Bitcoins six-year range inside a rising channel has drawn the attention of a curious but optimistic analyst. Previewing the price chart shows that the coin has been in range over the years, capturing all of its volatility. Despite occasional dumps and pumps, the structure is yet to be broken. 

By the time the screenshot was shared on July 21, Bitcoin was trading in the lower part of the rising channel, skirting the support trend line, an indicator that prices have been generally lower in recent months. The rejection of lower lows and bounce from the support trend line, the analyst says, is bullish and squarely puts back bulls in contention.

Bitcoin To $175,000?

According to the traders assessment, a breakout above the upper resistance level at around $32,000 could potentially trigger a new bull run that may see the worlds most valuable cryptocurrency retest highs of the rising channel at $175,000, a level that upbeat HODLers can mark as a feasible target. 

Still, considering the volatility in crypto, this bullish forecast cannot be dismissed. To illustrate, the last bull run drove Bitcoin prices from sub-$10,000 to peaks of $69,000 in less than two years. Therefore, if Bitcoin bulls push above $32,000, a price level that the analyst claim is important, it could be a bullish signal that may be the beginning of another leg up in the resumption of the bullish formation set in motion between 2020 and 2021. 

Bitcoin is trading below the $30,000 level at spot rates with resistance at $31,800. Despite the general optimism across the board, bulls are yet to breach July 2023 highs as prices consolidate.

Halving And ETF Approval As Tailwinds?

Specific triggers for the next run are unknown for now. Even so, considering past cycles, the upcoming Bitcoin halving event may provide the impetus for a leg up toward 2021 highs at $69,000. Besides, traders are closely monitoring how the spot Bitcoin exchange-traded fund (ETF) applications in the United States progresses. 

The US Securities and Exchange Commission (SEC) has rejected several spot Bitcoin ETF applications in the past. However, the involvement of BlackRock has been received positively, lifting prices in the past few weeks. BlackRock is the worlds largest asset manager, managing trillions. 

The approval of a Bitcoin ETF would ease institutional investors involvement in the sphere, potentially driving demand and lifting prices. Most importantly, a Bitcoin ETF legiti...

Polygon has recently witnessed a remarkable surge in its non-fungible tokens (NFTs) sales volume and the influx of sellers participating in this burgeoning market.

This growth in the NFT sector has sparked considerable interest and speculation among investors, prompting many to ponder the potential impact it may have on the price of MATIC, the native cryptocurrency of the Polygon network. 

However, despite the impressive surge in NFT sales volume and seller participation, a closer examination reveals that not everything works in Polygons favor. 

While the NFT market on the platform may be flourishing, other factors could impact the overall sentiment and performance of MATIC.

Polygon NFT sales are trending up.

Polygon NFT summer? pic.twitter.com/9Jh2ENkyjj

Narb (@NarbTrading) July 20, 2023

MATIC Price Movement In Response To Metric Movement

The recent MATIC price report indicates a remarkable surge in Polygon NFT sellers, recording a staggering increase of over 480% within the last 30 days. 

Meanwhile, MATICs current price stands at $0.772874 according to Coingecko, experiencing a 1.6% rally in the last 24 hours but also facing a 4.3% decline. Several factors could explain this lackluster price performance. 

For one, market sentiment plays a crucial role in shaping cryptocurrency prices, and during this period, overall opinion towards cryptocurrencies, including MATIC, might not have been favorable.

...

In the past week, Maker (MKR) token has captured significant attention in the crypto market, surging an impressive 26%. This remarkable price action coincides with the introduction of a groundbreaking token buyback program by the leading decentralized finance (DeFi) lending platform, MakerDAO. As the DeFi ecosystem continues to expand, Maker (MKR) stands out as one of the largest and oldest DeFi lending protocols, gaining popularity for its issuance of the widely used DAI stablecoin with a market value of $4.6 billion.

