BitGo, a digital asset service provider, has introduced support for the Stacks blockchain, enhancing Bitcoin’s functionality and marking a significant step in institutional adoption of Bitcoin-native decentralized finance (DeFi).
With the integration of the Bitcoin layer-2 (L2) network, Stacks, BitGo users can now earn Bitcoin rewards through “stacking.”
This process allows STX holders to generate native BTC yield directly in their wallets without lending or exposing the assets to additional risks.
Kyle Ellicott, the ecosystem investor lead at Stacks, commented on the partnership: “Allowing institutions to earn native Bitcoin yield with their STX is a huge step for Bitcoin as part of Bitgo’s goal to put institutional capital to work with DeFi and staking.
Making Bitcoin a productive asset is crucial for Bitcoin to succeed long term as rails for a decentralized economy.”
This collaboration offers Bitcoin holders a new way to engage with DeFi protocols, especially those wary of the risks associated with smart contracts and proof-of-stake protocols.
Stacks is known as Bitcoin’s smart contract layer and is the fifth-largest Bitcoin layer-2 solution, with over $95 million in total value locked, representing a 7.9% market share among Bitcoin layer-2 solutions, according to DefiLlama.
As part of this partnership, BitGo will support the new Stacks token standard, sBTC, and become a “Signer” on the network.
This role involves contributing to block production and consensus after the full release of sBTC.
This non-custodial, 1:1 Bitcoin-backed asset aims to enhance the programmability of Bitcoin.
BitGo will facilitate deposits and withdrawals for sBTC and the conversion of BTC to sBTC across layers.
Other sBTC signers include Figment, Blockdaemon, Near Foundation, Luganodes, and Chorus One. The sBTC standard is designed to simplify the development of DeFi applications on the Bitcoin network.
Stacks is preparing to activate its Nakamoto Release, which will pave the way for sBTC and 100% Bitcoin finality. Initiated on April 22, the activation is expected on August 28, according to Stacks’ roadmap.
Ellicott emphasized the significance of this release: “Stacks will inherit 100% of Bitcoin’s security budget, making transactions as irreversible as Bitcoin and enabling sBTC to facilitate decentralized BTC movement into the L2.
This release will begin another renaissance of new Bitcoin builders, technical upgrades, and growth in user interest, providing a promising spotlight for the future of Bitcoin DeFi.”
Bitcoin DeFi is expanding the crypto space with innovative products like Hermetica’s Bitcoin-based synthetic dollar, USDh, which debuted in June with a 25% annual percentage yield, derived from futures funding rates.
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On July 18, Bitcoin continued its efforts to reclaim the $65,000 mark, a critical level for analysts.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price action showed consolidation during the Asian trading session and Wall Street open.
After reaching $66,000 the previous day, BTC/USD tested the resilience of its recent gains, as the short-term holder (STH) realized price came into focus.
Cointelegraph noted that this bull market trendline, just above $64,000 as of July 18, had previously been lost as support for the first time in nearly a year.
Popular trader and analyst Rekt Capital highlighted the significance of the current zone for BTC/USD, emphasizing the need for firm support confirmation.
“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” he noted on X, sharing an explanatory chart.
He added that Bitcoin would require a retest similar to a previous instance (blue circle) to confirm a break back into the $65,000-$71,500 region.
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He warned that BTC/USD “risks rejection” if the $65,000 area remains unconquered on daily timeframes.
Trader and analyst Scott Melker, known as the “Wolf Of All Streets,” pointed to positive low-timeframe relative strength index (RSI) signals for clues on the market’s next direction.
“Bearish divergence cancelled. Nice,” he commented on X. “We now have confirmed hidden bullish divergence (blue), which is a continuation signal.”
Crypto trader and educator XForceGlobal employed Elliott Wave analysis and expressed confidence in an upward continuation following consolidation.
“Overall, we are looking for the continuation of a bullish trend if the buy pressure continues to at least finish the first wave 1 of the intermediate degree in orange to gain more confidence that we are finally going to break ATH, going into the conclusion of a primary wave 5 of the highest degree,” they stated in updated chart commentary.
