Bitcoin looks primed for a liquidity hunt to $35,000, but not everyone is convinced that BTC price upside will last beyond July.

This is an opinion editorial by Obiwan Satoshi, a professional pickleball player.

Fiat money has birthed a fiat world. Fiat food, fiat jobs and fiat athletes. In this article, I introduce ideas about what it means to be a Bitcoin athlete an archetype that I seek to embody in my professional pickleball career and a template for the 21st century professional athlete.

Fiat Athletes Vs. Bitcoin Athletes

Fiat athletes compete to earn fiat money. They store their time and energy (aka, their wealth) in manipulated money that steals from them, they trust companies not to censor them and they often live high time preference lifestyles.

Bitcoin athletes are a new breed of elite, professional athletes. Bitcoin athletes store their wealth in sound money that protects them from theft, they leverage decentralized protocols like Nostr to create uncensorable, peer-to-peer relationships with their fans, they embody Bitcoin values and they live a low time preference lifestyle.

Fiat athletes build digital identities on platforms created by companies that have the ability to censor what they say and that divide them from their fans. Bitcoin athletes build digital identities on open-source protocols that cant censor what they say. These protocols enable Bitcoin athletes to connect directly with their fans.

Fiat athletes trust banks to hold their money and leak energy with every exchange between fiat currencies when traveling to different countries. Bitcoin athletes hold their own money and conserve energy by using global money when traveling to compete.

Fiat athletes trust politicians to maintain monetary integrity. Bitcoin athletes run nodes and verify that the monetary policy of Bitcoin is enforcing a 21 million supply cap.

Fiat athletes live fiat lifestyles and propagate fiat values to their fans. Bitcoin athletes live Bitcoin lifestyles and propagate the values of the Bitcoin protocol to their fans the values of truth, freedom and personal responsibility.

Fiat athletes live at the mercy of banks and politicians who control their money and the companies who control their financial sponsorship. Bitcoin athletes are sovereign and without masters. Their money is governed by mathematics and they are directly supported by their fans, who zap them sats at the speed of light.

Fiat athletes are motivated by fame and fiat riches. Bitcoin athletes are motivated by the mission to spread financial literacy to 8 billion people on earth and unlock unprecedented peace and human flourishing. Bitcoin athletes play for a purpose beyond money. Theyre playing to save the money.

Fiat athletes use centralized money, centralized social media and centralized sponsorship models. They have relationships with intermediaries (banks, platforms and companies) that have the power to censor or control them if they dont tow the line. Bitcoin athletes use decentralized money, de...

In a recent tweet, Changpeng CZ Zhao, the CEO of Binance, drew attention to the dynamic nature of Bitcoins price and its increasing practicality. The tweet was timely, aligning with Bitcoins ascent above $31,450, marking its highest value since June 2022.

This surge was primarily attributed to the US Securities and Exchange Commissions endorsement of the Volatility Shares 2x Bitcoin Strategy ETF, referred to as BITX, thereby establishing it as the inaugural leveraged bitcoin futures ETF in the United States.

Furthermore, the positive sentiment expressed by BlackRock contributed to the overall strength of the cryptocurrency market.

Controversies Surrounding Binance And Its CEO

Bitcoin has witnessed a progressive expansion in its practicality as an increasing number of merchants and service providers have embraced it as a viable payment option. The realm of Bitcoin has seen a surge in the availability of futures and options, lending platforms, and decentralized finance (DeFi) applications.

Amidst these positive advancements, a series of allegations have surfaced regarding Binance and its CEO, concerning the alleged employment of a liquidation waterfall strategy in the sale of spot Bitcoin. Zhao has refuted these claims.

Binances Integration Of Bitcoin Lightning Network

Binance has recently announced noteworthy progress in integrating the Bitcoin Lightning Network, aiming to enhance the speed of deposits and withdrawals.

Binance is currently in the process of integrating the network, with some technical aspects still pending completion. They recently shared their progress on Twitter, acknowledging that observant users had spotted their new lightning nodes.

This confirms Binances active involvement in leveraging the Lightning Network to facilitate faster and more scalable Bitcoin transactions, ultimately enhancing user experience. The community eagerly awaits updates on Binances full integration of the Lightning Network.

In a tweet, Zhao reaffirmed the exchanges commitment to continuous growth, expressing their dedication to ongoing development. He stated, Slowly, but we keep building

The integration of the Bitcoin Lightning Network aims to bring several advantages for users, including reduced transaction costs and faster settlement times. These improvements contribute to enhanced overall efficiency and co...

