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Tag: STX

  • Bitcoin L2 Stacks (STX) price drops heavily after transaction suspension

    Bitcoin L2 Stacks (STX) price drops heavily after transaction suspension

    Bitcoin L2 Stacks (STX) price drops heavily amid transaction suspension news

    • Stacks (STX) drops 2.5% as Bithumb announces temporary halting of transactions.
    • Network upgrades aim to boost Stacks’ security and features.
    • The suspension of transactions is scheduled to begin on July 29.

    Stacks (STX) token has seen its price drop by 11.4% in a week, even as the Bitcoin (BTC) price remains largely bullish.

    The decline comes at a time when excitement is building around Bitcoin-based DeFi and key network upgrades are underway.

    However, a major development from South Korean exchange Bithumb appears to have influenced investor sentiment, triggering notable short-term pressure on the STX token.

    Price pressure hits Stacks (STX) despite DeFi momentum

    STX is currently trading at $0.7786, marking a drop of 2.5% today and a sharp 11.4% decline over the past seven days.

    This drop comes even as Bitcoin, the asset it is built to complement, maintains a largely positive trend.

    The downward move has raised eyebrows among market watchers, especially given the recent momentum around the Stacks DeFi ecosystem.

    But despite the drop, STX has still gained more than 15% over the last month, driven in part by the ongoing “STX DeFi SZN” campaign — a collaborative launch among leading Bitcoin DeFi protocols.

    Through a partnership with Zealy.io, the campaign is offering 50,000 STX in rewards for users completing on-chain quests.

    While the broader DeFi push is designed to strengthen the ecosystem, it hasn’t been enough to offset short-term fears triggered by external factors.

    Bithumb’s temporary suspension fuels uncertainty

    One of the main catalysts behind STX’s recent price dip is the news of Bithumb’s announcement of a temporary suspension of STX deposits and withdrawals.

    Scheduled to begin at 03:00 UTC on July 29, according to a report by Bitcoin World, the suspension is aimed at supporting a significant upgrade of the Stacks network.

    For many traders, however, the move has sparked concern.

    Even though such suspensions are standard during blockchain upgrades, the market often reacts with caution.

    Investors worry about temporary inaccessibility and possible disruptions in trading activity.

    As a result, some may have opted to sell early to avoid complications, contributing to the current price decline.

    Stacks upgrades bring long-term promise

    The Stacks Network upgrades themselves are crucial milestones for the network.

    Stacks is a Bitcoin Layer 1 blockchain that enables smart contracts and decentralised apps (dApps) to run using Bitcoin as the settlement layer.

    It brings programmability to Bitcoin without changing Bitcoin itself.

    Transactions on Stacks are automatically hashed and secured by Bitcoin’s hashpower through a mechanism known as Proof of Transfer (PoX).

    This approach makes Stacks one of the most secure smart contract layers available today.

    The upcoming upgrade is expected to enhance this security while improving performance and enabling new features for developers and users alike.

    Moreover, STX plays a central role in this ecosystem. It is used for transaction fees, governance decisions, and stacking, where users can earn Bitcoin by locking their tokens.

    As the Stacks network upgrades progress, STX may gain greater utility and adoption, potentially reversing the current downtrend over time.
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  • Stacks (STX) prepares for Nakamoto upgrade: here’s what to expect

    Stacks (STX) prepares for Nakamoto upgrade: here’s what to expect

    Stacks (STX) prepares for Nakamoto upgrade: here’s what to expect

    Stacks, the largest Bitcoin layer-2 network, is on the verge of a transformative upgrade known as Nakamoto. As the Nakamoto upgrade approaches, Stacks’ native token, STX, currently trading at $1.80, is up 68% from its August lows.

    Scheduled to begin this week, the Nakamoto upgrade promises to be a pivotal event for the platform, heralding significant changes in transaction efficiency and expanding use cases.

    Stacks Nakamoto upgrade

    The Stacks Nakamoto upgrade is set to drastically reduce average transaction times from 10 minutes to mere seconds.