MKR Token Buyback Program Triggers Surge

The recent surge in Maker (MKR), the governance token of the $5.3 billion decentralized finance (DeFi) lender MakerDAO, can be attributed to the implementation of a token buyback program. The token buyback scheme, named the Smart Burn Engine, is designed to remove MKR tokens from the market. The mechanism involves allocating excess DAI stablecoins from Makers surplus buffer to purchase MKR tokens from a UniSwap pool. The governance proposal behind this initiative aims to strengthen the tokens value and governance while actively engaging MKR holders in voting on crucial proposals.

Related Reading: Dogecoin Becomes 8th-Largest Cryptocurrency After Adding $1 Billion To Market Cap

According to blockchain data, the lending platform is poised to remove approximately $7 million worth of MKR governance tokens from the market over the next month through this buyback initiative. With the tokens total market capitalization standing at around $1 billion, the buyback represents a 0.7% reduction in the tokens supply per month, potentially enhancing MKRs scarcity and value proposition. This strategic move is likely to attract further interest and investment from the crypto community.

The token buyback program has already shown promising results, with MakerDAO purchasing approximately $230,000 worth of MKR tokens within the last 24 hours. This early success indicates positive momentum and investor interest in the buyback initiative. 

Maker: Significant Developments In 2023

In addition to the token buyback program, MakerDAO has been proactively diversifying its revenue streams by investing its DAI reserve assets into traditional financial products, such as bank loans and government bonds. This strategic decision has proven to be fruitful, as it enables the platform to generate sustainable revenue from yields, providing a solid basis for potential growth and long-term value. Unlike meme coins lacking tangible business prospects, Makers diversified revenue streams instill confidence in investors and the broader DeFi community, making it an attractive investment option.

Related Reading: ...

This is an opinion editorial by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before transitioning to the Finance Corps.

It may seem counterintuitive, but in my last four years serving for the U.S. Army, Ive essentially been a customer service specialist, whether its addressing pay issues in the military pay office as a commander, or addressing travel or budget questions as a comptroller in an operational unit.

Of late, Ive found myself asking more questions of the customers than theyve been asking of me. Ive come to realize that many people dont really understand the problems they are experiencing. And, because of this conundrum, the questions they ask me when seeking assistance may not yield an answer that actually solves those problems. Ive come to realize that a large part of my job has become uncovering the actual problems, so that I can fix them at their roots.

Therein lies a common thread Ive found with orange pilling and teaching people about Bitcoin. Much like the soldier who approaches me, asking a question that doesnt quite make sense, your friends and family may be asking you strange questions as well without a real understanding of what problems Bitcoin is trying to solve.

As stewards of the Bitcoin space and de facto ambassadors to our circles of acquaintance, I see the Bitcoiners role as similar to that of a customer service professional. People dont understand the monetary system, let alone the problems they face within. (Insert the potentially-overused analogy about asking a fish about water here.)

Instead of answering questions blindly and taking them at face value, I challenge you to dig a little deeper next time. Help your curious friend understand what they are asking. Help them uncover the issues they didnt know they cared about. Help them ask the right questions. Otherwise, they may never get their problems solved.

This is a guest post by Mickey Koss. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Craig Wright (Rob Mitchell/CoinDesk)

Over the past week, Ethereum (ETH) registered the highest inflows into centralized exchanges (CEX) in the past two months. These significant asset movements have suggested a potential price dip for ETH.

CoinGecko data shows that the second-largest cryptocurrency has been experiencing a slight price decline, losing 2.5% of its value in the past week. As of this writing, the Ether token changes hand at $1,892.65, with a negligible 0.2% gain in the last 24 hours.

Ethereum Registers $383 Million Worth Of ETH In CEX Inflows

According to data from IntoTheBlock, Ethereum witnessed the largest inflows into centralized exchanges in the past two months. The data analytics platform found that at least $383 million worth of ETH was deposited into these exchanges.

IntoTheBlock also revealed that a significant percentage of the CEX inflows came from a single address and in a single transaction. This deposit came from an old wallet that accumulated 61,216 ETH during the Ethereum Initial Coin Offering (ICO).

