📈 General Bitcoin Market News
Fear and Greed Index
- Current Value: 68
- Change Since Last Week: +1
Bitcoin Price Update
- Current Price: $63,745.27
- Weekly Percentage Change: +4.1%
Market Sentiment
- With some analysts calling for a summer lull, whilst others are saying 'this time it's different' due to the ETF inflows, there is some uncertainty in the market, though Bitcoin is still holding up at the highs.
- US ETFs are netting an outflow of -$2.037B whilst HK are netting a modest inflow $19.09M bringing total net Outflows across US and HK to around -$2.018B which seems to further indicate an increase of fear or caution for the summer: source
- With Bitcoin having reached all time highs, greed has been high leading to profit taking. Potentially a 'Sell In May and Go Away' situation but remains to be seen.
- The federal funds rate (FFR) is steady at 5.25-5.5%. The Federal Reserve said Wednesday it would pause its historic rate-hiking campaign as it waits for the effects to trickle further through the economy, but signaled that additional rate hikes are likely this year.
BTC Liquidations
- Total Shorts Liquidated: $503.096M
- Total Longs Liquidated: $611.387M
🌐 Bitcoin Ecosystem Updates
Stacks News
The latest update on the Nakamoto Rollout has projected another 8 weeks of required development time followed by time for testing before the eventual activation of the Nakamoto Upgrade. This could mean that activation could be more likely to happen in August. This change is being made to ensure the safety and liveness of the network upgrade. This grand upgrade to the network will usher in fast block times and transactions secured by 100% Bitcoin finality.
Key Changes with the Nakamoto Upgrade
- Fast Block Production: The upgrade will decouple block production from cryptographic sortition, allowing for faster production of blocks. This change will enable miners to produce more blocks simultaneously while stackers help validate, eliminating the need for sortition.
- Bitcoin Finality: Transactions on the Stacks blockchain will become as irreversible as those on Bitcoin, enhancing the immutability and security of the network.
- Elimination of Forks: The upgrade aims to prevent the Stacks blockchain from forking on its own, ensuring more stability and consistency.
- Fair Play in Mining: Adjustments to the sortition algorithm will reduce the advantage that Bitcoin miners currently have over Stacks miners, aiming to minimize Miner Extractable Value (MEV) manipulation and ensure fair competition.
- Tying Block Production to Bitcoin: Stacks block production will be tied directly to Bitcoin block production, leading to synchronized and faster block times while maintaining security and preventing forks.
The Nakamoto Upgrade is designed to address various issues within the Stacks ecosystem, including slow block times and challenges in miner cooperation, by implementing significant technical advancements to enhance speed, security, and fairness in mining practices.
Here's how easy it is to create a dashboard with Stacks data on Ortege Studio:
Check out our Stacks Nakamoto Dashboard
Sign Up
Stacks Ecosystem Update
- Hermetica introduces the first Bitcoin-backed, yield bearing synthetic dollar, USDh, which is integrated directly into the Bitcoin L1 with the Runes Protocol and additionally the L2s like Stacks. Learn more.
- Stacking DAO announce partnership with Hermetica, enabling new yield sources and point opportunities. Users get a 50% points boost for stSTX deposited into Hermetica vaults. Impressively, the number of total stackers continues to rise and you can check out more Stacking DAO data with Ortege AI's Stack Shack Dashboard, here. Additionally, it has been announced that $stSTX is now listed on Coingecko.
Stacking DAO Data, courtesy of Ortege Studio
- XLink partner with Coincover, a UK-based digital asset protection firm, to revolutionize Bitcoin's role in DeFi by combining Cobo's advanced multi-party computation (MPC) custody technology, XLink's innovative liquidity solutions, and Coincover’s strong blockchain security measures. Learn more.
- Alex Lab introduce $LiALEX, an autocompounding rebase token. Learn more.
