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Bitcoin-friendly PPI data boosts bulls as Ether price fights for $2K

Bitcoin (BTC) preserved $30,000 support at the April 12 Wall Street open as more United States macroeconomic data boosted bulls.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

PPI hints further inflation drops to come

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $30,250 on Bitstamp.

Amid a slowdown in volatility, U.S. Producer Price Inflation (PPI) data provided a timely hint that inflation was slowing faster than expected.

Headline PPI came in at 2.7% year-on-year versus market expectations of 3% — an encouraging result for risk assets.

Financial commentary resource The Kobeissi Letter was among those noting that the month-on-month drop in PPI values was the largest since the peak in March 2022.

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Can Ethereum crack $2K? ETH price inches closer despite new unlocked supply

The price of Ethereum’s Ether (ETH) token edged toward $2,000 a day after the launch of the network’s long-anticipated Shapella upgrade.

Ethereum ducks sell-the-news fears

On April 13, Ether’s price gained roughly 4% to reach an intraday high of $1,996 on Coinbase, ignoring the potential sell-off pressure the Shapella upgrade could potentially bring to the market.

ETH/USD daily price chart. Source: TradingView

To recap: The Shanghai hard fork, also known as “Shapella,” enables users to withdraw their ETH from Ethereum’s proof-of-stake smart contract.

As of 9:00 am UTC on April 13, over 98,000 ETH worth around $194.8 million has left Ethereum’s voting balance reserves since the Shanghai launch a day ago, according to Nansen. In other words, nearly $200 million in potential selling pressure has entered the market.

ETH deposits vs. withdrawals. Source: Nansen

But Ether’s price rise since Shanghai suggests that the market has had no problem absorbing any selling pressure arising from this event so far. It’s also possible that most users have decided to hold onto their ETH staking rewards rather than sell them in anticipation of further gains.

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Why join a blockchain gaming guild? Fun, profit and create better games

Blockchain gaming guilds are the continuation of an ancient tradition. Guilds have existed since the beginning of capitalism in the fourteenth century. The most popular European artisan guilds were seven major guilds of Florence known as Arti Maggiori, which helped refine and improve crafts and trades from medicine to banking and weaving.

Can blockchain gaming guilds perform a similar role to help refine and improve games and gameplay? We’re in the middle of rapid experimentation to find out. 

Colin Goltra, chief operating officer of Yield Guild Games.

Colin Goltra, chief operating officer of Yield Guild Games — a decentralized autonomous organization — says that similar to the ancient guilds, a gaming guild is a group of players who pool their resources and collaborate to achieve greater rewards. They work with valuable in-game digital assets in games developed by decentralized communities.

As the blockchain gaming sector grows rapidly, guilds have positioned themselves as key entry points for new players, offering unique feedback loops with informative insights into game design, future gameplay and education around blockchain features of games.

Gaming guilds onboard new players

Up to date and accurate research on blockchain gaming guilds appears thin on the ground. According to BreederDAO figures, a Philippine-based blockchain gaming startup, the top 25 guilds had a potential base of 900,000 players by the end of 2021, but only 89,935 scholarships were operating. However today, YGG alone has 30,000 scholarships so those numbers are out of date, but it seems safe to say there is likely still a large untapped base out there. 

Colin Goltra, COO, Yield Guild Games
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What Bitcoin bear market? BTC price closely copying old halving cycles

Bitcoin (BTC) price action is right on track when it comes to sealing new all-time highs, new data suggests.

A suite of price metrics from on-chain analytics firm Glassnode released on April 11 hints that Bitcoin’s current halving cycle is playing out in classic style.

BTC price closely resembles prior halving cycles

With BTC/USD up over 70% in 2023 and far from its $15,600 lows in November 2022, analysts are already considering the role of next year’s block subsidy halving.

Set to cut the amount of BTC miners “mint” per block from 6.25 BTC to 3.125 BTC; the upcoming halving represents an emission decrease exactly like others that preceded it.

Bets are therefore increasing over the impact on Bitcoin price performance, likewise copying past halvings, with the event itself acting as a springboard for all-time highs.

