’s bullish trend. Technical indicators show Ethereum facing immediate resistance at $2,430, with potential for further gains if it breaks above this level.

    Solana (SOL) has also seen significant price movements, surging by 6.03% to reach $138.65. This gain underscores renewed confidence in Solana’s ecosystem and its applications in decentralized finance (DeFi) and NFTs.

    Other altcoins, such as Ripple (XRP) and Shiba Inu (SHIB), have also experienced notable increases, with XRP rising by 1.20% to $0.59 and SHIB climbing 7.85% to $0.00001427.

    Analysts remain cautious

    Despite the overall positive sentiment, market participants remain cautious. Mixed reactions and concerns about the sustainability of the rally are prevalent. Analysts suggest that while the rate cut has provided a significant short-term boost, the broader economic uncertainties and potential regulatory challenges could impact future performance.

    In particular, Presto Research notes that the market remains divided, highlighting the need for relief from growth concerns to maintain upward momentum.

    Amid the mixed market outlook, the coming months will be critical in determining whether the current Bitcoin (BTC) price rally can sustain momentum and push digital assets to new highs.

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  • Bitcoin Dogs (0DOG) makes an attempt at $0.04934 as Bitcoin (BTC) turns bullish

    Bitcoin Dogs (0DOG) makes an attempt at $0.04934 as Bitcoin (BTC) turns bullish

    Bitcoin Dogs (0DOG) makes an attempt at $0.04934 as Bitcoin (BTC) turns bullish
    • Bitcoin Dogs (0DOG) is projected to surge as Bitcoin’s price turns bullish.
    • 0DOG could reclaim its all-time high of $0.04934 due to increased demand amid new exchange listings.
    • Analysts predict a potential 100X move for 0DOG by the end of 2024.

    As Bitcoin (BTC) gears up for what could be a record-breaking rally after struggling below $60k, many altcoins within its ecosystem are expected to follow suit, and Bitcoin Dogs (0DOG) stands out among them.

    A BRC-20 token, 0DOG is directly tied to Bitcoin’s performance and with the current bullish outlook for BTC and a string of new exchange listings, it is poised to reclaim its previous all-time high of $0.04934.

    Bitcoin (BTC) regains its footing, surging above $60k

    At press time, Bitcoin price stood at $60,022, showing a steady 10% growth in the last seven days.

    Although the price remains 17.43% below its all-time high of $72,689 (achieved six months ago), the market sentiment is bullish after a scare that made analysts anticipate a drop below $50k this weekend.

    Most technical indicators currently show a buy signal indicating short-term bullishness and a possible long-term bullish trend. The key resistance level to watch is at $60,316, with bottom support around $58,294.

    If Bitcoin breaks above the $60,316 resistance, analysts predict it could rapidly surge to the next target of $62,441.

    Forecasts suggest Bitcoin could hit $79,207 by the end of 2024, with long-term projections reaching as high as $221,485 by 2025 and $369,701 by 2030. This anticipated growth, driven by institutional adoption and easing credit conditions, sets the stage for the entire Bitcoin ecosystem to surge, including projects like Bitcoin Dogs.

    Bitcoin Dogs (0DOG) poised to retest $0.04934

    Bitcoin Dogs (0DOG), the first-ever ICO launched on the Bitcoin blockchain as a BRC-20 token, offers a unique opportunity for those looking to capitalize on Bitcoin’s bullish momentum.

    0DOG’s value is tied to Bitcoin, meaning as BTC surges, 0DOG is expected to outperform due to its smaller market cap and higher volatility. This is a classic “beta trade,” where a smaller asset experiences more significant percentage gains as its larger counterpart rises.

    Currently priced at $0.00986, 0DOG is down 1.4% over the past 24 hours, but analysts are confident that the token is on the verge of a major breakout.

    The all-time high for 0DOG is $0.04934, reached on August 22, 2024, and its current price presents a compelling entry point for investors looking to ride Bitcoin’s momentum.

    With new exchange listings and a surge in market interest, 0DOG could see significant buy pressure, pushing it back toward its all-time high.

    Exchange listings and future projections for 0DOG

    Notably, Bitcoin Dogs has been on a listing spree, listing on major exchanges like MEXC, Gate.io, Uniswap, and UniSat Exchange shortly after a successful presale round.