This pre-mine wallet had been dormant for eight years, with its constituent ETH worth more than $116 million untouched. On Wednesday, July 19, this address became activated, and its stash of Ether tokens was abruptly moved to another address associated with the Kraken exchange.

Data from Whale Alert shows that a significant amount of Ether tokens has been transferred to crypto exchanges by several whales over the past week. Notably, more than 200,000 Ether tokens have been transferred to Coinbase in separate transactions within this period.

Indeed, the movement of massive amounts of ETH to centralized exchanges can signal impending selling pressure, which can drive the assets price down. However, not all large transfers to an exchange precipitate a downward price movement, as the whales might not intend to sell immediately or all at once.

Total ETH Staked Reaches All-Time High

The Ethereum network has been experiencing a steady increase in the total amount of ETH staked on the blockchain. According to data from IntoTheBlock, this figure has reached $52.3 billion, representing its highest value ever.

The data analytics company also noted that with an increasing amount of staked ETH, the Ethereum blockchain is bound to become even more secure, as there will be a corresponding decrease in the risk of the network being taken over...

Shiba Inu (SHIB) has emerged as a force to be reckoned with in the digital asset landscape despite the lack of significant bullish momentum in the past few weeks. However, recent events have catapulted this canine-inspired cryptocurrency into the spotlight, as an astonishing 3 trillion SHIB tokens were accumulated by investors. 

Cryptocurrencies are renowned for their inherent volatility, and Shiba Inu is no exception. The tokens meteoric popularity and the passionate community backing it have contributed to its roller-coaster journey on the market.

But with the recent accumulation of such an astronomical number of SHIB tokens, questions arise about how this development will reverberate throughout the ecosystem and influence its market value.

SHIB Token Accumulation And Price Stability

A recent SHIB price report highlights a notable surge in SHIB token accumulation by investors, indicating heightened interest and confidence in the cryptocurrency.

With approximately 3 trillion SHIB tokens, amounting to a significant value of over $23 million being bought from exchanges within a two-day period, it appears that investors are actively seeking to bolster their positions in the Shiba Inu ecosystem.

Despite the substantial increase in token accumulation, the Shiba Inu price has not witnessed any significant change, leaving investors somewhat disconcerted.

A lack of price movement often results in a scenario where investors adopt a wait-and-see approach, keeping their holdings static rather than engaging in active trades. This phenomenon, commonly known as sitting ducks, can hinder the overall liquidity and dynamism of the SHIB market.

...

Discover the contrasting functions of DApps and protocols in the blockchain world, and gain insights into how they contribute to the growth of decentralized technologies.

The price of the XDC Network token, XDC, has increased for a total of five consecutive days and is currently trading at its highest level since April 2022. The token climbed more than 40% from its lowest point this month to its highest level.

At the time of writing, XDC was priced at 0.049, up a solid 16.6% in the last 24 hours. But it was the tokens seven-day performance that was most impressive when it soared 50%, dominating the list of the weekends top 100 coin listing at crypto market tracker Coingecko.

XDC Network has experienced an improvement of 97.17% so far this year. The price of the token is rising with a chance of trend reversal, recovering from the trendline to hit new peaks while bumping up against resistance at $0.04 and support at $0.03. It is anticipated that strong support will raise prices and establish new demand regions.

The coin has gone over the 50-day and 25-day moving averages on the daily chart, which is positive. The market capitalization of XDC Networks token is now $683,630,126 following recent price movement. Most importantly, since this price was the highest on June 1st, XDC is clinging to a key resistance level. The Relative Strength Index (RSI) has risen to an overbought state.

Enterprises can use the XDC Network (XDC), as it is a blockchain that has both public and private components. Its the XinFin Networks fuel token, allowing for a wide range of blockchain applications. Enterprises wishing to create or extend their infrastructure in a blockchain ecosystem will find the networks interoperable smart contracts and frictionless payments appealing.