Discover the required skills, degree qualifications, job opportunities and industries where entry-level machine learning roles are in demand.

Kraken is required to provide details of users who engaged in transactions exceeding $20,000 within a calendar year.

Bitcoin Cash (BCH) has experienced a remarkable upswing, with its value soaring by 55% in the past week. This surge can be attributed to two key factors: BlackRocks recent application for a Bitcoin spot ETF with the United States Securities and Exchange Commission and the launch of EDX Markets.

BlackRocks move to seek SEC approval for a Bitcoin spot ETF has sparked a wave of similar applications, generating a bullish sentiment in the cryptocurrency market. This sentiment has had a particularly positive impact on Bitcoin and related projects, including Bitcoin Cash.

Nonetheless, the introduction of EDX Markets, a platform catering to institutional investors, appears to be the primary catalyst behind Bitcoin Cashs recent price surge. EDX Markets, backed by industry giants Fidelity, Schwab, and Citadel Securities, carries significant weight despite not being registered with the SEC.

Jamil Nazarali, CEO of EDX Markets, expressed confidence in the compliance of the four listed crypto tokens (Bitcoin, Ether, Bitcoin Cash, and Litecoin) with the SEC. The platforms selective listing of cryptocurrencies, which includes Bitcoin, Ether, Litecoin, and Bitcoin Cash, has been interpreted as a vote of confidence, specifically in Bitcoin Cash. 

The listing of BCH on the EDX Markets exchange is an indication of the tokens regulatory clearance. This interpretation gains significance as the SEC scrutinizes other blockchain projects.

Related reading: Heres What Caused Bitcoins Flash Crash To $29,000

Bitcoin Cash Uptrend Fueled By Volume Spike On Upbit

A major factor that could have influenced the recent uptrend in Bitcoin Cash (BCH) is the short squeeze and an unexpected surge in trading volume on the South Korean exchange, Upbit. A short squeeze occurs when the price of an asset rises, leading traders who had bet against the assets price to cover their positions at a loss or face forced liquidation. 

Polygon (MATIC) has recently made a significant announcement, unveiling the architecture of its highly anticipated Polygon 2.0. The community has been eagerly awaiting this update, hoping it will address various scalability issues and bring further improvements to the network. 

Despite the excitement surrounding Polygons future plans, the token, MATIC, seems to be experiencing a period of struggle.

As the crypto space evolves rapidly, investors and enthusiasts wonder what could be causing MATICs current downturn and how it may impact the platforms trajectory. 

Could Polygon 2.0 be the key to revitalizing MATICs value and restoring confidence in the project?

A Shift For Polygons Scalability And Liquidity?

Polygon (MATIC) recently took to Twitter to provide a sneak peek into the highly anticipated Polygon 2.0 update, which aims to revolutionize the network by offering limitless scalability and unified liquidity.

According to the tweet, Polygon aspires to transform itself into the value layer of the Internet, emphasizing the significant role it envisions for its upgraded infrastructure.

1/ Today, we are excited to propose the Polygon 2.0 architecture, designed to provide unlimited scalability and unified liquidity, thus transforming Polygon into the Value Layer of the Internet!

Read the blog or keep scrolling https://t.co/sShy6R1E6R pic.twitter.com/BTdwkri4nI

Polygon (Labs) (@0xPolygonLabs) June 29, 2023

The architecture of Polygon 2.0 comprises four distinct protocol layers, each serving a crucial purpose within the network, contributing to the overall functionality and efficiency of the platform. Notably, Polygons staking space has witnessed growth within the span of just seven days.

Staking Rewards data reveals a noticeable increase in the number of MATIC stakers during this period, reflecting the growing interest and participation in the Polygon ecosystem.

Despite the positive developments in Polygons staking community, the MATIC token has encountered a minor setback in its market...

The liquidations will pave the way for the distribution of the funds to creditors in the near future.

Stellar (XLM), the decentralized blockchain platform aiming to revolutionize the world of cross-border transactions and digital asset transfers, has emerged as one of the most promising cryptocurrencies in todays market. 

With its recent surge, Stellar has garnered significant attention and is rapidly becoming one of the biggest gainers of the day. As Bitcoins price continues to climb, it has sparked renewed interest and enthusiasm in the overall cryptocurrency market, benefiting altcoins like Stellar.

This bullish momentum is not only a testament to the platforms technological advancements but also to the growing recognition of its potential to disrupt traditional financial systems.

