From the perception that Bitcoin could return to $27,500 comes Tencent Cloud establishing a strategic partnership with Chainlink Labs. Here are some highlights from the crypto market.
Data from TradingView shows BTC/USD bottoming out at $26,505 on June 2, since then the market has bounced back above $27,000.
This trading pair shows little sign of a change in trend as the stalemate between buyers and sellers continues to produce little volatility.
The set of moving averages (MAs) and short-term holder fair value (STH) are near $26,000.
Analyzing the current setup, popular trader Crypto Ed XEM at the upside potential.
“I do think the market is going to go down, but as long as we don't break $26,000, there is a chance for a surprise upside.”
To break the current deadlock, Crypto Ed says BTC needs to break above $27,600.
“For now, I will wait for the market to return around $27,500, the previous resistance and look for a short opportunity with a target of $25,000.”
Crypto trader Tony also called for caution until BTC returns to $27,500.
Binance CEO, Changpeng Zhao (CZ), has revealed plans to integrate Lightning Network, the Layer-2 (L2) payment protocol on Bitcoin as well as other cryptocurrencies and blockchains.
With traders and investors choosing to trade cheaper and faster, the largest exchange by trading volume is looking to integrate the Lightning Network for Binance Pay and related wallet services.
According to CZ, every exchange should adopt this L2 payment protocol as a useful innovation for the future.
In the meantime, Binance “uses a secure wallet infrastructure where addresses are pre-generated in a separate protected environment and public keys are then exported to the production environment, different from the wallet environment”.
Tencent Cloud, a well-known cloud service provider, has established a strategic partnership with Chainlink Labs, the leading developer of Chainlink Network. This partnership aims to provide enhanced support to Web3 builders through secure and reliable infrastructure solutions.
Tencent Cloud has long been recognized as a stable, secure provider of cloud services and tools for developers. By leveraging their expertise, Tencent Cloud provides Web3 developers with access to a wide range of solutions tailored to different segments in the Web3 space, including Cloud Communications Services Tencent's cloud for decentralized social applications, real-time cloud rendering for blockchain-based games, and a service platform that integrates critical components such as Web Application Firewall (WAF), Anti-Virus DDoS and CDN for digital asset trading platforms.
On the other hand, Chainlink Labs is widely known as the industry standard oracle network. By bridging the gap between smart contracts and real-world data sources, Chainlink empowers developers to create feature-rich, secure, and powerful applications.
The partnership with Tencent Cloud will allow developers to use Chainlink's services alongside Tencent Cloud's secure infrastructure solutions, helping to create more advanced and reliable applications.
Marathon Digital Holdings, a prominent player in the Bitcoin ecosystem, has released its May 2023 performance report update.
The company says record-breaking Bitcoin production, with 1,245 Bitcoins mined for the month, up 77% month-on-month and 366% higher than May 2022.
According to Marathon, the spike in output was due to the increased hashrate and the sharp increase in transaction fees. Transaction fees accounted for about 11.8% of all Bitcoins the company earned last month. The arrival of Ordinals, a decentralized finance (DeFi) platform, has resulted in unusually high transaction fees, some of which have surpassed the 6.25 BTC block reward.
Marathon took this opportunity to scale and sanitize uptime to maximize profits. While such high transaction fees were rare in the past, Marathon sees them as a positive sign for the future of the BTC mining economy.
In terms of hashrate, Marathon increased activity by 9% month-over-month to 15.2 exahash. The company aims to achieve its target of 23 EH/s by mid-year, with construction of the Applied Digital facility in Ellendale, ND progressing smoothly.
Binance just wrapped up its first metaverse reality show called “Build The Block”, with blockchain project zkPass becoming the winner, receiving several prizes from the exchange.
zkPass is a decentralized privacy-preserving identity protocol that harnesses Multi-Party Computing (MPC) and Zero-knowledge Proof (ZKP) technology to allow users to prove their verifiable data on the Internet. Web2 and Web3 networks.
According to the announcement , Binance has selected zkPass as the winner of its program after the founding members of the protocol received the highest number of votes during the seven-episode contest, with 12 projects entering the overall conclude. The purpose of this metaverse program is to find outstanding Web3 projects for the future.
Floki Inu (FLOKI) is taking a big step forward in the world of meme assets.
The Floki Inu development team has revealed the groundbreaking announcement that users can now use Floki to make purchases on AliExpress, the global e-commerce giant.
The integration with one of the largest online retailers in the world is XEM as a big step for Floki Inu, which aims to revolutionize the way people perceive and interact with cryptocurrencies.
Blockchain Association said on June 2 that it has submitted an amicus brief to assist CoinCenter in securing Tornado Cash.
Kristin Smith, CEO of Blockchain Association, said: “…Tornado Cash is simply a tool. To punish that very tool simply because it can be used by anyone, including the bad guys, goes against core American values."
Smith said that the association will “stand with Coin Center” to support the “responsible and legal” use of blockchain technology.
Policy advisor, Marisa Tashman Coppel, has argued that the Treasury and Office of Foreign Assets Control (OFAC) cannot legally sanction software like Tornado Cash.
She asserted that OFAC can only sanction people and property, explaining that Tornado Cash is not property as it is not owned by any entity.
This week, Sotheby's announced the next sale of rare NFTs from the bankrupt 3AC collection to be seized by liquidators in July 2022.
The highlight of this sale is Dmitri Cherniak's "The Goose", which is expected to fetch a large sum of money.
Meanwhile, Mercedes Benz has released a new NFT collection inspired by its luxury cars and Nike is bringing its digital products into the EA Sports gaming ecosystem.
Illuvium (ILV) has received an additional $10 million in funding from Framework Ventures.
According to the announcement , Illuvium (IL), an open-world role-playing adventure game that operates on the ImmutableX network, has raised an additional $10 million from Framework Ventures. This funding is completed through tokens, which will be locked for 2 years.
The new funding will help accelerate the project's development efforts. In 2021, Illuvium raised $5 million in a seed round backed by Framework Ventures, IOSG Ventures, and others. The current ILV market capitalization is $292 million.
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Viet Cuong
Bitcoin Magazine
