JupUSD: Ethena and Jupiter Team up to Expand Solana’s Stablecoin Market
JupUSD: Ethena and Jupiter Team up to Expand Solana’s Stablecoin Market
Ethena Labs, the team behind the synthetic dollar USDe, has partnered with Jupiter Exchange, a decentralized exchange (DEX) aggregator on Solana, to introduce JupUSD, a new native stablecoin designed for the Jupiter ecosystem. According to Ethena’s X post on Wednesday, the partnership aims to expand liquidity, boost yields, and strengthen decentralized finance (DeFi) integrations within […]
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Polymarket Adds Bitcoin Deposits as NYSE Parent ICE Eyes $2 Billion Investment
Bitcoin Magazine Polymarket Adds Bitcoin Deposits as NYSE Parent ICE Eyes $2 Billion Investment Polymarket, the leading crypto-based prediction platform, now supports direct bitcoin deposits, allowing users to fund their accounts with BTC in addition to other supported cryptocurrencies. This post Polymarket Adds Bitcoin Deposits as NYSE Parent ICE Eyes $2 Billion Investment first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
Is Bitcoin Core ‘Woke?’ Some Knots Proponents Think So
The technical tug-of-war between two key factions in the Bitcoin community has now degenerated into identity politics. ‘Woke’ or ‘Based?’ Knots and Core Debate Diverging Ideologies What was once an obscure phrase used as early as the 1930s by African Americans to describe awareness of racism has now become a pejorative term thrown around by […]
How Has The BlackRock Bitcoin ETF Fared Compared To Its Older Funds?
Bloomberg analyst Eric Balchunas has highlighted how the BlackRock Bitcoin ETF (IBIT) has performed in comparison to the world’s largest asset manager’s older funds. This comes as the fund approaches the $100 billion milestone, which will make it the fastest to reach this milestone. BlackRock Bitcoin ETF Becomes Most Profitable Fund In an X post, […]
September’s DAT Tally: Bitcoin Treasuries Add 46,187 BTC; Combined Value Near $435B
Bitcoin treasuries added 46,187 BTC in September, bringing tracked holdings to roughly 3.8 million BTC at the month’s close, according to bitcointreasuries.net’s September report. Quiet Accumulation: September Buying Tracks August as Holdings Rise 3.63% The latest analysis shows that the additions were valued at $5.3 billion using a Sept. 30 reference price of $114,408 per […]
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Can The Bitcoin Price Explode To $200,000? The Gold Chart That Tells It All
Bitcoin has shown renewed strength on the weekly timeframe by resuming a steady uptrend that began earlier in the year. After several weeks of ranging between $110,000 and $120,000, Bitcoin is now on intense momentum supported by institutional demand, which has led to a new all-time high in the past 24 hours. Interestingly, technical analysis of Bitcoin’s weekly price chart shows the cryptocurrency is gearing up for an explosion to $200,000. This projection is based on Bitcoin’s ongoing price behavior being an exact replica of Gold’s rally during the 1970s. Bitcoin Aligning With the 1970s Gold Rally An interesting technical analysis shared by Mikybull Crypto on the social media platform X details how Bitcoin’s price action on the 1-week and 2-week candlestick charts is following a path walked by Gold in prior decades. His latest post on X draws parallels between Bitcoin’s ongoing price behavior and Gold’s rally during the 1970s, an era that saw the precious metal surge massively. Now, it seems that Bitcoin is now mirroring that same macro setup and could be gearing toward a price explosion to $200,000 or higher. Related Reading: Here’s The Best Time To Buy Bitcoin As Impulse Wave Sets Path To $150,000 In one of the charts shared by Mikybull, Gold’s price action from the mid-1970s to 1980 is overlaid with Bitcoin’s multi-year trajectory. This Gold price chart shows a consolidation phase followed by a powerful breakout in the late 1970s. According to Mikybull, Bitcoin’s structure follows this trend almost perfectly. In his analysis, he noted that Bitcoin’s price is forming higher lows above a macro ascending trendline, the same kind of structure that preceded Gold’s explosive run. Gold’s third breakout wave (Wave 5) ushered in this run, and Mikybull projected that Bitcoin is now entering a similar phase, as shown by the blue ellipse in the chart below. Mikybull’s comparison also integrated the legendary Livermore Speculative Chart, which is an early 20th-century framework, to track Bitcoin’s behavior. Bitcoin’s price action on the weekly timeframe follows a structure labeled from one through ten, each level corresponding to phases in the Livermore Speculative Chart. Why Bitcoin Can Explode To $200,000 May Only Be the Beginning For Bitcoin As shown in the chart above, Bitcoin is currently trading around the 1.272 Fibonacci extension level below $125,000 and is playing out the eighth stage of Livermore’s speculative cycle. Current market trends point to Bitcoin advancing past the eighth stage at the 1.618 Fib level ($145,355) to then advance to the ninth stage of the cycle, which is just above the 2.618 Fibonacci extension level at $204,000. Related Reading: This Major Bitcoin Metric Just Made A New Low For The First Time In 6 Years, Is An ATH Above $130,000 Coming? After that lies the tenth stage, around the 3.618 extension at $262,000, projected to be the final peak of this cycle based on Livermore’s speculative cycle. At the time of writing, Bitcoin is trading at $121,450, having retraced slightly after its most recent all-time high of $126,080 on October 6. Featured image from Adobe Stock, chart from Tradingview.com