Adding to the bullish sentiment, a proprietary trading indicator from DecenTrader, Predator, produced its first green “bullish” signal on three-day timeframes since early February.
This indicator uses various inputs to generate “green” and “red” signals across multiple timeframes. “Predator has spoken,” DecenTrader remarked on X.
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On July 23, Hong Kong will launch Asia’s first Bitcoin futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK).
This new exchange-traded fund (ETF) by CSOP Asset Management, one of China’s largest asset managers, aims to provide investors a way to profit from declines in Bitcoin’s price.
The introduction of this inverse ETF follows the successful launch of the CSOP Bitcoin Futures ETF (3066.HK) in December 2022, marking another step in the firm’s expansion in the Asia-Pacific region.
The CSOP Bitcoin Futures Daily (-1x) Inverse Product is crafted to offer investment results that closely mirror the inverse daily performance of the S&P Bitcoin Futures Index.
This is achieved through a futures-based replication strategy, which involves direct investment in spot-month Chicago Mercantile Exchange Bitcoin Futures.
As per a CSOP announcement on July 22, the product will be listed on the Hong Kong Stock Exchange (HKEX) at approximately 7.8 Hong Kong dollars per unit.
Tristan Frizza, Founder of Zeta Markets, told Cointelegraph that the launch of the inverse Bitcoin ETF underscores the “increasing sophistication of crypto financial products” globally.
“By enabling bets against the market, financial instruments like this have the potential to balance speculative activities and contribute to long-term market stability, which is crucial for the maturation of the crypto sector and the acceptance of crypto as established investment assets.”
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Since late 2022, HKEX has been trading spot crypto ETFs, starting with CSOP’s Bitcoin Futures ETF and Ether Futures ETF.
Both products track BTC futures and Ether futures cash-settled contracts traded on the CME, and were followed by Samsung Asset Management Hong Kong’s Bitcoin future ETF in January 2023.
Together, these three futures products have garnered HK$1.3 billion ($170 million) in assets under management as of April 29.
On July 5, the Hong Kong Securities and Futures Commission (SFC) issued warnings about seven crypto exchanges operating illegally in the region.
These exchanges were flagged for providing services without operational licenses and listed under “Suspicious virtual asset trading platforms” on the SFC’s alert list.
The SFC’s goal is to mitigate fraud and scams by maintaining public records of registered, unregistered, and illegal crypto trading entities.
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Bitcoin aimed for $68,000 at the July 22 Wall Street open as a Chinese interest rate cut bolstered bullish sentiment in the crypto market.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) targeting range highs after dipping below $67,000 earlier in the day.
This upward shift coincided with mixed performances in Asian stocks as China announced unexpected interest rate cuts.
The People’s Bank of China (PBoC) confirmed it would cut the seven-day reverse repo rate by 0.1% to 1.7%, alongside reductions in the one-year and five-year loan prime rates (LPR), as reported by sources including Reuters.
“The cut today is an unexpected move, likely due to the sharp slowdown in growth momentum in the second quarter as well as the call for ‘achieving this year’s growth target’ by the third plenum,” Larry Hu, chief China economist at Macquarie Group, told the publication.
Commenting on the market’s reaction, Holger Zschaepitz noted the rarity of such a cut. “Chinese stock market not really enthusiastic,” he wrote on X.
Global interest rate reductions are crucial for the performance of risk assets, including crypto. Despite China and Europe’s rate cuts, the United States has not yet initiated a similar cycle, with expectations set for September.
TMXC Trades offered a more cautious perspective, suggesting that China’s rate cuts might not yield the anticipated results.
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“Coming into 2024, traders were betting on a massive coordinated global easing cycle… Here today in mid-July, virtually none of that has come to pass,” it stated.
Bitcoin, meanwhile, faced its final resistance cluster before reaching all-time highs, with $69,000 being a key level since late 2021.
“Bitcoin has cancelled out almost the entirety of the -25.6% retrace,” popular trader and analyst Rekt Capital noted in his latest X analysis.
“It took two weeks to almost fully cancel out a five-week retrace.”
“Accompanying charts compared recent BTC price behavior to other bull market retracements, identifying the latest as the deepest of the uptrend.
