The post Bitcoin Eyes $70K, Stacks Gets DeFi Boost, Hamster Coin Flops, and FET Leads AI Charge appeared on BitcoinEthereumNews.com.

Bitcoin price nears $70,000 as investors anticipate further gains. Stacks Layer 2 upgrade set to boost decentralized finance on Bitcoin. Hamster Combat token launch faces community backlash after sharp value drop. Bitcoin is past $66,000, and Altcoin Buzz has broken down what can fuel the push to reclaim $70,000. Industry pundits cite the recent Federal Reserve’s interest rate cuts as a key factor in Bitcoin’s future price movements, as lower rates trigger more investment in riskier assets. But long-term holders are reportedly selling off, which could make the market more volatile. This increase in sales is evident in the liveliness indicator, a metric that tracks activity by these holders. As Bitcoin’s price reaches key levels, such selling behavior has the potential to slow its rise. Despite these concerns, Altcoin Buzz mentioned that technical indicators suggest that Bitcoin could still rise by as much as 35%, potentially reaching $81,550. Stacks Layer 2 Prepares for Major Nakamoto Upgrade Stacks, a Bitcoin Layer 2 solution, has experienced a surge in its native token STX, with prices increasing by 30% in the past week. The community is now preparing for the Nakamoto upgrade, scheduled for October 9. This upgrade will improve decentralized finance (DeFi) capabilities on Bitcoin, introducing faster transactions and a new Bitcoin-pegged token called SBDC. The Stacks Foundation recently announced a record number of smart contracts deployed on its platform, signaling growing interest in Bitcoin-based DeFi. Data from DeFi Llama also shows that Stacks’ Total Value Locked (TVL) has surged by 70%, jumping from $91 million on September 18 to $112 million at present. Hamster Combat Token Launch Goes Wrong The launch of the Hamster Combat token, tied to a tap-to-earn game on Telegram, has been a mess. After its debut on September 26, the token’s value plummeted by 50%, angering users.…

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Filed under: News - @ September 28, 2024 1:24 pm