The 2017-founded XDC Network has seen price swings during the course of its existence. It experienced a period of fall after achieving its all-time high of $0.17 during the 2021 bull cycle, before reaching new lows in July 2022.

I...

Solana's SOL and XRP lead decline in majors as bitcoin kept under $30K. (Shutterstock)

The company provided a preorder page in the Google Play Store, allowing users to register for installation once the app is ready.

The Biden Administration emphasized the responsibility of AI companies to ensure their products are safe for use.

The company said it would shut its exchange services as part of the shareholders decision to restructure the business to focus on Cashlink.

According to court documents, the SEC stated it is now considering the various available avenues for further review on the ruling.

Twitter has not specified what the daily DM limits will be, and the move hasnt been well-received by both verified and unverified users.

Costa Rica (Debora Tingley/Unsplash)

Dogecoin continues to cement itself as the largest meme coin by market cap, displaying signs of renewed enthusiasm every so often. This week, the meme-inspired cryptocurrency added over $1 billion to its market cap, making it the 8th-largest crypto. This was a result of Dogecoins surge of over 10%, boosting its market cap to more than $10 billion in a matter of hours.

Dogecoin Pushes Solana To Number 9

Dogecoin has come a long way since its creation as a joke. Fueled by the hype on social media, the meme cryptocurrency has skyrocketed up the rankings to become the 8th-largest cryptocurrency by market cap. The price of Dogecoin recently crossed over the $0.070 resistance level to reach $0.076. As a result, more than $1 billion was added to its market cap, surging from $9.67 billion to $10.66 billion. 

Although its price has now dropped to $0.074 at the time of writing, Dogecoin still has a $10.35 billion market cap, pushing Solana down to the number 9 spot. On the other hand, Solana is down by 7% in a 7-day timeframe and has lost more than $1.4 billion in market cap.

Whats Pushing The Price?

A big part of Dogecoins past success has come mostly from social media hype and a few influential people and groups hyping it up. A major influence is billionaire Elon Musk. Ever since Musk began tweeting about the meme coin, Dogecoin has gained more attention from crypto investors and his tweets praising the crypto have led to major spikes in interest and price. 

The latest spike in the price of Dogecoin seems to have come from rumors of Tesla retaining the cryptocurrency in its payment page source code. Dogecoin is the second cryptocurrency to be accepted by the automobile manufacturer after Tesla added Bitcoin as an option back in 2021. However, Tesla has since discontinued the option to pay with Bitcoin and has deleted the option in the source code of its payment page.  

At present, Tesla has deleted bitcoin in the source code of its payment page, but still retains dogecoin. pic.twitter.com/BQrRtuTN8Z

Wu Blockchain (@WuBlockchain) July 21, 2023

Dogecoin (DOGE) is currently trading at $0.07378, ranging between $0.065 and $0.075 for the past week. If the $0.075 resistance is broken through, we could see DOGE rise to as high as its February price of $0.096. 

Interestingly, the asset has bounced off the $0.060 support level multiple times since August 2022, making it a significant support for the meme...

BTC daily price (CoinDesk)

This weeks Crypto Biz looks at Binances ongoing efforts to curb declining profits, Ripples expectation that U.S. banks may soon adopt XRP and the first signs of venture capital returning to crypto.

Contextual Answers is designed for enterprise but could have far-reaching implications for the generative AI sector.

The top 100 DeFi tokens had a mixed week, with most of the tokens continuing to trade in a similar range as the previous week.

(bluebudgie/Pixabay)

An American couple accused of laundering billions of dollars worth of Bitcoin stolen from the 2016 hacking of virtual currency exchange Bitfinex has entered into a plea agreement, according to court records reported by Reuters. 

Heather Morgan, who used the hip-hop alias Razzlekhan to push her music online, and her husband Ilya Lichtenstein were arrested earlier this year and are set to appear for a plea hearing on August 3 before Senior Judge Colleen Kollar-Kotelly in Washington.

Laundered Bitcoin Exceeds $4.5 Billion

Ilya Lichtenstein and Heather Morgan, both residents of New York, are facing charges for allegedly conspiring to launder the proceeds of 119,754 Bitcoin (BTC) that were stolen from Bitfinex in 2016. 

