Coin overview
BB
Ended--
Last price (USDT)
55.28K
24h total (USDT)
448.93K
Total vol (USDT)
2024-04-25 08:00:00 ~ 2024-05-13 09:30:00
Trading time (UTC+0)
2024-05-13 12:00:00
Delivery time (UTC+0)
Total supply2.10B
Resources
Introduction
BounceBit is the first-ever native BTC Restaking chain. The BounceBit network is secured by staking both Bitcoin and BounceBit tokens. BounceBit's PoS mechanism introduces a unique dual-token staking system by leveraging native BTC security with full EVM compatibility.
Bitcoin (BTC) Futures Volume Surges to $82 Billion Amid Rising Short Positions
Last week Monday, Bitcoin (BTC) futures volume was over $90 billion but steadily dropped between December 10 and 14, reaching $26.39 billion this past Sunday. However, as BTC’s price hit a new all-time high, the futures volume also jumped and reached a seven-day high of $82.84 billion. For some market observers, this resurgence implies a bullish outlook for the cryptocurrency. But Bitcoin traders seem to be choosing the other path. Bitcoin Rising Liquidity in the Derivatives Market Is Not a Bullish Sign Bitcoin futures volume refers to the value of all futures contracts bought and sold over a specific period. When the value increases, traders gain more exposure to a cryptocurrency by either opening long positions or shorts. For context, longs are traders with contracts predicting a price increase. Shorts, on the other hand, are traders betting on the price to decrease. However, a decrease in the futures volume indicates a drop in contracts opened by traders. According to data from Glassnode, the recent BTC all-time high woke Bitcoin traders up. For the last seven days, the volume has consistently decreased before its recent hike to $82.84 billion. Bitcoin Futures Volume. Source: Glassnode Despite a spike in the volume, Bitcoin traders appear skeptical about the cryptocurrency surpassing $107,000 anytime soon, as reflected in the long/short ratio. The long/short ratio serves as a barometer of investor sentiment. A ratio above 1 indicates more long positions than shorts, while a ratio below 1 signals dominance of short positions. Data from Coinglass reveals that Bitcoin’s long/short ratio has fallen to 0.58, with short positions accounting for 63.48% of total open interest, while long positions make up just 36.52%. This disparity reinforces the notion that most traders are bracing for a short-term correction in Bitcoin’s price. Bitcoin Long/Short Ratio. Source: Coinglass BTC Price Prediction: Drop Below $100,000 Likely On the daily chart, the Bollinger Bands (BB), which measures volatility, have tapped Bitcoin’s price at $107,352. The BB reveals the level of volatility and also shows whether an asset is overbought or oversold. Typically, when the upper band of the indicator touches the price, it is oversold. Conversely, when the lower band touches the price, it is oversold. Therefore, since it is the former, it appears that Bitcoin’s price is overbought and might retrace. Bitcoin Daily Analysis. Source: TradingView The Relative Strength Index (RSI) also supports this outlook as its reading is above 70.00, which also indicates that the BTC price is overbought. If validated, Bitcoin’s price might drop to $91,240. However, if buying pressure increases, the coin’s value might climb to $116,000.
BounceBit Secures Strategic Investment from Asia's Bitcoin Leader
BounceBit Secures Strategic Investment from Asia's Bitcoin Leader Zach Anderson Dec 13, 2024 07:06 BounceBit partners with Boyaa Interactive, known as Asia’s MicroStrategy, to enhance its CeDeFi ecosystem and expand market presence in Asia. BounceBit has announced a significant strategic partnership with Boyaa Interactive, a company often dubbed 'Asia’s MicroStrategy' due to its status as the region’s largest Bitcoin holder. This collaboration marks a crucial step in BounceBit’s mission to establish a comprehensive CeDeFi ecosystem, according to BounceBit . Institutional-Grade Digital Asset Infrastructure Boyaa Interactive's profound expertise in managing extensive digital asset portfolios and its robust presence in the Asian market align seamlessly with BounceBit’s objectives. This strategic investment is set to empower BounceBit to accelerate the development of institutional-grade CeDeFi solutions. Additionally, it aims to bridge the gap between traditional finance and digital assets, expand BounceBit's market influence in Asia, and fortify its institutional network. A Shared Vision for the Future This partnership is not merely a financial investment but also a testament to the increasing institutional confidence in the future of CeDeFi. The collaboration leverages Boyaa Interactive’s proven digital asset management capabilities alongside BounceBit’s innovative infrastructure. Together, they aim to drive the institutional adoption of digital assets. As BounceBit and Boyaa Interactive advance this partnership, their commitment remains steadfast in developing robust, compliant solutions that bridge traditional and digital finance. This collaboration is poised to foster a shared vision for the future of Real-World Assets (RWA) and CeDeFi infrastructure. This strategic move is expected to enhance BounceBit’s ability to deliver cutting-edge solutions in the burgeoning field of decentralized finance, supporting its long-term goal of integrating traditional financial systems with digital asset innovations. Image source: Shutterstock
BounceBit and Boya Interactive have reached a strategic cooperation to jointly build the CeDeFi ecosystem
On December 13, BounceBit announced a strategic investment partnership with Boya Interactive (HK.0434), known as the "Asian MicroStrategy". As Asia's largest Bitcoin holder, Boya Interactive's extensive experience in digital asset management and the Asian market will help BounceBit accelerate the development of institutional-level CeDeFi solutions, connect traditional finance with digital assets, expand its influence in the Asian market and strengthen its institutional network.
