Welcome to our channel! In this video, we bring you the latest and most exciting updates from the world of cryptocurrency. Get ready for some major news! First, we dive into the surge of Coinbase following reports of its inclusion in the refiled spot bitcoin ETF applications of BlackRock and Fidelity. Analysts predict a high probability of a U.S. spot bitcoin ETF approval, potentially signaling a shift in the SEC’s attitude towards such ETFs.
But that’s not all! We also explore the groundbreaking innovation of BRC-69, a new Bitcoin token standard that introduces recursive inscriptions, allowing users to surpass the 4-megabyte limit for blockchain inscriptions. Discover how this innovation opens up new possibilities and reduces costs significantly.
And there’s more! We discuss Tron’s upcoming upgrade called Periander, set to bring advanced stake mechanisms, improved smart contract interfaces, and a revamped P2P network module. Find out how this upgrade is already creating positive momentum and impacting Tron’s native cryptocurrency, TRX.
Join us as we unpack these game-changing stories and provide valuable insights into the world of crypto. Don’t miss out on the latest developments in Coinbase, BRC-69, and Tron’s Periander upgrade. Hit the subscribe button and stay ahead of the curve in the exciting world of cryptocurrencies!
Welcome to We Will Crypto, your daily source for global crypto narratives. I’m your host, Ananomyx, and today is July 4th, 2023. We have a jam-packed episode with a lineup of fascinating stories from the world of cryptocurrencies. We’ll explore technical analysis patterns in Bitcoin, groundbreaking innovations in token standards, regulatory developments, debt-restructuring talks, and an upcoming network upgrade on Tron. So, let’s dive straight into today’s captivating crypto tales.
Our first story comes from analysts at Fairlead Strategies, who believe that Bitcoin’s recent price consolidation above $30,000 is forming a technical analysis pattern known as a “bull flag.” This pattern suggests that a further rally in Bitcoin’s price is likely, with a potential target of around $35,900. If Bitcoin breaks out above the weekly Ichimoku cloud near $31,900, the completion of the bull flag would confirm this upward trajectory.
And in BRC-20 news, In an opinion editorial, Jesse Shrader, the co-founder and CEO of Amboss, discusses how ordinal inscriptions and the BRC-20 token standard can drive the adoption of Bitcoin’s Lightning Network. As transaction costs on the Bitcoin network increase, the Lightning Network, a decentralized Layer 2 network, can provide a solution by replacing centralized banking and payment processors. Shrader argues that emergent uses of Bitcoin’s blockchain, enabled by ordinal inscriptions and BRC-20 tokens, will lead to more efficient use of block space and widespread adoption of the Lightning Network. This development sparks discussions about network scaling for Bitcoin and its potential to become the default global payment processor.
Moving on to technological innovations, a new Bitcoin token standard called BRC-69 is making waves in the blockchain space. This standard introduces a method called “recursive inscriptions” that significantly reduces the time and cost required for making inscriptions on the blockchain. By recycling data from existing inscriptions, users can surpass the previous 4-megabyte limit and create new inscriptions at a fraction of the cost. This opens up exciting possibilities for Bitcoin’s blockchain and pushes the boundaries of what can be achieved.
For Coinbase news, Coinbase has experienced a surge in its share price following reports suggesting that the U.S. Securities and Exchange Commission (SEC) may be on the verge of making a game-changing decision regarding spot bitcoin exchange-traded funds (ETFs). The news of BlackRock and Fidelity including Coinbase in their refiled spot bitcoin ETF applications has led analysts at Bernstein to believe that the probability of a U.S. spot bitcoin ETF approval is fairly high. The SEC’s opposition to such ETFs is seen as hard to maintain, especially considering their approval of futures-based bitcoin ETFs. However, concerns about the reliability and susceptibility to manipulation of spot prices from unregulated exchanges like Coinbase still exist. Despite this, the market is optimistic about the possibility of a U.S. spot bitcoin ETF approval, with expectations of a significant positive impact on the bitcoin price once the decision is made.
In the realm of debt-restructuring talks, Cameron Winklevoss, co-founder of Gemini crypto exchange, has made a “final offer” to bankrupt digital-asset firm Genesis. The proposed plan includes $1.5 billion in forbearance payments and fresh loans denominated in dollars, bitcoin, and ether. Winklevoss expressed frustration over delays in repaying creditors and warned of potential legal action if the deal is not accepted. This situation highlights the complexities and challenges involved in the crypto industry and its ongoing efforts to find effective solutions.
Shifting our focus to regulatory landscapes, Ripple executives, Andrew Whitworth and Susan Friedman, have praised the United Kingdom’s approach to crypto regulations while criticizing the lagging regulatory environment in the United States. The UK’s recent approval of the Financial Services and Markets Bill, which regulates crypto trading as a financial activity, positions the country as a leader in crypto regulation. In contrast, the US has faced regulatory struggles, with conflicting oversight and a lack of clarity in classifying crypto assets. Ripple CEO Brad Garlinghouse has observed that the regulatory ambiguity in the US has prompted some crypto firms to explore opportunities in foreign jurisdictions.
Now, let’s turn our attention to the Tron Network. The network is gearing up for an exciting upgrade called Periander, scheduled to take place on July 11. This upgrade brings significant enhancements across multiple areas of the Tron MainNet. These enhancements include an advanced Stake 2.0 mechanism, seamless compatibility with EIP-3855, a streamlined smart contract interface calling, and a revamped P2P network module. Additionally, the upgrade introduces governance proposals for Tron Stake 2.0, providing users with a more flexible staking experience.
In anticipation of the Periander upgrade, Tron’s on-chain metrics have seen positive momentum. The Total Value Locked (TVL) has witnessed a modest increase, reaching an impressive $5.6 billion. Furthermore, the Tron platform has experienced growth in its user base, with approximately 1.7 million users, including a significant number of returning users. The transaction volume has also soared, crossing the 5 million mark, showcasing the vibrancy and engagement within the Tron ecosystem.
Amidst these developments, TRX, the native cryptocurrency of Tron, has maintained a bullish trend. After a decline in early June, TRX has shown signs of a strong comeback, currently trading at approximately $0.077, with a modest 1% value gain. The Relative Strength Index (RSI) remains above the neutral line, indicating favorable investor sentiment towards TRX’s upward movement. With a solid support level around $0.074, TRX’s ongoing upward trend suggests potential for further ascent.
That concludes today’s episode of We Will Crypto. We’ve covered a range of stories, from technical analysis patterns in Bitcoin to innovations in token standards, regulatory landscapes, debt-restructuring talks, and the upcoming Periander upgrade on the Tron Network. Remember to conduct your own research and stay informed about the dynamic world of cryptocurrencies.
Thank you for joining us on this episode of We Will Crypto. We’ve delved into a range of compelling crypto stories today, covering everything from technical analysis patterns in Bitcoin to regulatory developments and network upgrades. Remember to stay informed and keep exploring the world of digital assets. I’m Ananomyx, your host, and I’ll be back tomorrow with even more thrilling crypto narratives. Until then, stay curious, stay crypto-savvy, and keep pushing the boundaries of this exciting and ever-evolving space.
KEYWORDS:
- Bitcoin price consolidation
- Bull flag pattern analysis
- BRC-69: Recursive inscriptions
- Adoption of Lightning Network
- Cameron Winklevoss offer to Genesis
- UK crypto regulations vs. US
- Altcoin season and potential performers
- Tron Network upgrade: Periander
- SEC’s potential decision on spot Bitcoin ETF
- Coinbase surge after BlackRock news