XLM Shows Strong Rally, But Traders Should Watch Out

XLM has recently witnessed a notable rally of 4.6% within a 24-hour period, propelling its price to $0.109, as reported by CoinGecko. Moreover, over the past seven days, XLM has demonstrated a significant surge of 22.6%. These positive price movements have captured the attention of investors and traders alike, signaling a bullish sentiment in the market.

Despite the encouraging rally, a new XLM price report advises higher timeframe traders to remain prepared for a possible range rather than a breakout beyond a crucial resistance level. On the 1-day price chart, the $0.0935 level represents the previous lower high for XLM.

However, on June 27, the price successfully broke past this resistance level with substantial trading volume. This breakout was followed by consecutive days of upward movement, without any significant retracement, indicating a strong bullish trend in the market.

...

So far, the trader has accrued 2.65 BTC at an average price well under the current level of around $30,000.

0.00010 BTC = 3.06 USD
1.00 USD = 0.00003 BTC
Converter

Coffezilla asserted that the refund process should be easy to sort, and the financial implications arent an issue for someone as wealthy as Logan Paul.

Bitcoin had been trending over $31,000 for the better part of Friday after reclaiming this support level from the bears. However, this did not last long as the digital asset saw a flash crash that sent its price spiraling toward the $29,000 level.

SEC Says ETF Filings Are Inadequate

On Friday, the Wall Street Journal released a report that negatively impacted the market. The report revealed that the United States Securities and Exchange Commission thought that the recent barrage of Bitcoin ETH filings that it had received was inadequate in their filings.

This follows a two-week stretch of positivity after heavy hitters such as BlackRock, WisdomTree, and Fidelity, among others, filed requests for Bitcoin Spot ETFs with the SEC. Following the news of the filings, the price of Bitcoin rallied tremendously, crossing $31,000 for the first time in over one month.

However, with the news of the SEC saying that the filings are inadequate, it has quickly eroded investor sentiment. The price of BTC fell to $29,200 on Friday afternoon, before recovering quickly. Although the damage was already done and BTC bulls are now struggling to maintain support at $30,000.

Bitcoin In Freefall

Bitcoin had been able to establish a reasonably bullish trend over the last couple of weeks. But that did not last long as the SEC came to burst the bubble for investors. As a result, Bitcoin seems to be in freefall with no reasonable support to keep the price from falling lower.

In a matter of hours, the digital asset has lost about $1,000 of its value, turning a previously good day into a bloody day for investors. This rapid decline has shoved the cryptocurrency below its 5-day moving average, which could see BTC become bearish over the weekend.

However, in the mid and long-term, the digital asset remains as bullish as ever, ranging above both its 50-day and 100-day moving averages. Both of these levels signal that while bears may have gained temporary control of the price, bulls remain largely in control. And as long as sell pressure remains low, then BTC could recover back above $31,000 over the next couple of days.

At the time of writing, BTC is down 1.59% in the last 24 hours to be trading slightly above $30,000. Although it is currently struggling, its trading volume is sitting above $23.5 billion, showing a significant amount of demand for the digital asset as well.

Two blockchain networks had previously announced integration with the Feds instant payment service, but they were not found on a new list of certified providers.

Harry Styles at Madison Square Garden. (Cam Thompson/CoinDesk)

The special purpose acquisition company deal, first reported in August 2022, cost $885 million and is expected to allow investors exposure to Bitcoin Depots common stock.

Azuki Elementals (OpenSea)

(Nikhilesh De/CoinDesk)

(Getty Images)

(CoinDesk archives)

This weeks Crypto Biz examines the story behind Binances debanking in Australia, Bitcoin miners preparing for the next halving and Bitfinexs expansion in Latin America.

Approximately $215 million of stolen assets have since been recovered.

The top 100 DeFi tokens didnt see much change in price over the past week, with the majority posting minor weekly gains.

Azuki Elementals (OpenSea)

Compound (COMP) has recently surged with a staggering 113% rise in just two weeks, and the reason behind the rally has been the talk of the crypto community. DeFi Ignas, a decentralized finance (DeFi) researcher, has analyzed the recent developments surrounding Compound and provided insights into the potential factors contributing to the surge.

Compound Takes The Lead With Triple-Digit Growth In June

This remarkable growth has been fueled by a range of factors, including the recent announcement of the launch of Superstate Funds by Compounds founder, which aims to bridge traditional markets with blockchain ecosystems.

One of the major challenges facing DeFi is the lack of integration with traditional financial markets. While the DeFi space has grown rapidly over the past few years, it is still relatively small compared to the traditional financial system. 

By bridging these two worlds, Superstate could help to bring more institutional investors into the DeFi space and increase the overall liquidity and stability of DeFi protocols.

