- Bitcoin Close to Resistance
- Bitcoin Transfer Fees to Increase
- The Launch of Yield Farming on Bitcoin.com’s Verse
Bitcoin Close to Resistance
In US early trade on Thursday, the value of Bitcoin to the US dollar dropped to a three-week low. The $23,500 resistance level was a barrier that purchasers could not jump over as the price of Bitcoin tried to rise. Nearly $23,450 was where the price peaked, after which it started to decline.
Below the levels of $23,000 and 23,200, the value decreased below $22,800 and the 100-hour simple moving average. While compiling this report, Bitcoin is currently trading at $22,760, symbolizing that the price is beginning to stabilize. 23.6% Fibonacci retracement level from the most recent decline from $23,450 to $22,418, close to the $22,660 level, where the closest resistance is situated.
Bitcoin Transfer Fees to Increase
The increase in Bitcoin transfer comes amid the Ordinal’s launch. A method of numbering for Satoshis called Ordinal numbers makes it easier to track and transfer individual Satoshis. According to the first-in-first-out (FIFO) approach, numbers are assigned depending on the sequence in which satoshis are mined and transferred from transaction inputs to transaction outputs.
Individual Satoshis can be identified and labeled with ordinal numbers, allowing the protocol to link a given Satoshi with a particular digital content. The Satoshi is then linked to the file and stored in the blockchain by broadcasting it to the Bitcoin network. With Ordinals, content is stored on the blockchain as photos, text, HTML, or smart contract code (SCG) that one can verify within a transaction.
Transaction costs have increased by 120% over the last nine days and are now getting close to $2 for each transaction. These charges have been applied since last year November. Increased charges are good news for block miners since higher network traffic results from increased block activity and give miners more incentive to solve cryptographic puzzles.
Ordinals have led to more than 18,000 block inscriptions and a list of unconfirmed transactions that are getting close to 25,000. As a result, miners have developed strategies to offset their net mining losses as transaction cost rise.
The Launch of Yield Farming on Bitcoin.com’s Verse
Bitcoin.com has announced verse Farms’ availability on the Verse DEX. In addition to the payments already received for providing liquidity in the trading market, users can deposit specific Liquidity Pool (LP) tokens into Verse Farms to receive further benefits.
Dennis Jarvis, CEO of Bitcoin.com, says, “Yield farming for VERSE tokens adds to the rise of liquidity on the Verse DEX, increasing the overall trading experience on this essential decentralized platform.” With an initial annual percentage yield (APY) of about 80%, the initial Verse Farm is for the VERSE/ETH pool. Farms on Verse DEX will be more significant over the coming days.