Cryptocurrency
DeFi.Gold and Babylonchain form a Strategic Alliance to Enable Bitcoin Staking and Yield on Other Blockchains
[PRESS RELEASE – Georgetown, Cayman Islands, June 7th, 2024]
DeFi.Gold, a leading decentralized exchange (DEX) and NFT marketplace on the Bitcoin blockchain, announces a strategic alliance with Babylonchain. This integration, available by Q4 2024, will allow DeFi.Gold users to stake Bitcoin (BTC) and earn native yields on other blockchains supported by Babylon, directly on the DeFi.Gold DEX.
Empowering Decentralized Finance
DeFi.Gold is at the forefront of innovation, developing one of the first DEXs for Bitcoin assets following the Ordinals, Runes, Taproot Assets, and RGB protocols, with a planned release at the end of June 2024.
This integration allows users to benefit from DeFi.Gold’s scalability and efficiency while earning altcoin yields, opening new avenues for producing yields and enhancing ecosystem security.
“We are thrilled to join forces with Babylon. This integration enhances our platform’s capabilities, offering our users new opportunities for participating in staking yields on many networks with BTC while contributing to their network security.” – Mona Coyle, CEO of DG Labs Ltd.
About DeFi.Gold
DeFi.Gold is revolutionizing the Bitcoin blockchain with its non-custodial decentralized exchange (DEX) and NFT marketplace. Built on Bitcoin’s L1 and Lightning Network, it offers enhanced scalability, efficiency, and advanced features. Supporting Taproot, RGB, and Rune-based tokens for its swap exchange, it enables trading of various assets, including memecoins, utility tokens, DAO tokens, and stablecoins. Its NFT marketplace enhances liquidity for creators and collectors.
The platform integrates with major Bitcoin web wallets and supports Lightning Network transactions for fast, low-cost operations. DGOLD, the governance token, empowers community-led decisions, driving innovation in decentralized finance on the Bitcoin blockchain.
About Babylon
Babylon is a blockchain project that designs security sharing protocols for the decentralized world, founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu. Professor Tse is a member of the U.S. Academy of Engineering. He is renowned as the inventor of the legendary proportional-fair scheduling algorithm for wireless communications, and is the recipient of prestigious awards such as the IEEE Claude E. Shannon Award and the IEEE Richard W. Hamming Medal. The project is led by a team of consensus protocol researchers and experienced layer 1 engineers from around the world.
Babylon’s mission is to scale Bitcoin to secure the decentralized world. To achieve this, Babylon utilizes the three primary facets of Bitcoin: its asset, its reliable timestamping service, and its most censorship-resistant blockspace in the world. To leverage these facets, Babylon is developing three innovative security-sharing protocols: Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol. Through these pioneering protocols, Babylon envisions a more secure and decentralized future.
Media Contact:
For DG Labs Ltd. ( DeFi.Gold):
Email: info@defi.gold
Website: www.defi.gold
X: https://x.com/TeamDefiGold
For Babylonchain:
Email:swood@babylonchain.io
Website: www.babylonchain.io
X: https://x.com/babylon_chain
This press release contains forward-looking statements based on current management expectations. These statements are not guarantees of future performance and involve risks and uncertainties. DeFi.Gold assumes no obligation to update these statements.
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Cryptocurrency
Tron (TRX) Price Heatmap: Is a Local Bottom on the Horizon?
Post-Christmas, the cryptocurrency market turned red, with most assets suffering heavy losses. Tron (TRX) is not immune to the downturn. Earlier this month, the asset reached a new peak and reclaimed the 10th spot by market cap, which sparked a renewed sense of hope in the community.
But the latest pullback extended its losses. As a result, TRX is down by over 43% from its recently established all-time high of $0.43 to the current price level of $0.25. However, data points to the formation of a local bottom soon.
TRX Nearing a Turning Point?
CryptoQuant’s analysis of TRX’s price heatmap revealed that the green trend, represented by the one-year moving average plus two sigma, could serve as a crucial support level during the current market correction.
Historically, this green trend has acted as a strong foundation during bull rallies, and it is anticipated to provide similar support, potentially marking a local bottom for TRX’s price.