After the hacker breached the platforms systems and initiated over 2,000 unauthorized transactions, the stolen Bitcoin was transferred to a digital wallet controlled by Lichtenstein. 

Over five years, approximately 25,000 of those stolen Bitcoin were moved out of Lichtensteins wallet via a complex money-laundering process, which ultimately resulted in some of the stolen funds being deposited into financial accounts controlled by the couple.

More than 94,000 Bitcoin, the remainder of the stolen funds, were left in the wallet used to receive and store the illegal proceeds from the hack. 

However, after executing court-authorized search warrants for online accounts controlled by Lichtenstein and Morgan, special agents accessed files in an online account controlled by Lichtenstein. 

These files contained the private keys required to access the digital wallet that directly received the funds stolen from Bitfinex, enabling law enforcement to lawfully seize and recover over 94,000 Bitcoin, valued at over $3.6 billion at the time of seizure.

According to the criminal complaint, Lichtenstein and Morgan used various sophisticated laundering techniques, including setting up online accounts using fictitious identities, automating transactions using computer programs, depositing the stolen funds into accounts at virtual currency exchanges and darknet markets, converting Bitcoin to other forms of virtual currency, and using U.S.-based business accounts to legitimize their banking activity.

While Bitcoin was worth $71 million at the time of the hack, it had appreciated to over $4.5 billion at the time of their arrest earlier this year. Prosecutors are now seeking to have the pair forfeit assets worth around $3 billion, including cash from bank accounts and tokens from crypto wallets.

Additionally, prosecutors are seeking to...

The decision reverses a prior ruling, allowing Craig Wright to appeal a lawsuit claiming copyright to the Bitcoin white paper and database.

South Parks Kenny McCormick may be perpetually doomed, but his latest venture in the world of cryptocurrency is anything but. Burn Kenny, the new hilariously irreverent meme coin has raised over $400,000 in market cap on its presale, leaving fans excited for whats to come. 

Inspired by the beloved South Park character, Burn Kenny is a super deflationary token thats designed to do one thing get burnt.

How Burn Kennys Meme Coin Token Burning Could Benefit Investors

Burn Kennys token burning process is designed to gradually decrease the total supply of the token, creating scarcity and potentially increasing the value of the remaining tokens. The process works by gradually burning a portion of the total token supply over a set period until a predetermined percentage of the tokens have been destroyed.

In Burn Kennys case, 30% of the total token supply will be burnt over three days, starting 24 hours after the tokens initial listing. This will be done by sending a portion of the tokens straight to the fiery depths of token hell, effectively removing them from circulation. The burning process will continue at a rate of 10% every 24 hours until the 30% burn target is reached.

The value of the remaining tokens could potentially increase as a result of the token-burning process, as there will be fewer tokens in circulation.  This creates a situation of increased demand for the remaining tokens, which could drive up their price.

With a total token supply of 6,666,666,666, an arbitrary number Burn Kennys tokenomics are as unique as the character himself. 

The presale accounts for 40% of the total token supply, while another 30% will be thrown into the Uniswap liquidity pool, locked for three months. The remaining 30% will be sent straight to the fiery depths of token hell, gradually burnt over three days, starting 24 hours after listing. By the end of Q3 2023, the team behind Burn Kenny aims to have fulfilled all their roadmap goals. 

In recent updates, they have announced that they have deployed the contract, paired and locked Liquidity Pool (LP), and updated DexTools with hot pairs ready for trading. These preparations are all essential steps in ensuring a smooth and successful launch for Burn Kenny.

Deploying the contract and pairing and locking LP are key technical components of the launch process. The contract deployment involves setting up the smart contract that will govern the token and ensure its functionality. 

In addition to these technical preparations, the Burn Kenny team has also been working to build hype and generate excitement for the launch. They have noted that Eth...