    Such a leap in efficiency opens the door to a range of new applications, including the creation and utilization of liquid stacking tokens. These tokens can now be seamlessly integrated into Decentralized Finance (DeFi) platforms, allowing users to deposit, borrow, and leverage liquidity with greater ease.

    In addition to improved transaction speeds, the Nakamoto upgrade will introduce sBTC, a new asset pegged 1:1 to Bitcoin.

    Unlike wrapped Bitcoin (wBTC), which relies on a central custodian, sBTC aims to provide a decentralized alternative. This enhancement promises increased censorship resistance, cost efficiency, and robust security features.

    By simplifying Bitcoin’s use in DeFi, non-fungible tokens (NFTs), and gaming, sBTC is expected to differentiate itself from existing solutions and attract more creators to the ecosystem.

    The anticipated upgrade is not only poised to revolutionize transaction processes but also to bolster the DeFi and NFT sectors within the Stacks network.

    As developers roll out the Nakamoto upgrade, the Stacks is likely to see increased adoption and innovation, positioning it as a significant player in the evolving landscape of Bitcoin layer-2 solutions.

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  • Stacks (STX), Optimism (OP), Kaspa (KAS) rally as Bitcoin soars

    Stacks (STX), Optimism (OP), Kaspa (KAS) rally as Bitcoin soars

    • Stacks (STX) price was up 25% as Bitcoin (BTC) broke above $28k for the first time in weeks.
    • Optimism (OP) and Kaspa (KAS) also gained double-digits.
    • The tokens were outperforming major altcoins such as Ethereum, BNB and XRP.

    As Bitcoin (BTC) broke to highs above $28k on Tuesday, several altcoins took cue to post huge moves. 

    Top market cap coins like Ethereum (ETH), BNB (BNB), XRP (XRP) saw modest gains. However, a few stand out performers on the day included Stacks (STX), Optimism (OP) and Kaspa (KAS).

    Stacks price

    Stacks (STX) is outperforming peers today with a 25% price surge in the past 24 hours. The coin’s stellar performance has recently been down to the growing popularity of Bitcoin Ordinals. With Bitcoin-based NFTs on the rise, the demand for STX has increased.

    The token traded to highs of $0.76 on Tuesday, up from lows of $0.58. The all-time high for Stacks is $3.39, which was reached in December 2021.

    Optimism price

    Optimism (OP) price was up 18% at the time of writing. The price of the L2 blockchain hit $1.34 on Tuesday afternoon after trading at lows of $1.06 this week, with the gains coming on the back of the broader market’s bounce.

    However, there was another likely trigger for OP price – the launch of an Optimism-powered testnet on the BNB Chain. The opBNB testnet went live on Binance’s BNB Chain on Monday and saw the OP token begin to soar amid increased trading volumes. Optimism price hit its all-time high of $3.22 in February this year.

    Kaspa price

    Kaspa (KAS) also saw double digit gains on Tuesday to rank among the biggest gainers in the top 100 coins by market cap. With price up more than 11% on the day, KAS inched further into bulls’ territory with over 40% upward action in the past week. 

    KAS/USD was trading at $0.022 at the time of writing, which is about 46% off the coin’s all-time high of $0.043 reached in April this year.

    Recently, the Kaspa team announced a funding pool initiative that targeted eventual KAS listing on the cryptocurrency exchange Bitpanda. The L1 proof-of-work blockchain network implements the GHOST protocol, which has been cited in the whitepapers of Ethereum, Cardano and XRP.

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  • STX outlook and the Bitcoin halving

    STX outlook and the Bitcoin halving

    • Stacks price has soared in the aftermath of interest in Bitcoin NFTs with the launch of Ordinals.
    • STX rose to an all-time high of $3.39 in December 2021.
    • Analysts say the upcoming Bitcoin halving could catalyse fresh rallies for the token.