“Any dips to retest $65,000 would not be out of the ordinary,” Rekt Capital added, anticipating potential upside to $71,500.
Rekt Capital reiterated the case for new all-time highs by September “at the latest.”
“Bitcoin is back in the range and provides a lot of strength,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, commented.
He emphasized $65,000 as a crucial support level, with $61,000 as the next line of defense.
“If that’s going to happen this week, then we should be good for continuation toward the ATH,” he predicted.
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Real Bedford Football Club, known for its strong support of cryptocurrency, has recently boosted its Bitcoin holdings significantly.
As per a post on X by club chairman Peter McCormack, the club acquired 66.9 Bitcoin at an average price of $67,220 per coin, totaling $4,500,420.69.
With this new acquisition, Real Bedford’s total Bitcoin holdings have reached 82.7 BTC, bought at a cumulative cost of around $5.37 million.
The club’s average purchase price now stands at approximately $64,925 per coin.
McCormack shared that out of the total Bitcoin holdings, 15.8 BTC is allocated for football-related operational purposes.
The remaining balance is securely stored in the club’s treasury, emphasizing Real Bedford’s strategy of integrating Bitcoin into both its financial and operational frameworks.
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Real Bedford FC is a non-league football club based in Bedford, UK. McCormack took over the team in 2021 and aimed to propel it into the football league.
This recent Bitcoin acquisition is in line with the club’s broader vision of leveraging cryptocurrency for stability and growth.
The proactive approach of Real Bedford FC towards cryptocurrency mirrors a broader trend among various organizations looking to diversify their assets and explore innovative financial strategies.
The club’s adoption of Bitcoin sets an example for other clubs and businesses contemplating similar financial avenues.
In the broader crypto landscape, businesses are also “stacking” Bitcoin in recent purchases, and sellers are increasingly hesitant to part with their holdings.
For instance, the Bitcoin investment firm Metaplanet recently bought 21.88 BTC on July 16.
According to analysts, Bitcoin’s price is currently only 8% below its all-time high, buoyed by the news of United States President Joe Biden stepping down as the Democratic party nominee for the 2024 election.
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Mt. Gox is gearing up to repay creditors through the Bitstamp cryptocurrency exchange, as indicated by recent onchain fund movements.
The Mt. Gox address has initiated test transactions to Bitstamp’s cold wallets.
Blockchain intelligence firm Arkham Intelligence identified these transactions in a July 22 X post.
“Mt. Gox addresses deposited $1 to 4 separate Bitstamp deposit addresses. Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayments […] These transfers are likely to represent test transactions.”
More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.
Some crypto investors worry about the sell pressure that Mt. Gox repayments might introduce, potentially driving Bitcoin’s price down.
Many Mt. Gox creditors may sell their Bitcoin, which has appreciated by over 8,500% in the decade since the exchange collapsed.
Finance analyst Jacob King suggested on July 4 that up to 99% of creditors might sell their BTC. He stated in an X post:
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“99% of those on Mt. Gox are going to sell their coins the moment they get it.
“Imagine billions worth of Bitcoin all being dumped gradually over the next several weeks.
“There is no way to spin this to be bullish, or news that could offset this.”
Contrary to this, a Reddit poll indicates that 56% of Mt. Gox creditors plan to hold their Bitcoin, while about 20% intend to sell.
As of July 17, over 36% of the Bitcoin owed to Mt. Gox creditors had been distributed. Despite concerns about sell pressure, large Bitcoin holders — called whales — continued buying. On July 17, a whale purchased 245 BTC, worth nearly $16 million.
This address has traded Bitcoin only twice this year, profiting over $30 million from these trades.
According to Arkham Intelligence, the Mt. Gox-labelled wallet currently holds over 90,300 BTC worth $6.12 billion.
While the exact timing of the repayments is unclear, today’s test transactions suggest final preparations before repaying creditors on Bitstamp.
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The concept of the U.S. government maintaining a Bitcoin strategic reserve could boost its price, but it is unlikely to materialize soon, says Ari Paul, CIO at BlockTower Capital.