Furthermore, Superstates focus on creating regulated financial products could help address some of the regulatory concerns raised about DeFi. While DeFi protocols are decentralized and operate on blockchain networks, they still fall under the jurisdiction of various regulatory bodies. 

By creating regulated financial products that comply with existing regulations, Superstate could help to mitigate some of the risks associated with DeFi and pave the way for more widespread adoption of these protocols.

Superstate aims to bridge traditional markets with blockchain ecosystems by buying short-term government debt and tokenizing it on blockchains. While it is unclear whether the tokenization will include COMP holders or lead to an airdrop, this announcement has generated excitement and speculation among the crypto community.

While new governance proposals have been introduced, none have been significant enough to account for the sudden price increase. However, there has been a significant balance change among various Jump Crypto wallets.

Jump Crypto wallets are a group of cryptocurrency wallets associated with Jump Trading, a Chicago-based trading firm specializing in high-frequency trading strategies. The wallets have been identified as significant players in the cryptocurrency market, particularly in the DeFi space, where they have been involved in market making and liquidity provision.

These wallets have emerged as major players in the COMP market. One of these wallets holds many COMP tokens and has been involved in significant balance changes, including the recent withdrawal of 170,000 COMP tokens from Binance. This withdrawal amounts to $9.7 million and represents 1.7% of th...

The forthcoming multichain system will use zk proofs to transfer assets between networks.

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

(Hewlett Packard)

Speaking with Cointelegraph at the Collision conference in Toronto, crypto veteran Yat Siu outlined how crypto firms can cope with unique environments, stressing that it is not as bad as it sounds.

In a significant development for the Bitcoin Lightning Network, the Validating Lightning Signer (VLS) beta release has been announced, aiming to address the growing security concerns within the network. The VLS solution, an open-source Rust library and reference implementation, separates a user's private keys from their Lightning node, providing an extra layer of protection against potential compromises and theft of funds. According to the announcement, VLS offers a level of security unmatched by other solutions in the ecosystem.

"We're thrilled to announce the VLS beta release, a major step forward for Lightning network security, and we're excited to share it with developers and companies in the Bitcoin ecosystem," stated the VLS team. They encouraged developers and companies to try out the VLS Beta release, participate in the feedback process and test the software with sample CLN or LDK nodes to help enhance the security of the Bitcoin Lightning Network.

The VLS beta release introduces various features designed to safeguard against malicious nodes and enhance user protection. These features include working with CLN and LDK, encrypted cloud state backup, disaster recovery capabilities, a complete set of Layer 2 and Layer 1 validation rules, heartbeat generation and an allowlist for approved destinations. However, it's important to note that while VLS is secure against common ways of stealing user funds, it may not cover all possible scenarios of fund loss. Therefore, the team advises running VLS in testnet or with limited funds until the production release.

VLS provides a unique approach to Lightning Network security by sequestering private keys and secrets in hardened policy signing devices. The reference implementation in Rust ensures that proposed transactions are safe to sign by applying a comprehensive set of validation rules. By incorporating UTXO Set Oracles to provide proofs of unspent UTXOs, VLS offers additional protection even in the case of a complete compromise of the node software.

Looking ahead, the VLS roadmap includes plans to run signers on platforms with limited resources, improve performance for embedded processors, and add features such as extended BOLT-12 support and VSS integration. Additionally, the team aims to enable the use of multiple signers using multi-sig with Lightning keys, pending the maturity of key protocols like Taproot, MuSig2 and FROST.

The VLS beta release represents a significant advancement in securing the Bitcoin Lightning Network and holds promise for developers, companies and users seeking enhanced protection for their funds within the network.

The recent surge in Litecoin (LTC) price propelled it to reach a significant psychological level of $100. This upward movement has provided a bullish boost and allowed the altcoin to register gains in recent trading sessions.

However, despite this bullishness, the price of LTC remains within bearish territory, indicating ongoing downward pressure. Reclaiming the $100 price mark is crucial for sustaining a bullish trend.

In the past 24 hours, LTC has experienced a rally of nearly 17%. On the weekly chart, the altcoin has maintained double-digit gains, reflecting its positive performance over a longer period.

Its worth noting that Litecoins halving event is just a little over a month away. Historically, the price of the asset tends to increase before this event.

However, due to the fluctuating nature of Bitcoin, which often influences major altcoins, LTC might experience slight depreciation.

Significant depreciation is less likely as long as LTC maintains its price above the local support level. A sustained increase in demand for the altcoin is necessary to ensure continued gains on the daily chart. The market capitalization of LTC has also increased, indicating bullish momentum in the market.

