All of this puts into perspective why Bitcoin’s recent price action has crypto community wide-eyed and open-mouthed. As a result, it skyrocketed 7% in only three days, even briefly crossing the $97,750 resistance level on Thursday. This rally produced some amazing conversations. To be clear, many are speculating whether this increased institutional buying is responsible for creating a “synthetic halving” that is boosting the upward momentum. MetaBlock X will take a close look at the story of what has driven this explosive increase. We’ll take a look at what this could signal for Bitcoin’s future.
Since December 30, Bitcoin’s price has recovered by 6.8% reclaiming the $97,800 price level. The rally comes after the cyclical halving event on April 19, 2024. For the consecutive event, the reward for a block mined was halved from 6.25 bitcoins to 3.125 bitcoins. The halving event reduces the pace of new bitcoins being created. This ongoing rally is powered by more than just this much-anticipated supply cut. Increased institutional investment, coupled with easing inflation and optimism surrounding spot Bitcoin exchange-traded funds (ETFs), appears to be playing a significant role.
The idea of using “synthetic halving” is even more exciting. It’s a clear indication that institutional buying is having an impact similar to that of a conventional halving event. This means that as large institutions continue to acquire Bitcoin, the supply available on exchanges keeps diminishing, putting upward pressure on the price. This phenomenon is especially striking when demand exceeds the newly-decreased supply resulting from the halving.
Latest Developments in Web3 Gaming
So, although Bitcoin’s price increase is all that people see, the evolution of the Web3 gaming space hasn’t slowed down at all. Here's a look at some of the latest developments:
Senate Majority Leader Fast-Tracks Vote on Key Stablecoin Legislation
The regulatory battle over stablecoins is fast – and furiously – playing out. Senate Majority Leader Chuck Schumer taking the lead, this is a critical moment for passing strong stablecoin legislation. This step would help provide accountability and transparency that’s lacking on today's stablecoin market. In doing so, it will likely instill greater market confidence in the larger crypto ecosystem.
Sui Gaming Stablecoin Launch for SuiPlay0X1 Handheld and Playtron Ecosystem
Sui, also a layer-1 blockchain, has been advancing in the gaming area with the announcement of a new gaming stablecoin. This stablecoin powers the SuiPlay0X1 handheld gaming console. The ETH drives the Playtron ecosystem, offering gamers fast, convenient, and secure payment differentiation in its space.
Movement Labs Suspends Co-Founder Amid Controversy
Movement Labs suspension of a co-founder over controversial work Not all the news around Movement Labs has been encouraging. This all points to a broader need for accountability and ethical conduct within the Web3 space.
Industry Insights
Far beyond gaming, the wider crypto industry is abuzz with integration, innovation and strategic collaboration.
Infinex Unveils ‘Infinex Connect’ for Next-Gen Crypto Applications
Infinex is raising the roof on what can be done with applied crypto development with its new “Infinex Connect” platform. This developer platform has all the tools and infrastructure necessary to easily create and launch decentralized applications (dApps). Most importantly, it would attract new developers into the space.
LBank Hosts “Code Meets Law” to Promote Global Crypto Compliance
By hosting the “Code Meets Law” event, LBank is making a clear show of good faith regulatory enforcement about their intentions moving forward. This new joint initiative pairs developers and technology policy experts with legal scholars and practitioners. This creates a more transparent, accountable, and law-abiding crypto landscape.
Magic Eden x Slingshot Launch Token Royale at SKY 2.0
Revolutionary NFT marketplace Magic Eden is teaming up with fellow Web3 company Slingshot to premiere their debut show “Token Royale” at SKY 2.0. We’re excited to have this collaboration onboard to open up thrilling new experiences for NFT collectors and traders.
Introducing 402Pay: BitGPT’s Native Payment Stack for AI Economy
BitGPT’s 402Pay will act as a native payment stack to foster the movement of currency within the new AI economy. KAI, this cutting-edge solution can facilitate payments, subsidies and rewards for AI services and applications.
LBank Celebrates 1001 Crypto Nights at TOKEN2049 Dubai
LBank recently celebrated "1001 Crypto Nights" at TOKEN2049 Dubai, bringing together industry leaders and enthusiasts to network and discuss the future of crypto.
Bitcoin Seoul 2025 to Feature Global Leaders in Bitcoin Conference
Looking forward, Bitcoin Seoul 2025 already promises to be an incredible event, with some of the biggest names in the Bitcoin space. This conference will offer a unique opportunity to hear from the experts and thinkers digging deep into Bitcoin’s promising future.
