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Coinbase Brings Bitcoin to Solana with cbBTC
Published
4 months agoon
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Coinbase has just announced cbBTC, the very first Bitcoin-backed token on Solana. The newly minted SPL token is backed 1:1 by Bitcoin and held in Coinbase custody. It provides an easy way for users to access BTC directly on the Solana blockchain.
According to the announcement on X, cbBTC by Coinbase brings the power of Bitcoin onto Solana’s high-speed network, expanding the availability of BTC to decentralized applications and traders worldwide.
Bitcoin Now Accessible on Solana with Coinbase’s cbBTC
Coinbase has officially launched cbBTC on the Solana blockchain to increase access to Bitcoin within Solana’s fast-growing DeFi ecosystem. cbBTC, issued as an SPL token, is backed 1:1 by native Bitcoin held by Coinbase.
cbBTC is live on @solana.
cbBTC is an SPL token that is backed 1:1 by Bitcoin (BTC) held in custody by Coinbase.
This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC.
Here’s what you can do with your cbBTC on day one ↓
— Coinbase
(@coinbase) November 7, 2024
The addition will join the variety of other wrapped options for Bitcoin on the chain. Some include tBTC, WBTC via Wormhole, and soon-to-be-listed zBTC and sBTC. This further rounds out the Bitcoin offering on Solana.
On the first day, it was integrated into major DeFi platforms, including Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs, where it also presents users with most of the liquidity and collateral opportunities presented on Solana’s DeFi applications.
In the meantime, Solana (SOL) price appears poised for a breakout as bullish momentum gains traction. It also lifts the cryptocurrency to a three-month high. Some experts think it could soon reach $300 and surpass BNB token.
cbBTC Making Inroads in Global Crypto Markets
On September 12, Coinbase introduced the cbBTC customers in Singapore, Australia, the UK, and the US – apart from New York. This is its wrapped Bitcoin product, first available on Ethereum and Base. It is fully backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.
One more notable thing is that cbBTC will be operated without order books or trading pairs dedicated explicitly to itself within the Coinbase platform. This is how it makes its usage seamless over multiple chains.
According to CryptoQuant, cbBTC has emerged as the third most used wrapped Bitcoin asset in just one week. The token has leapfrogged long-standing competitors such as Huobi BTC, HBTC, and renBTC, RENBTC to compensate for lost ground in the wrapped Bitcoin market.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.
Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.
Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Analyst Identifies Key Support For Cardano Price Bullish Momentum
Published
15 hours agoon
February 22, 2025By
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Crypto analyst Ali Martinez has noted key support levels for Cardano (ADA) price between $0.67 and $0.80. He emphasized their role in sustaining the current bullish trend. According to Martinez’s analysis, these levels have historically acted as both resistance and support for the altcoin. The repeated interaction with this range indicates its significance in determining ADA price direction.
Key Support Levels for Cardano Price Stability
In a post on X, Ali Martinez highlighted that Cardano price has repeatedly tested the $0.67–$0.80 range. This zone has provided stability for ADA, preventing further declines and acting as a foundation for bullish movements.
Historical price movements suggest that this support area has been critical during both uptrends and corrections. The ability of ADA to hold above this range signals strong buying interest.
Recent market data indicates that ADA remains within this support range, maintaining its position despite market fluctuations. If buying pressure persists, Cardano price could establish a stronger footing and attempt an upward breakout.
Meanwhile, Grok 3 AI highlighted Cardano’s strong decentralization as a driving force behind its potential rally to $5-$6 in this bull cycle. If Cardano price can break key resistance levels, it may gain the bullish momentum needed to reach these ambitious price targets.
Technical Indicators Suggest Growing Buying Pressure
Cardano price is about to cross the 20-day Exponential Moving Average, a significant indicator for short-term trend identification. The 20 EMA acts as a support level and a breakout above it may indicate a rally for the altcoin.
Supporting the bullish sentiments, the 1-day Moving Average Convergence Divergence indicates Cardano price is holding above key support levels, providing a foundation for a altcoin rally.
More so, the MACD line is above the signal line, signaling a bullish crossover. If ADA maintains its position above $0.75 and builds on this momentum, it will break the $0.80 resistance and push higher in the short term.
Furthermore, there is the Parabolic Stop and Reverse (SAR) indicator whose dotted lines are placed below Cardano price, which is common in an upward trend. This suggests that ADA price has found a strong support base, further reinforcing the likelihood of an upward move.
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ADA Price To $1?
If Cardano price remains above the key support range of $0.67–$0.80 and manages to break above resistance levels, analysts project a potential rally toward $0.94. A successful test of this price point could pave the way for ADA to revisit the $1 mark.
Conversely, if ADA fails to sustain support above $0.67, selling pressure could increase, driving the price lower. In such a scenario, the next key support level would be around $0.54, where buyers might re-enter the market.
Moreover, another analyst shared the bullish sentiments, emphasizing that ADA price movements suggest a potential breakout. The expert highlighted that if Cardano surpasses the critical resistance at $0.9837, it could pave the way for a rally toward $1.35.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pi Coin Price Crashes 50%, What Shall Investors Do Next?