“I’d lay 10:1 against the US adding Bitcoin as a strategic reserve in the next 4 years,” Paul noted in a July 18 X post.
He added, “Plausible to me that Trump might say it, which would be very bullish for the BTC medium time frame,” amidst traders’ concerns over Bitcoin struggling to reclaim the $65,000 price level as support.
Paul elaborated that while a future president might declare they won’t sell any of the government’s Bitcoin holdings, this doesn’t equate to establishing a “Bitcoin Strategic Reserve.”
He questioned what would qualify as a declaration, suggesting it could range from an off-the-cuff statement by Trump to an executive order, highlighting that the U.S. government already confiscates Bitcoin in various scenarios.
A strategic reserve refers to a stockpile of resources held by governments for emergencies. For example, the U.S. maintains the largest supply of emergency crude oil, known as the “Strategic Petroleum Reserve,” to mitigate potential oil supply issues.
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Paul’s remarks come amid social media buzz that former President Donald Trump might announce plans to designate Bitcoin as a strategic reserve if he wins the election.
This speculation is tied to an expected announcement during the Bitcoin 2024 conference in Nashville.
“Getting more and more confirmations that these rumours maybe true. Trump to announce a USA Bitcoin strategic reserve in Nashville,” wrote Simon Dixon, founder of BnkToTheFuture, in a July 18 X post.
“People don’t believe the USA could implement a Bitcoin Strategic Reserve but at this point it is inevitable,” stated Dennis Porter, CEO and co-founder of Satoshi Act Fund, on the same day.
Michael Goldstein, president of the Satoshi Nakamoto Institute, added, “Everyone should have a Bitcoin strategic reserve. You. Your family. Your business. Your city. Your state. Your country. Everyone.”
This follows speculation by entrepreneur Mark Cuban that geopolitical instability and inflationary pressures might propel Bitcoin to become a global reserve asset.
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According to a report by asset manager ARK Invest released on July 18, Bitcoin became oversold in June due to Germany’s government initiating a multibillion-dollar sell-off of 50,000 BTC seized in a 2020 police sting against Movie2k, a streaming platform for pirated content.
This sell-off caused Bitcoin prices to plummet from highs exceeding $70,000 in early June to a low of less than $55,000 during a brief dip in July.
“Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” the report stated.
The report, which focuses on the period through June 30 but includes more recent data, added, “Current levels [of miner outflows] suggest that miners are capitulating, a harbinger of a bullish reversal.”
Another bullish signal identified by ARK is investors’ sustained appetite for BTC exchange-traded funds (ETFs).
The report highlighted that BTC’s sharp sell-off did not trigger a mass exodus from spot BTC ETFs.
By June 30, the drop in BTC’s spot price had overshot the 30-day percent change in BTC ETF flows by 17.3%.
July saw billions of dollars of net inflows into BTC ETFs, with about $1.35 billion entering the funds in the week ending July 15, according to CoinShares.
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BlackRock’s iShares Bitcoin Trust (IBIT) recorded $107 million in inflows on July 18 after nine straight days of inflows, according to Thomas Fahrer, co-founder of the crypto data platform Apollo.
Despite these positive signals, there are risks to BTC’s continued strong performance from global economic data.
ARK noted that corporate profits are steadily falling as pricing power diminishes, indicating economic weakness.
Bitcoin prices also face potential challenges from the defunct cryptocurrency exchange Mt. Gox’s repayment of approximately $9 billion in BTC to creditors.
However, unlike Germany’s abrupt sell-off, industry analysts believe that creditors may opt to hold onto their BTC, which could soften any potential negative impact on the broader market.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The rise of Bitcoin layer-2 (L2) solutions is gaining significant traction across Asia. Chinese miners, who account for over 50% of the Bitcoin network’s hashrate, are increasingly turning to these solutions to create alternative revenue streams, especially following the recent Bitcoin halving.
The Bitcoin halving, which concluded on April 19, reduced mining rewards from 6.25 BTC to 3.125 BTC, making profitability more challenging for miners.
However, Bitcoin L2 technologies offer a lifeline to these network participants. Robbie Liu, head of Asia at Polyhedra Network, told Cointelegraph:
“Bitcoin L2s are not just an innovation; they’re a necessity for the evolving crypto ecosystem in Asia.
