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Bitcoin Shocker: Lightning Network Capacity Reaches 5,000 BTC

The Bitcoin Lightning Network has marked another tremendous milestone. The total public capacity had surpassed more than 5,000 BTC for the first time in history, continuing along with the growing trend of 2022. This new milestone pushes further the capability and promise of the Bitcoin Lightning network. Just like always, there was a reason behind the big push. Bitcoin Development Ramping Up The continuous development of the bitcoin network has been a big part of why the digital asset remains so valuable today. Being the largest decentralized network in the space, there are always developers looking for new ways to leverage the offerings of the bitcoin network and push it further into the mainstream. Related Reading: Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory? Lightning Labs is a development firm that continues to focus heavily on bitcoin development and was behind the new all-time high Lightning network capacity. The developer had expanded the channel capacity of River Financial and Loop, allowing for the network to be able to accommodate even more BTC. It also follows the introduction of the new Taro Protocol, whose code was posted for public dissection last week as Lightning Labs continue to expand the capabilities of the bitcoin network. Lightning network reaches new milestone | Source: Arcane Research The Bitcoin Lightning network is also becoming increasingly popular among BTC users. MicroStrategy, which holds a large investment position in BTC, made the news when it posted a job offer seeking a full-time lightning network engineer. Apparently, the firm is looking to build a Lightning network-based SaaS platform for e-commerce and enterprise use cases. Taro Protocol, mentioned above, is working towards making it possible for developers to mint, send, and receive new tokens on the bitcoin blockchain. Take the Ethereum ERC tokens as an example. It will also expand the possibilities of NFTs on the bitcoin blockchain, as well as allow for the creation of stablecoins that are based on the bitcoin blockchain.  BTC price settles above $20,000 | Source: BTCUSD on TradingView.com The Lightning Network is also increasingly featured in crypto payments services due to its speed. El Salvador had adopted the Lightning network to make it easier to pay with BTC in the country, and digital payment provider Strike raised $80 million in September to expand its Lightning network-based payment solutions for merchants. Related Reading: Why The Shiba Inu Price Could See Some Major Upside This Week Layer 2 solutions like the Lightning Network are also expected to be more important to the bitcoin network going forward. Cardano founder Charles Hoskison recently revealed that he expects the majority of BTC will likely exist outside the bitcoin network in the next five years and be wrapped in these Layer 2 solutions. Featured image from Coindesk, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Solidus Ai Tech Announces New Partnership With Metaverse Giants Galaxy Arena

Solidus Ai Tech has recently announced a new strategical partnership with Galaxy Arena, currently the only VR Earn game aggregator metaverse hub. Galaxy Arena are really making some noise in the Play2Earn and Meta space by bridging the gap between virtual and reality by ‘bringing events, attractions and businesses into the metaverse.’ Galaxy Arena and […]

Near Protocol Collapses Despite Rounded Bottom, Is $6 Possible?

NEAR price continues to struggle on both low and high timeframe despite showing signs of recovery in recent times.  NEAR price trades in a range as the price looks set for a retest of key support areas. The price of NEAR fails to break above resistance despite forming rounded bottom on the daily timeframe.  Near Protocol (NEAR) has struggled with the less bullish scenarios as many traders and investors are beginning to get fed up with the price action as the price fails to have a relief bounce against tether (USDT). Near Protocol has shown little or no glimpse of relief bounce as the price aims for a retest of its support region at $3. With the current market looking more promising ahead of more relief bounces from altcoins, there are doubts about Near Protocol as the price isn’t as promising as others. (Data from Binance) Related Reading: Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022 Near Protocol (NEAR) Price Analysis On The Weekly Chart Most crypto projects have found relief in the new month, with altcoins such as BTC, ETH, and even XRP continuing to show strength after weeks of downtrend movement. The price of NEAR is not looking promising as it continues to move in its downtrend range despite attempting to break $6 and trend above this resistance. Following a rejection from $6, the price retested its $3.5 support area. Since then, the price has struggled to recover and trend above this support level, with many traders and investors concerned about their NEAR positions. The weekly price for NEAR closed bearish ahead of a new week, with the price opening with a range price movement, creating mixed feelings as regards the recovery of NEAR. For NEAR price to resume its bullish trend, the price needs to break and close above $6. Weekly resistance for the price of NEAR – $6. Weekly support for the price of NEAR – $3.5. Price Analysis Of NEAR On The Daily (1D) Chart On the daily timeframe, the crypto market cap price remains bullish, holding support at $850 billion ($850B); this has aided most altcoins, but not NEAR, which remains in a range-bound price movement with little price movement. The current price of NEAR is $3.68, as the price remains below the 8 and 20-day Exponential Moving Averages (EMA), unable to break above this region. The price of $3.75 corresponds to the 8 and 20-day EMA values acting as support. A break above this resistance region could signal a little relief for the NEAR price that has maintained a downtrend for a long. Daily resistance for the price of NEAR – $6. Daily support for the price of NEAR – $3.6. Related Reading: XRP Chills About Support And Aims Higher, Will It Breach $0.5? Featured Image From zipmex, Charts From Tradingview