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When levees break, liquidity flows — Analyzing Ethereum Shapella and liquidity staking derivatives

The Ethereum network’s planned Shanghai hard fork is nearly here. Planned for April 12, this is the first major upgrade since The Merge in September 2022. The “Shapella” upgrade (a combination of the two major proposals Shanghai and Capella), includes EIP-4895 which enables validators to withdraw staked ETH from the Beacon chain (Consensus layer) to the EVM (execution layer). The execution layer is the fun and friendly Ethereum users have come to know and love. 

Why is this a big deal? With just over 18 million ETH currently staked (valued at just over $33 billion at the time of writing), some of which has been locked up for years, the possibility of these tokens flooding an already teetering market is enough to get some holders ready to sell the news once withdrawals are enabled.

For holders who are both long and short ETH post-withdrawals, it’s likely to be a significant event, and on-chain activity suggests many feel the same: activity around liquid staking derivatives (LSDs) can be a useful gauge for what the market might do post-unlock.

Liquid Staking Derivatives could exert influence over Beacon Chain unlocks

What are liquid staking derivatives? They are a relatively new financial instrument born of DeFi that function like bearer instruments for staked ETH. Similar to how borrowing and lending protocols give users a share token to represent locked collateral (think Aave’s a-tokens), staking ETH generates a wrapped asset used to claim the equivalent amount of Ethereum from the staking platform. When a staker deposits ETH with major platforms like Lido, Rocketpool, Frax, Stakewise and now Coinbase, they receive a platform-specific flavor of LSD. Because staked tokens are illiquid, these wrapped assets allow stakers to continue earning rewards while securing the network without completely giving up the opportunity to participate in other activities within DeFi.

Liquid staking derivatives aim to solve these problems by allowing staked assets to be traded on secondary markets. This means that stakers could access the value of their staked ETH before the Shanghai upgrade enables withdrawals or, in the future, while maintaining their staked position. For example, a staker could use their wrapped ETH as collateral on another platform, or cover an unexpected expense by selling their LSD on a secondary market.

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Ethereum price metrics hint that ETH might not sell-off after the Shapella hardfork

Ether (ETH) price has increased by 58% year to date, but it has far underperformed the market leader Bitcoin (BTC). In fact, the ETH/BTC price ratio has dropped to 0.063, its lowest level in 9 months. 

Analysts believe that the majority of the movement can be attributed to the Ethereum network's upcoming Shapella hard fork, which is scheduled for April 12 at 10:27 p.m. UTC.

Ether / Bitcoin price ratio at Binance. Source: TradingView

The Ethereum network upgrade will allow stakers to unlock their Ether rewards or stop staking entirely. By April 11, over 170,000 ETH withdrawals were requested, according to the analytics firm Glassnode. However, the total staked on the Beacon Chain exceeds 18.1 million ETH, which has traders fearful until more information on ETH’s potential selling pressure becomes available.

Is the price impact of the Shapella fork already priced in?

The staking unlock was widely known and expected, so traders could have anticipated the movement. Some analysts have gone so far as to call the hard fork a "buy the news" event.

Using a meme, trader @CanteringClark is likely expressing dissatisfaction with the theory, but to invalidate the hypothesis, one must investigate potential reasons for ETH’s underperformance other than the much anticipated hard fork.

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LayerZero’s multi-chain ecosystem grows as airdrop hunters ramp up their efforts

LayerZero is a communication method that facilitates cross-chain applications. Its low-level messaging capabilities enable the development of omni-chain functionalities on top of it, such as decentralized exchanges, money market protocols and numerous other DeFi applications that can benefit from cross-chain liquidity provisions.

The LayerZero platform was launched in September 2021 with Stargate Finance, a cross-chain bridge, as the first application built on it. The project raised $261 million in three funding rounds, doubling its valuation from $1 billion to $2 billionfrom March 2022 to March 2023.

Data analytics firm Nansen reported that decentralized applications (Dapps) built on LayerZero are some of the top-used entities across blockchain platforms like Aribtrum, Optimism, Ethereum, Binance Chain and Polygon.

In the first week of April, LayerZero-powered applications like Stargate and Radiant Finance were most used on Arbitrum and Optimism. On Polygon, Binance Chain and Ethereum, LayerZero and its applications ranked between 7th and 30th concerning user activity.

The primary motivation for the increasing adoption is the speculation around the native token airdrop of LayerZero. The team has included a mention of the ZRO token in their source code on Github, which makes an airdrop toward early users likely.

