The future is Multi-chain & why Blockchain data is so valuable.
BTC adoption from VISA, MasterCard, JP Morgan, and more.
The back-end of blockchain is the foundation of Web3 innovation and the developers coding the future of finance are one of the most essential players in ensuring Bitcoin is our future. Although it’s not as exciting as rising prices, it is essential.
The future will be omnichain/multichain, and blockchains will be fully interoperable with each other with seamless communication. Soon you can trade assets from Dogecoin to Ethereum, over to Solana through an interoperable DEX or Atomic Swap, and back. This is a night and day difference from the soon-to-be antiquated blockchain bridges of today.
Currently in DeFi, each blockchain has a TVL (Total Value Locked) competing for liquidity on their Decentralized Finance Applications. In the multichain future, all blockchain ecosystems will merge their locked liquidity and create one holistic ecosystem that will drive DeFi to the next level of mainstream adoption.
To learn more about bringing smart messaging between blockchains and the omnichain future, including automated super smart contracts, I speak with Taariq Lewis, Founder of Volume Finance working on the Palomachain project.
How can we take blockchain data and turn it into information to understand the growth of the underlying networks and take advantage of crypto price movements using this data?
To learn more on this, I speak with Ganesh Swami, Co-Founder & CEO of Covalent, on their API driven data solutions, how they’re working with 40+ blockchains to analyze real-time data, and why 3000 dApps in the space are using Covalent including Wallets, NFT products, and more.
This data can be used to more accurately predict Bitcoin and crypto prices, and we discuss other ways to capitalize on their data analysis. We also discuss why more developers worldwide aren't already in blockchain, the limitations for explosive mainstream adoption, the cycles of the bull & bear market, and more.
More Crypto & Market News:
Samsung files to launch Bitcoin and crypto exchange in South Korea in 2023
$FEI Protocol is shutting down. At $188M market cap, it's one of the largest DeFi stablecoins.
Over $600,000,000 in Crypto Liquidated hours after the Bitcoin drop (Don’t leverage and you can’t get liquidated).
JPMorgan CEO Jamie Dimon says "something worse" than a recession could be coming.
Americans opened 233 million new credit card accounts in Q2 2022, the most since 2008.
Australia's On the Run gas stations are now accepting cryptocurrency payments at any of their 175 locations.
Malaysia's largest independent Investment Bank is creating a Bitcoin app for its 500,000 clients for trading.
VISA is launching pre-paid Bitcoin card in Brazil that also pays BTC rewards
MasterCard working with Binance to enable Bitcoin and crypto payments in +90M stores.
Technical Analysis:
$BTC:
After bitcoin broke downwards out of its bull flag, I expected it to hold support above the green line. It’s currently in a small sideways channel with a very small bump upwards. A lot of great adoption news came out this week but does not seem to help Bitcoin rise. The Fear index for Bitcoin is at 28, so fairly low and opportunistic for buying blood in the streets. However, the weak S&P in our next chart could drag Bitcoin down with it in the coming weeks.
S&P 500:
The Stock market is not looking good. Since the market high in Q1 2022, it has been In a downward trend. The S&P rallied throughout the month of July, but is currently dipping, and Birbicator shows a Bear signal on the 1D chart. If the downward trend continues, the S&P could hit new 2022 lows. If the market is stronger, I still expect a 50% retracement towards the July low price to test that support level.
Altcoin of the week: $EOS.
EOS is up 42% on the week. If you caught our newsletter from August 6th, we interviewed the EOS Foundation about the growth of the EOS Platform. Since the interview and the Birbicator Bull signal EOS is up 78%, defying the overall bear trend.
Global Crypto Adoption of digital assets is going well. It’s worth noting the growth of Bitcoin in Africa is up to 53 million users. Bitcoin becoming legal tender in the Central African Republic and other innovations are literally bringing unbanked citizens into the financial world and giving them a chance to create savings and do commerce without the need for a bank. I expect as more regulation comes into North America, the numbers of Crypto holders here will grow dramatically. Keep up the great work Bitcoin!
That’s all for this episode.
Ashton Addison
-CEO, Crypto Coin Show