    Stacks, the Bitcoin layer that leverages smart contracts to enable decentralised finance (DeFi) and non-fungible tokens (NFTs) among other decentralized applications on the pioneer blockchain network, is currently one of the best performing assets in the market today.

    The native STX is higher by more than 43% on the week even as most tokens struggle with downward pressure.

    Stacks price: STX poised for BTC halving explosion?

    The Stacks price has been rallying due to massive interest in Bitcoin-based NFTs and recently after the protocol released its whitepapers. The token’s price has in fact gained significant traction following the hype around the launch of the Ordinals project.

    Ordinals is a novel NFTs protocol that allows for the minting and storage of digital artifacts on the Bitcoin blockchain. The huge interest that greeted the Ordinals’ launch helped push the price of STX as demand for the layer 2 blockchain Stacks’ native token skyrocketed.

    Stacks Network’s leveraging of Bitcoin’s blockchain security and permanence, the idea of Bitcoin NFTs and DeFi are factors helping position STX for more upside action. But more than that, analysts predict that the STX price could see another explosive move as Bitcoin’s halving, which is about a year away, approaches.

    Bitcoin price has rallied going into the halving and this looks to be the trajectory STX will take. As for now, market analysts say there’s a “cultural shift in Bitcoin”, and that sentiment might catalyse a huge move for STX.

    STX price today

    The native token STX is up more than 43% in the past week and tops the 100 largest cryptocurrencies by market cap in weekly performance.

    While the STX/USD pair has retreated nearly 3% in the past 24 hours, the token’s price as at 8.20 am ET on 28 February was $0.89, showing a 3.5% jump on the hourly time frame.

    And with over 200% gains in the past 30 days, Stacks has quickly risen up the charts in terms of market cap (currently at over $1.2 billion and ranked 47th on CoinGecko.)

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  • STX price shoots up 31%

    STX price shoots up 31%

    • Stacks blockchain was designed to bring smart contracts and dApps to Bitcoin.
    • Stacks is providing a way to transfer assets to and from Bitcoin using smart contracts.
    • Its releases today advance its aim of making Bitcoin a more programmable smart contract hub.

    The price of STX, the native token of the Stacks blockchain, has risen by more than 143% over the past week besides today’s surge of 31.73% at press time. The reason for today’s Stacks price surge is mainly because of two major whitepaper releases by the Stacks blockchain as it continues with its goal of making the Bitcoin blockchain a more programmable smart contract hub.

    Stacks’ is a Layer-1 blockchain solution that aims works on bringing smart contracts and decentralized applications (dApps) functionality to the Bitcoin blockchain. Bitcoin by design is a proof-of-work (PoW) blockchain with no in-built smart contracts capabilities.

    The two Stacks whitepapers

    The first whitepaper release is titled “sBTC whitepaper” while the second whitepaper release is titled “stacks whitepaper.”

    The sBTC whitepaper introduces a newly proposed asset referred to as sBTC that will act as a trustless two-way Bitcoin peg to allow for the swift transfer of assets to and from the Bitcoin blockchain. In essence, the sBTC will allow Bitcoin to become a more secure Web3 hub by enabling trustless writing to Bitcoin and the movement of Bitcoin in and out of Bitcoin layers. The transactions will be secured using 100% of Bitcoin hash power.

    The sBTC complements Stacks 2.0 which introduced “read” access to the Bitcoin protocol.

    The stacks whitepaper (Nakamoto Release) adds important capabilities to the Stacks protocol to enhance its power as a Bitcoin layer. The whitepaper introduces a number of changes that are to be made to the Stacks protocol in order to enable the trustless functionality of the newly proposed sBTC asset.

    While the release of the two whitepapers is a major milestone for Stacks, it is also a major boost for the Bitcoin economy. sBTC will introduce a new era of Bitcoin applications, which will in turn unlock $300B+ within the Bitcoin ecosystem in latent capital for Web3 and also accelerate the growth of the Bitcoin economy.

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