Litecoin Price Analysis: One-Day Chart

When writing, Litecoin (LTC) was trading at $97.81. After reaching the $100 mark, LTC has been steadily gaining in price. However, despite the bullish momentum, Litecoin remains within a crucial zone that is bearish and could potentially reverse the gains.

This bearish zone, indicated in red, extends from $94 to $103. In previous trading sessions, LTC has retraced when attempting to revisit the $103 level. The $94 mark has also been a reversal point over the past few months.

Moreover, Litecoin entered the excess selling zone the maximum number of times, where the price fluctuated between the two (upper and lower) bands of the bearish region.

The overhead resistance levels are $100 and $103. In case of a decline from these...

Bitcoin daily price chart. (CoinDesk Indices)

Kevin De Bruyne of Manchester City (Marvin Ibo Guengoer - GES Sportfoto/Getty Images)

Lacoste UNDW3 card. (Lacoste)

Prometheum founder and co-CEO Aaron Kaplan (CoinDesk)

Celsius filed for bankruptcy in July 2022 (Mustang Joe/Flickr)

(Unsplash/Modified by CoinDesk)

HIVE Blockchain's ethereum mining facility in Boden, Sweden (Sandali Handagama)

The firm allegedly denied having any exposure to troubled sister lending firm Haru Invest before suspending transfers earlier this month.

Binance's own institutional clients are positive on the outlook of crypto (Binance)

The US Securities and Exchange Commission (SEC) has reportedly told exchanges Nasdaq and Cboe that recent filings for spot Bitcoin (BTC) exchange-traded funds (ETFs) from asset managers including BlackRock and Fidelity were not clear and comprehensive enough.

Bitcoin ETFs In Jeopardy?

The SEC has rejected several Bitcoin ETF filings in recent years due to concerns over potential fraudulent and manipulative practices associated with the cryptocurrency market. 

The agency has stated that the filings do not meet the standards designed to protect investors and the public interest. In particular, the SEC has expressed concerns about the lack of regulation and oversight in the cryptocurrency market, which could make it easier for bad actors to manipulate the price of Bitcoin and other cryptocurrencies. 

The SEC has also expressed concerns about custody and liquidity issues related to cryptocurrency. While some asset managers have attempted to address these concerns in their filings, the SEC has continued to reject them as inadequate. However, Several proposed solutions have been put forward to address the SECs concerns around Bitcoin ETFs. 

One potential solution is the use of regulated custodians to hold the Bitcoin backing the ETF, which would provide greater oversight and security for investors. Some asset managers have also proposed using futures contracts to track the price of Bitcoin, rather than holding the actual cryptocurrency, which could help address liquidity concerns. 

In addition, some have suggested that the SEC could work with industry participants to establish best practices and guidelines for the cryptocurrency market, which could help mitigate risks associated with fraudulent and manipulative practices. 

Despite these proposals, the SEC has continued to scrutinize Bitcoin ETF filings, indicating that more work may need to be done to address the agencys concerns.

The SEC declined to comment on the Wall Street Journal report, while Nasdaq and Cboe were not available for immediate comment. The decision is a blow to asset managers attempts to launch Bitcoin ETFs, which have been repeatedly blocked by regulators in the US.

The latest criticism by the US Securities and Exchange Commission (SEC) on filings for spot Bitcoin exchange-traded funds has caused BTCs price to drop from over $31,000 to $29,800. 

Although Bitcoin is currently trading above the $30,000 line, there is uncertainty around the ETF filings by BlackRock and other major financial players, which could lead to another downtrend and a test of lower support.

If this were to happen, Bitcoin bulls must hold the $29,500 line, which is the next support below $30,000. Additionally, B...

The latest Cointelegraph Report assesses the current growth rate of global cryptocurrency usage and tries to predict when crypto will reach mass adoption.

John J. Ray III, CEO of FTX Group, has spent huge sums taking the failed exchange through bankruptcy. Is FTX simply that much more complex than Ray's last big unwind - Enron? (Photo by Nathan Howard/Getty Images)

Crypto liquidations (CoinGlass)

The United States Securities and Exchange Commission (SEC) has raised concerns about the recent filings for spot Bitcoin exchange-traded funds (ETFs), stating that they are insufficient. This comes after asset management giants BlackRock and Fidelity submitted their applications to launch spot Bitcoin ETFs.

The Wall Street Journal reported that the SEC shared its perspective on the filings with Nasdaq and Cboe. Specifically, the agency expressed that the filings lacked clarity and comprehensiveness.

