Bitcoin

Reaching the tip of the iceberg: the untapped potential of Bitcoin’s definition

Published

8 months ago

2 June, 2024

Hitting the iceberg’s tip: the untapped potential of Bitcoin defi

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of the crypto.news editorial.

Since its launch in 2009, Bitcoin has emerged as a hedge against inflation. Some countries like El Salvador even made it legal tender. In March 2024, market valuation of BTC circulating supply Reached US$1.4 trillion, surpassing silver to become the 8th most valuable property in the world.

Despite BTC’s dominance over other cryptocurrencies, the majority of BTC has remained dormant in users’ wallets. BTC’s massive liquidity reserves remained underutilized and unproductive due to the network’s limited scalability. Additionally, Bitcoin does not support programmable smart contracts and has a block completion time of 10 minutes. These challenges hinder developer activity on Bitcoin, affect growth, and impede the emergence of decentralized financial services on Bitcoin.

The origins of the definition of Bitcoin

The lack of debit apps on Bitcoin has prevented users from capitalizing on BTC’s vast asset reserves. However, developers have been working for a long time to improve the functionality and performance of Bitcoin to make it suitable for definition.

For example, the Segregated Witness (SegWit) upgrade in July 2017 reduced transaction times and increased block capacity beyond 1 MB. It was followed by the Taproot update in November 2021 to introduce protocols such as Pay-to-Taproot (P2TR) and Taproot Asset Representation Overlay (Taro). However, during the long crypto winter, developers focused more on building robust Bitcoin definition protocols.

For example, Casey Rodarmor launched Ordinals in January 2023 to create NFT-like inscriptions on the Bitcoin chain. Ordinals has rejuvenated the ‘Building on Bitcoin’ movement and opened a Bitcoin NFT marketplace that can to reach US$4.5 billion by 2025.

Rodarmor also launched the Runes protocol after Bitcoin halving to mint fungible tokens like memecoins on Bitcoin. In the first week, users brother-in-law more than 11,000 Runas tokens, representing 45% of Bitcoin transactions.

Simultaneously, layer 2 like Stacks, launched in 2021, offered smart contract functionalities to Bitcoin. The Stacks Nakamoto update, introduced in mid-April 2024, reduces transaction processing time to 5 seconds and provides 100% Bitcoin block finality.

Therefore, developer activity is expanding Bitcoin’s utility and improving scalability, thus ushering in Bitcoin’s defining moment.

The Potential of Bitcoin Definition

After a long bear market, the total value locked in defi protocols crossed the $80 billion mark in February 2024. However, the important thing to note is that TVL excludes any liquidity from BTC reserves.

Most funds for defi apps come over of Ethereum with almost 60% market dominance. If defi protocols had the opportunity to access even a fraction of Bitcoin’s market cap, TVL would reach unprecedented levels.

According to a spartan survey report, Bitcoin defi presents a 7x growth opportunity without taking into account any additional liquidity inflow. Let’s demonstrate this with the available market data.

As of December 2023, Bitcoin’s market capitalization is $850 billion, which is 3.1 times more than Ethereum’s $270 billion. However, Ethereum’s TVL definition application was worth $76 billion or 28% of its market value, compared to just $320 million for Bitcoin definition.

If we hold the data constant, then Bitcoin defi presents a $238 billion market opportunity by December 2023. These numbers do not consider any increase in adoption or more capital inflows like we are witnessing today.

Thus, it is safe to say that we have only touched the tip of the Bitcoin market definition iceberg. The market will expand further as more smart contract functionality and scalable defi applications are released in 2024.

Bitcoin’s Summer of Definition Is Coming

Protocols like Ordinals, Runes, and layer 2 networks like Stacks are crucial to the growth of Bitcoin’s definition. They allow users to tap into the vast underutilized reserves of BTC while also taking advantage of the security and decentralization of the underlying Bitcoin chain.

However, some Bitcoin maximalists think that frivolous memecoins and NFTs have harmed Bitcoin’s legacy and led to network congestion. Despite this, it may be necessary to insist on the playful aspect of cryptography to popularize the definition of Bitcoin and lead to mass adoption.

Meme tokens could eventually lead to more activity from developers and users participating in lending, borrowing, trading, yield farming, staking, and Bitcoin-based GameFi and SocialFi protocols. These apps will finally make Nakamoto’s dream of an alternative financial system a reality.

As we approach the defi summer, the true potential of Bitcoin defi will begin to unfold as permissionless Bitcoin-based financial services become accessible to users around the world.

Mikhil Pandey

Mikhil Pandey is the co-founder and chief strategy officer of Persistence. Founded in 2019, Persistence is a tier 1 purpose-built with the mission of maximizing yield and security through net staking and restaking, building at the forefront of the proof-of-stake landscape. Persistence Labs has several products in its ecosystem, including pSTAKE Finance, Dexter, and more.

Fuente

Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

Fuente

Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

Fuente

Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

Don’t miss a beat – Subscribe to receive email alerts directly to your inbox

To check Price action

Surf Hodl’s Daily Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: DALLE3

Fuente

Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

Source: TradingView SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).

LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward Up to $2,888, use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the writers quoted. It does not represent the opinions of CryptoPotato about buying, selling, or holding any investments. It is advised that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency Charts by TradingView.

Fuente