A multiyear review of Litecoin futures open interest reveals a unique trend that has significantly impacted the LTC price in the past.

(Ben White/Unsplash)

Several Bitcoin price indicators suggest that BTCs narrow trading range could end soon, resulting in a volatile price move in BTC and altcoins.

According to court documents, Gabriel Bankman-Fried wrote a memo to the FTX Foundation with a plan to build a bunker to survive some event where 50%-99.99% of people die."

The Federal Reserve building in Washington, D.C. (Helene Braun/CoinDesk)

"Requiring a small payment for all submissions would reduce low-quality submissions," says David Z. Morris of the problem of linguistic spam.

XRPs price rallied in excess of 100% after Ripples victory last week, but do fundamentals support a move to $1 and beyond?

(Andrei Akushevich/Getty Images)

MKR weekly price (CoinDesk)

McDonalds Hong Kong has picked The Sandbox to build its first Web3 experience, McNuggets Land.

McNuggets Land (The Sandbox)

Americana's "concierge vaulting" facility. (Americana)

Ilya Lichtenstein and Heather Morgan are scheduled to appear for an arraignment and hearing on Aug. 3 as part of a plea agreement with U.S. prosecutors.

StarkWare co-founders President Eli Ben-Sasson and CEO Uri Kolodny (StarkWare)

June rejected the three-month trend of rising venture capital investment into crypto, though thats not necessarily a bearish signal.

Protestors with ISIS flag (Shutterstock/Musaib Mushtaq)

FCA building (FCA)

If you dont know where the yield is coming from, you are the yield. This weeks episode of Market Talks discusses how DeFi platforms generate a profit and if high yields are sustainable.

Bitcoin weekly chart. (CoinDesk Indices)

BTC daily price (CoinDesk Indices)

The comeback of the Stellar Lumens (XLM) price keeps going on. In the last 24 hours, XLM has risen by another 15%, bringing the Ripple competitors price in line with XRP. Indeed, both tokens have risen by close to 65% (at this stage) since the summary judgment in Ripples legal battle with the U.S. Securities and Exchange Commission (SEC).

Remarkably, the relationship between Stellar Lumens (XLM) and Ripples XRP has been an intriguing tale of correlation and decoupling. As the market reacted to the recent developments in the Ripple-SEC battle, XLM followed suit, experiencing a remarkable price surge. However, as the broader market conditions cast their shadows, the question arises: Can Stellar Lumens maintain its newfound independence and continue its upward trajectory?

The Correlation Between XLM and XRP

It is no secret that Stellar Lumens and Ripples XRP share many similarities in their blockchain technologies and use cases. Moreover, the founders Jed McCalebs connection to Ripple adds another layer of intrigue, as investors hope that XLM will not be deemed a security by regulators.

This connection has often resulted in XLM mirroring the price movements of XRP. The markets anticipation of developments for Ripple being equally impactful for Stellar has often led to such correlated movements, just like last week after the Ripple ruling. However, in recent days, Stellar Lumens has managed to stand on its own feet, showcasing its ability to decouple from the fortunes of XRP.

One factor for this may have been its partnership with MoneyGram, which yielded the innovative B2B service called stablecoin USDC into cash worldwide through MoneyGrams branch network, tapping into Stellars ledger for seamless execution. This strategic collaboration has not only bolstered Stellars use case but also may catalyzed its recent surge in price.

With the integration of Access into various applications and fiat ramps, XLMs demand and utility is substantially boosted. For instance, the HoneyCoin apps integration of Access for straightforward cash out in multiple African countries and the United Kingdom might have contributed to Stellars outperformance relative to XRP in recent days.

Were excited to share @honeycoinapp users can now cash out of their USDC balance at supported @MoneyGram locations in Kenya, Uganda, Tanzania, Nigeria, Ghana, and the UK

Another real-world use case for...

Bitcoin's future is overwhelmingly bright, and short-term price pressures should not distract investors from a future global asset class, says the Capriole Investments founder.

Bitcoin mining firms have been forced to sell newly minted Bitcoin to cover operational costs during one of the toughest bear markets for miners on record.

