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Bitcoin and Ether are leading the cryptocurrency markets from the front, but the risk of a short-term pullback remains. News of BlackRock registering the iShares Ethereum Trust increased expectations that the asset manager may eventually apply for an Ether (ETH) spot exchange-traded fund. This is a positive sign as it shows that BlackRock’s cryptocurrency aspirations are not limited to Bitcoin (BTC). Market observers are increasingly optimistic that spot Bitcoin ETFs will be greenlighted by the United States Securities and Exchange Commission in 2024. Bloomberg Intelligence research analyst James Seyffart said on X (formerly Twitter) that there is still a 90% possibility that the regulator will approve a spot Bitcoin ETF by Jan. 10 of the next year. Daily cryptocurrency market performance. Source: Coin360 Galaxy Digital founder Mike Novogratz believes that the approval of the Bitcoin ETF, followed by the Ether ETF, will boost institutional adoption in 2024. During Galaxy Digital’s th...

In a Nov. 9 post on X, CoinGecko reports Arbitrum as being the largest Layer 2 solution, with a total of $1.79 billion in total value locked (TVL) in October, or 41.2% of the top 10 L2 solutions market share. Although this is still down from its yearly peak of $2.6 billion in May 2023.  Polygon takes second  After Arbitrum, Polygon takes the second spot, with a total of $0.78 billion in TVL over the course of October, with its yearly peak of $1.18 billion being reached in February 2023. At this time, eight months earlier, Polygon had just undergone its V0.3.1 Hardfork upgrade in January 2023, reducing gas spikes and addressing reorganizations for the chain.  What are the largest layer 2 solution s? Our study shows that @arbitrum is the largest L2 solution , with $1.79B in total value locked in October 2023. Let's dive into the numbers and look at the top L2s by TVL Read the full study: https://t.co/ASZ3PaNg9I pic.twitter.com/JVzJE5ybfm — CoinGecko (@coin...

September was the biggest exploit month in DeFi, with over $300 million in losses, taking the crown from August. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. In this week’s newsletter, September became the biggest month of crypto exploit s in DeFi, with over $300 million in losses, and the popular DeFi lending protocol Yield announced its permanent closure by December. Polygon co-founder Jaynti Kanani has stepped down from his day-to-day roles at the firm, saying he will now monitor from the sidelines, and decentralized autonomous organizations (DAOs) can help scientists find funding and community, according to a prestigious science journal. The DeFi market had a mixed week in terms of price action, with most of the top 100 tokens trading in the same price zone as last week. September becomes the biggest month for crypto exploits in 2023: Cert...

Polygon Labs has announced that Google Cloud is now a validator on Polygon PoS network. The new validator will bring “same infrastructure” powering YouTube and Gmail. Google Cloud joins recent addition Deutsche Telekom. Polygon Labs has announced that Google Cloud is now officially a validator on the Polygon PoS network. The company revealed the development in a post on X on September 29. Google Cloud joins Polygon’s validators According to Polygon Labs, Google ’s cloud computing platform has joined over 100 validator s on the leading Ethereum layer 2 network. “High-quality, trusted, security-minded validators like Google Cloud provide an added layer of security for Heimdall, Bor, and Polygon PoS users,” the Polygon developer team noted. In the proof-of-stake blockchain world, validators are key as they operate the nodes that help secure the network via a process called staking. The native token MATIC is used in thi...

Several top banks around the world are already collaborating with Chainlink to explore applications for the Cross-Chain Interoperability Protocol. The development firm behind the Chainlink protocol and its native LINK token has gone live with its cross- chain protocol , aimed at providing interoperability between traditional financial firms and both public and private block chain s. In a July 17 post on the Chainlink blog, Chainlink  Labs' Chief Product Officer Kemal El Moujahid announced that its Cross-Chain Interoperability Protocol (CCIP) has launch ed under early access on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism. Developers on these platforms will have access to CCIP on their respective testnets on July 20. 1/ The Chainlink Cross-Chain Interoperability Protocol (CCIP) has officially launched on Avalanche, Ethereum, Optimism, and Polygon mainnets.#LinkTheWorld pic.twitter.com/SdLVyaapg3 — Chainlink (@chainlink) July 17, 2023 CCIP is an interoperability protoco...

The recovery in Bitcoin and most major altcoins halted near respective overhead resistance levels, indicating that the bears are active at higher levels. The United States stock market recovered sharply on May 17 and May 18 on hopes that the debt ceiling agreement could be reached, but the market gave back some of it gains on May 19 on reports of a temporary halt in the talks. The U.S. dollar index (DXY), which had been rising for the past three days turned down on May 19 after Federal Reserve Chair Jerome Powell hinted at an end to the rate hikes. While speaking at a conference in Washington, D.C., Powell said that stresses in the banking system may restrict the need to raise rates as high as they “would have otherwise to achieve our goals.” Daily cryptocurrency market performance. Source: Coin360 Although Bitcoin’s (BTC) short-term picture is uncertain, analysts remain bullish about the long term. Blockstream CEO and co-founder Adam Back recently said that “hyperbitcoinization” coul...

Offering low fees and fast transaction finality, Polygon has emerged as the primary blockchain platform for various NFT marketplaces. While cryptocurrencies have been quite the rage over the past couple of years, nonfungible tokens (NFTs) have risen as an alternate asset class within the cryptocurrency ecosystem. This ecosystem is revolutionizing the world of art and gaming, among a host of other industries. Serving as a digital certificate that proves a collectible’s authenticity, NFTs also provide investors with proof of ownership and utmost security, aspects that have been instrumental in their proliferation as the future of representing real-world objects in the virtual world. As a result, NFTs are gaining increasing popularity among crypto investors looking to invest in metaverse platforms, with many purchasing these unique digital assets on blockchain protocols like Polygon using cryptocurrencies. A layer-2 Ethereum protocol, Polygon has emerged as the preferred platform for man...

Crypto traders are waiting for the result of today's FOMC and it’s possible that the recent downside could reverse course if Powell’s statements hint at an improving U.S economy. Bitcoin (BTC) gained about 40% in January, its best finish in the first month of the year since 2013. The sharp rally caused a change in sentiment and the futures Markets which saw backwardation in November and December started trading at a healthy contango in January, according to Glassnode. Coming out of a bear market low, a rally driven by the leaders rather than the laggards is a sign that the bottoming process may have begun. The rise in Bitcoin’s dominance from about 38% in November to above 42% in January is an indication that smart investors may have started accumulating Bitcoin at lower levels. Daily cryptocurrency market performance. Source: Coin360 After the strong up-move in January, the next big question is how will Bitcoin perform in February. Coinglass data shows that since 2013, Bitcoin ha...

Bitcoin and select altcoins have risen above stiff overhead resistance levels, signaling that the bottoming process may have begun. Bitcoin (BTC) rose above $19,000 on Jan. 12, the highest level since Nov. 8. Although a bull market may not start in a hurry, Glassnode data suggests that the foundation for a macro bottom in Bitcoin may be in place. The on-chain analytics firm tweeted on Jan. 12 that “13% of the Circulating Supply” returned to profit when Bitcoin rallied to $18,200. This suggests a large phase of accumulation took place in the $16,500 to $18,200 range. Along with Bitcoin, Ether (ETH) is also witnessing signs of accumulation. The number of Ethereum sharks, holding between 100 and 10,000 Ether, has risen by 3,000 since November 22, according to Santiment data. Daily cryptocurrency market performance. Source: Coin360 Many times, traders miss a bottom because they remain in denial. If traders want to catch a trend early, they should keep a close eye on the price action becau...