    These listings have opened 0DOG to millions of potential investors, increasing liquidity and market exposure.

    The MEXC and Gate.io listings, in particular, are significant for the token’s growth prospects. For example, MEXC handles over $2 billion in trading volume daily and has a user base exceeding 6 million, providing Bitcoin Dogs with a massive platform to gain traction.

    Also, the MEXC and Gate.io listings caused the token’s price to pump 3X within the first hour of trading, indicating the potential for 0DOG to experience a similar surge amid rumours of additional exchange listings, which could further fuel demand.

    This increased market exposure, combined with Bitcoin’s expected bullish trend, makes 0DOG one of the top altcoins to watch in 2024. Analysts are predicting a potential 100X move before the end of the year, driven by both the macro environment surrounding Bitcoin and the internal developments within the Bitcoin Dogs project.

    Additionally, a play-to-earn game tied to 0DOG is set to launch later this year, which could attract even more interest and drive up the token’s price.

    For more information about Bitcoin Dogs and the 0DOG vesting schedule for those who purchased the token in the recently concluded presale, you can visit the official Bitcoin Dogs website here.

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  • BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) will tap $50K

    BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) will tap $50K

    BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) will tap $50K
    • Arthur Hayes predicts Bitcoin (BTC) could fall below $50K amid market turmoil.
    • Bitcoin’s price drop has led to $36.71M in liquidations.
    • The Crypto Fear & Greed Index shows “extreme fear,” reflecting growing market anxiety.

    In recent days, the cryptocurrency market has been awash with uncertainty, with Bitcoin’s price taking a significant tumble.

    After slipping below $57,000 on September 5, Bitcoin has fallen to $55,711.26, leading to a sharp decline in market sentiment. This downturn has thrust the Crypto Fear & Greed Index back into the “extreme fear” zone, with a score of 22, a notable drop from the previous day’s “fear” score of 29.

    Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, has weighed in on the current market conditions and in a post on X, predicted a further decline in Bitcoin’s price, suggesting that it could fall below $50,000 over the weekend.

    Hayes’s prediction comes amidst a broader market slump and growing concerns about the US economy.

    Over 36 million Bitcoin long positions liquidated

    The recent plunge has seen Bitcoin wipe out approximately $29.7 billion from its market capitalization. According to CoinGlass data, the price dip has also resulted in over $36.71 million worth of long positions being liquidated, accounting for about 40% of today’s crypto liquidations.

    The drop in Bitcoin’s value has had a ripple effect across the cryptocurrency market. Other major cryptocurrencies have also experienced declines, with Ethereum (ETH) falling by 2.23%, Solana (SOL) dropping by 2.82%, and Ripple (XRP) seeing a 2.19% slump.

    This broad-based downturn has led to over $94.26 million in liquidations over the past 24 hours, with Bitcoin and Ether long positions accounting for over half of these liquidations.

    The current crypto market volatility is attributed to a confluent of broader macroeconomic factors. Notably, the recent US jobs data fell short of expectations, raising concerns about a potential Federal Reserve interest rate cut and adding to the market’s apprehensions.

    As Bitcoin navigates these turbulent waters, all eyes will be on whether Hayes’s prediction comes to fruition and how the broader market sentiment evolves in response to ongoing economic signals.

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  • Bitcoin (BTC) drops below $57K again amid strong selling pressure

    Bitcoin (BTC) drops below $57K again amid strong selling pressure

    Bitcoin (BTC) drops below $57K again amid strong selling pressure
    • Bitcoin drops below $57K due to major institutional sell-offs and market pressure.
    • Short-term holders face unrealized losses, could trigger market volatility if they decide to cut their losses.
    • $51K is a crucial support level and long-term investors might see this as a buying opportunity.

    Bitcoin (BTC) has once again slipped below $57,000 as its turbulent journey continues. At press time, BTC was trading at $56,749.40, down 5.32% in a week.

    This latest dip is driven by a confluence of factors, including significant institutional sell-offs, the pressure from short-term holders facing unrealized losses, and ongoing spot market selling.

    Institutional sell-offs impact Bitcoin price

    A major factor behind Bitcoin’s price decline is the heavy selling activity by institutional investors. Prominent players such as Fidelity, Grayscale, Ark Invest, and Ceffu have significantly contributed to the downward pressure.