Following the release of this news, Bitcoin experienced a drop of nearly 2% in its value. Similarly, other altcoins, including XRP, also saw a decline in their respective charts.

Over the past 24 hours, XRP witnessed a decrease of approximately 1%, while on the weekly chart, it recorded a loss of more than 4%. As a result, the technical outlook turned bearish, leading to a decrease in investor interest.

The charts reflected a decline in both demand and accumulation. Currently, XRP is hovering around a crucial support level, and a breach of this level may potentially trigger an upward movement for XRP. The market capitalization of XRP decreased, indicating that sellers had a stronger grip on the market.

XRP Price Analysis: One-Day Chart

As of the time of writing, the altcoin XRP was trading at $0.46. Currently, XRP has reached its lowest level since the end of May. This level has historically acted as a significant support level for the coin. This level is often referred to as a bullish order block, and it has the potential to drive price recovery.

Looking ahead, the first hurdle for XRP would be the resistance at $0.48, followed by a potential move above the $0.50 mark. However, if XRP faces another rejection at $0.50, it could lead to a return to trading at $0.46 and possibly even a further decline to $0.43.

Technical Analysis

Are regulators trying to disarm crypto-native companies in order to pave the way for Blackrock to steamroll the industry?

(Flavio Coelho/Getty Images)

Institutional trade volume on the OKX Liquid Marketplace has surpassed $3 billion, the second-largest crypto exchange by trading volume announced on Friday.

The Liquid Marketplace is an on-demand liquidity network for professional and institutional traders. This platform allows traders to send requests for quotes (RFQs) to market makers for large digital asset transactions. 

OKX Liquid Marketplace Experiences Rapid Growth In Q2

In a press release on Friday, OKX announced that its Liquid Marketplace has now exceeded $3 billion. This milestone is a testament to the Liquid Marketplaces success in providing institutional traders with deep liquidity and reliable execution, the press statement read.

Related Reading: Whales Dive Into XRP, Accumulating $170 Million Worth: Whats Their Game Plan?

In April 2023, OKX revealed that the institutional Liquid Marketplace recorded over $1 billion in trading volume in the first quarter of 2023. As of now the end of June and 2023 Q2, this figure has more than tripled, surpassing the $3 billion mark.

Furthermore, the Liquid Marketplace has been advancing in innovation and product development lately. A few days ago, OKX disclosed the launch of the Nitro Spreads feature on the institutional trading platform.

Nitro Spreads allows professional and institutional traders to make complex basis trades in a single click. Basis trading refers to trading the difference between an assets price on two distinct markets, such as spot vs futures, to generate profits. 

This type of trading can be cumbersome, as it usually requires both legs of the trade to be executed simultaneously. However, Nitro Spreads automates this process by executing the two legs of the trade via a central orderbook. On the Liquid Marketplace, traders can use the feature across any combination of the spot, perpetual, and futures markets.

OKB Price Slows Down, Makes No Significant Movement In The Past Week

While the OKX ecosystem has been surrounded by positivity in recent days, this has not been reflected in the price of OKB, the exchanges native token. The coin has not registered any loss or gain in the past seven days, according to CoinGecko data.

That said, the OKB token appears to be losing the momentum that pushed its price by nearl...

Bitcoin cash added the most, almost tripling over the course of the month.

Introduction

Bitcoin miners collect and broadcast transactions in a block and verify their validity. Then they apply a cryptographic hash function of the previous block's header to the new block. Finally, they try to solve the proof-of-work problem. Satoshi Nakamoto adopted a proof-of-work (PoW) consensus mechanism to resolve the Byzantine Generals' Problem, establishing a transparent and objective protocol.

What Is Proof Of Work (PoW)?

Proof of work is literally proof that work has been done to validate the networks transactions and generate new bitcoin. It is the consensus mechanism and algorithm that uses computing power to verify transactions and add them to the Bitcoin blockchain. Such a mechanism allows the Bitcoin network to be trusted and remain decentralized.

PoW resolves the Byzantine generals' problems, which may fail a distributed computer system for different reasons, not only of malicious nature, but perhaps a software defect, a hardware malfunction, or a well-coordinated attack by a bad actor. They can all be difficulties that prevent nodes from reaching consensus on distributed networks.

The Byzantine Generals Problem is only common to decentralized systems, where its more difficult to come to an agreement.

Bitcoin resolves the Byzantine Generals Problem by providing a way to communicate and transfer value safely without the need to trust one another through a network of nodes that agree on the truth before it is timestamped. Once one node has recorded a transaction, a copy is propagated to all other nodes in the network. PoW was created to achieve this objective.