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Ethereum traders show uncertainty ahead of Apr 12’s Shapella hard fork: Report

The Ethereum network’s Shapella upgrade, scheduled for around 10:30 pm UTC on April 12, has induced significant uncertainty among traders, according to a report by Kaiko. 

The upgrade will enable staked Ether (ETH) withdrawals from the Beacon Chain for the first time since its launch in December 2020. According to previous estimates, the upgrade will add nearly 1.2 million to 3 million worth of ETH selling pressure in the first few weeks. This is one of the main reasons traders appear to be taking a cautious stance ahead of the upgrade.

Kaiko’s report shows that ETH is lagging behind Bitcoin (BTC) in spot and futures trading volumes, while options market data shows traders are actively adding short-term hedging positions.

Ethereum’s market share in U.S. dollar trading volume compared to Bitcoin declined to March 2021 lows near 30%, per Kaiko data, showing that Ether has “struggled to maintain pace” with Bitcoin spot volumes. During Ethereum’s last big upgrade, the Merge, its market share relative to Bitcoin reached a high of 53%.

Similarly, the relative increase in the open interest (OI) volumes for Bitcoin has surpassed Ethereum considerably with the April 10 price surge above $30,000.

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Bitcoin price rivals 10-month high as CPI data beats expectations

Bitcoin (BTC) spiked higher prior to the April 12 Wall Street open as United States inflation data outperformed market forecasts.

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView

CPI offers "great inflation print" for risk-on bulls

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it neared new ten-month highs on Bitstamp.

Widely-predicted volatility entered immediately following the release of Consumer Price Index (CPI) data for March. This broadly conformed to expectations, with the year-on-year increase undercutting assumptions by 0.2%.

"The all items index increased 5.0 percent for the 12 months ending March; this was the smallest 12-month increase since the period ending May 2021," an accompanying press release from the U.S. Bureau of Labor Statistics confirmed.

This was nonetheless enough to spark some optimistic upside on crypto markets ahead of the Wall Street open, with potential further upside in line with equities to come.

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Pro-XRP lawyer John Deaton ‘10x more into BTC, 4x more into ETH’: Hall of Flame

From childhood dreams of becoming a rapper to serving in the United States Marines, to now being “the pro-XRP lawyer” on Crypto Twitter, John Deaton has had an eventful life.

While his dream of becoming a rapper didn’t work out, John Deaton’s 260,000 Twitter following would make many up-and-coming rappers envious.

“That was about 10 years before Eminem came out — I didn’t have that level of school,” Deaton says of his music biz dreams.

He has become a legend among the XRP army over the past couple of years, fighting in their corner after the United States Securities and Exchange Commission sued Ripple, alleging it had issued unregistered securities.

Deaton has a strong belief that the “innocent holders” of XRP deserve a knight in shining armor standing up for them in the same way Ripple has a squad of lawyers fighting for the company. 

Crypto City Guide to Prague
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Bitcoin price teases $30K breakdown ahead of US CPI, FOMC minutes

Bitcoin (BTC) traced $30,000 on April 12 as looming United States macroeconomic data heightened nerves.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Analyst warns markets "discounting significance" of CPI

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near the significant psychological level after overnight lows of $29,875 on Bitstamp.

Consumer Price Index (CPI) for March are due at 2.30pm Eastern time, followed by minutes from last month’s meeting of the Federal Reserve Federal Open Market Committee (FOMC), at which policymakers confirmed a 0.25% interest rate hike.

“Today is US CPI day, and for the first time in a long while, it feels like the market is discounting the significance of this event…,” analytics account Tedtalksmacro wrote in part of Twitter commentary.

“Trader positioning leading into today is nowhere near as conservative/risk-off as we typically would observe.”

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Ethereum price retests key support level that preceded 60% gains in June 2022

Ethereum’s Ether (ETH) token continued its losing streak versus Bitcoin (BTC) for the fifth day in a row as BTC’s price jumped above $30,000 for the first time since June 2022.

ETH/BTC bullish reversal fails midway

On April 11, the ETH/BTC pair dropped nearly 1.6% to 0.0634 BTC to retest multi-month lows.

ETH/BTC daily price chart. Source: TradingView

The ETH/BTC level is down 6.75% from its local peak of 0.0679 BTC set six days ago. It is also just 2% above the pair’s local low of 0.0622 BTC from March 20, showing that Ether’s bullish reversal attempt versus Bitcoin is near failure.