Over 300 NFTs From Three Arrows Capital’s NFT Fund Moved by Liquidator to New Wallet

Over 300 NFTs From Three Arrows Capital’s NFT Fund Moved by Liquidator to New WalletHundreds of non-fungible tokens (NFTs) collected by Starry Night Capital have been transferred to a new wallet. The NFT fund of the insolvent crypto hedge fund Three Arrows Capital (3AC) bought the tokens in 2021. 3AC filed for bankruptcy earlier this year, after taking a hit from the collapse of the Terra ecosystem and the […]

Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022

In this episode of NewsBTC’s daily technical analysis videos, we look at the latest move up in Bitcoin price using the Bollinger Bands across a variety of timeframes and explain why a close above the upper band could lead to a larger move to the upside. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 4, 2022 Bitcoin price had another decent sized move up to above $20,000 after continuing to respect a rounded trendline.  Related Reading: Bitcoin Bounce Coincides With Possible Macro Reversal | BTCUSD Analysis October 4, 2022 Biblical Bear Market Bottom Pattern Is Back The rounded bottom would be the second half of an Adam and Eve double bottom formation. This is the same pattern that resulted in the 2018 bear market bottom and is characterized as a V-shaped correction followed by a slower rounded bottom. Is another bear market bottom building? | Source: BTCUSD on TradingView.com Crypto Market Gears Up To Ride The Bands Bitcoin’s latest move up is particularly notable due to the daily close taking place outside of the upper Bollinger Band. As you can see from the last time this happened, it can lead to a strong rejection back to the mid-BB. Holding above this level could lead to a larger move to the upside. Expansions in volatility are most important and worth paying attention to, as the tool’s creator would probably say himself. When the Bollinger Bands squeeze, it is a sign of low volatility – a short-lived phase that always ends with a bang and large move. Closing today’s daily above around $20,350 should do the trick and keep Bitcoin above the upper band. If not, the next logical target is likely the middle-band at $19,400.  Will Bitcoin ride the bands higher? | Source: BTCUSD on TradingView.com Related Reading: Is Bitcoin ‘Uptober’ About To Begin? | BTCUSD Analysis October 3, 2022 Monthly Bollinger Bands Give Two Possible Targets The monthly Bollinger Bands were tapped for the first time in Bitcoin history during this bear market. This suggests that Bitcoin price is extremely low relative to monthly price action historically and it could imply a buying opportunity.  The lower band is drifting downward, which means if Bitcoin continues downward also, the next target could be as low as $12,000 before more dynamic support is found. If Bitcoin heads back toward the upper band, $60,000 BTC is the target instead, making the setup decent in terms of risk versus reward. However, if Bitcoin can maintain upward momentum, a new uptrend could confirm. The TD Sequential isn’t just helpful for finding potential turning points when the series reaches a 9 or 13, a new 1 can often signify the start of a new uptrend and is yet another important signal. Does the 1 signify a new uptrend forming? | Source: BTCUSD on TradingView.com Bitcoin And Nasdaq Form Potentially Bullish Q3 Candle When the September monthly candle closed it also closed the third quarter of the year. Q3 left a doji on the Bitcoin price chart. Doji show a point of indecision and because of this, they are often found prior to a reversal, or prior to strong continuation. A high timeframe morning star doji could bring the reversal bulls need and would support a monthly push to $60,000 within the next three months. Whether BTC can hold above that level or not remains to be seen. It is worth noting that larger hedge funds and institutional investors take positions based on a quarterly basis, which could explain why markets sharply reversed to start the month of October. On the right, the Nasdaq also formed a bullish inverted hammer on the quarterly, which also could be a sign that Q4 is profitable for risk assets like crypto and tech stocks. Are these reversal signals on the BTC and NDX quarterlies? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin’s Total Network Hashrate Hits an All-Time High at 321 Exahash per Second