Boyaa Interactive Invests in Web3 Asset Management Platform BounceBit
Boyaa Interactive (00434) announced that the group has entered into an investment agreement with BounceBit Limited (BounceBit) for the Web3 asset management platform BounceBit (BounceBit platform) and has completed the investment this year. The company recently received notification from BounceBit confirming that the company's investment has been converted into 4.2 million BB tokens. The board of directors believes that this investment will further promote the development and layout of the group's business in the Web3 field, and also indicates that the group will deepen its cultivation in the Web3 field and use its rich experience accumulated in the Internet gaming field and the opportunity of Hong Kong's Web3 new policy to build the group into a pure and leading Web3 listed company.
Cardano (ADA) Large Transactions Decline By $19 Billion Amid Weak Network Activity
On November 23, the total Cardano (ADA) large transaction volume was $45.41 billion. Today, the same volume has dropped to $26.34 billion, suggesting that large investors in the market have reduced their exposure to the cryptocurrency. Sometimes, situations like this suggest that the altcoin’s price could be affected negatively. But could it be the case for ADA? Cardano Sees Drop in Key Areas In crypto, large transactions track the activity of institutional players and whales making trades worth over $100,000. An increase in large transaction volume suggests heightened engagement from these key stakeholders. Conversely, a decline often indicates that institutions or whales may be liquidating their holdings. In Cardano’s case, the large transactions have dropped by $19 billion over the past six days. Historically, ADA’s price has often risen alongside a surge in large transactions. For instance, the image below shows an increase in the metric between November 16 and 23. During that period, the altcoin’s value climbed from $0.57 to $1.09, suggesting that whales played a big part in the hike. Therefore, if the current decline persists, the token could face further downside pressure. Cardano Large Transaction Volume. Source: IntoTheBlock Large transactions aren’t the only aspect of the Cardano ecosystem facing a decline. According to data from Santiment, overall network activity has also dropped significantly. On-chain metrics such as active addresses are key indicators of network health. Active addresses refer to users who have previously interacted with the cryptocurrency and remain engaged in transactions. Over the past seven days, active addresses on the Cardano network have declined, indicating waning user participation. This trend reflects a bearish sentiment surrounding ADA. Cardano Active Addresses. Source: Santiment ADA Price Prediction: Retracement to $0.82? On the daily chart, ADA’s price trades around $1.04. However, the Relative Strength Index (RSI) has a reading of 76.91. The RSI measures momentum using the speed and size of price changes. It also tells when a cryptocurrency is overbought or oversold. When the reading is above 70.00, it is overbought. Conversely, when it is below 30.00, it is oversold. Considering the current outlook, it appears that ADA’s price is overbought, and a decline could be next. The Bollinger Bands (BB) — an indicator that measures volatility, also validates this bias. The BB, like the RSI, also gauges if an asset is overbought or oversold. When the upper band of the indicator toches the price, it is overbought. But when the lower band hits the value, it’s oversold. With the upper band of the BB close to hitting ADA, the price could decrease to $0.82. Cardano Daily Analysis. Source: TradingView However, if the Cardano large transactions increase, this might not happen. Instead, the cryptocurrency’s value could climb above $1.15.
