From the perception that Bitcoin could still fall below the $60,000 mark to Chainlink, Avalanche and GMX announcing the launch of Chainlink Data Streams on the Avalanche blockchain. Here are some outstanding news in the crypto market.
Bitcoin News
A top analyst and trader is expressing bearish sentiment towards Bitcoin (BTC).
The analyst goes by the nickname DonAlt speak with 60,500 subscribers to the Technical Roundup YouTube channel that Bitcoin is likely to lose key psychological support and fall below $60,000.
“If the range from $60,000 to $73,800 breaks out to the downside… the market will experience at least 120 days of downward/sideways movement.”
DonAlt says that, in a worst-case scenario, Bitcoin could drop as much as 35% from current levels.
“The worst thing that users can expect is a pullback to the $40,000 to $44,000 area. The worst case scenario would be $40,000, that’s the maximum downside and it’s unlikely to go any further. The best case scenario for a downside scenario would be $52,000 and then sideways price action.”
The analyst added that a weekly close above $63,000 would constitute a bullish setup for Bitcoin.
Students in El Salvador are learning about Bitcoin miners
Students in El Salvador are currently being education about Bitcoin mining in the classroom.
The initiative is part of the country’s broader effort to familiarize citizens with the world of cryptocurrency. The aim is to equip the younger generation with the knowledge and skills needed to navigate the rapidly evolving digital currency landscape.
The move is seen as an important step towards the country adopting Bitcoin as legal tender. However, there are still no details on the curriculum or specific aspects of Bitcoin mining taught to students.
Coinbase News
Exchange Coinbase and payments company Stripe have signed cooperate.
Stripe will integrate Base, Coinbase’s layer-2 network, into its cryptocurrency payments products, and Coinbase will add Stripe as a way for customers to buy cryptocurrency with a credit card or Apple Pay in the Wallet. Coinbase.
Additionally, Coinbase customers will be able to use the USDC stablecoin through Base on Stripe to streamline fiat-to-crypto conversions and facilitate remittances to over 150 countries.
Chainlink News
Chainlink, Avalanche, and GMX have announced the launch of Chainlink Data Streams on the Avalanche blockchain. This new integration, with decentralized GMX as a partner, aims to enhance decentralized finance (DeFi) applications by providing low-latency, high-throughput market data.
Chainlink Data Streams will power GMX’s decentralized perpetual exchange, which promises to deliver a user experience on par with centralized exchanges thanks to fast on-chain execution speeds and strong security.
This integration allows decentralized applications (dApps) on Avalanche to seamlessly access real-time market data, enhancing functionality and user experience.
This development marks an important step in expanding the capabilities of the DeFi platform on Avalanche, aiming to attract more developers and users to the ecosystem.
Memecoin News
Murad Mahmudov, a famous financial analyst, recently emphasize that those looking for the next XRP or Cardano (ADA) should pay attention to memecoin.
He believes that this sector of the cryptocurrency market has “hardcore” communities that can guarantee huge profits for early projects.
Earlier this month, Mahmudov shared his “crypto investment philosophy” for the ongoing bull run, arguing that investors should only focus on memecoins with market capitalizations between $5 million and $200 million. At the same time, he recommended avoiding projects with very small capitalizations.
The analyst believes that promising memecoins should be held for more than a year and holders must have genuine faith that a given cryptocurrency will last for more than one cycle.
PancakeSwap News
On Wednesday, decentralized exchange PancakeSwap Notification that they are implementing a prediction market focused on the question: will the price of Ethereum go up or down?
Users will bet for or against predictions made by artificial intelligence (AI).
“We are always exploring ways to create unique experiences for our users,” reveals Chef Gyoza, anonymous product manager at PancakeSwap. Adding AI to the prediction market is a logical next step.”
According to the announcement, PancakeSwap’s prediction market will be based on Arbitrum and invite users to predict ETH price movements every 10 minutes. Rewards for correct predictions will be distributed from a total prize pool of 60,000 ARB (about $49,600) over the next nine weeks.
Zerion News
On June 27, multi-blockchain crypto wallet project Zerion launched a testnet for the Layer-2 ZERO Network, the first layer-2 that does not charge users transaction fees.
Partners such as 1inch, Layer3, and DODO are currently working on deployments on the ZERO testnet with support from Zerion’s team for builders, including Zerion’s API and priority integration in Zerion Wallet.
ZERO Network is the first EVM compatible rollup that is completely transaction fee free for users. This Layer-2 uses ZKsync’s ZK Stack SDK toolkit for development and positions itself as Hyperchain.
ZERO Network will pay gas fees for users to provide a better on-chain interaction experience that ZERO claims is “as smooth as Web2”.
Bluefin News
Bluefin Decentralized Trading Platform prepare launched its governance token in July, after raising $17 million from funds Brevan Howard Digital, Tower Research, Cumberland DRW and Susquehanna International Group.
The Sui ecosystem DEX also recently received an undisclosed investment from Flow Traders. The team said it will use the proceeds to expand its services and develop its decentralized finance ecosystem.
The Bluefin protocol has processed over $25 billion in transaction volume since the beginning of this year, with monthly turnover reaching over $1 million.
Bluefin claims to be the leading derivatives exchange in the Sui ecosystem and holds over 70% market share with its perpetual contract trading product.
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Viet Cuong
Bitcoin Magazine