Bitcoin's Total Network Hashrate Hits an All-Time High at 321 Exahash per SecondAccording to statistics on October 5, the total computational power backing the Bitcoin network tapped a fresh all-time high reaching 321.15 exahash per second (EH/s). Just after the record high, the network’s total hashrate was coasting along above the 300 EH/s on Wednesday afternoon (ET) at around 303.87 (EH/s). Bitcoin’s Hashrate Reaches a Lifetime High […]

GMX Token, Arbitrum Favorite Get Listed On Binance, What Next?

GMX price continues to show bullish strength as price increases on all timeframes, as there is no sign of retracement.  GMX is one of the arbitrum favorites listed on the Binance innovation trading interface.  The price of GMX holds above support as price trends on the daily timeframe to create new all-time highs.   GMX token (GMX) has continued to look bullish as the price trend week in week out on the Arbitrum network as GMX token gets listed on Binance innovative center. The price of GMX has seen a rosy start to its launch despite its emergence in the bear market; the price continues to trend and remain bullish even in the face of uncertainty in the market. With the current market looking more promising ahead of more relief bounces from altcoins, we could see the price of GMX token (GMX) doing extremely well. (Data from Binance) Related Reading: XRP Chills About Support And Aims Higher, Will It Breach $0.5? GMX Token (GMX) Price Analysis On The Weekly Chart The new month has come with more relief for most crypto projects, with altcoins, such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement.  The price of GMX has continued to show its bullish strength despite being rejected from the $60 mark as the price tried to trend higher, creating a new all-time high. After a rejection from $60, the price retested its support area of $37 as price quickly bounced off, rallying with great strength to $50. With the current bullish structure, GMX has continued to sustain it is just a matter of time before the price retests its all-time high. The weekly price for GMX closed bullish ahead of a new week, with the price opening with a more bullish sentiment. The news of the token being listed on the Binance innovation zone is a big plus for the price of GMX. Weekly resistance for the price of GMX – $60. Weekly support for the price of GMX – $37. Price Analysis Of GMX On The Daily (1D) Chart On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has helped most altcoins, including the price of GMX; despite losing its uptrend line, the price has continued to show great bullish strength to reclaim this region.  The current price of GMX is $49.8 as the price continues to trade above 8 and 20-day Exponential Moving Averages (EMA) after flipping this into support for GMX price. The price at $40 corresponds to the values of 8 and 20-day EMA acting as support. Daily resistance for the price of GMX – $60. Daily support for the price of GMX – $37. Related Reading: Solana Spikes 4% After Recent Recurring Glitches – A Little Shine For SOL? Featured Image From zipmex, Charts From Tradingview

XRP Price Could Get A 23% Boost From This Bullish Formation Breakout

XRP is looking good, as Ripple once again scores a procedural victory in its lawsuit battle against the U.S. Securities and Exchange Commission (SEC) that has been ongoing for almost two years now. XRP gains another key victory in its ongoing legal battle with SEC Altcoin is up by 8.5% for the past seven days XRP on its way to the $0.52 resistance level On September 29, a ruling for the release of emails and other correspondence authored by William Hinman, former SEC Corporation Finance Division Director, was ordered by a U.S. District Court Judge. Documents being sought after by the court pertain to a Hinman speech where he stated Ethereum is not a security because it was sufficiently decentralized just like Bitcoin. Ripple, with this development, has put itself in an advantageous position to win the long-running court battle with SEC. It would appear that XPR’s price is set to respond accordingly, as it is pointing towards a bullish momentum. XRP In A Rounding Bottom Pattern In crypto space, the rounding bottom pattern that is being followed by the XRP coin is a bullish reversal model that is normally seen during bearish market bottoms. Related Reading: Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price? Chart: TradingView.com It usually signals the exhaustion of sellers that follows a downfall and the regaining of trend control by the buyers that usually trigger recovery rally. During the third week of September, probably due to the positive sentiment surrounding the Ripple-SEC legal bout, the 6th largest cryptocurrency by market capitalization made a significant rally on its way to a four-month high when it traded for $0.5523. But such gains were trimmed a bit as XRP, according to Coingecko, is currently changing hands at $0.4881. Still, even with lower price, the altcoin is doing well, tallying 8.5% increase for the past seven days and has been up by 7.1% for the past 24 hours. XRP Taking A Short Break Bitcoin’s tendency to waver at the $18,300 support level is triggering effects on majority of altcoins including the XRP. As for the anticipated bullish rally that comes with the rounding bottom pattern, it can be inferred that the digital asset’s price is taking a short movement break, consolidating at the $0.48 mark at the moment. It will take substantial volume in order for the expected uptrend to commence. If such condition is met, XRP price is seen to grow by 10% and hit the significant resistance level of $0.52. The Ripple-owned token is staring at key resistance levels between $0.52 and $0.58. Meanwhile, traders are also looking at support levels of $0.44 and $0.382 for the digital asset. Related Reading: Tornado Cash Sees Drop In Activity After U.S. Treasury Sanctions – What Now For TORN? XRP total market cap at $23.9 billion on the daily chart | Featured image from Cryptopolitan, Chart: TradingView.com