Solana’s Adoption Surge and Market Sentiment Suggest Potential for Price Breakout
Solana’s recent breakthroughs in adoption and trading volume reflect its growing dominance in the crypto space, potentially signaling a bullish trend ahead. With a remarkable $100 billion in monthly decentralized exchange (DEX) volume and $11 billion in total year-to-date transactions, Solana’s growth trajectory is becoming increasingly apparent. A notable quote from COINOTAG highlights, “Solana continues to lead in technological advancements, reinforcing trader confidence as the network evolves.” Solana is witnessing unprecedented growth in adoption and transaction volume, indicating strong bullish momentum for the cryptocurrency in coming weeks. Price analysis: Can SOL maintain its support levels? Despite the recent pullback, SOL’s price action shows strength following its significant rally earlier this month. The Bollinger Bands (BB) indicate that the price is retracing from overbought conditions. The upper BB sits at $267.68, while the middle band provides critical support at $225.11. Additionally, the RSI is at 71.67, signaling a cooling-off phase as Solana consolidates near overbought territory. However, if SOL fails to hold above $225, it risks a deeper retracement toward $182.53. On the other hand, successfully maintaining support at $225 could allow the asset to build momentum for another rally toward its $267 resistance level. Therefore, this zone is critical for future price movement. Source: TradingView Steady development activity supports long-term growth In addition to its impressive market performance, Solana continues to demonstrate consistent development activity. As of November 24, the activity level is at 20.81, slightly lower than previous months. However, this steady progress underscores SOL’s ongoing commitment to enhancing its ecosystem. Consequently, this consistent development provides a strong foundation for long-term adoption and price stability. Source: Santiment Liquidations reveal bullish sentiment Solana’s liquidation data further reflects market optimism. On November 25, $10.47 million in long positions were liquidated compared to only $1.17 million in shorts, showcasing strong bullish sentiment among traders. This suggests that despite recent price dips, the majority of market participants expect Solana to continue its upward trajectory, potentially testing its previous highs soon. Source: Coinglass Is your portfolio green? Check out the SOL Profit Calculator Is SOL poised for another rally? Solana’s impressive milestones in adoption and transaction volume, combined with strong technical and market fundamentals, suggest it is well-positioned for further growth. If SOL holds its $225 support level, a retest of $267 and beyond becomes highly likely. However, failure to sustain this level could lead to a temporary correction. For now, the bullish sentiment and solid fundamentals favor an upward price breakout in the coming weeks. In Case You Missed It: Dogecoin Founder Billy Markus Hopes for Success Amid Elon Musk's Regulatory Challenges and Government Initiatives
Major Altcoin Boom Could Be Closer Than we Think, Predicts Crypto Analyst
A popular crypto expert predicts that altcoins could soon take the spotlight away from Bitcoin (BTC). ТechDev suggests that historical patterns in the market hint at an imminent “altseason,” a period when altcoins outperform Bitcoin . When #altseason ? Not sure. But the last 2 started after 3 consecutive weekly closes over the last #Bitcoin weekly high… pic.twitter.com/jpsbNZrb3b — TechDev (@TechDev_52) November 20, 2024 The analyst points to trends observed during the 2017 and 2020 bull runs. He highlights that past altseasons began after Bitcoin achieved three consecutive weekly closes above its previous cycle high. According to his analysis, Bitcoin’s dominance (BTC.D), which measures its share of the total crypto market cap, tends to drop sharply during these periods, paving the way for altcoin surges. Another #altseason trigger? When #Bitcoin touches this line… pic.twitter.com/ueGxJn4LoK — TechDev (@TechDev_52) November 22, 2024 He also notes another potential trigger for altseason: Bitcoin touching specific resistance levels. His charts suggest that altcoins might gain momentum as BTC recently reached the upper band of its Bollinger Bands (BB), a tool used to identify volatility and price extremes. Historically, this has often marked a turning point where altcoins begin to rally. READ MORE: Could the Crypto Market Soar Further After Gensler’s Resignation? For Bitcoin itself, TechDev believes it has entered a bullish phase, pointing to the Relative Strength Index (RSI) on its two-month chart, which has climbed above 70—a signal of strong upward momentum. He compares the current market dynamics to Bitcoin’s 2017 bull run, where similar patterns in the M1 money supply chart coincided with parabolic price action.
New Altcoin Season Now in Sight, According to Crypto Strategist – Here’s Why
