Crypto News
Ethereum staking indicates likely to rise – Ethereum’s L2 may be the solution for Solana – AI generated Gary Gensler’s Resignation – ada could massively break its prices – Confidence in Bitcoin from institutional investors continues to grow – Bitcoin Cash short investors lost money.
Ethereum’s L2 may be the solution for Solana
Ethereum’s L2 may be the solution for Solana. According to Anatoly Yakovenko, co-founder of Solana Labs, using Ethereum as layer 2 for the Solana blockchain is not as far-fetched as it seems.
In a series of tweets, Yakovenko explained how this integration could take shape, suggesting that technical collaboration is “technically more likely than you might think at first glance.”
L2 solutions address the scalability issues faced by blockchains like Ethereum, which experience congestion and high transaction fees during peak periods.
With its high throughput and low transaction fees, Solana promises to be a blockchain platform capable of efficiently servicing multiple DeFi Apps.
ada could massively break its pricing
Cardano is experiencing a more moderate upside. Cardano could massively break its price growth momentum today as different cryptocurrencies record new growth advances.
When writing this article, Ada is changing hands at around $0.29, up 2% in just 24 hours, while in the last 1-week period, ada was up 6%.
There is every reason to assume that ada could be next in line for a massive price breakout, noting its deep correlations with Bitcoin.
Cardano is uniquely positioned due to its relatively lower price and highly functional developer ecosystem. That ada’s potential to overcome its stagnation depends on the effort of ecosystem members to publish advances on the blockchain, whose platform incorporates growth trails that signal an influx of new products.
Bitcoin Cash short investors lost money
Bitcoin cash-short investors lost money. Investors betting against Bitcoin Cash lost the most in more than two years when there was a price spike to the $320 level last week, Coinalyze shows.
Cumulative short and long positions lost more than $25 million in futures tracked by Bitcoin Cash, which may have favored the sudden increase.
Shorts refer to bets against any asset, while longs are bets on price increases. As of Monday 3, funding rates fall negative on all exchanges quoting Bitcoin Cash futures.
Negative funding rates indicate that short traders are dominant and are willing to pay long traders to stay in their positions. Bitcoin cash has fallen to $290 in yesterday’s trading.
Ethereum staking indicates likely upside
Ethereum jumped 61% in the first six months of the year, and investors are now betting that the rally in the token on the planet’s largest smart contracts blockchain could extend into the year’s second half.
On June 30, an investor bought approximately 63,250 “bull call spreads” linked to Ether and maturing on Dec. 29, according to Amberdata.
The trade cost an initial $10 million, as the trading entity shelled out more to buy the $1,900 call than it received from selling the $2,500 call.
A call buyer gets protection from the seller against price increases; in return, the seller receives an upfront premium from the buyer.
Confidence in Bitcoin from institutional investors continues to grow
CryptoQuant’s blockchain data reveals that institutional accumulation of Bitcoin increased exponentially in recent times.
In a Twitter thread, CryptoQuant said the upward trend in Bitcoin accumulation by institutional entities suggests strong interest in acquiring the crypto asset, even at its current price level.
Institutional investors refer to hedge funds, private crypto funds, and investment firms, and according to CryptoQuant, the uptick in institutional Bitcoin holdings signals that large entities are looking for long-term investment opportunities in Bitcoin.
Their approach to Bitcoin is more patient, unlike short-term investors, who focus more on price fluctuation. “Analysis of these fund holdings provides valuable data on market dynamics and investor sentiment while tracking fund holdings not only provides insight into market sentiment but also highlights institutional investors’ confidence in Bitcoin as a long-term asset,” CryptoQuant said.
Gary Gensler’s Resignation Was Generated by AI
The purported resignation of Gary Gensler, the Securities Exchange Commission chairman, captivated the Internet. Still, the news turned out to be a hoax, much to the disappointment of the cryptocurrency community.
At the center of the controversy is AI. Technically, this means that the problems for XRP and other crypto assets that Gensler’s agency presented as securities are not yet over.
Gary Gensler is a hated figure in crypto, and his rumored departure provided a much-needed respite to the community when he launched an all-out offensive on the crypto industry.
News of Gensler’s resignation hit small cryptocurrency outlets over the weekend, where the rumor was also replicated as an alert by “whalechart,” which garnered over 1.6 million views. Still, the Exchange Commission’s PR team refuted the claims, but that hasn’t stopped the crypto community from reflecting and expecting his departure soon.