The current levels for the green, purple, and blue trends are $0.23, $0.40, and $0.49, respectively. These levels are dynamic and will likely adjust upward with increased interest and demand. As the market heats up, attention should be given to the purple and blue trends, which may act as resistance zones. If TRX price stays above the green trend, it could signal the start of a new upward trend.
On the other hand, CryptoQuant warned that a drop below the green trend might indicate a weakening bull cycle. As demand strengthens, Tron’s price could target the purple and blue trend levels, with a breakthrough above the 0.40 level offering strong market confidence.
What’s Next For Tron?
Earlier this month, TRX’s rally was driven by speculations about Grayscale listing and Tron founder Justin Sun’s initiatives, including a $30 million purchase of WLFI tokens tied to Trum’s project and his advisory role. Sun’s involvement with the artwork “Comedian” has also engaged the community, igniting ripple effects for tokens like BAN and related projects.
Despite the latest setback to the rally, experts point to a moderately favorable year ahead for the asset. CoinCodex, for one, predicted that TRX could see a modest 2.93% price increase to $0.264 by January 24, 2025. The sentiment remains neutral, while the Fear & Greed Index reflects high optimism at 73 (Greed).
TRX has demonstrated 50% green days and 17.17% volatility over the past month, thereby indicating active market participation. Analysts view this as a good buying opportunity, with expectations of a short-term peak of $0.268 on December 30, 2024.
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Cryptocurrency
ADA Needs to Maintain This Level to Avoid Drop to $0.5: Cardano Price Analysis
Cardano is one of those crypto assets that has closely followed Bitcoin in terms of price action and is currently experiencing a pullback similar to BTC.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the USDT-Paired chart, the asset began its aggressive rally at the beginning of November, breaking the 200-day moving average to the upside. Since then, multiple resistance levels have been broken, but the $1.2 level has rejected the asset on a couple of occasions.
The market’s failure to continue beyond the $1.2 level has led to a correction toward the $0.75 support zone, successfully preventing a deeper decline. If this level holds, it could only be a matter of time before ADA climbs above the $1.2 mark. Yet, a breakdown of this area could result in a drop toward the 200-day moving average, located around the $0.5 level.
The BTC Paired Chart
On the ADA/BTC daily chart, it is evident that Cardano has outperformed Bitcoin during the recent crypto rally but is also depreciating against BTC on a broader scale. With the 1,000 SAT support level being almost broken to the downside, it is likely for the ADA/BTC chart to decline toward the 200-day moving average, located around the 700 SAT mark.
Therefore, as the chart suggests, it is probable that BTC will outperform ADA in the coming weeks.
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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.
Cryptocurrency charts by TradingView.
Cryptocurrency
Bitcoin Price Analysis: BTC Risks Dropping Toward $80K if it Fails to Reclaim $100K Soon
Bitcoin has failed to sustain its rally above the $100K level and has been correcting over the last week.
Yet, a bullish continuation can materialize soon.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, the asset dropped below the $100K level last week and has failed to climb back above it since. While the $90K support zone has held the market, preventing it from dropping lower, the price has failed to break above the $100K level yet again and is getting rejected to the downside.
This could result in a deeper continuation below the $90K and toward the $80K area in the coming weeks if the price fails to break back above $100K.
The 4-Hour Chart
Looking at the 4-hour timeframe, things look slightly more tricky for Bitcoin. The price has recently broken the ascending channel pattern to the downside, which can be a reversal signal. The lower boundary of the pattern has also been retested twice alongside the $100K resistance level.
Yet, both levels have held and pushed the asset lower, which could lead to a drop toward the $90K level and even lower in the short term.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Long-Term Holder SOPR
Not everything can be figured out using technical and price analysis. For a better view of the underlying dynamics of the Bitcoin network, it is beneficial to analyze on-chain metrics.
This chart presents the long-term holder SOPR metric, which measures the ratio of profit realization by investors who have held their coins for over 6 months. As the chart suggests, the realized profit is relatively high, but it has yet to reach the values previously seen when the market was consolidating below the $70K level. This is especially interesting, as BTC is now trading around $100K.
As a result, it could be interpreted that long-term holders’ selling pressure is still insufficient to overwhelm the market, and the price could still rally higher in the coming weeks.
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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.
Cryptocurrency charts by TradingView.
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