A closely followed crypto strategist thinks that it is almost time for altcoins to steal Bitcoin’s ( BTC ) thunder. Pseudonymous analyst TechDev tells his 481,600 followers on the social media platform X that he’s looking at historical price action to determine the arrival of a new altseason. According to the trader, data from crypto’s 2017 and 2020 bull markets suggest that a fresh altseason is on the horizon. “When altseason? Not sure. But the last two started after three consecutive weekly closes over the last Bitcoin weekly high…” Source: TechDev/X Based on the trader’s chart, he seems to suggest that Bitcoin Dominance (BTC.D) took a massive plunge after BTC broke out from previous cycle highs and rallied for three weeks. The BTC.D index tracks how much of the total crypto market cap belongs to Bitcoin. A bearish BTC.D chart suggests that altcoins are about to outperform Bitcoin. TechDev shares another chart indicating that altcoins are on the verge of outshining BTC. “Another altseason trigger? When Bitcoin touches this line…” Source: TechDev/X TechDev seems to think that an altcoin season is now in sight after Bitcoin tapped the upper bound of its Bollinger Bands (BB) indicator on the weekly chart. Traders use the Bollinger Bands to spot potential entry and exit points based on historical volatility. Looking at Bitcoin itself, TechDev believes the crypto king has entered parabolic territory after its Relative Strength Index (RSI) on the two-month chart broke above the 70 level. The RSI is a momentum indicator where a move above 70 suggests an asset is in bull territory. “Welcome back to the parabolic zone.” Source: TechDev/X The trader also thinks that Bitcoin appears to be mirroring its 2017 bull market when BTC in its M1 money supply pair (BLX/WM1NS) breached and retested the upper bound of the Bollinger Bands as support on the monthly chart. “There’s only one other time worth comparing this Bitcoin move to.” Source: TechDev/X The M1 money supply chart tracks all the money sloshing in the US economy. At time of writing, Bitcoin is trading for $98,508. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Featured Image: Shutterstock/svetabelaya/WindAwake
3 Understated Signs Suggest Cardano (ADA) Price Risks Falling Below $0.70
Recently, Cardano (ADA) attempted to reach $0.80 but fell short, with its price now at $0.75. This decline has sparked concerns about its short-term prospects. These concerns might be valid, especially as this on-chain analysis suggests that ADA could slip lower than it has in recent times. Cardano Liquidity Concentration Goes Lower According to Coinglass, the liquidation heatmap is one key indicator suggesting that ADA’s price could decrease. For context, the heatmap pinpoints price levels where large-scale liquidations might occur. The indicator also identifies price levels with a high concentration of liquidity. When liquidity is concentrated in a specific area, it often signals that the price is likely to move toward that region. On the liquidation heatmap, this is represented by a color shift from purple to yellow, indicating higher liquidity. Further, the one-week liquidation heatmap for Cardano reveals that the concentration has shifted to $0.69. Based on this observation, ADA’s price could potentially drop from $0.75 to $0.69 in the short term, aligning with the prevailing market conditions. Cardano Liquidation Heatmap. Source: Coinglass Another indicator supporting the potential decline in Cardano’s price is the drop in trading volume. On November 16, Cardano’s volume was nearly $6 billion. However, according to on-chain data from Santiment, it has since dropped significantly to $1.78 billion. Trading volume measures investor interest by measuring the total value of tokens exchanged within a specific timeframe. Rising volume indicates heightened interest and activity, often leading to an upward price surge. Conversely, a decline in volume suggests waning interest. If reversed, this could have averted another Cardano price decrease. Therefore, the notable drop in Cardano’s volume, combined with its recent price decline, signals reduced demand and increases the likelihood of further price depreciation in the short term. Cardano Volume. Source: Santiiment ADA Price Prediction: $0.63 Could Be Next On the daily chart, BeInCrypto observed that the Bollinger Bands (BB) has expanded. The BB is a technical indicator that measures the volatility around a cryptocurrency. Depending on the buying or selling pressure in the market, an expanded BB could cause a quick drop or hike in price. Further, the BB also shows if an asset is overbought or oversold. When the upper band of the BB touches an asset’s price, it is overbought. On the other hand, if the lower band hits the value, it means that the token is oversold. For Cardano’s price, the upper band touching the price suggests that the altcoin could face a drawdown below $0.68. If selling pressure rises, ADA could drop to $0.63. Cardano Daily Analysis. Source: TradingView However, if Cardano’s volume increases with a resurgence in buying pressure, this might change. This could also happen if investors decide to HODL instead of liquidating their assets. In that scenario, the value could jump to $0.82.
I Thought This Was a Bull Run: Why is Crypto Down Today?
Your first bull run? Don’t sweat it; with Bitcoin down, many new retail traders are asking why crypto is down today? And Why is crypto down? Jump into crypto market analysis here. Crypto prices are cooling off after record gains on November 11. Data streams from Coingecko show that the total market cap is down 3.5% to $3.02 trillion. Interestingly, even if the total market cap is slightly lower, it remains higher, at over $3 trillion, more than it was by the start of this week. Crypto Slows Down After Bitcoin Rejects At $90K As of November 6, the total market cap stood at $2.41 trillion, but over the past week, this number has sharply increased, peaking at $3.1 trillion yesterday before dropping to spot levels. Over this time, Bitcoin, Ethereum, Solana, BNB, and other altcoins added a whopping $700 billion. ( Source ) This capital surge saw Bitcoin break $90,000 for the first time in history, lifting sentiment and sparking a wave of demand for high-risk, high-reward tokens, mainly meme coins. When Bitcoin broke $90,000, the total valuation of meme coins also rose to over $117 billion, a near 2X spike in less than a month. To determine whether the cool-off will continue, the performance of Bitcoin over the next