back to top
Sunday, June 2, 2024
HomeCryptoBitcoin is preparing for a strong breakthrough with news of Ripple, Solana,...

Bitcoin is preparing for a strong breakthrough with news of Ripple, Solana, Dogecoin, Sui, BNB, Worldcoin, CertiK, Taiko

From the statement that Bitcoin is preparing for a strong move to Worldcoin launching operations in Colombia. Here are some outstanding news in the crypto market.

Bitcoin News

In a post on X, CryptoQuant author Axel Adler Jr discussed the latest trend taking place in Bitcoin’s Realized Volatility.

Realized Volatility here refers to the indicator that basically tells us how volatile a certain asset is based on its returns over a specific period of time.

When the value is high, it means that the asset in question has experienced a lot of fluctuations. On the other hand, the low indicator implies that BTC is not experiencing too much volatility.

The value of this metric has dropped sharply in recent days | Source: Axel Adler Jr

As shown in the chart above, Bitcoin’s 1-week Realized Volatility has dropped to a fairly low level of around 7%. There have been only 10 instances in the past six years that have seen the index fall to similar lows.

This means that the recent crypto consolidation is one of the tightest in history. Past patterns may provide some hints about action this time.

Examination of the chart shows that the latest instance of BTC experiencing similar volatility occurred just before the rally towards ATH levels.

Given this pattern, it is possible that the recent consolidation could also lead to another strong move. However, the thing to note is that, in the past, volatility stemming from the lows implied that the price could move out of the tight range in a sharp bearish direction.

Ripple News

Ripple CEO Brad Garlinghouse recently mentioned Dogecoin, the largest memecoin, during his appearance at Consensus.

“I don’t think Dogecoin is a good thing for the industry. I don’t hate Dogecoin, but… don’t know what its use case is.”

Garlinghouse added that he sees a lot of utility across different chains and thinks this is an important factor for sustainable development.

This is the first time Garlinghouse has targeted the biggest meme coin. While speaking at the World Economic Forum in January, Garlinghouse also said that he did not see any use cases for the flagship memecoin.

Solana News

Solana (SOL) price is consolidating at the moment to form a pennant pattern after a strong rally over the past three months. Solana is showing bearish momentum despite the bullish pattern.

The price is consolidating in a downtrend towards the $159 support level. If it breaks below this level, SOL could fall deeper to fill the FVG gap located around $153.

At the moment, SOL is fluctuating around $166.6. SOL’s market capitalization is at around 77 billion USD while trading volume touched 77.2 billion USD, up 12.4% in the past 24 hours.

Source: TradingView

Dogecoin News

Crypto trader and analyst, Ali Martinez, believes that DOGE is more likely to produce another incredible bull run.

The analyst has tweet that, Dogecoin could skyrocket as much as 200% as happened at the beginning of the year.

DOGE soared to $0.18 in early March, following Bitcoin’s rise as the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs.

Besides, whales have started moving large amounts of Dogecoin. Many of these transactions are marked as purchases.

Sui News

Coin Bureau host Guy Turner is giving his price prediction for Solana (SOL) rival Sui (SUI).

Turner speak with 2.48 million subscribers to YouTube channel Coin Bureau, Sui possesses “real potential” in the long term.

Regarding the reason for his optimistic thesis, the host said:

“Sui meets the criteria of a cryptocurrency that the retail industry can meet. It has a low price, creating the illusion of big profits. Sui has a lower market cap than most major cryptos, which means less money is needed to move the price and the project is listed on all major exchanges.”

Currently Sui is changing hands around $1.02, down about 53% from the ATH of $2.17 reached at the end of March.

BNB News

Binance Coin (BNB) has been trending down since the price peaked at $612 on May 27 to form a descending triangle pattern. At press time, the altcoin is trading around $593, recording a 3% decline over the past three days.

At current price levels, BNB trades just below a descending triangle pattern, forming support.

To form a recovery to the upper line of the triangle (resistance level), buying pressure must increase suddenly.

Currently, results from BNB’s key momentum indicators show that neither buyers nor sellers are exerting enough pressure to drive the trend.

BNB’s Relative Strength Index (RSI) is 49.5, while its Money Flow Index (MFI) is 56.6. The aggregate value of the indicators shows that the price movement is balanced, with neither the bears nor the bulls having a clear dominance.

This consolidation is confirmed by BNB’s Average True Range (ATR) indicator, whose value has dropped 23% since May 23.

This indicator measures market volatility by calculating the average range between top and bottom over a specified period of time. This signal shows that traders may be gradually accumulating altcoins.

Source: TradingView

Worldcoin News

On Thursday, Worldcoin, a project that collects biometric evidence through iris scanning, announced announced about the implementation of operations in Colombia.

Through social networks, the project reports that iris scanning is already available in Bogota and Medellin for World ID users.

Currently, there are only ten locations with iris scanners, with six in Bogota and four in Medellin. However, the project claims to soon arrange more equipment.

CertiK News

CertiK, a reputable name in the field of blockchain security solutions, has just announced the launch of CertiK Ventures, dedicated to supporting new on-chain platforms.

CertiK Ventures will focus on investing in security-first projects, participating in venture capital rounds, and building partnerships in the blockchain ecosystem.

CertiK Ventures’ investment portfolio includes companies such as Pantera, LINE, Sei, Hashkey Capital and WEMIX. CertiK Ventures will leverage its expertise in blockchain security to support the development and deployment of blockchain technology for its portfolio companies.

Taiko News

Taiko will give it debut TAIKO token with the first airdrop distribution on June 5, 2024.

5% of the total supply (50 million TAIKO) will be airdropped to Taiko testnet users, block proposers and validators, Galxe point holders, and certain contributors on GitHub.

Previously, Taiko announced a token sale on Bybit ByStarter. Token sale limit is 2 million TAIKO. The selling price is $2 with a valuation of up to $2 billion.

Taiko is ZK-EVM Type 1, ZK-rollup compatible with Ethereum Virtual Machine supporting zero-knowledge proof computation. Previously, the project raised $37 million through three rounds of funding supported by Hashed Fund, Lightspeed Venture, Sequoia China, Generative Ventures, IOSG Ventures, GSR and GGV Capital.

Other news

Hong Kong SFC approved licensing for 11 platforms

SFC Hong Kong disclosure that HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixincom, xWhale, YAX, Bullish, Cryptocom, WhaleFin, Matrixport HK, a total of 11 platforms, have become license candidates.

Among the major foreign exchanges, it seems that only Cryptocom has been approved.

You can see coin prices here.

Viet Cuong

Bitcoin Magazine

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Fresh