Why Is Proof Of Work Important?

Proof of work is often misunderstood or underestimated, as many consider it a wasted effort on a poor system design; they claim that entering a transaction on any other digital ledger could be made instantly and with no effort. This is why proof of work is necessary for the ledgers security and how it prevents any one party from compromising it. The effort is not wasted however, if it empowers a network to be an alternative to the current monetary system and its various flaws.

The significance of proof of work lies in its ability to serve as a tangible expense for generating bitcoin and safeguarding its credibility. It would be exorbitant to execute a 51% attack on the Bitcoin network with the intention of creating counterfeit coins or carrying out deceitful Bitcoin transactions. If any entity tries to compromise the Bitcoin network, it would have to redo all previous proof of work quickly enough to outpace the network's continuous proof of work. For this reason, Bitcoin has unf...

Fidelity Investments sign (Jonathan Weiss/Shutterstock)

Bitcoin price. (CoinDesk/Highcharts.com)

Fidelity Investments sign (Jonathan Weiss/Shutterstock)

GPU prices have taken a toll, and it's hitting Nvidia's bottom line. (FritzchensFritz/Creative Commons, modified by CoinDesk)

Ethereum Classic (ETC) is currently experiencing a rise in its market price, gaining 13.99% in the last 24 hours, according to data from CoinMarketCap. 

Following the ETCs dip in the last two days, it appears the bulls have retaken control of the market, pushing the coin to trade above the $20 mark for the first time since April.

ETCs Price Action In June

Ethereum Classic has found a place among the headlines in the last two weeks following its initial bearish form at the start of June.  ETC began the month trading around $18.01 before experiencing a nosedive which saw the token trade as low as $13.99 on June 10.

Related Reading: Litecoin Up 18% In Past 24 Hours, Is Halving Rally Here?

Thereafter, ETC would rise to $15.03 and hover around this price region for the next few days before embarking on a bullish run that to gain by 28.60% between June 20 and June 24, hitting the price resistance level at $19.33. 

The following days would then present a mixed price action before ETC finally retraced to its key support level at $17.64 on June 29. After retesting at this price zone, ETCs price has resumed its uptrend, climbing higher since then.

Ethereum Classic (ETC) remains one of the major projects in the cryptocurrency space. Launched in July 2016, Ethereum Classic is a hard fork of Ethereum created to preserve the purpose and integrity of the original Ethereum network. 

At the time of writing, ETC is exchanging hands at  $20.90, with a 1.51% gain in the last hour. The tokens 24-hour trading volume is currently valued at $482 million, having also gone up by 208.92%.

ETC Price Analysis And Prediction

Looking at the ETCs hourly chart, its Moving Average Convergence Divergence (MACD) remains well above the signal line indicating the tokens bullish run may still be on. 

However, its Relative Strength Index (RSI) is currently in the overbought zone at 89.71, meaning a selling pressure may soon occur, which may drive down the tokens price.

Related Reading: Ethereum Continues Uptrend As Staked ETH Soars To New High

According to the prediction site, WalletInvestor, if the bulls manage to sustain buying pressure, ETCs price would experience only a small rise reaching the ma...

In the eyes of the SEC, the recent filings from BlackRock, ARK Invest, Fidelity and other asset managers are not sufficiently clear and comprehensive.

Sabre56, a leading hosting provider and Bitcoin and digital asset mining consultancy, has signed a consultancy deal with Arkon Energy for the management of Arkon's recently acquired data center in Hannibal, Ohio. Sabre56 will oversee logistics, equipment sourcing and procurement, design planning and overall cost management of the data center.

Phil Harvey, CEO of Sabre56, expressed pride in the deepening strategic partnership with Arkon Energy, stating, "It is an honor to collaborate on the company's first U.S data center." He also mentioned the sustained demand for their delivery services and their continued consultation with other market leaders constructing their facilities.

Arkon Energy's CEO, Joshua Payne, shared his enthusiasm for securing their first data center in the United States and expressed confidence in their consulting partner, Sabre56. Payne stated, "Hannibal, Ohio, will only be the first of several acquisitions as Arkon Energy is building out its U.S. footprint."

This collaboration builds upon the two companies successful history of project cooperation, including Sabre56's involvement in procuring a Norwegian facility later purchased by Arkon Energy.