few days will provide a hint. It is easy to see why. Bitcoin commands a market share of over 57% as of November 13. Additionally, it has a direct correlation with altcoins. Any BTC rally often lifts other quality altcoins, including WIF, Solana, BNB, etc. ( Source ) The less liquid a token is, the more gains there are. However, this also means that altcoins tend to lose more when BTC slumps. DON’T MISS: The Next Cryptocurrency to Explode in 2024 Will The Bitcoin And Crypto Uptrend Continue? So, the question is, will the uptrend continue? A close look at the daily chart shows that Bitcoin Price Trading volume in 24h Last 7d price movement is cooling off after the possible overextension on November 12. Following through on the November 11 bullish bar, prices closed above the upper BB as a bear bar. Prices appear to be searching for equilibrium at spot rates, dropping lower into the Bollinger Band range. ( BTCUSDT ) Though the coin is down, the uptrend remains, and the momentum for the upside is high. Bitcoin bull bars band along the upper BB, indicating high volatility and strength. In the short term, the local support will be the November 12 low at $85,000. If bulls sustain prices above this round number, the coin can easily breach $91,000 as optimistic traders target $100,000 and later $102,000. Thus far, Willy Woo, an on-chain analyst, thinks this will be the case. Taking to X, Woo said there are no prior resistances above this week’s highs at around $90,300. Therefore, if there is a firm breakout, the Fibonacci extension tool places Bitcoin at $102,000 should bulls press on. However, as a caution, the pace of this growth will largely depend on market conditions and the general flush out of over-leveraged long positions. DISCOVER: The Hottest Upcoming Binance Listings in 2024 Meme Coin Market The Flush Out: Liquidations Rip Through the Market According to Coinglass, the pullback on November 12 saw over $619.5 million of leveraged positions liquidated. Most of them were longs, at $420 million, and others were shorts, at $198 million. More than 204,000 traders experienced liquidation, with the largest single order for the ETHUSDT trading pair on Binance valued at $11.87 million. ( Source ) Altogether, Dogecoin, Ethereum, and Bitcoin traders saw the most liquidation on Binance, OKX, and Bybit. If this deleveraging continues, the uptrend will be slowed as the market flashes out speculators keen on overleveraging, maximizing gains. EXPLORE: Ginnan The Cat Explodes +105% Amid Dogecoin Powered Meme Supercycle Join The 99Bitcoins News Discord Here For The Latest Market Updates
BounceBit’s Launches CeDeFi V2; Aims to Simplify Cross-Chain Investments
BounceBit has introduced the new version of CeDeFi platform. The new version includes boosted APY rewards, along with new features. In the first hour, CeDeFi attracted more than $10 million in inflows. BounceBit , a centralized decentralized finance (CeDeFi) protocol, launched CeDeFi V2. Incidentally, BB, which is the native token of BounceBit, rose by more than 3.73% in the past 24 hours. The new version of CeDeFi offers great returns and new features for users. A major upgrade which the CeDeFi V2 brings is multi-chain support for Ethereum (ETH), BNB, Solana (SOL), Bitcoin (BTC) without the need to bridge funds to BounceBit’s chain, which will save a lot of hassle for the users and they will be able to streamline their investments in an easy way. Source: Twitter The total value locked (TVL) in BounceBit’s CeDeFi V2 has surpassed $12 million. Over $10 million entered the new project in the first hour. This shows that many people want similar products. As the market rises, TVL is predicted to increase. Some of the new features in CeDeFi V2 include increased user flexibility, new Auto, Fixed, and Manual strategies, and higher APY rewards. BTC, SOL, ETH, and BNB give 6% APY returns, and USDT gives 12%. Read also: Bitcoin Hits New All-Time High, Fueling Altcoin Breakout Predictions Will the BB Token Reach a New All-Time High? With the debut of CeDeFi V2 and new user-friendly features from BounceBit, the native token of the protocol, BB, is expected to make a move towards its all-time high of $0.8655, witnessed in June this year. At the time of writing, BB is trading at $0.3519, down 58.12% from its ATH. BB faces resistance at $0.4. The daily chart from TradingView shows that the Relative Strength Index (RSI) is above 61, which shows that BB’s price is rising. However, the chart also shows that the price may decline soon. BB may reach the resistance at $0.4 soon. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Today's Must-Read | Twitter Featured Views [November 11th]
1.Rui: $BONK will start a new round of growth $BONK has just broken through the huge triangle consolidation range of the past year. If the pullback is confirmed, this will be an opportunity worth bold layout. Rui believes that BONK's next step will be quite radical, especially with the accumulation of the following catalytic factors, it will stand out among the many meme coins: 1. Robinhood and Webull listing rumors are approaching, which will unlock the liquidity of US retail investors 2. The only memecoin with ETP 3. Coinbase's only new memecoin 4. BonkBot's strong repurchase/destruction pressure 5. Upbit USDT trading pair has been launched, and Korean Won (KWR) trading pair will be launched soon, which may stimulate the enthusiasm of the Korean market These catalysts make BONK undeniable. Soon you may see discussions of "Bonk Guy" again on the timeline. See the original text: https://x.com/YeruiZhang/status/1855793542758814015 2.Shelby: $FLOKI's Continuously Strong OG Meme $FLOKI is one of the few remaining OG memes, following $DOGE and $SHIB. The difference is that Floki is actually