Read in the Digest:
- Bitcoin Reclaims $23K, Looking to Break Above Long-term Pricing Models
- Fantom and NEAR Protocol Join ETH as Big Winners of the Layer 1 Rally
- Celsius Says Bitcoin Mining Operation will Help in the Repayment of Loans
- BNP Paribas (OTC:BNPQY) Looking to Launch Bitcoin, Crypto Custodial Services
Bitcoin Reclaims $23K, Looking to Break Above Long-term Pricing Models
Over the past few weeks, the price of Bitcoin (BTC), the world’s largest crypto, has hovered around $17-$20K, putting an end to the eight-month long bear cycle. However, in the last few days, BTC began showing strength as it consolidated above the $22k mark.
Continuing the uptrend, the price of Bitcoin has now blitzed past $23,800 for the first time since June 13. Bitcoin is up by 7.5% over the last 24 hours and 27% in the last seven days as the bulls hold on strong.
The 24 hours price chart of Bitcoin (BTC). Source: CoinMarketCap
The 7D price chart of Bitcoin (BTC). Source: CoinMarketCap
Data from Glassnode suggests that the rally could be the start of a bull run. According to Glassnode, Bitcoin is in the process of breaking above three long-term pricing models: the 200-week Moving Average, realized Price, and Long-Term Holder RP.
If this happens and the bulls maintain momentum, Bitcoin would be looking to target its previous supply zone at $30k. However, before hitting $30k, Bitcoin will need to break the $28k region, which has proven to be a strong resistance zone.
Flipsider:
- Although signals point to a bullish outbreak, some analysts have called it a bull trap, pointing to the upcoming Fed interest rate hike on July 27.
Why You Should Care
After enduring eight months of continuous downtrends, signals are now pointing towards a bull market for Bitcoin.
Fantom and NEAR Protocol Join ETH as Big Winners of the Layer 1 Rally
Over the weekend, Ethereum Foundation member Tim Beiko hinted that the much-anticipated Ethereum mainnet merge will happen on September 19. Since then, ETH has been on an uptrend, gaining more than 57% to trade above $1,600 for the first time since June 11.
The 7D price chart of Ethereum (ETH). Source: CoinMarketCap
While Ethereum (ETH) leads the recovery for layer 1 solutions, Fantom (FTM) and Near Protocol (NEAR) are not far behind. Both Layer 1 networks are two of the biggest beneficiaries of the rally sparked by a renewed interest in digital assets.
Although Fantom (FTM) is marginally in the green by 0.05% over the last 24 hours, it has rallied by 49% in the last seven days. The rally has seen FTM set a new six-week high of $0.3563 from a low of $0.2232.
The 7D price chart of Fantom (FTM). Source: CoinMarketCap
Near Protocol (NEAR) has gained 43% in the last seven days to leapfrog from $3.08 to as high as $4.65. Near now trades at $4.44, experiencing a 1.2% price correction over the last 24 hours.
The 7D price chart of Near Protocol ((NEAR). Source: CoinMarketCap
Flipsider:
- Despite the rally, Finder has predicted that the price of ETH will fall to as low as $675 before any sustainable bullish outbreak.
Why You Should Care
The announcement proves that the upcoming mainnet merge is an important event for Ethereum and the entire crypto market.
Cardano Ecosystem Leads Development Activity Ahead of Ethereum and Polkadot
Cardano’s ecosystem continues to experience a flurry of activities in terms of development. The consistency of the Input Output Global (IOG) has seen Cardano lead other cryptocurrency projects this month.
A recent report from blockchain analytics company Santiment shows that Cardano is the most actively developed blockchain. This puts Cardano ahead of leading blockchain projects like Ethereum, Polkadot, Kusama, IOTA, and Internet Computer (ICP).
In its new metric system, Santiment looks beyond the GitHub submissions (comments on commits, pull request interactions, and the number of repositories opened) to measure via the number of code pushes and issue exchanges.
Santiment metrics in the last 30 days show that Cardano, with over 387 points, is the highest development activity. Polkadot follows with 281.97 points within the same period. Kusama and Ethereum ranked third and fourth with 281 and 274 points, respectively.
Flipsider:
- Cardano (ADA) has surged by almost 27% over the last week but has been outperformed by ETH and DOT.
Why You Should Care
The anticipation of the Vasil hard fork (to launch in July) is a direct contributor to Cardano leading other cryptocurrency projects in terms of development activities.
Celsius Says Bitcoin Mining Operation will Help in the Repayment of Loans
In a U.S. bankruptcy court hearing on Monday in Manhattan, embattled crypto lender, Celsius Network, has defended its plans to use Bitcoin mining operations as a means to pay back its creditors.
Celsius, which has a $1.2 billion hole in its balance sheet from owing $4.7 billion worth of crypto to its users, argued in court that it will mine more bitcoin to make enough money to pay back its creditors and protect its users.
The Bankruptcy Judge, Martin Glenn, approved that the bankrupt Celsius Network spends as much as $3.7 million to construct a new bitcoin mining facility and $1.5 million on customs and duties on imported bitcoin mining rigs.
Flipsider:
- A group of equity investors could venture into a legal battle with Celsius to gain control over the bitcoin mining operations.
Why You Should Care
Bitcoin mining could help the Celsius Network, which halted other business operations to repay customers whose assets have been frozen for over a month.
BNP Paribas Looking to Launch Bitcoin, Crypto Custodial Services
French banking giant BNP Paribas is looking to enter the crypto space by launching a custodial service. According to reports, BNP will launch a custodial service for bitcoin and other cryptocurrencies.
Reports suggest that BNP Paribas, the second-largest private bank in the Eurozone with over $13 trillion under management, will partner with Metaco, a Swiss digital asset custody firm.
BNP Paribas’ partnership with Metaco will facilitate the needed infrastructure the bank currently does not possess. However, it remains unclear if Metaco will serve as a custodian or a consultant to the bank.
While BNP Paribas has not disclosed what Cryptos it will offer or when its services will launch, a press release has confirmed that Fireblocks, a Crypto custody firm, will also be involved in the bank’s digital asset infrastructure.
Flipsider:
- The ongoing bear market has thrown some top digital asset management firms under the bus, most notably Three Arrows Capital (3AC).
Why You Should Care
BNP Paribas is now the biggest asset management company looking into providing custody services for its clients.