Interestingly, institutional interest also appears to gravitate more toward Bitcoin than Ethereum, according to CoinShares’ weekly report. It shows that the Bitcoin-focused investment funds witnessed inflows worth $56 million in the week ending April 7.

Net flows into crypto funds in the week ending April 7. Source: CoinShares

In comparison, the Ethereum-based funds received only $600,000 despite the hype around its long-awaited Shanghai hard fork on April 12.

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Bitcoin holds $30K, but some pro traders are skeptical about BTC price continuation

Bitcoin (BTC) price has finally broken the $30,000 level after the key price zone lasted as a ten months resistance level. BTC price rallied 6.5% on April 10 and the much-awaited price gain ended an agonizing 12-day period of extremely low volatility, which saw the price hovering close to $28,200. Bulls are now confident that the bear market has officially ended, especially considering the fact that BTC price has gained 82% year-to-date.

Another interesting note is, Bitcoin's decoupling from traditional markets has been confirmed, after the S&P 500 index presented a mere 0.1% gain on April 10, and WTI oil traded down 1.2%. Bitcoin traders are likely anticipating the Federal Reserve's interest rate policy to reverse sooner than later.

Stagflation risk could be behind the decoupling

Higher interest rates make fixed-income investments more attractive, while businesses and families face additional costs to refinance their debts. The reversal of the U.S. central bank's recent tightening movement is deemed bullish for risk assets. However, the fear of stagflation — a period of increased inflation and negative economic growth — would be the worst-case scenario for the stock market.

Fixed-income traders are betting that the Federal Reserve probably has one more interest-rate hike because the latest economic data displayed moderate resilience. For instance, the 3.5% U.S. unemployment rate announced on April 7 is the lowest measure in half a century.

The U.S. treasuries market suggests a 76% chance that the Federal Reserve will bolster the benchmark by 0.25% on April 29, according to Bloomberg. There's also the added uncertainty of the banking crisis's impact on the sector, with JPMorgan Chase, Wells Fargo and Citigroup scheduled to report first-quarter results on Friday.

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Bitcoin double top ‘invalidated’ amid fear CPI may fuel macro comedown

Bitcoin (BTC) got busy testing $30,000 as new support at the April 11 Wall Street open after hitting new 10-month highs.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$30,000 surge decimates liquidity

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD coming down from an overnight peak near $30,500.

The pair had spent most of the day bouncing from the $30,000 mark after finally passing it in a short squeeze weeks in the making.

Major misgivings from some market participants accompanied the move, with fears centering on a potential correction to $25,000 or even lower.

Takes became more optimistic on longer timeframes, however. The $30,000 push, for instance, cemented popular trader and analyst Rekt Capital’s conviction that Bitcoin had abandoned a bearish double top formation from Q1.

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Ronin (RON) bags a 500% gain as the gaming-focused project approaches a major upgrade

Ronin Network’s native token RON recorded 5x gains since the start of the year thanks to its plans to shift to a Delegated Proof-of-Stake (DPoS) consensus mechanism and expand its gaming portfolio beyond Axie Infinity.

The gaming-focused layer-2 Ethereum blockchain will change its current Proof-of-Authority to the DPoS consensus mechanism on April 12.

The previous mechanism had around six to nine participants securing and validating transactions on the network, which put the network at a centralization risk. It was the leading cause of the $650 million hack from the Ronin network on March 29, 2022.

The new DPoS consensus mechanism allows RON stakers to earn from the network’s fees and vote on the set of validators operating the network.

Additionally, Sky Mavis, the team behind Axie Infinity and the Ronin Network, is also working on expanding the gaming portfolio of the Ronin Network. On March 30, they announced that four new gaming studios are building on the Ronin Network, including Tribes Studio, Bali Games, Directive Games and

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XRP price rally stalls as SEC vs. Ripple ruling drags on — 25% drop ahead?

XRP (XRP) rose 2.1% to $0.52 on April 11, extending its daily gains from $0.50 alongside a broader cryptocurrency market rally, with traders pinning hopes on easing inflation data into April 12.

XRP price: lackluster volumes raise risk of 25% correction

XRP’s upside move brought it closer to breaking out of its prevailing bull pennant range, with a price target of $0.65.