FLOKI and Rice Robotics Launch AI Companion Robot with Token Rewards
FLOKI, the world’s most meme-tastic coin project, is collaborating with Rice Robotics. Jointly, they are going to launch an intelligent AI companion robot that rewards users with tokens! This compelling intersection of AI and crypto has the potential to bring a whole new group of people into the space.
BYDFi Partners with Ledger for Limited Edition Hardware Wallet
BYDFi has joined forces with Ledger to release an exclusive edition of Ledger’s hardware wallet. Our continued collaboration is designed to give BlockFi users a safe and trusted environment to store their growing collection of crypto assets.
Falcon Finance Launches Public Access and “Falcon Miles” Program
Falcon Finance’s “Falcon Miles” welcome program promotes financial literacy. Falcon Finance is launching public access to its platform with the “Falcon Miles” program. This consumer-facing initiative seeks to encourage more people to enter the system while rewarding frequent or habitual users.
Grindery Reveals Wallet Infrastructure for AI Agents
Grindery is showcasing new wallet infrastructure purpose-built for AI agents. This breakthrough lays the foundation for increasingly powerful and self-aware AI tools across the crypto landscape.
Momentum DEX Hits $1B Trading Volume Milestone
Momentum DEX recently hit a big milestone, topping $1 billion in trading volume. This is further evidence of the rising prominence of DEXs and their growing role in the overall crypto ecosystem.
BloFin Exceeds Top Exchange Standards in Performance and Liquidity
BloFin is changing the entire crypto exchange landscape. They raised the bar for performance and liquidity, creating a premium trading experience for users.
Apertum (APTM) Listed on MEXC Exchange
Apertum (APTM) has recently been listed on the popular MEXC exchange, which brought more liquidity to the token and made it more accessible to users.
Common Launches Privacy Web App with Fast Proving Times
It provides extremely quick proving times, allowing users to make transactions with advanced privacy and security.
HTX Introduces $TRUMP Promotions with Trading Incentives
HTX takes advantage of the $TRUMP meme coin frenzy. With the opening of each new exchange, they’re creating promotions, enticements, offering trading incentives and attracting traders clamoring to cash in on the token’s volatility.
Educational Resources
Navigating the crypto landscape involves understanding some foundational concepts and technologies. MetaBlock X is dedicated to sharing educational resources that equip users with the experience and expertise they need to be successful.
Understanding Coin Mixers and Their Functionality
Coin mixers are an important privacy tool. Coin mixers are another privacy tool which allows users to improve their privacy while transacting in crypto. Instead, as noted above, they pool coins from many users. Then, they move around the money, which is even more difficult to track.
Overview of Base: Coinbase's Ethereum Layer-2 Network
Base is Coinbase’s Ethereum layer-2 network, meant to provide some of the next fastest and cheapest transactions as the Ethereum mainnet. It’s all in an effort to create a seamless experience for users and developers alike, encouraging the continued expansion of the Ethereum ecosystem.
Exploring 'Idle Mine': A Free Game That Rewards Real Bitcoin
‘Idle Mine’ is currently available as a free game, where players can earn real Bitcoin as rewards. This innovative approach to gaming allows users to earn crypto while having fun, potentially attracting a new audience to the Bitcoin ecosystem.
Tips for Maximizing Earnings in 'Trump's Empire' Telegram Game
Trump’s Empire, a popular Telegram game in which users can earn crypto by constructing a virtual business empire, has been called “surprisingly addictive.” Players forum game past mechanics and strategies to each other in order to make as much money as possible.
Overview of 'Trump's Empire': The Presidential Telegram Game and Airdrop
Trump’s Empire is a presidential-themed Telegram game with an airdrop of the in-game currency as a welcome bonus. Today, this play-to-earn game has taken the world by storm with millions of active users and creating a buzz in the crypto ecosystem.
Getting Started with ‘Eve Frontier’: CCP's Survival Game on Ethereum
‘Eve Frontier’ is a sandbox survival game made by CCP, and running on the Ethereum blockchain. With a compelling mix of strategy, resource management, and blockchain innovation, this free-to-play game continues to hook gamers and crypto enthusiasts at every level.
In-Depth Analysis
To get a better picture of what’s been happening in the crypto space, let’s break down some of the major moments, movements, and most important numbers.
Trump's First 100 Days as Crypto President: Key Changes and Impacts
Should Donald Trump retake the presidency, his deregulatory approach could further shape the crypto industry. Understanding his first 100 days in office is a good way to start trying to understand what will change and how those changes will impact the market.
Top 10 Public Companies with Significant Bitcoin Holdings
A number of public companies, including Microstrategy, Tesla, Square and Marathon digital have made massive investments into Bitcoin. Examining the top 10 companies with significant Bitcoin holdings can provide insights into institutional adoption and its impact on the market.