    Fidelity leads the charge, having sold 16,000 BTC, valued at approximately $915 million. Grayscale follows with the offloading of 15,000 BTC, amounting to roughly $858 million. Ark Invest has divested 7,000 BTC worth about $400.4 million, while Ceffu has sold nearly 3,124 BTC, totalling around $178 million.

    This institutional sell-off has been a crucial factor in Bitcoin’s drop. The substantial transfers of Bitcoin to exchanges suggest that these major players are either taking profits or rebalancing their portfolios.

    Interestingly, while these institutions are actively selling, BlackRock has maintained a neutral stance, avoiding both buying and selling Bitcoin amid the current market fluctuations.

    Risk of short-term holders exiting positions en mass

    The selling pressure is further exacerbated by the situation of short-term Bitcoin holders, who are currently facing significant unrealized losses.

    According to data from Glassnode, short-term holders who acquired Bitcoin in the last six months are experiencing financial stress, with their average cost basis ranging from $59,000 to $65,200, substantially above the current market price.

    This cohort’s financial strain is evident in key metrics, and their potential to exit positions en masse poses a considerable risk for increased market volatility.

    Despite the average Bitcoin investor remaining profitable, the substantial unrealized losses among short-term holders could potentially trigger broader market weakness if they decide to cut their losses.

    The $51,000 price level is highlighted as a critical support that must be maintained to preserve the current market structure.

    Potential for market stabilization

    As Bitcoin continues to experience strong selling pressure, its market behaviour reflects a complex interplay of institutional actions, short-term holder dynamics, and broader market conditions. While immediate prospects appear uncertain, particularly with the potential for further short-term declines, long-term investors may find value in this period of adjustment.

    Analysts have observed some absorption at lower price levels, which might suggest that Bitcoin could be poised for a period of sideways movement before making a decisive move.

    The current dip might present a buying opportunity for long-term investors who can weather short-term volatility.

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  • Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US

    Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US

    Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US
    • Bitcoin Dogs’ token 0DOG surges after launching a high-APY liquidity pool.
    • Rising Bitcoin interest in the US boosts 0DOG’s value amid broader market trends.
    • Despite a US demand spike, global Bitcoin demand and profits remain weak.

    The cryptocurrency market is abuzz with recent developments as Bitcoin Dogs’ native token, 0DOG, experiences a dramatic surge amidst rising Bitcoin demand in the US. This notable increase in 0DOG’s value comes on the heels of the launch of its liquidity pool and a spike in Bitcoin interest following Federal Reserve Chair Jerome Powell’s comments.

    While Bitcoin’s broader market demand remains negative, the US sector’s engagement is driving significant shifts in both Bitcoin Dogs and Bitcoin itself.

    Bitcoin Dogs (0DOG) sees significant rebound

    Bitcoin Dogs (0DOG) has recently captured the spotlight with an impressive price surge following the launch of its highly anticipated liquidity pool.

    Initially, 0DOG faced a bearish trend, dipping to a low of $0.00603 after an initial surge on its first trading day. However, the token’s fortunes have reversed sharply with the liquidity pool’s debut. At press time, 0DOG was trading at 0.01646 after surging above $0.029 on August 30, 2024.

    The newly launched liquidity pool, offering an initial APY of 405.56%, has been a major catalyst for the price spike, drawing significant investor interest.

    The liquidity pool’s dynamic APY structure is designed to incentivize early participation, making it a lucrative opportunity for investors.

    With an initial pool size of $50,000, the APY will decrease as the pool grows, encouraging early entry to maximize returns. This structure, combined with Bitcoin Dogs’ innovative approach as the world’s first ICO on the Bitcoin BRC20 token, is driving heightened investor enthusiasm.

    The integration of 0DOG into the Telegram gaming sector and the forthcoming NFT collection further bolsters its growth prospects.

    These strategic developments are expected to attract a significant user base and provide added value through in-game utility for NFTs.

    Rising Bitcoin (BTC) demand in the US

    As Bitcoin Dogs regains its footing, Bitcoin’s demand in the US has shown a notable increase following Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium.

    This uptick in US investor interest is evident from the rise in the Coinbase Premium to 0.11%, indicating higher local demand compared to international exchanges. The Inter-exchange Flow Pulse (IFP) metric has also seen a rally, signalling that BTC is flowing into US-based platforms in response to the price premium and increased demand.

