Coinbase, the largest U.S. crypto exchange by trading volume, has formally added support for the Lightning Network, a layer 2 solution that is aimed at enabling quicker and cheaper Bitcoin transactions. The roll-out that begins today follows an announcement by the exchange seven months ago, saying it will adopt the protocol. The Lightning Network is The post Breaking: Coinbase Rolls out Bitcoin Lightning Network appeared first on CoinGape .
The crypto exchange HKVAEX linked to the world’s largest crypto exchange Binance to now fully ceased operations in Hong Kong, as reported earlier by CoinGape. HKVAEX recently revealed a statement to cease withdrawals from the crypto exchange on April 30, shutting down all operations starting May 1. The cease in operations coincides with the launch The post Binance Crypto Exchange HKVAEX Ceases Withdrawals in Hong Kong Amid ETFs Debut appeared first on CoinGape .
Crypto analyst Ali Martinez has provided insights into why $59,800 is a crucial price level for the Bitcoin future trajectory. The analyst revealed two things that could happen if the flagship crypto drops that low. Why $59,800 Is An Important Level For Bitcoin Martinez mentioned in an X (formerly Twitter) post that the Bitcoin short-term holder’s (STH) realized price is at $59,800. He added that BTC historically often bounces off this level during an uptrend, which would mean that the flagship crypto could experience a massive pump if it were to drop to that price level. Source: Glassnode However, Martinez also warned of what could happen if Bitcoin fails to experience this bounce, noting that a fall below this level could “trigger notable Bitcoin price corrections.” Although the crypto analyst didn’t mention how low Bitcoin could drop, his choice of words suggests that a price breakdown for the crypto token could be severe. STH is an important metric that measures the average price at which Bitcoin short-term investors bought the crypto token. A drop to that level suggests that these short-term investors have realized their profits, which leaves room for Bitcoin to make another run following this wave of sell-offs. On the other hand, as Martinez warned, Bitcoin could drop further if it fails to establish support at that level. This brings crypto analyst DonAlt’s recent prediction into context. He hinted that BTC could fall between $52,000 and $47,000 if it eventually breaks the $60,000 support level. Meanwhile, Martinez also drew the crypto community’s attention to the $61,900 mark, which he remarked has “consistently been a crucial support level for Bitcoin.” He further claimed that BTC could rise to as high as $71,000 if it continues to hold above that level. Is The BTC Top In? In a more recent X post, Martinez gave his opinion on whether or not Bitcoin has reached its market top. He tried to analyze it from both sides of the divide. First, he noted that a spike in BTC’s realized profits has “historically coincided with market tops.” He then revealed that Bitcoin’s realized profits skyrocketed to $3.52 billion when it hit $73,880 last month. This would suggest that the market top was indeed in. However, Martinez added that he was waiting for another confirmation before confidently claiming that the market top is in. He claims that this confirmation will come if BTC achieves a sustained close below the short-term realized price, currently around $59,800. Meanwhile, he further stated that this market top theory could be invalidated if Bitcoin surges above $66,250 and claims this area as support. Bitcoin rising above that price level will help it gain the strength it needs to move towards $69,150. If BTC eventually breaches that resistance level, Martinez claimed it could advance to a new all-time high (ATH) of $92,190. At the time of writing, Bitcoin is trading at around $62,300, down in the last 24 hours, according to data from CoinMarketCap. BTC price falls to $60,800 | source: BTCUSD on Tradingview.com Featured image from Coinpedia, chart from Tradingview.com
April 30, 2024 – Palo Alto, California Collaboration focuses on tackling key Web 3.0 challenges through data-driven insights, AI-powered development tools and zero-knowledge proofs. Sui – the layer-one blockchain and smart contract platform created and launched by the core research team responsible for building Facebook’s Libra and Diem projects – is collaborating with Google Cloud The post Sui Teams Up With Google Cloud To Drive Web 3.0 Innovation With Enhanced Security, Scalability and AI Capabilities appeared first on The Daily Hodl .
The much-awaited Hong Kong spot Bitcoin & Ethereum ETFs finally commenced their journey on Tuesday, April 30, marking a monumental achievement following the U.S.’ commencement of BTC ETF trading. However, the crypto-backed exchange-traded funds kicked off to a dull start in Hong Kong, recording only $12 million in trading volume on the first day. This The post Hong Kong Bitcoin & Ethereum ETFs: Bosera Hashkey Holds 964 BTC & 4.29K ETH appeared first on CoinGape .
The prices of crypto including Bitcoin have plunged in the last 24 hours and the market has seen huge liquidation. More than $286 million in leveraged crypto positions were liquidated from some of these digital assets. Massive Crypto Liquidation Makes Traders Jittery According to on-chain data from CoinGlass, about 99,014 traders were liquidated in the The post Crypto Market Sees Sudden Liquidations Worth $286M appeared first on CoinGape .
Representative Patrick McHenry has accused SEC Chairman Gary Gensler of misleading Congress. This accusation emerged during a Financial Committee hearing on the lawsuit between Consensys Vs. SEC. McHenry pointed to court filings that question Gensler’s consistency regarding Ethereum’s (ETH) classification as a security. These filings show a possible contradiction in Gensler’s statements compared to previous The post Consensys vs. SEC: McHenry Accuses Gensler of Misleading Congress on Ethereum Classification appeared first on CoinGape .
The approval of Bitcoin ETFs in the US in January this year broadened the outlook of the crypto market for most investors. Attention quickly shifted to Ethereum with companies swiftly filing with the Securities and Exchange Commission (SEC) to offer spot ETH ETFs. For a short while, Ethereum price surged alongside Bitcoin price. Although the The post Will Ethereum Price Hit $10,000 If The SEC Changes Tune? appeared first on CoinGape .
Eight major U.S. newspapers have filed a lawsuit against OpenAI and Microsoft, claiming they have violated copyright laws. The lawsuit was filed in the Southern District of New York and contends that the companies took copyrighted material from these newspapers without permission to train their artificial intelligence (AI) products, such as ChatGPT and Microsoft’s Copilot. The post AI News: Eight Newspapers File Copyright Lawsuit Against OpenAI, Microsoft appeared first on CoinGape .
Share selloff as bitcoin heads to $60,000 helps drive price for top-performing stocks like Coinbase and MicroStrategy lower.