Yuga Labs Launches Bored Ape and Mutant Ape Yacht Club Community Council

Yuga Labs Launches Bored Ape and Mutant Ape Yacht Club Community CouncilThe non-fungible token (NFT) and blockchain firm Yuga Labs has announced a community council will be representatives of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collections. Yuga Labs has chosen seven community members with “a proven track record” to represent the NFT club at large. Yuga Labs Names Seven […]

XRP Chills About Support And Aims Higher, Will It Breach $0.5?

The crypto market is bouncing from daily support levels with XRP outperforming larger cryptocurrencies, such as Bitcoin and Ethereum. This token has been trending to the upside and moving against the tide even when conditions were unfavorable on small timeframes. Related Reading: Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure? At the time of writing, XRP’s price trades at $0.49 with a 3% profit and 9% profit in the last 24 hours and 7 days, respectively. With the exception of Bitcoin, larger cryptocurrencies are recording sideways movement or negative performance as XRP bounces. XRP Takes Impulse And Aims For Higher Levels During today’s trading session, the crypto market lost momentum and was rejected by previous support. For Bitcoin, this area was located at around $19,800, while XRP retraced to around $0.48. According to pseudonym trader, this area operating as critical support is at the top of a pattern that could be hinting at further gains for the cryptocurrency. As seen in the chart below, XRP’s price formed a descending triangle pattern. Over the past week, the cryptocurrency managed to bounce from the lower levels of this pattern and scored a successful breakout with a re-test of support. These elements hint at an extension of the bullish momentum with a potential target at $0.50, XRP’s major resistance level. The pseudonym trader noted the following while sharing the chart below: $XRP Has been chilling on this trend line after breaking out of it. If the market holds up, I think this will head higher. $0.5-0.51 first area of resistance. $0.6 area should be next if it can break above $0.5-0.51. XRP/BTC Pair quite strong throughout the past few days. This cryptocurrency’s bullish price action has been supported by positive developments in the legal battle between the U.S. Securities and Exchange Commission versus payment company Ripple. The legal dispute is related to XRP and an alleged illegal offering of the token as an unregistered security. Filed in late 2020 by the regulator, the case might be coming to an end with a positive result for the payment company and XRP holders, or at least, that seems to be the expectation in the market. At the moment, the cryptocurrency is moving away from a range last seen when the lawsuit became public. Crypto Market Conditions Positive For A Rally? Additional data provided by analyst Justin Bennet indicates that the S&P 500 is also showing positive price action. This index has exercised a lot of influence over digital assets and might allow XRP to follow through and finally break the key resistance at $0.50. Related Reading: Solana Spikes 4% After Recent Recurring Glitches – A Little Shine For SOL? In addition, Bennett showed an important reclaimed of a trendline on the daily chart as measured by the crypto market’s total market cap index. However, this reclaimed will be confirmed upon today’s close. $TOTAL reclaimed the June trend line yesterday. Bullish reclaim as of now. Let’s see where today closes. $BTC $ETH https://t.co/pILwWd2GZb pic.twitter.com/4sRsJqsbkn — Justin Bennett (@JustinBennettFX) October 5, 2022