practical and has built a huge ecosystem in the past three years. This is also the reason why I don't easily chase after random rises - I prefer #memecoins that survive in bear markets and have fundamental support, especially #Floki. See the original text: https://x.com/CryptoNewton/status/1855584946959552886 3.WIZZ: Optimistic about $DOGE surpassing mainstream coins DOGE may surpass all mainstream coins in the next few weeks or months. Everything is ready. -Elon Musk concept Department of Government Efficiency (D.O.G.E) Narrative -X payment potential benefits Heavily optimistic about this opportunity. See the original text: https://x.com/CryptoWizardd/status/1855699751746117975 4.XO: Analysis of $WIF Trading Strategy XO proposed two possible transaction scenarios for $WIF: Breaking through the median line: If the price breaks through the median line, it will force the bearish position to squaring, further pushing up the price. Brief pullback: The bears received brief relief, and the price continued to rise after a slight pullback. XO said that regardless of the scenario, he maintains a bullish positioning and will continue to hold. See the original text: https://x.com/Trader_XO/status/1855659947381379460 5.Rui: The Awkward Positioning of SCR and Its Relationship with Trump Scr is an awkward existence in Trump's target, with several key points: 1. SCR is supported by Polychain and is also the largest supporter of Trump's WLFI project. Among the three major crypto funds in the US, only Polychain explicitly supports Trump, and even once worked at Mar-a-Lago. 2. It is speculated that Polychain's position cost is in the range of 7-900 million dollars, and the position ratio is close to or even more than 10%. 3. The essence of WLFI is to raise campaign funds for Trump. Based on non-public data, in the last 20 days of the campaign, Trump's funds were in crisis, but he could not directly and quickly obtain political contributions from the US people. Therefore, he opened an overseas fundraising channel through Polychain and SCR, which was a "timely help" move. 4. If SCR is a US project, the dividends obtained may be greater. See the original text: https://x.com/YeruiZhang/status/1855793542758814015 6.Hitesh.eth: The impact of the launch of the application chain on investors As decentralized applications gradually transform into independent application chains, investors can obtain more value from them. ENS is becoming Namechain Uniswap is becoming Unichain MakerDAO will launch Makerchain Aave will launch Aavechain Trading viewpoint: Enhance the practicality of tokens: The launch of the application chain has added new uses to the original application tokens (such as ENS, UNI, MKR, AAVE), such as staking and using them as on-chain gas fees. Inflationary incentives: Many application chains may introduce new token supply to incentivize ecological growth, which will bring annual inflation of tokens, but also provide additional incentives for holders. Token value increase: The new uses and growth catalysts brought by the application chain help to increase the market attention and demand for tokens, expand community support, and thus drive up token prices. For investors, the launch of the application chain is not only an opportunity for value capture, but also a powerful catalyst for price growth. See the original text: https://x.com/hmalviya9/status/1855832167705919677 7.Chen Jian Jason: BounceBit V2 version launched, observation of the transformation of BTC ecological asset management projects BounceBit's V2 version was officially launched today. Chen Jian Jason pointed out that this is a public Alpha test, and the launch time and content were announced in the document half a month ago. The current price has risen from the previous low of 0.23 to 0.35, and the structure is still relatively healthy. Jason believes that investors who hold a large amount of $BB or open contracts should closely monitor this trend and pay attention to latent risks. Trading viewpoint: BounceBit is one of the early projects in the BTC ecosystem, but it has gradually weakened the BTC label and focused on multi-chain asset management such as ETH, Sol, and Sui. This transformation reflects the team's response to the "source of income" problem faced by BTC staking projects. The V2 version introduces the concept of CeDeFi, which not only provides on-chain staking income, but also adds a quantitative arbitrage income model. These assets are held under compliance agencies Mainnet Digital and Ceffu, further enhancing security. The newly added CeDeFi SaaS and BounceClub features, including user-defined AI Agents and PumpFun Meme launcher, bring more application scenarios to $BB and further consolidate its positioning as an asset management platform. Overall view: Chen Jian Jason emphasized that the BounceBit team has strong execution and has been active in product iteration. The team obtains profits through real TVL liquidity, avoiding simple TVL lifting strategies, which has positive significance for the long-term stability of the asset management platform. The current FDV is 700 million, the circulation is 160 million, and the next unlock will be in May next year. There will be no new coins released in the next six months. Investors can evaluate their holding strategies from a long-term perspective. See the original text: https://x.com/jason_chen998/status/1855813095375135215
BounceBit: Season 2 Second Batch of ENA Allocation Open for Claim
On November 7th, BounceBit announced in a post that the second batch of ENA distribution for Season 2 is now available online, and users can apply for it through the official portal website.
U.S. Election Impact on Bitcoin: Will Historical Election Day Price Trends Predict the Next Rally?