XRP/USD daily candle price chart. Source: Tradingview

However, lackluster volumes accompanying XRP’s gains hinted at a potential price correction in the future. That could mean a short-term pullback toward the pennant’s lower trendline near $0.51 in April or a broader correction altogether invalidating the bullish continuation setup.

The extended sell-off scenario is best visible on the weekly chart below, wherein a key resistance-turned-support line has limited XRP’s upside prospects.

XRP/USD weekly price chart. Source: TradingView

If the fractal plays out again, XRP’s price will risk falling toward its multimonth ascending trendline support near $0.40 by May, down about 25% from current price levels.

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ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder

ZK-rollups are the hottest thing in Ethereum right now, having seemingly appeared out of nowhere in late 2018 to fundamentally reshape the “Eth2” plan to scale via sharding alone.

Zero-knowledge, or validity proof rollups, essentially perform the computations for many thousands of transactions away from Ethereum and then write a tiny cryptographic proof back to the blockchain that verifies those transactions were performed correctly. It’s much faster and cheaper than using the base layer and has the potential for virtually unlimited scaling.

To an outsider, it looked like the technology went from 0 to 100 in a couple of years, but from the perspective of Polygon Miden founder Bobbin Threadbare, it doesn’t seem fast enough.

“Your internal perception is that it’s moving slowly,” he says. “People say, ‘We’re going to be doing this in a year,’ and it takes longer because people overestimate [how quickly it can be done].”

“But if you take a step back out of your own bubble, I do think that the tech is moving at an amazing pace. A lot of the things we’re doing now did not exist 10 years ago — or even maybe like eight years ago — they were just theoretical concepts.”

Polygon’s crack team of co-founders including Threadbare back row, second from the right
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Bitcoin price faces ‘bearish divergence’ amid $22K correction target

Bitcoin (BTC) held $30,000 as support before the April 11 Wall Street opening, with fresh doubts emerging over the rally’s strength.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price finally tackles $30,000 resistance cloud

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit 10-month highs of $30,438 on Bitstamp.

Almost one month in the making, the final surge to $30,000 delighted many traders who considered the move to be a matter of time.

Having uploaded a roadmap showing BTC/USD continuing to gain, Crypto Kaleo argued that Bitcoin was still the best investment allocation for capital, rather than cash or altcoins, at current prices.

“Bitcoin is breaking out, of course all of the USD charts are going to look decently bullish,” part of the day’s Twitter commentary stated.

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Bitcoin price rallies to $29.4K as traders gear up for this week’s CPI print

Bitcoin (BTC) rose to its highest level in ten months on April 10 as traders await this week's April 12 consumer price index report to gain deeper insight into the Federal Reserve's fight against sticky inflation. If the report shows inflation dropping, it could be the next possible catalyst that further's BTC's upward move. 

On April 10, BTC price soared 3.37% to over $29,300 after a quiet Easter weekend. Interestingly, Bitcoin's intraday gains appeared alongside a drop in U.S. equities, a rare decoupling that highlights the coin's diminishing risk-on characteristics.

BTC/USD year-to-date returns versus U.S. stock indexes. Source: TradingView

The pre-CPI dynamic could be in effect

The Bureau of Labor Statistics will release March consumer price index (CPI) data on April 12, which expects to show inflation down to 5.1% from 6.0% year-over-year previously.

A slowdown in headline CPI increases the prospects of the Federal Reserve shifting in a more dovish direction. Conversely, persistent inflationary forces could lead traders to bet on more interest rate hikes in May.

Bitcoin's rise above $29,000 suggest that crypto traders have been pricing in a drop in inflation, which, in turn, could lead to a potential Fed pivot.

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'Pop or drop?' Bitcoin analysts decide if BTC price will beat $30K

Bitcoin (BTC) continues to tread water at the April 10 Wall Street open, but crypto market participants are betting on a serious breakout next.

After a late surge took BTC/USD to its highest weekly close since June 2022, there is new optimism over an attack on $30,000.

Data from Cointelegraph Markets Pro and TradingView shows a cool start to the macro trading week, with $28,200 currently forming a focus.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

With formidable resistance overhead, however, Bitcoin has spent much of the last week in a firmly established but increasingly narrow trading range.

The longer this holds, the theory goes, the more intense the eventual breakout should be — whether up or down.

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