Bitcoin indicators suggest slow but steady growth in the future
Long-term bitcoin (BTC) investors could play a crucial role in driving prices higher in the near future, as indicated by data from CryptoQuant and Glassnode. CryptoQuant reports a gradual increase in the Unspent Transaction Withdrawal (UTXO) value range from 1,000 to 10,000 BTC from December 2022. This increase in bitcoin's UTXO value combined with steady prices suggests that 2022 may have marked a long-term bottom for the cryptocurrency.
UTXO indices provide insight into investor behaviour, especially whales, and value ranges between 1,000 and 10,000 UTXO are considered an influential indicator of price trends. The recent spike in these UTXO ranges is reminiscent of the pattern seen in 2019, when the bitcoin price jumped from $4,000 to a high of $61,500 in April 2021, which preceded the market crash in 2022.
Shanghai adopts blockchain
China's Shanghai, known as the country's largest city and global financial centre, has taken steps to promote the adoption of innovative technologies such as blockchain, meta-universe and the digital yuan. Despite the Chinese government's strict stance on digital assets such as bitcoin (BTC) and others, it recognises the potential benefits of blockchain technology and is exploring the use of various innovative technologies.
The Shanghai government has published new guidelines aimed at accelerating the adoption of these technologies across all industries in the city. Market participants in sectors such as automotive, commodities trading and e-commerce will be required to integrate and explore options for utilising blockchain and meta-universe in their operations.
Hackers hacked the Twitter account of the creator of Uniswap
This week there was an incident with the hacking of the Twitter account of the creator of the decentralized exchange Uniswap, Hayden Adams. Attackers posted a suspicious link, urging users to go to a phishing site and promising fictitious "UNI gift tokens" in return. Their goal was to gain access to the personal data and financial assets of users who were unaware of the threat. However, a few hours later, Hayden Adams reported regaining control of his account.
Uniswap is a decentralized financial exchange (DEX) service for exchanging and trading cryptoassets that uses software smart contracts to bypass central intermediaries. This makes the platform particularly attractive to the cryptocurrency community.
Tesla continues to hold BTC
According to the company's latest financial report, we can conclude that Tesla still has $184 million worth of bitcoins. It's worth noting that this number may be significantly underestimated due to the accounting peculiarities associated with digital assets. If bitcoins rise in value, their current value in the report will not reflect their actual market price until they are sold. As a result, the amount of bitcoins held by Tesla could be significantly higher than the reported $184 million.
Stellar (XLM) has risen dramatically over the week
Over the past week, the value of Stellar (XLM) has risen by nearly 70%. Since the middle of last week, this cryptocurrency asset has increased its value by 68.8%, making it one of the top performing among the top 100 digital currencies. Only XRP has surpassed it, rising 72.3% in seven days.
As of Friday, July 21, the XLM exchange rate has strengthened to $0.164. This is the highest level for this altcoin since mid-May 2022.
Coinbase exchange joined the Stellar network, which allowed easy withdrawal of USD Coin (USDC) Stablecoins and deposits. This decision had a positive impact on the attractiveness of XLM as an underlying blockchain asset.
Open interest in Stellar futures also increased sharply and reached $125.34 million, which is the maximum value since November 2021. Such data is reported by the CoinGlass platform.