Conic Finance was drained of 1,700 ether. (Kevin Ku/Unsplash)

Jakarta, Indonesia

According to some experts, miners will always be essential to the Bitcoin ecosystem, even after mining the last coins.

Hamster racing appears to be the new craze for the crypto community. (Catherine Falls Commercial/Gettyimages)

The crypto market swiftly turned bearish from yesterdays scarcely bullish outlook, and top coins have receded farther from their new-found support. But interestingly, MarkerDaos MKR appears unperturbed by the markets gloomy sentiment as MKR soared higher with massive gains, adding over 17% to its value on the day. 

MKR Price Outlook

Over the last day, the MRK token has witnessed several steep rise and fall. The digital asset reached a day-high of $1,203 at 2:30 am UTC on July 21, a 20% increase from its July 20 opening price.

MKR had lost momentum shortly after the $1,203 peak spike, falling to $1,134. However, it continued the fluctuations before regaining momentum for a more bullish rise. At the time of writing, Makers price is changing hands at $1,162, with a 17.63% 24-hour price increase. 

Makers current price is 26% higher than its value seven days ago and it may surpass $1,200 if it sustains the current bullish rally. A close look at MKRs sudden price resurgence suggests the token might be riding on some other bullish waves.

Possible Reasons Behind Makers Sudden Price Surge

Makers dramatic price surge may be due to recent developments in the MakerDAO ecosystem. On-chain sleuth, Lookonchain, reported some conspicuous activities by top VC firms Andreessen Horowitzs a16z and CMS Holdings, which are suspected to be responsible for the price surge.

According to the report, a16z recently deposited large chunks of Maker tokens to Coinbase. The venture capital company deposited 12,864 MKR tokens worth approximately $12.6 million at the time. 

The firm also reportedly transferred another 6,900 MKR, worth $8 million by todays exchange rates, to a new address, presumably with plans to deposit the funds on an exchange. Currently, a16z holds around 12,396 MKR tokens worth ~$14.4 million.

Also, Lookonchain reported that CMS, a blockchain-focused private investment company, reduced its recently acquired MKR holdings. CMS Holdings deposited 525 MKR tokens worth $614,000 to Binance two hours before the sharp price surge.

CMS previously withdrew 1,325 Maker tokens worth $1.54 million from Binance and Bitget at an average price of $793. The investment firm now holds 800 MKR, worth approximately $936,000.

Implications Of a16z And CMS Holdings Activities

The unprecedented change in the token holdings of these top market players must have significantly contributed to the tokens price spike. The market positively reacted to the massive MKR sales, leading to increased trading volume and price surge.

The sharp spike in MKRs price can be interpreted this way: the tradi...

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FTX Founder Sam Bankman-Fried being extradited back to the United States from the Bahamas (Royal Bahamas Police Force)

Chainlink (CHAIN) has recently experienced a surge in its short-term price action, delivering considerable gains to its holders. The excitement surrounding this upward momentum has been palpable, but astute observers have noticed some intriguing indications that suggest this hike might not necessarily signify the peak for LINK. 

Such a notion is not mere speculation; instead, it finds its foundation in the actions of LINK holders and the patterns observed in trading activity. These compelling insights offer a glimpse into the future trajectory of Chainlink and its possibilities.

LINK Price Surge Fueled By Increased Accumulation, Network Activity

LINKs recent price surge has been underpinned by a significant token accumulation and notable activity on the Chainlink network. According to a LINK price report referencing Santiment data, the number of addresses holding between 0 to 1 million LINK has seen an incredible increase, potentially playing a pivotal role in driving the tokens value.

Coingecko data shows LINK registering an impressive $8.33 price, and a remarkable 24-hour rally of 19.0%. In the last week, the crypto has risen 15.0% in value.

However, the surge appears far from an isolated event, as the accumulation rate has shown no signs of slowing down. Such consiste...