    Despite this localized surge, overall Bitcoin demand growth remains lacklustre. The price of Bitcoin has been struggling to stay above $60,000 making investor engagement not to be marked by significant profit-taking.

    Realized profits of $536 million are modest compared to the multi-billion-dollar figures observed at previous market peaks. Furthermore, the Apparent Bitcoin Demand 30-day growth has transitioned from a positive 496,000 BTC in April to a negative 36,000 BTC, reflecting a broader decline in demand.

    Conclusion

    While Bitcoin Dogs (0DOG) benefits from the recent liquidity pool launch, there has been a rising Bitcoin interest in the US while the broader market presents a mixed picture.

    For more information about the relatively new Bitcoin Dogs project, whose native token is currently available for trading on MEXC, Gate.io, and Unisat, you can visit the project’s official website.

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  • Texas approves debtor-in-possession financing plan for BTC miner Rhodium

    Texas approves debtor-in-possession financing plan for BTC miner Rhodium

    Texas approves debtor-in-possession financing plan for BTC miner Rhodium
    • Rhodium filed for Chapter 11 with debts of up to $100M and assets of up to $500M.
    • The debtor-in-possession financing plan is offered by Galaxy Digital.
    • Galaxy Digital offers Rhodium a $30M loan or 500 BTC with a 9.5%-14.5% interest.

    Rhodium Enterprises, a Texas-based Bitcoin mining firm, has recently garnered significant attention following its Chapter 11 bankruptcy filing on August 24, 2024.

    With liabilities ranging between $50 million and $100 million, and assets valued between $100 million and $500 million, Rhodium’s financial struggles have highlighted the growing challenges within the cryptocurrency mining sector.

    Riot Platforms claims Rhodium owes it $26M

    At the heart of Rhodium’s financial distress is its strained relationship with its landlord and power supplier, Whinstone.

    This tension contributed to Rhodium defaulting on a $54 million loan in July, shortly before the company raised $78 million in additional lending. The strain has culminated in the filing of a lawsuit by rival mining firm Riot Platforms, which claims Rhodium owes over $26 million in unpaid fees.

    Texas approves debtor-in-possession financing plan for Rhodium

    Despite these setbacks, Rhodium has secured an unusual debtor-in-possession financing plan approved by a Texas court.

    This plan, offered by Galaxy Digital — a blockchain firm led by Mike Novogratz — provides Rhodium with a choice between a $30 million loan with a 14.5% annual interest rate or a 500 Bitcoin loan with a 9.5% interest rate.

    Notably, the Bitcoin miner has the option to repay the Bitcoin loan in US dollars, based on market prices at the time of repayment.

    The approval of this financing plan is particularly striking given the volatility of Bitcoin price, which adds a layer of uncertainty to Rhodium’s repayment obligations. Over the last month, Bitcoin has seen a nearly 11% decline, reflecting broader market instability.

    Rhodium’s struggles are not isolated; they are emblematic of the broader challenges facing the cryptocurrency mining industry. The recent Bitcoin halving has reduced mining rewards while rising electricity costs have eroded profit margins.

    As Rhodium endeavours to reorganize and recover, its journey underscores the precarious state of the crypto-mining sector in an increasingly volatile market.

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  • Crypto downturn sees BTC touch $58k;Bitcoin Dogs fluctuates

    Crypto downturn sees BTC touch $58k;Bitcoin Dogs fluctuates

    • Bitcoin (BTC) touched lows near $58k as cryptocurrencies witnessed a sharp sell-off.
    • 0DOG token tumbled amid Bitcoin’s losses.

    Bitcoin dived more than 6% in the past 24 hours to trade below $59,000. The crypto market capitalization also tumbled as a sea of red engulfed altcoins

    Major altcoins saw huge declines to push the total market cap down more than 7% to $2.16 trillion. Meanwhile, Bitcoin Dogs fell sharply as Ethereum, Solana, Pepe, and Polygon nosedived.

    Bitcoin slumps amid huge liquidations

    BTC briefly traded at lows of $58,089 across major exchanges on Wednesday morning before a slight recovery pushed it to above $59.2k.

