When is the Bull-Run?: Bitcoin ETF Approval times and Cross-Chain DeFi Swaps.
Traders are eyeing altcoins in preparation for the October BTC rush.
This week demonstrated positive momentum for Bitcoin, with a gradual rise at the beginning of the week transitioning into a loss of strength today heading into this weekend. It was fairly uneventful for Bitcoin and the industry to trigger any drastic market moves. However, proof of strength in the blockchain community was apparent as major conferences like Token2049 in Singapore and Permissionless II in Austin attracted thousands of attendees with a significant interest in the future of blockchain who weren’t afraid to spend their crypto. We musn’t be at the bottom yet surely?
On the web, I also noticed a renewed interest in altcoin purchases and decentralized finance (DeFi), which I explain further in this week's interview episode of the Crypto Coin Show. This includes two prominent Cross-Chain DeFi platforms run by ingenious visionaries.
I am certain those who remain interested during these times of sideways markets, when Bitcoin is not in the news, will be the most rewarded when the time comes. But when is that? I brought on Ledn, one of the top Bitcoin lending services, which closely monitors institutional adoption and Bitcoin ETF approvals, to tell us when exactley the Bitcoin ETF could be approved and the next bull run will kick off.
Bitcoin Adoption: Institutional vs. Retail, and WHEN?
When will we see the approval of Bitcoin ETFs? Will the next bull run be driven by institutional adoption or retail? These are just a few of the topics I discussed with the Co-Founder of Ledn. Ledn still offers the best Bitcoin lending service despite the calamities that occurred in 2022. They are able to offer 6-8% returns on Bitcoin deposits securely, with audits and a Proof-of-Reserve attestation that transparently shows their balances.
While most people have been turned off by Bitcoin lending and yield generation after the Celsius, Voyager, and FTX crashes, there are still companies like Ledn doing it the right way and experiencing significant growth in the process.
Furthermore, they are well-connected in the market as they regularly communicate with major clients. This means they may have a better understanding of the market than outsiders do. In our interview together, Mauricio Di Bartolomeo provided me with some exact timeframes for when he believes the Bitcoin ETFs will be approved, and institutional money will flow in. Ledn works closely with institutions as they are significant clients of borrowing capital.
With these ETF applications, there are typically four deadlines for the SEC to make a decision. The first has already passed, but the second is coming up in October. Could this be when the ETFs are approved, and Bitcoin takes off? You'd better take a listen to our most recent podcast to not miss Mauricio's expert opinion on these ETF deadlines.
CrossChain Crypto Swaps using Polkadot:
To delve deeper into the realm of Cross-Chain DeFi, I had a conversation with Peter Kris, the Co-Founder and CEO of Mangata Finance. During our discussion, we explored the current state of DeFi and the world of cross-chain cryptocurrency swaps offered by Mangata Finance, a platform built on top of Polkadot Substrate technology.
Mangata Finance employs a concept known as multi-rollups and facilitates interchain communication between Layer 2 blockchains to enable seamless, frictionless transactions across different blockchains. Their economic testnet is currently live and accessible on their website, Mangata.finance. It' could be technical, but its a gateway to understand how crypto finance will become on holistic ecosystem.
DeFi Continued: Deposit on one blockchain; Borrow on the other.
How can Decentralized Finance (DeFi) become more user-friendly and less complex when dealing with multiple blockchains managed in isolated silos?
Colton Conley, the mind behind Prime Protocol, grappled with this very challenge. He found himself managing positions across numerous chains, prompting him to develop a cross-chain protocol solution that allows borrowing from one chain and lending on another, all without the need for bridges.
As you may or may not be aware, bridges have had vulnerabilities and significant losses to hackers over the years. Clearly, there is a need for a better solution, and Prime Protocol appears to offer a promising one.
I highly recommend watching to gain insight into how DeFi is evolving into a unified solution, regardless of the blockchain on which your crypto assets originate. This approach is likely to gain wider acceptance as the industry continues to expand.
Have you ventured into DeFi solutions on multiple chains, or have you primarily used Ethereum? Exploring Prime Protocol might be a worthwhile endeavor to simplify your DeFi experience. Colton even hinted at which blockchain networks have high APY’s currently if you use Prime.
Other Crypto News:
Circle launches native USDC on NEAR Blockchain. USDC also launches on Polkadot.
Genesis will stop providing cryptocurrency trading services.
Ripple opens Liquidity Hub platform to Brazil and Australia.
Binance legal chief and chief risk officer will step down
Billionaire Mark Cuban confirms $870,000 worth of crypto stolen from his MetaMask wallet.
83-year-old former Speaker of the House, Nancy Pelosi, announced she is running for another term in Congress.
Optimism performed another Airdrop (#3) of OP tokens. If you received one of the previous Optimism airdrops, check your wallet.
X to integrate payments feature, Elon Musk confirms
Rumours spread that all users of X would be forced to pay for a subscription, but it has been cleared that it is optional (though you do get almost shadowbanned without pay, practically a necessity for business)
Market Analysis:
$BTC:
Bitcoin's positive momentum recently allowed it to re-enter the bull flag channel it has been in since mid-June. To sustain this momentum, Bitcoin will need to remain above $25,800; otherwise, it may drop into the first Reload Zone on the chart, in the $24,000 range.
EngineeringRobo still indicates a Buy signal for Bitcoin on the 12-hour and daily (1D) charts, which is a positive sign. Crypto Birb, from the Birbicator, also signals positive strength, and Birb is maintaining a BTC position based on these buying signals, albeit with a tight stop loss.
I anticipate that we will continue to experience choppy price movements this week, with the hope of a strong start in October.
Another positive development is the increased interest in altcoin purchases this week. Traders are starting to see potential opportunities, and I've noticed growing interest in several coins, including LINK, AAVE, SOL, IMX, ROSE, ALGO, ATOM, and others. According to Coingecko, most of these coins have seen gains of 5 to 15% in the past 7 days.
While these coins may not be skyrocketing at the moment, keeping a close eye on the markets and charts could prove very rewarding when Bitcoin eventually takes off.
Stay tuned next week for an in depth conversation with the Ripple Executives, and more insights into where to best position for the October rush.
That’s all for this episode. Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show