Published
1 day agoon
February 21, 2025By
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All the excitement around the Pi mainnet launch has faded within 24 hours of launch as the Pi Coin sees strong selling pressure with its price crashing more than 50% from the peak of $2 yesterday. The selling pressure comes with huge trading activity as daily trading volumes surge to more than $1.2 billion.
Pi Coin Sees Major Pump and Dump
Pi Coin, the native cryptocurrency of the Pi Network faces a major pump-and-dump as it currently trades around $0.70 falling more than 65% from its peak of $2.0 Investors’ euphoria surrounding the mainnet launch seems to be waning fast.
Even as of the current price of $0.70, the Pi Network pegs a market cap of $4.45 billion. With more than 10 million users, the Pi Network has achieved significant market following. following the mainnet launch, a total of 1 billion from the total 9.7 billion PI tokens are available initially. The remaining tokens will be locked in user wallets and unlocked over a period of time.
Although some market analysts have turned bullish, investors should be careful while taking fresh bets and look for any potential signs of trend reversal.
Will Binance and Coinbase Listing lead to Trend Reversal?
Despite the current Pi Coin price fall, the optimism surrounding the recovery remains high. Some market analysts believe that this would not be the right time to sell at the bottom considering that the daily trading volumes have remained robust at more than $1.2 billion.
Some of the global crypto exchanges like OKX and CoinDCX have already extended support to Pi coin. Furthermore, the industry has been pushing to bring the Pi Network’s native crypto token to top exchanges like Binance and Coinbase.
Binance and Coinbase, being among the largest cryptocurrency exchanges globally, offer access to a vast user base and high trading volumes. This increased liquidity can make Pi Coin more attractive to traders and investors. Besides, it will further boost the credibility of the crypto asset among retail investors.
$PI network chart dosen’t look bad at all
are you selling the bottom?
Almost 1B volume in 8 hours, and pi is listed on only few CEX, when #Binance and other top CEX come real fun will start, buy the dip and hold #Picoin #PiNetwork #Crypto #Trump pic.twitter.com/i8rlk3k4ll
— GEM HUNTER
(@TrueGemHunter) February 20, 2025
Pi Community Shows Discontent
Following the massive pump and dump, there’s a major discontent among the Pi community. Notably, crypto commentator Wood LightYear expressed frustration over a specific narrative surrounding the Pi Network mainnet launch. In a statement shared on social media, LightYear said:
“The only narrative I really hated about yesterday’s listing of Pi was that of people having cheap access to accumulate what we paid for with our time, for many years.”
The sentiment highlights concerns among long-term supporters of the Pi Network, who believe the listing undermines the project’s core narrative of valuing time and attention
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Will Pi Coin Price Hit $10 After Open Mainnet Launch?
Published
2 days agoon
February 20, 2025By
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After about 9 years of building its community, the Pi Coin Network finally launched on the mainnet to the amusement of the industry. However, for a coin whose IOU price traded as high as $183.49, the current price is highly disappointing to early miners. While still early, many are wondering if, with the inconsistencies tied to the protocol at this time, Pi Coin hit a high price of $10 after the mainnet launch.
Pi Coin Price Shocks Investors
The days leading to the mainnet launch of Pi Coin on the mainnet came with significant community hype. In the first few days, some community members anticipated the coin to skyrocket as high as $300. However, the current PI outlook has stunned expectant miners.
According to CoinMarketCap data, Pi Coin’s price was $0.7620, down 55.16% in less than 24 hours. With a market capitalization of $4.77 billion, PI has a trading volume of $1.09 billion. Despite its relatively young age, PI now has a valuation bigger than Monero (XLM), PEPE, and Internet Computer (ICP).
The coin’s ecosystem is calm but with optimism from early backers despite the backlash from industry leaders. Pi Network got huge support from global exchanges, with PI listing on OKX and CoinDCX, amongst others.
Some ecosystem trends must be considered when deciding whether or not the rebound to $10 is feasible.
Catalysts that May Push Pi Coin to $10
The PI network has a robust user base before its open mainnet launch. The project reported over 10 million users, a massive resource in projecting future success. With the user base and growing listing on exchanges, PI can maintain the liquidity it needs to bounce back.
Token launches are known to come with very sharp volatility. The same price drawdown PI Coin traded in was experienced by all top coins with hype leading to their launch. If the team continues to develop the project, chances of recovery in the long term are high.
In addition, PI Coin emerged positively in the crypto industry. Through the pro-crypto Trump administration, enforcement at the US SEC and CFTC are now a thing of the past. This means the PI Network team can focus on delivering the innovation in their roadmap.
The project may also get more clarity from the Crypto Task Force established by Mark Uyeda.
Is the $10 Price Target Feasible for the PI Network?
In the crypto industry, proponents believe anything is possible. For the Pi Network, only a 10% supply was released. This amounted to approximately 10 billion PI out of 100 billion.
At the current price of $0.76, the coin has a Fully Diluted Value of $76.2 billion. At a $10 price market, this might take it closer to $1 trillion, a price that is not economically feasible.
However, the coin may attain this price if it employs some form of burning mechanism along the way. For now, most early miners just want PI Coin to reclaim the $1 price mark. There is also speculation it may surpass XRP at $2.6 if it bags a Binance listing soon.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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