Despite a surge past $73,000, Bitcoin faces resistance, retreating to $67,000 as market optimism begins to wane. Bitcoin’s struggle near $74,000 contrasts with BlackRock’s IBIT success, hinting at limited new investment in Bitcoin ETFs. As the U.S. election approaches, financial analysts and investors are closely monitoring Bitcoin and other cryptocurrencies for potential price movements following the announcement of election results. This focus stems from a historical pattern observed in Bitcoin’s price behavior on U.S. election days , which has consistently set a minimum price level for subsequent market rallies. Bitcoin After U.S. Elections 🔸Bitcoin has alway gone PARABOLIC after a US election. 🔸Bitcoin has never dipped back lower than the price on election day. Locked & Loaded 🔥🔫 pic.twitter.com/nt7GnVV5lN — Bitcoin Archive (@BTC_Archive) November 2, 2024 Historical data shows that Bitcoin’s price on U.S. election days has established a base that has not been undercut in the succeeding market phases. For example, during the 2020 election, Bitcoin was priced at $13,569. Subsequent months saw a significant increase, with Bitcoin reaching a peak of over $69,000 in 2021. This price point from election day served as a support level even during the 2022 bear market, underscoring its importance as a foundational price marker. The election’s outcome could significantly influence the cryptocurrency market, as different candidates have varying stances on blockchain technology and cryptocurrency regulations. These positions could lead to shifts in the regulatory landscape affecting the cryptocurrency market’s direction post-election. If the historical trend continues, Bitcoin might experience another substantial rally following the election. This potential is based on observed patterns from past election cycles where Bitcoin has shown robust gains after the election day price was established. Bitcoin’s Weekly Chart Indicator Bitcoin, recognized as the predominant cryptocurrency by market value, recently showcased a “gravestone Doji” candle on its weekly chart, signaling potential bearish outcomes. Uhhhh g-guys… Are we sure that we wanna close the weekly like this? 😳 $BTC pic.twitter.com/EW5djUUPeA — Byzantine General (@ByzGeneral) November 3, 2024 This pattern is marked by a pronounced upper shadow, demonstrating that bearish forces neutralized bullish efforts within the week, culminating in a closing price akin to its opening, after initially soaring higher. Market Reactions and Speculations The emergence of this pattern coincides with Bitcoin’s attempt to breach the $73,000 mark, a move that briefly positioned it above previous monthly highs. Nonetheless, this rally was met with resistance, leading to a regression to the $67,000 level. Analysts note that the subdued breakthrough beyond $74,000, in contrast to the expected trajectory mirrored by notable financial instruments like BlackRock’s IBIT, might stem from the minimal fresh capital inflows into Bitcoin ETFs, especially when juxtaposed with gold ETFs. $BTC 4H starting to breach lower BB https://t.co/wSANMIl70D pic.twitter.com/ZTnAMnMqJW — Cheds (Trading Quotes) (@BigCheds) November 3, 2024 On the technical front, Bitcoin has dipped below the lower boundary of the Bollinger Bands on a four-hour chart, an indication that might concern bullish investors. However, a sliver of optimism is observed with a bullish divergence on the one-hour chart, suggesting a weakening bearish momentum. Source: Coinmarketcap Despite these technical indicators, the overall market sentiment remains relatively optimistic, as indicated by the “Fear and Greed” index still scoring a robust 54 out of 100. This reflects a prevailing investor confidence, hinting that the broader market sentiment hasn’t fully aligned with the bearish indicators from the weekly chart.
BounceBit to launch CeDeFi V2 on November 11, shut down V1 on November 4
On November 1st, CeDeFi infrastructure BounceBit announced that it will launch CeDeFi V2 on November 11th, V1 will be closed on November 4th, and users will need to complete any pending pledge/unpledge operations in V1 by November 4th. after November 11th all user positions will be automatically migrated to V2. early redemptions in V2 will be subject to a fee of 1% of the principal amount. BBTC entrusted to verifiers on the BounceBit network and BBTC and BBUSD held in wallets are not affected.
BounceBit will launch CeDeFi V2 on November 11 and close V1 on November 4
CeDeFi infrastructure BounceBit announced the launch of CeDeFi V2 on November 11th. V1 will be closed on November 4th, and users need to complete any pending pledge/unpledge operations in V1 before November 4th. After November 11th, all user positions will be automatically migrated to V2. Early redemption in V2 will incur a 1% principal fee. BBTC delegated to validators on the BounceBit network and BBTC and BBUSD held in wallets are not affected.
durian.win: 15% of tokens to be airdropped to BounceBit community and CeDeFi V2 users
On October 25th, CeDeFi infrastructure BounceBit tweeted that it will support the perpetual contract trading platform durian.win as its first ecosystem project. 15% of the durian.win token supply will be airdropped to the BounceBit community and CeDeFi V2 users.
durian.win: 15% of tokens will be airdropped to BounceBit community and CeDeFiV2 users
On October 25th, BounceBit, a CeDeFi infrastructure, announced that it will support durian.win, a perpetual contract trading platform, as its first ecosystem project. 15% of the durian.win token supply will be airdropped to the BounceBit community and CeDeFiV2 users.