    While there hasn’t been a clear catalyst for the crypto sell-off, the widespread losses suggest a broader weakness for risk assets. 

    Santiment analysis also suggests the latest retracement follows huge bets on upside momentum. The greed that hit the market on August 25 has seen a swift reaction in liquidations, the market intelligence and on-chain analytics platform wrote on X.

    Data from Coinglass shows total crypto liquidations have jumped 208% in the past 24 hours to over $330 million. Most of this, about $295 million, are long positions and over 90,800 traders have been liquidated in this period as a result.

    The largest liquidation is an ETH/BTC position at $12.67 million on Binance.

    Bitcoin Dogs mirrors BTC sell-off

    While Ethereum has dropped more than 9% to under 2,450, Solana is changing hands near $144. Polygon, Pepe and Sui have shed double digits.

    Bitcoin Dogs, a cryptocurrency that recently launched on major exchanges Gate.io, MEXC and Uniswap, is also mirroring the downside action.

    0DOG price has dropped sharply from its highs of $0.04934 reached on August 22 to currently trade at $0.01006. The token has seen a massive 54% slump in 24 hours, which highlights how impactful a sharp drop in the prices of top cryptocurrencies can be for related tokens.

    What next for BTC, 0DOG?

    At the time of writing, BTC traded around $59,120, still in the red.

    Bears may extend the decline in BTC price, with lows seen on August 5 a likely support level. This same scenario could play out for Bitcoin Dogs, which made history with the first-ever BRC-20 token presale on the Bitcoin network.

    The gaming and NFT project taps into BTC’s growing layer-2 market and is likely to bounce alongside the flagship cryptocurrency.

    But what would indicate a potential for reversal?

    “When funding rates get extreme in either direction, they are always prone to get liquidated and shoot markets in the opposite direction. Look for funding rates to stabilize (or potentially even start leaning toward a short bias) as a sign that BTC and other assets will start to bounce again,” Santiment observed.

    The downside may therefore provide an opportunity to buy low. Learn more about Bitcoin Dogs first by visiting their website.

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  • Babylon Bitcoin staking drives BTC fees higher as mainnet launches

    Babylon Bitcoin staking drives BTC fees higher as mainnet launches

    Babylon Bitcoin staking drives BTC fees higher as mainnet launches
    • Babylon’s Bitcoin staking launch on August 22 drove transaction fees to $132-$137.
    • Over 12,700 stakers quickly filled the “locking-only phase” of Babylon’s program.
    • Babylon raised $70M in May 2024, following an $18M Series A in December 2023.

    On August 22, Babylon, a pioneering Bitcoin staking system, marked a significant milestone with the launch of the first phase of its self-custodial mainnet.

    The self-custodial mainnet allows Bitcoin (BTC) to be staked via smart contracts, extending its utility beyond its traditional roles as a medium of trade and a store of wealth.

    Bitcoin transaction fees rise from under $1 to $137

    The debut of Babylon’s staking program led to a notable surge in Bitcoin transaction fees. Early on August 22, the average fee was under $1, but it skyrocketed to between $132 and $137 as the staking system went live.

    This dramatic increase was driven by a rush of users eager to participate, resulting in a fee bidding war and pushing transaction costs close to $140, according to CryptoQuant analyst J.A. Maartun.

    Babylon introducing Bitcoin into a PoS ecosystem

    Babylon’s initiative aims to introduce Bitcoin into a proof-of-stake (PoS) ecosystem, offering users the opportunity to earn yield by depositing their crypto directly onto PoS networks.

    The initial “locking-only phase” of Babylon’s staking system was quickly filled to capacity, with over 12,700 stakers and 20,610 solo delegates already participating. This rapid uptake highlights growing interest and confidence in the platform’s potential.

    The successful launch of Babylon’s staking program underscores its ambition to redefine Bitcoin’s role in the broader crypto landscape, particularly within decentralized finance (DeFi). The move aligns with increasing institutional interest in cryptocurrencies, as evidenced by recent approvals of Bitcoin spot ETFs and significant institutional investment.

    Babylon’s funding journey has been equally impressive. Following a $18 million Series A round in December 2023, the platform secured an additional $70 million in funding in late May 2024, led by Paradigm and supported by other prominent investors. This financial backing reinforces the project’s potential and solidifies its place in the evolving Bitcoin ecosystem.

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