Sam Bankman-Fried leaving court on February 16, 2023 (Liz Napolitano/CoinDesk)

The number of social engineering attacks in the cryptocurrency industry has been rising, with major execs getting hacked recently.

(Cheyenne Ligon/CoinDesk)

MakerDAO founder Rune Christensen (CoinDesk TV)

On-chain data shows that Chainlinks social dominance has observed a large spike after its sharp price surge, a possible sign that the top may be here.

Chainlink Social Dominance Rises To 3rd Largest In Cryptocurrency Sector

According to data from the on-chain analytics firm Santiment, LINK is the third most trending asset in the market right now. The indicator of interest here is the social dominance, to understand which another metric needs to be looked at first: the social volume.

The social volume measures the total amount of social media text documents (that is, text-based posts, threads, messages, etc.) that are making mentions of a given asset (which, in the current case, is Chainlink).

This metric basically provides us with information about the degree of discussion that a particular coin is receiving across major social media platforms like Twitter, Reddit, Telegram, and 4chan.

Now, the aforementioned social dominance is a metric that compares the social volume of a cryptocurrency, with combined that of the top 100 assets by market cap in the space.

Naturally, in the case of LINK, this indicator tells us how much talk related to the top coins in the market is coming from discussions centered on Chainlink alone.

Here is a chart that shows the trend in the LINK social dominance over the past month:

As displayed in the above graph, Chainlinks social dominance has registered a large spike following the rapid growth in the price of the cryptocurrency during the last couple of days.

At the peak of this latest sharp surge, the assets value had climbed above the $8.4 mark, but since then the cryptocurrency has gone down a bit. Nonetheless, the price is still floating above $8.1 and the coins gains stand at an impressive 19%.

Historically, rallies like these have attracted a lot of eyes to LINK, so its not particularly surprising that the cryptocurrencys share of discussions in the sector has shot up.

The scale of this rise, though, may be a slightly worrying sign. Chainlink is the third most talked about asset in the market right now, despite being only the 20th largest in t...

According to initial analysis by Peckshield, the root cause for the hack was the new CurveLPOracleV2 contract.

That's right, it's McNugget's time (The Sandbox)

Explore five emerging digital finance trends shaping the financial landscape in the digital age.

This is an opinion editorial by Nathan Cryder, the COO of a renewable energy company and the founder of a bitcoin-focused holding company.

Its unlikely that Bitcoins mysterious, pseudonymous creator, Satoshi Nakamoto, knew just how many similarities Bitcoin would one day share with the worlds great religions when they first released their code to the public.

That genesis block was mined on one of Nakamotos computers on January 3, 2009, a day now celebrated annually as one of the many Bitcoin holidays to commemorate the heritage of the worlds first cryptocurrency and blockchain. For some, January 3 has become Proof Of Keys Day to promote the importance of holding ones own private keys, as opposed to trusting them with a cryptocurrency exchange or other third party. Other Bitcoin holidays commemorate the first bitcoin transaction (Bitcoin Pizza Day), the sovereignty of community consensus and the resolution to the Blocksize Wars (Bitcoin Independence Day) and the day Nakamoto publicly released the white paper conceptualizing Bitcoin (Bitcoin White Paper Day).

Coincidentally, this last one falls on the same day Martin Luther nailed his 95 theses to the door of the Wittenberg Church in Germany, ultimately upending many of the Catholic Churchs most cherished traditions, which had barely changed in 1,500 years.

Bizarre as it may sound, if a group of self-proclaimed wizards get their way, the Bitcoin religion will soon recognize another holiday to mark another day of significance in the history of Bitcoin, at least in their eyes. In a Twitter Spaces, I have heard Udi Wertheimer and Eric Wall, two proponents of Bitcoin Ordinals who refer to themselves as Taproot wizards, discuss promoting January 24 as Bitcoin JPEG Day to commemorate the day on which a user on the Bitcoin Talk forum, who went by the name of Sabunir, attempted to sell a JPEG in 2010 with technical support from none other than Nakamoto themself (nearly five months before the infamous p......

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