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Core Chain’s Vision Paper highlights how BTCfi will open the door to a trillion-dollar Bitcoin economy

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[PRESS RELEASE – Cayman Islands, Cayman Islands, February 27th, 2024]

  • Solutions for Bitcoin Scaling: The paper presents a range of technological solutions aimed at scaling the Bitcoin ecosystem without altering its foundational base layer
  • Beyond Layer 2: Highlighting the limitations of existing Bitcoin layer 2 solutions, the paper argues for a novel approach that builds directly on top of Bitcoin to achieve scalability, while addressing capital efficiency, liquidity issues, and other barriers to mass adoption
  • Unlocking Bitcoin’s DeFi Potential: Core Chain’s vision paper proposes a strategic roadmap to unlock Bitcoin’s vast potential within the DeFi ecosystem, aiming to transform Bitcoin from a passive store of value into an active, productive asset both on Bitcoin L1 and in DeFi

Core Chain, a leading blockchain technology company, has released a vision paper titled “Unlocking Bitcoin DeFi,” which outlines a groundbreaking approach to integrating Bitcoin with the decentralized finance (DeFi) ecosystem. The research presents a strategic roadmap for leveraging Bitcoin’s vast, untapped potential, effectively opening the gateway to a trillion-dollar Bitcoin economy.

In the vision paper, Core Chain introduces innovative solutions such as non-custodial Bitcoin staking and Core-native wrapped bitcoin (coreBTC), aimed at transforming Bitcoin from a passive store of value into an active, productive asset within the DeFi space. These advancements are set to revolutionize the way Bitcoin interacts with decentralized applications, making it a cornerstone of the burgeoning DeFi economy.

“Unlocking Bitcoin DeFi is not just about enhancing the utility of Bitcoin; it’s about reshaping the future of finance. The vision paper lays the foundation for a trillion-dollar Bitcoin economy, where Bitcoin’s value is fully realized and accessible to everyone, everywhere. We are on the cusp of a new financial revolution, and Core Chain is leading the way,” said Rich Rines, an Initial Contributor at Core Chain.

Bridging Bitcoin with DeFi

The paper emphasizes the importance of bridging the gap between Bitcoin and DeFi to unlock a new realm of financial innovation and liquidity. By leveraging Core Chain’s unique Satoshi Plus consensus mechanism and its integration with Ethereum Virtual Machine (EVM)-compatible smart contracts, Core Chain is paving the way for Bitcoin holders to actively participate in DeFi markets without compromising on security or custody.

A New Economic Paradigm

With approximately $1 trillion worth of Bitcoin in circulation, the potential for growth and innovation within the Bitcoin DeFi ecosystem is immense. Core Chain’s vision paper sheds light on the transformative impact that unlocking this value could have on the global financial landscape, heralding a new era of economic freedom, innovation, and opportunity.

Core-native Wrapped Bitcoin (coreBTC)

A key highlight of the vision paper is the introduction of coreBTC, a Core-native wrapped bitcoin that addresses the centralization and trust issues associated with traditional wrapped Bitcoin solutions. coreBTC enables seamless interoperability between Bitcoin and other blockchain networks, facilitating a wide range of DeFi applications and services while adhering to the principles of decentralization and trustlessness.

About Core Chain

Core Chain is a Bitcoin-powered layer one blockchain for EVM-Compatible smart contracts. It uses a novel Satoshi Plus consensus mechanism, integrating the best aspects of Proof of Work and Proof of Stake. With 50% of Bitcoin mining hash power participating in consensus in exchange for unlocking Bitcoin utility and rewards, Core Chain is becoming the most Bitcoin-aligned EVM chain (BTCfi, Bitcoin staking, and more). This breakthrough has amassed a massive community of 2.2M Twitter followers, 250k Discord members, etc which has translated into millions of CORE holders, over 14M unique addresses, and 225M transactions since its mainnet launch a year ago.

Contact

Fusia
Core Chain
diksha@coredao.org
+6583426633

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Cryptocurrency

Ethereum Price Analysis: Is There More Trouble Ahead for ETH After 14% Weekly Drop?

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Ethereum’s price has been dropping consistently over the past couple of weeks and is yet to show any sign of recovery.

As things stand, a deeper decline could be expected in the coming weeks.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

On the daily chart, the asset has gradually decreased after breaking the 200-day moving average, located around the $3,000 mark, to the downside.

The $2,700 level has also been lost, and the market could now target the $2,350 support zone. Yet, with the RSI entering the oversold region, a bullish pullback might occur soon, which could even put an end to the downtrend if the market can recover above the 200-day moving average.

The 4-Hour Chart

Looking at the 4-hour timeframe, it is evident that the price has been consolidating inside a tight descending channel around the $2,700 level. Currently, the market is testing this level from below, and if it gets rejected, a breakdown of the channel and a drop toward the $2,350 level would be imminent.