The deal comes at a time of growing optimism in the crypto environment, with asset managers like BlackRock aggressively seeking market share. In May, Sabre56's newly constructed facility in Wyoming attracted GEM Mining, which reserved space for 4,510 miners, highlighting the company's reputation for cutting-edge hosting sites.

Bitcoin ETF applications need refiling, the SEC says, but as BTC price dips to $29,500, markets instantly fear that the fight is over.

Explore the IMFs objectives, governance structure and key functions in promoting global financial stability.

The Securities and Exchange Commission (SEC) has raised concerns over the recent surge of applications for spot bitcoin exchange-traded funds (ETFs), stating that the filings are lacking clarity and comprehensive information, according to a report by the Wall Street Journal.

A variety of firms have submitted the applications such as BlackRock and Fidelity Investments.

Following BlackRock's lead, a wave of traditional and crypto asset managers, including Fidelity Investments, Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie, have reactivated or amended their applications for spot bitcoin ETFs in recent days. The approval of such an ETF would mark a significant milestone for the industry, providing broader institutional access to bitcoin and allowing investors to trade bitcoin as easily as stocks, albeit at the loss of some of bitcoins properties.

Experts predicted BlackRock's application would address the SEC's concerns through an agreement to share surveillance of a spot bitcoin-trading platform with Nasdaq, the proposed ETF's listing exchange.

Nevertheless, the SEC informed the exchanges that the filings lacked key details, such as the precise surveillance-sharing agreement that would be implemented. A spokesperson for Cboe told the Wall Street Journal that they plan to update and refile the application.

The SEC's critique has once again highlighted the regulatory challenges surrounding the launch of spot bitcoin ETFs. Market participants await updates from the asset managers and exchanges to address the concerns raised by the SEC. As the industry eagerly anticipates the potential approval of a spot bitcoin ETF, stakeholders hope that the revised filings will provide the clarity and comprehensive information necessary to gain regulatory acceptance.

Decentralized solutions can make academic research more secure and more accessible.

<p>Institutional investors are paying more attention to cryptocurrencies and digital assets. According to a recent survey report by Binance Research and Binance VIP & Institutional, 88% of institutional users have a long-term, optimistic outlook on crypto for the next decade.

The crypto market is known for its high volatility, but the majority of big-money players see crypto as an important part of their portfolio for years to come.

Institutional Interest In Crypto Assets Is Growing

The Institutional Crypto Outlook Survey, which surveyed 208 Binance VIP and Institutional users from 31st March to 15th May 2023, found out that a growing number of institutional crypto investors are in it for the long haul. According to the survey, 63.5% of these users had a positive outlook on digital assets over the next 12 months, while 88% are more positive over the next decade.

Of the respondents, 50% expect to increase their crypto asset exposure over the next five years. Only 4.3% said they plan to decrease exposure. That signals a lot of confidence and optimism about the future growth and mainstream adoption of cryptocurrencies.

Bitcoin remains Most Popular Crypto Asset Among Institutions

Bitcoin remains the most popular choice among institutional investors, with a larger proportion of respondents more positive about Bitcoin as compared to the broader crypto sector. This is not surprising given that Bitcoin is the largest crypto by market cap and the most established. Bitcoin is seen as the digital gold of the crypto world and a store of value and hedge against inflation.</p> <p><img alt="Bitcoin price chart from TradingView.com (Crypto)" class="aligncenter" height="1724" src= "https://www.tradingview.com/x/r9xkCXXs/" width="2884"></p> <p>42.8% of investors are more interested in the potential for large investment returns. However, 37.5% are more motivated by the long-term exposure to the technology behind digital assets, with 48.1% and 43.8% of respondents investing in Layer 1 and Layer 2 technologies respectively.</p> Institutional Trade Still Mostly Done On Centralized Exchanges <p>Centralized exchanges remain the most popular platform for institutional trading. While many crypto investors advocate for decentralized exchanges on the rise, centralized exchanges like Binance offer a one-stop shop for institutional traders to easily buy, sell and convert a wide range of cryptocurrencies. The survey found that 90.5% of institutional investors would rather trade on centralized exchanges.</p> <p>While some institutional investors remain skeptical about cryptocurrency, its clear that mainstream interest in this asset class is building steadily. If institutional adoption continues to rise, its likely to drive broader mainstream acceptance of c...&...

(Getty Images)

Eric Adams (NYC Gov) and John Lee (Creative Commons)

Snoop Doggs NFT passport is a blueprint for concert merch of the future, Sothebys NFT VP says The Goose drew Millennials to auction house.

Have the worlds largest financial firms finally seen the light with Bitcoin? Will demand outstrip supply, making a BTC price rise inevitable?