Quo vadis, Bitcoin? The cryptocurrency is still trapped in the trading channel. The news is more than bullish. The opinion ECHO.
Sometimes Bitcoin doesn’t really want to. The crypto reserve currency has been trading between 30,000 and 35,000 US dollars in the channel for months. Every outbreak arouses joyful expectations for an end to the sideways trend – only to dispel all hopes for sustainable green candles.
Fortunately, there is Bitcoin Twitter. Because memes like this sometimes bring the feeling of the summer slump to the point.
A “strange bitcoin cycle”
The signs are definitely pointing to Bull Run. If you look at the growth of the network, measured by the number of participants: newcomers, the trend clearly points northwards.
This is probably the most fascinating Bitcoin on-chain chart right now. The units on the network continue to hit new highs during this price dip since the recent ATH of $ 65,000. If 65k is the cycle top at the end, this was certainly an odd little cycle …
What analyst @ Dilution-proof by “weird little cycle” means is the strange behavior of cryptocurrency # 1 compared to past cycles. If $ 65,000 was indeed the all-time high, the cycle would of course have been much shorter than any other.
Easy to understand charts from @ChartsBtc about #Bitcoin.
The same data seen in different ways, but all of them show that there are two incredible quarters ahead of us.
User @dustinwatchman, meanwhile, puts his horses in the second half of the year – and again bases his thesis on past cycles.
Jack Dorsey announces Bitcoin DeFi platform
And then there was Jack Dorsey. The Twitter founder announces a DeFi platform for Bitcoin applications via Twitter (where else). According to Dorsey, Square is working on a spin-off called “TBD” to make Bitcoin DeFi-ready.
Square is launching a new company (which will partner with Seller, Cash App and Tidal) that will focus on building an open developer platform with the sole goal of facilitating the creation of permission-free and decentralized financial services. Our primary focus is #Bitcoin. The name of the platform is TBD.
So far, Bitcoin has not been the method of choice for DeFi applications, as the coin is less programmable than Ethereum, for example. It makes sense to equip the cryptocurrency with the largest market capitalization for decentralized finance.
By the way: According to Dorsey, anyone who wants to earn money from all of Jack’s hard work on Bitcoin simply has to invest in Square shares. Finally, the company also acts as an umbrella organization over the Bitcoin projects.