However, if the opposite scenario occurs and the $2,700 level is reclaimed, a rally toward the key $3,000 area would be likely.

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Exchange Reserve

While Ethereum’s price has been experiencing an aggressive downtrend, things might be looking attractive for long-term investors who like to buy the dip. This is somehow evident when looking at the Ethereum exchange reserve.

The metric measures the total amount of ETH that is held in exchange wallets. It is considered a proxy for supply, as these coins can be quickly sold and add to the overall selling pressure.

As the chart suggests, however, the exchange reserve has recently taken a nose dive following the recent market crash. This indicates that some investors are aggressively accumulating during this correction, and the subsequent supply shrink could lead to a recovery.

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Cryptocurrency

3 Bullish Signs for Bitcoin Following Recent Crash

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February began on the wrong foot, even though it’s historically a highly positive month for bitcoin. This time, though, the cryptocurrency plunged last Sunday and Monday by $15,000 within days.

Although the asset has failed to recover most of the losses since the end of January, the overall bullish sentiment remains strong on several fronts.

Fear Is Good

The aforementioned crash took bitcoin down hard as its price stood above $106,000 last Friday before it dumped toward $91,000 on Monday morning during the US tariffs-induced collapse. Such substantial price movements in either direction tend to influence the overall market sentiment, and this correction was no exception.

Popular crypto analyst Ali Martinez pushed a chart indicating that the crowd has turned negative toward BTC. Moreover, the Fear and Greed Index also went from ‘greed’ to ‘fear’ for the first time since the US elections in November. However, both of those could actually be a blessing in disguise for the largest crypto asset as “the best buying opportunities often come when crowd sentiment toward bitcoin is negative,” said Martinez.

Bitcoin Fear and Greed Index. Source: Alternative.me
Bitcoin Fear and Greed Index. Source: Alternative.me

Let’s not forget Warren Buffett’s timeless advice, suggesting that investors should be fearful when people are greedy and vice versa.

Critical Support and Buying Pressure

Martinez further highlighted $92,800 as the critical support that showcases whether the ongoing bull run is intact or not. If BTC maintains it, the MVRV pricing bands show that the bull case is still active, while a drop below it could spell trouble for the asset.

The cryptocurrency has slipped beneath that line on several occasions in the past few months but has managed to bounce above it almost immediately after each correction.

Lastly, the analyst asserted that investors operating on two of the biggest crypto exchanges – HTX and BitMEX – have gone on an accumulation spree as the buying pressure on both had gone through the roof in the past day or so.

Bonus: February

Although BTC is currently down by over 5% since the start of February, the second month of the year is historically a highly bullish one for the asset. This is particularly true for Februaries, which come after a halving year, such as the current one.

In 2021, BTC soared by nearly 37% in February; in 2017, its gains were a bit more modest at 23%, while in 2013, the cryptocurrency jumped by almost 62%.

Still, history is no indication of future price performances, but it does tend to rhyme sometimes.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Cryptocurrency

Binance Coin Soars by Double Digits, Bitcoin Taps $97K (Weekend Watch)

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Bitcoin managed to defend the $96,000 level during yesterday’s correction, and the asset now sits above a grand higher in a calm weekend landscape.

The altcoins have bounced off, and Binance Coin leads the pack with a substantial increase, followed by SOL, AVAX, SUI, and others.

BTC Back to $97K

The previous weekend went badly for the primary cryptocurrency as US President Trump began a trade war with China, Canada, and Mexico. The tariffs he imposed on those countries led to an immediate crash in the crypto market, with BTC slumping from $106,000 on Friday to $97,000 on Sunday.

The correction worsened on Monday morning as the asset fell below $92,000 for the first time in a few weeks. However, the bulls finally stepped up at this point and didn’t allow a further breakdown beneath $90,000. Just the opposite, bitcoin recorded another ten grand move, this time in the opposite direction, and tapped $102,000.

It couldn’t maintain its run, though, and returned to five-digit price territory almost immediately. The second attempt to break above $100,000, which came on Friday, was also stopped in its tracks, and the subsequent rejection pushed BTC south to $96,000 yesterday.

It defended that line and now sits around $97,000 following a minor daily increase. Its market cap has gone up to $1.925 trillion on CG, but its dominance over the alts has taken a hit and is down to 58.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BNB on the Run

Most altcoins have turned red today after yesterday’s crash. Ethereum is above $2,650 once again after a minor 2% increase. XRP is heading toward $2.5, following a 3.5% rise. Similar price pumps are evident from DOGE, LINk, ADA, and XLM. Solana, Avalanche, SUI, HBAR, and SHIB have recorded more impressive gains.

Binance Coin has stolen the show today. BNB has soared by nearly 12% in the past 24 hours and now trades at a multi-day peak of $645.

Other impressive gainers from the top 100 alts include FLOKI (14%), IMX (13%), FET (12%), TIA (11%), and RENDER (10%).

The total crypto market cap has added around $80 billion and is above $3.3 trillion now.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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