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- BTC’s big moment: Are you ready?
BTC’s big moment: Are you ready?
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Fantom sees a 25% surge in just one week amid promising network upgrade
Key points:
Fantom's price has surged by over 40% in the past month.
The upcoming Sonic upgrade is expected to significantly enhance Fantom's performance and scalability.
News - Fantom's (FTM) price has surged by 25% in the past week, reaching $0.51 on 16 September, as part of a broader rebound that began in early August.
Over the last 30 days, the cryptocurrency has gained over 40%, climbing from a low of $0.26 on 5 August to an intraday high of $0.53 on 16 September.
In contrast, Bitcoin and Ether have experienced declines of 4% and 12.6%, respectively, in the same timeframe. The total cryptocurrency market capitalization has also decreased by 2.5% to $2.02 trillion.
Factors behind FTM’s surge - The recent upswing in FTM can be attributed to significant ongoing developments, including the upcoming Sonic upgrade.
Scheduled for late 2024, Sonic will introduce a new Fantom Virtual Machine, an optimized Lachesis consensus mechanism, and a more efficient Carmen database.
This upgrade aims to increase transaction throughput to over 2,000 transactions per second with a finality time of approximately one second. Despite a significant drop in the total value locked (TVL) in Fantom's DeFi applications, recent data shows a modest recovery in interest and activity on the network.
Bhutan emerges as a major Bitcoin holder, surpassing El Salvador
Key points:
Bhutan holds a significant amount of Bitcoin, surpassing El Salvador's holdings.
The country's investment arm, Druk Holdings, is responsible for the Bitcoin mining operations.
News - Bhutan, a small South Asian country, has emerged as a surprising Bitcoin powerhouse. Recent revelations indicate that the Himalayan nation holds a substantial amount of Bitcoin, surpassing even El Salvador.
The Bitcoin holdings are managed by Druk Holdings, the investment arm of the Kingdom of Bhutan. These holdings come from Bitcoin mining operations powered by the country's abundant hydroelectric resources.
What’s more? Notably, Bhutan's Bitcoin stash represents a significant portion of its GDP, demonstrating a strategic investment in the cryptocurrency.
El Salvador, another early adopter of Bitcoin, has acquired a smaller amount of the cryptocurrency at a higher price. While both countries have embraced Bitcoin, Bhutan's holdings are more substantial and were acquired at a more favorable price.
Both Bhutan and El Salvador are committed to sustainable Bitcoin mining practices. They leverage renewable energy sources, such as hydroelectric and geothermal power, to power their mining operations.
The revelation of Bhutan's substantial Bitcoin holdings highlights the expanding reach of cryptocurrency adoption. Even small countries are recognizing the potential benefits of Bitcoin and are actively investing in the digital asset.
USDC expands to Sui network: Boosting interoperability and usability
Key points:
USDC, a leading stablecoin, is expanding its reach to the Sui blockchain network.
The integration will allow for seamless USDC transfers between different blockchains.
News - Circle's USDC, the second-largest stablecoin by market capitalization, is set to launch on the Sui network, a move that will extend USDC’s presence to 16 blockchain networks. Jeremy Allaire, CEO of Circle, announced this development on 17 September.
USDC will be integrated into the Sui network using the Cross-Chain Transfer Protocol (CCTP). This permissionless on-chain protocol allows for seamless transfers of USDC across different blockchain networks by utilizing a process of native burning and minting.
More details - Sui, a layer-1 blockchain and smart contract platform introduced in 2023, is designed to streamline the creation of Web3 applications and functions. It leverages the Move programming language and supports parallel transaction processing.
The integration of USDC with Sui through CCTP is expected to enhance the network’s functionality, security, and interoperability for both users and developers. This integration represents a significant step forward for the Sui ecosystem. It provides users with access to a highly trusted digital currency and bolsters Sui’s standing in the industry.
BTC faces uncertainty as market awaits Federal Reserve decision
Key points:
Bitcoin's price is poised for significant volatility ahead of the Federal Open Market Committee (FOMC) meeting.
Large Bitcoin holders, known as whales, are selling off their holdings, suggesting a cautious outlook.
News - Bitcoin's price is at a pivotal juncture as the market awaits the Federal Open Market Committee (FOMC) meeting on Wednesday.
Historical trends suggest that if the Federal Reserve announces a substantial rate cut, Bitcoin’s price might experience a significant correction. Conversely, a modest rate adjustment could provide a boost to BTC’s value, although any gains may be temporary, according to on-chain analysis.
Whales are selling - Recent data from Glassnode indicates a notable sell-off among Bitcoin whales. On 13 September, there were 108,163 addresses holding more than $1 million worth of BTC.
However, this number has since decreased to 106,104, reflecting a sell-off of over 2,059 BTC valued at over $2 billion.
Reports from Lookonchain reveal that a whale sold 500 BTC on Monday, and another deposited 119 BTC into Binance. This activity highlights the defensive positioning of large investors ahead of the FOMC meeting.
The CME FedWatch tool currently shows a 69% probability of a 50 basis point rate cut, while a 25 basis point cut stands at 31%.
More stories from the crypto ecosystem
Interesting facts
The largest amount of Bitcoin ever moved in a single transaction was 500,000 Bitcoin, and the highest value ever transferred on-chain was $1 billion.
Cardano's token is named after the world's first computer programmer, Ada Lovelace, daughter of Lord Byron and a 19th-century mathematician.
Shiba Inu was created in August 2020. The cryptocurrency was founded by Ryoshi. The origin of the founder is mysterious and full of humor.
Top 3 coins of the day
XRP
Key points:
At press time, XRP was trading at $0.5873.
It was up by 9% over the last seven days.
What you should know - XRP is trading around $0.5869, showing signs of recovery after a dip near the key support zone around $0.50. The Bollinger Bands are relatively tight, indicating reduced volatility, while the price is trading near the middle band, suggesting a neutral bias. The Simple Moving Average (SMA) at $0.5656 acts as immediate support, while resistance lies around $0.60. The Relative Strength Index (RSI) at 56.83 indicates a moderate buying momentum, which is neither overbought nor oversold. Further, the Average True Range (ATR) at 0.0254 suggests a low-risk environment.
Dogecoin (DOGE)
Key points:
DOGE has broken above the upper trendline of the descending channel.
RSI remains neutral at 48, hinting at balanced buying and selling pressures.
What you should know - Dogecoin has recently broken above the upper trendline of the descending channel, suggesting a potential trend reversal. Currently trading around $0.1007, this breakout indicates renewed bullish momentum, as DOGE has escaped the confines of its prior bearish channel pattern. The price movement could now aim to challenge higher resistance levels. The RRSI stands at 48.04, reflecting a neutral market sentiment. The recent price action around the $0.10 level suggests strong buying interest that could lead to a continued uptrend if sustained. However, DOGE needs to maintain its position above the upper trendline to confirm this bullish reversal.
Chainlink (LINK)
Key points:
The price is currently struggling to break above the descending trendline resistance.
A slight bullish crossover, but with minimal momentum, suggesting cautious optimism.
What you should know - Chainlink (LINK) is currently facing resistance at the descending trendline around the $10.66 mark. The price has shown some recovery attempts but remains below this key resistance level. The Moving Average Convergence Divergence (MACD) indicator shows a slight bullish crossover, suggesting potential upside momentum, but the histogram remains flat, indicating caution among traders. The volume seems relatively stable but does not show any significant spikes that could indicate a strong breakout attempt in either direction. Lower volume during the consolidation within the triangle suggests a potential accumulation phase before a decisive move.
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