Comparing DC Policy Institutes for Bitcoin, Solana, and Ethereum
The Atlantic Council, a think tank based in Washington, D.C., has promoted Bitcoin, Solana and Ethereum. Examining their perspectives will give you a much fuller picture of the current regulatory and political landscape around these highly controversial cryptos.
Trump's SEC's Shift Away from Crypto Lawsuits and Investigations
Here’s how the SEC would regulate cryptocurrency under a potential Trump administration. Under this new direction, we expect to see fewer lawsuits and investigations.
Potential Impact of Crypto Legislation on SEC Oversight
Any new crypto legislation would be major step toward defining the SEC’s role in overseeing the developing industry, providing clearer regulatory guardrails and lessening uncertainty.
Pro-XRP Lawyer John Deaton's Political Aspirations Following Senate Bid
Pro-XRP lawyer John Deaton has been active politically, even launching an independent Senate bid. Claudio’s obvious political aspirations are a testimony to the crypto community’s burgeoning political clout.
Kanye West’s Crypto Involvement and Its Controversial Effects
Kanye West’s foray into the crypto space has certainly whipped up a bit of controversy. By looking closely at his activities, we can gain crucial lessons learned. These lessons learned illustrate the challenges and opportunities associated with celebrity endorsements in the crypto space.
Thematic Collections
Digging into particular themes in the crypto universe can offer a more concise picture of where innovation is leading to new developments and approaches.
Innovations in Artificial Intelligence
Artificial intelligence is fundamentally changing every industry it touches, including crypto. Researching cutting-edge developments in AI, such as those explored in this article, can help companies uncover novel use cases and investment opportunities within the crypto ecosystem.
The NFT Revolution Explored
NFTs have transformed the art and collector economy. Navigating the NFT revolution will open your eyes to the possibilities of this technology and how it’s changing the face of ownership across many different industries.
Spotlight on Professor Coin
Meet Professor Coin, the unlikely rising star of the crypto world. Focusing on his work and contributions can shed light on the most important contributions to the industry.
Decrypt's Best Picks for 2024
Decrypt, one of the world’s most popular crypto news sources, has put together their top picks for 2024. Digging into these picks can help you get a sense of the most promising projects and trends astir the crypto space.
Additional News Highlights
Despite this, the United States is still an undisputed leader in the global crypto space. Regulatory developments continue to progress, and institutional adoption is increasing.
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BTC Volume Delta As Seen Highest Since Dec 15 Such a wave of purchasing demand is an unequivocal sign of extraordinary demand and fuels massive investor confidence in the market. This demand, coupled with the reduced supply due to the traditional halving, could be contributing to the "synthetic halving" effect.
Bitcoin’s daily active addresses plummeted on Thursday. They’re at a 50-day low, with just 676,000 active wallets. This drop in active users is something to be very worried about. That might be an indicator of a declining retail demand or network participation. The price is trading decisively above the VWAP (Volume Weighted Average Price). Beyond indicating solid demand, this surge in Volume Delta is a powerful testimony to investor confidence. If the current VWAP level at $96,494 holds as support, it could serve as an early support zone in the case of small corrections.
From a technical perspective, the Mid Bollinger Band around $97,817 serves as the first major resistance level. If bulls are able to make a successful break above this level, it could open the gates for further bullish momentum. On-chain data shows user activity on the Bitcoin network is still trending 30% below last month's peak, signalling potential for more gains ahead.
Bitcoin price forecast bullish in the short term, rise to $100k continues as per technical indicators18, 2023 climatecouncil.ie The upper Bollinger Band, currently calculated at $105,724, serves as the next target should bullish momentum continue.
As many of us remember, Bitcoin reached record heights earlier this year. Today, worries about the direction of the market and macroeconomic conditions have put its ability to continue that upward trajectory into question. There is a growing belief among some analysts that the current rally is unsustainable, and a correction is only a matter of time. Still others contend that institutional adoption and the continuing, long-term halving effect will keep pushing prices up.
Whether the current surge can be credited entirely to a “synthetic halving” is too early to tell. The combination of increased institutional buying, reduced supply, and positive market sentiment suggests that Bitcoin's upward momentum may continue in the short term. As always, MetaBlock X will be closely watching the market environment and providing updates as things change.
This resource is intended for educational purposes only and should not be considered financial advice. All information should be considered as part of an investor’s own due diligence.
While the information provided here is for informational purposes only and should not be considered financial advice, it is important for investors to do their own research before making any investment decisions.