“With the recent halving, miners are looking for ways to maintain profitability, and L2 solutions offer just that.”
Liu noted the dominance of Asian projects in the Bitcoin L2 space, such as Singapore-based Bitlayer, which leads in total value locked (TVL).
He also mentioned notable Western projects like Stacks, BOB, and Anduro.
Despite regulatory challenges, Chinese miners remain resilient, with Bitcoin L2s helping them stay profitable through staking. Recent developments in the Bitcoin L2 space include various staking mechanisms, allowing Bitcoin holders to earn additional income without selling their holdings.
Yongjin Kim, CEO of Flipster, highlighted the importance of staking projects like Babylon for capital efficiency, stating:
“In recent years, there has been a market trend in maximizing capital efficiency, where the rise of real-world assets (RWA), security token offerings and restaking protocols are all part of the boat.
“Asia has followed this lead, and the regional Bitcoin community has begun to think about how to maximize capital efficiency on Bitcoin, which has led to the emergence of these L2s.”
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Investor interest in extending Bitcoin’s utility has surged, leading to increased funding for infrastructure development in Asia. Alex Zuo, vice president of Cobo, said:
“The surge of capital into the Bitcoin L2 ecosystem has accelerated infrastructure development in Asia, attracting more developers to Bitcoin L2 projects and expanding the ecosystem beyond peer-to-peer transactions.”
Zuo highlighted the success of Bitcoin L2 projects like Merlin Chain, which amassed over $3.5 billion in TVL within 30 days of its mainnet launch.
Despite the enthusiasm, challenges remain, particularly in asset and security management protocols.
Alvin Kan, COO of Bitget Wallet, pointed to the complexity and risks of managing decentralized systems and cited projects like the Lightning Network, Rootstock, and Liquid Network as initiatives addressing these issues.
Kan predicts significant growth in the Bitcoin L2 ecosystem, driven by trends like the widespread adoption of solutions such as the Lightning Network and the expansion of cross-chain interoperability solutions.
As countries like Vietnam, Thailand, Singapore, and Hong Kong position themselves as crypto-friendly jurisdictions, Asia is set to lead in Bitcoin L2 innovation, transforming both the Bitcoin network and the broader financial landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
According to a report by asset manager ARK Invest released on July 18, Bitcoin became oversold in June due to Germany’s government initiating a multibillion-dollar sell-off of 50,000 BTC seized in a 2020 police sting against Movie2k, a streaming platform for pirated content.
This sell-off caused Bitcoin prices to plummet from highs exceeding $70,000 in early June to a low of less than $55,000 during a brief dip in July.
“Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” the report stated.
The report, which focuses on the period through June 30 but includes more recent data, added, “Current levels [of miner outflows] suggest that miners are capitulating, a harbinger of a bullish reversal.”
Another bullish signal identified by ARK is investors’ sustained appetite for BTC exchange-traded funds (ETFs).
The report highlighted that BTC’s sharp sell-off did not trigger a mass exodus from spot BTC ETFs.
By June 30, the drop in BTC’s spot price had overshot the 30-day percent change in BTC ETF flows by 17.3%.
READ MORE: CrowdStrike CEO Clarifies Downtime Cause: No Security Breach, Stock Drops 15%
July saw billions of dollars of net inflows into BTC ETFs, with about $1.35 billion entering the funds in the week ending July 15, according to CoinShares.
BlackRock’s iShares Bitcoin Trust (IBIT) recorded $107 million in inflows on July 18 after nine straight days of inflows, according to Thomas Fahrer, co-founder of the crypto data platform Apollo.
Despite these positive signals, there are risks to BTC’s continued strong performance from global economic data.
ARK noted that corporate profits are steadily falling as pricing power diminishes, indicating economic weakness.
Bitcoin prices also face potential challenges from the defunct cryptocurrency exchange Mt. Gox’s repayment of approximately $9 billion in BTC to creditors.
However, unlike Germany’s abrupt sell-off, industry analysts believe that creditors may opt to hold onto their BTC, which could soften any potential negative impact on the broader market.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.