Today Bitcoin (BTC) price rebounded from its recent low at $11,125 on Aug 11 to $11,617. This suggests traders are turning optimistic as key data show a significant amount of liquidity for BTC until $12,000.
As BTC price rallied, many major altcoins surged in tandem. Chainlink (LINK), which has seen strong gains all week, recorded a 19.6%gain. Meanwhile DeFi-related tokens like including Compound (COMP), Maker (MKR), Aave (LEND), and Cosmos (ATOM), saw gains ranging between 20%-50%.
Reasons traders are still bullish on Bitcoin
Historically, the price of Bitcoin has moved toward areas that have the most liquidity and whales tend to target areas with a cluster of buy or sell orders to find sufficient liquidity.
“Green day today. Who could have possibly thought? Well except for me of course. Still a lot of liquidity above us. I say we keep going.”
- Median transaction fees, which have stayed just below historic highs of $3.03, currently sit at $3.00.
- Fees hovered below $1 until mid July when transaction fees started to soar.
- Fee increases coincide with surging activity on popular decentralized financial protocols like Uniswap.
- At least three similar decentralized finance applications are included on a list of protocols with the highest levels of network utilization, curated by Etherscan.
- While Ethereum developers have toyed with numerous technical options to reduce fees by scaling the network's transaction capacity, a possible fix remains months away.
Catastrophe has been narrowly averted by YAM Finance after the DeFi community rallied in support of a campaign to recapture governance over the protocol.
After a tense day, the most talked about new decentralized finance (DeFi) protocol YAM Finance has overcome a near-catastrophic code error.
The future of Yam Finance was abruptly thrown into question earlier today when a bug in the protocol’s code resulted in excessive YAM reserves being minted — rendering it “impossible to take any future governance actions.”
Over 1 million South Koreans have traded in their plastic driver’s licenses in favor of a blockchain-powered, police-issued smartphone-based digital alternative.
Per Daily Kyungjae, the initiative allows drivers to identify themselves to police using barcodes or QR codes, as well as the blockchain-powered PASS smartphone app.
The project won approval from the nation’s Ministry of Science and ICT in September last year, but the uptake this year has been encouraging after a rollout in May.
The nation’s Korea Road Traffic Authority has also taken part in the project, as have all three of South Korea’s biggest mobile carriers: SK, KT and LG U+.
After record strength in the Bitcoin markets at the end of July, Kraken is predicting that BTC could see price gains of up to 200% over the coming weeks and months.
Major U.S.-based crypto exchange Kraken has released a report predicting that Bitcoin (BTC) will rally by between 50% and 200% in the coming months.
The report notes that Bitcoin posted a 21-month low for volatility on July 24 of just 23%, and stated that BTC’s 12 historic volatility lows (of between 15% and 30%) have typically been followed by a rally of 140% on average.
With August usually the third-most volatile month for BTC price fluctuations, Kraken is predicting that upward momentum produced by Bitcoin at the end of July will continue for several months to come.
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