Binance Listing Sends GOAT Price to New All-Time High
Goatseus Maximus (GOAT), the AI-based meme coin trending recently, has hit a new all-time high after Binance announced that it would list the cryptocurrency. Following this development, the GOAT meme coin price climbed to $0.88. This development has sparked speculation in the market, with some suggesting that the market cap could surpass $1 billion. Will that happen? Binance Futures Listing Pushes the Volume Higher According to the Binance announcement earlier today, the exchange will list the GOAT meme coin on the futures market, and users will be able to trade the meme coin using up to 75x leverage. Before the disclosure, GOAT’s price was $0.77. But after that, the crypto’s value surged to $0.88 before it pulled back slightly to $0.85. Following the development, the volume surged to a new high of $434.88 million. In the crypto market, trading volume represents the total number of coins or tokens traded over a specific period. It is a crucial metric that offers insights into market activity and liquidity, helping to gauge the strength and interest in a particular cryptocurrency. Read More: Binance P2P Guide: Understanding What It Is and How It Works Goatseus Maximus Volume. Source: Santiment If sustained, the rising trading volume, coupled with GOAT’s surging value, could push the price above $0.88. Additionally, the Binance futures listing allows more traders to gain exposure to the AI-driven meme coin. This trend appears to be taking shape as Open Interest (OI) continues to climb. According to Coinglass, OI in GOAT has surged by 272% in the last 24 hours, reaching $13.82 million, indicating growing interest from the market. High Open Interest, by itself, signifies strong momentum behind the current market trend. Therefore, if the OI continues to increase, the GOAT’s uptrend will likely persist. Goatseus Maximus Open Interest. Source: Coinglass GOAT Price Prediction: Decline Before Rebound On the 4-hour chart, the GOAT meme coin price has pulled back from $0.88 and is at $0.78. This retracement could be because the meme coin is overbought. For instance, the Bollinger Bands (BB) on the chart shows that the upper line of the indicator has touched GOAT’s price. While this indicates rising volatility around it, it also indicates that the token has been overbought, as mentioned earlier. Assuming the lower band of the BB touched the price, then it would have been deemed oversold. Read More: 11 Top Solana Meme Coins to Watch in October 2024 Goatseus Maximus 4-Hour Analysis. Source: TradingView Considering this outlook, GOAT’s price could decline to $0.70, where the 23.6% nominal pullback sits. However, if Open Interest and volume continue to rise, the price is likely to bounce off the slight retracement. In that instance, it could climb toward $1.
Scroll (SCR) Drops 19% a Day After Market Debut
Ethereum layer-2 network Scroll launched its SCR token in a highly anticipated airdrop conducted on October 22. However, widespread dissatisfaction among recipients, who complained about the small amounts of SCR they received, has put significant selling pressure on the token. Currently trading at $1.04, SCR has seen a 19% decline in the past 24 hours. As bearish sentiment continues to grow, the token’s price may face further losses. Here’s why. Scroll’s Airdrop is the Cause Of Its Problems According to a blog post from the team, Scroll’s airdrop distributed 5.5% of the total SCR supply—55 million out of 1 billion tokens—to early contributors within the ecosystem. Of this amount, 40 million SCR was allocated to on-chain participants who earned 200 or more Scroll Marks, the platform’s reward points for engaging with the layer-2 scaling network. An additional 1% of the supply was evenly distributed across eligible wallets, while 0.5% was reserved as a “bonus” for users who met specific criteria. After the airdrop, some users of the L2 network , disappointed by the amount of coins they received, voiced their frustrations on X (formerly Twitter). One user, Joshyy, described it as the “worst airdrop so far,” sharing his disappointment after “farming Scroll with $60 only to receive 973 $SCR.” Another user claimed to have dumped the tokens they received via the airdrop and bridged all their assets off the chain. SCR Holders Sell Off Holdings This surge in SCR’s selling pressure since its launch has caused its value to plummet by double digits. BeInCrypto’s assessment of its technical setup on an hourly chart signals the possibility of an extended decline. For one, the bearish sentiment trailing the altcoin continues to grow, as evidenced by the negative value of its Bull Bear Power (BBP), which stands at -0.10 as of this writing. Read more: Best Upcoming Airdrops in 2024 SCR BBP. Source: TradingView This indicator measures the strength of buyers and sellers in the market. A negative BBP reading signals that sellers are in control and the market is experiencing downward pressure. Furthermore, SCR’s price trades near the lower band of its Bollinger Band (BB) indicator which measures its market volatility . Trading near this level usually indicates that the market is in a downtrend or facing selling pressure. This lower band usually serves as a support level, but if the price continues hugging this band, it reflects sustained bearish momentum. SCR Bollinger Bands. Source: TradingView SCR Price Prediction: Coin Risks Dropping to New Lows SCR currently trades at $1.04, just above support formed at $0.99, representing its all-time low since it launched. Sustained selloffs amongst market participants will push SCR’s price below this level in the near term. Read more: What are Crypto Airdrops? SCR Price Analysis. Source: TradingView However, if market sentiment changes from bearish to bullish and SCR witnesses a resurgence in demand, its price will initiate an uptrend and climb toward resistance at $1.55. A successful break above this level will make it rally toward the next resistance level at $1.72.
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