- Bitflow introduce a partnership with Ducat which is set to introduce the first Bitcoin L1-native, decentralized stablecoin on Runes.
Top Bitcoin Ecosystem Highlights
- BOB | Build on Bitcoin
- BOB Mainnet is Live! Here are the highlights:
- $300M TVL and 40+ projects live
- Merging Bitcoin's PoW with Ethereum's DeFi
- Innovations like one-click BTC to BOB bridging
- Shoebill Finance goes live on BOB mainnet and become the #1 protocol by TVL with over $7M. Learn more.
- BOB Mainnet is Live! Here are the highlights:
At Ortege AI, we are working towards indexing BOB Mainnet so you can start generating insights on all the mainnet action. For now, you can become accustomed to using Ortege Studio to query BOB Testnet.
Here is an example of how you can query for the BOB testnet TPS using Ortege Studio.
Step 1: Create Free Account.
Step 2: Go to Ortege Studio SQL Lab.
Step 3: Run Query:
SELECT sum(`average_transactions_per_second`) AS `SUM(average_transactions_per_second)`
FROM
(SELECT AVG(transactions_per_second) as average_transactions_per_second
FROM
(SELECT 1 / NULLIF(UNIX_TIMESTAMP(converted_block_timestamp) - UNIX_TIMESTAMP(LAG(converted_block_timestamp) OVER (ORDER BY converted_block_timestamp)), 0) AS transactions_per_second
FROM
(SELECT block_timestamp,
TO_TIMESTAMP(block_timestamp) as converted_block_timestamp
FROM `external`.db_bob_testnet.tbl_test_br_transaction) AS timestamp_conversion) AS tps_calculation) AS `virtual_table`
LIMIT 50000;
Step 4: Click Create Chart
Step 5: Select Chart, Drag Parameters in Place and Run
Watch the Tutorial Below
- B2 Network:
- Mainnet is now live!
- UniRouter announce partnership with B2 to launch exclusive Liquid Staking Derivatives. Learn more.
- Shoebill Finance is now LIVE on B2 Network. Learn more.
- B2 announces B² Hive Protocol which utilises the B² Proof-of-Stake (PoS) consensus mechanism, the Hive Protocol enables users to safeguard B² and receive B² token rewards by staking $BTC. Start here. Here are the latest stats:
- Total BTC safeguarding B² Network in B² Hive: 1130.84 BTC
- Mainnet transactions: 12.93 million
- Mainnet wallet addresses: 1.10 million
- Lorenzo Protocol welcomes B2 to it's ecosystem.
- XLink - B² Network Bridge goes LIVE.
- Merlin Chain:
- Merlin Chain Announces Collaboration with http://Inscribed.space and Support for Bridged Bitmap Airdrop.
- Hiveswap Teams Up with MerlinStarter.
- BridgeM Released Launch of $BDGM and some Merlin’s Seal Participants are Qualified the Airdrop.
- Merlin Chain Launched NFT Unstaking on April 30th. Learn more.
- Last Call for Make BTC Yield Again Incentive Program - 400M Solv points & 2M $MERL Tokens. Stake your BTC.
- APRO Oracle unveil strategic alliance with Merlin Chain, bringing predictive insights.
Here's a Sneak Peak! Sign Up Here.
Runes Ecosystem
At Ortege, we have Bitcoin data available to query, and that includes Runes – Sign up
Upcoming Events
- Bitcoin Asia:
- Location: Hong Kong
- Venue: Kai Tak Cruise Terminal
- Dates: May 9-10
- Tickets
Closing Thoughts
As we navigate through fluctuating market sentiments and anticipate future developments, staying informed is crucial. Whether you're tracking Bitcoin prices, following ETF flows, or exploring new blockchain innovations, each element plays a significant role in shaping the market dynamics. Keep an eye on these evolving trends to make well-informed decisions in your investment journey. Join us at upcoming Bitcoin events to connect with experts and gain deeper insights into the future of Bitcoin.
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