Market Watch: Bitcoin Retraced After Topping at $45K, Tezos Soars 12%

After several consecutive days of marking impressive gains, bitcoin retraced slightly and lost around $2,000 since its local peak. The altcoins have calmed on a daily scale, except for a few lower- and mid-cap ones that surged, such as Tezos (XTZ).

Bitcoin’s Peak and Subsequent Retracement

Ever since February 4th, when the price of the largest cryptocurrency struggled below $38,000, the overall landscape has been highly bullish. Bitcoin initiated an impressive leg up in which it reclaimed $40,000 for the first time in weeks and only kept climbing.

This resulted in touching $43,000 and $44,000 on February 7th before the bulls pushed BTC north, as reported yesterday. This culminated in touching $45,500, which became the highest price tag seen by bitcoin in over a month.

After gaining $8,000 in days, though, the community expected some kind of a retracement, and it arrived shortly after this peak. It drove the cryptocurrency down by about $3,000 to $42,500, but the asset reacted rather well and recovered $1,000 in the following hours.

As such, its market capitalization continues to stand well above $800 billion, and its dominance over the altcoins is close to 42%.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Tezos on the Move

Most alternative coins registered similarly impressive gains in the past week or so. Ethereum went from struggling to remain above $2,000 to a multi-week high north of $3,100. The second-largest crypto has calmed since then, but it’s still around that line.

The remaining larger-cap alts have either stalled or retraced slightly. Binance Coin is down by 3%, Solana by 2.6%, Terra by 3.5%, Dogecoin by 3%, while Shiba Inu has lost the most (-6%). This comes despite the recent introduction of Metaverse real estate by the memecoin project.

LEO Token is the best performer on a daily scale with a massive 50% surge. This is perhaps a direct consequence of the positive development in regards to the Bitfinex hack.

Tezos is another impressive performer following a 12% surge. Consequently, XTZ now trades above $4.5.

The crypto market cap topped $2 trillion yesterday, but it’s slightly below that line after a minor daily decline.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Market Watch: Bitcoin Struggles at $50K, Tezos Soars 30% Following Ubisoft News

Bitcoin attempted another leg up in the past 24 hours but was stopped at $52,000 and retraced to just over $50,000. Most altcoins have also stalled since yesterday’s increases, with a few exceptions such as Tezos, which has surged by nearly 30% in a day.

Bitcoin Failed at $52K

CryptoPotato reported on Saturday the massive crash that drove bitcoin from $58,000 to a two-month low of $42,000, resulting in over $2.5 billion in liquidations from 400,000 over-leveraged traders.

The asset started to recover on Sunday but was stopped in its tracks at nearly $50,000. However, it managed to breach that level yesterday.

Moreover, BTC kept climbing in the following hours and even touched $52,000. This is where the bears stepped up once more and pushed it south again. As a result, bitcoin now stands at just over $50,000, and its market capitalization is down to $950 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Stall: XTZ Explodes

Most alternative coins mimicked BTC’s performance lately, meaning that they dumped in value hard on Saturday and charted impressive gains yesterday.




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Today, though, most have stalled or even retraced. Ethereum went from $4,600 to $3,500 in hours during the crash and exceeded $4,400 yesterday. After a minor 24-hour decline, though, ETH stands below that line. Binance Coin has lost a similar percentage and now stands at $585.

Solana has declined the most from the larger-cap alts. A 6.5% decrease has driven SOL to well below $200. Cardano (-5.5%), Avalanche (-5%), Terra (-03%), and Shiba Inu (-3%) are also in the red.

Ripple and Dogecoin are slightly in the red, while Polkadot has gained 1%. Chainlink is the most significant gainer from the larger-cap altcoins, with an 11.5% surge to $22.

Tezos stands out from the lower- and mid-cap alts. XTZ has surged by nearly 30% following a partnership with the gaming giant Ubisoft.

Overall, though, the cryptocurrency market capitalization is down by $50 billion in a day and is well beneath $2.4 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Arab Bank Switzerland Enables Tezos Staking, Trading, and Storing as XTZ Charted New ATH

Arab Bank Switzerland will enable its institutional clients to store, stake, and trade XTZ – the native cryptocurrency of the popular blockchain project Tezos. This announcement comes amid the token’s recent price surge, which led it to a new all-time high.

  • The press release seen by CryptoPotato reads that the banking organization, founded in 1962, has selected Tezos to develop a new set of “innovative and compliant” on-chain digital financial products.
  • The private bank will also allow its customers to stake, store, and trade the XTZ token on its institutional-grade platforms.

  • “Digital assets are a cornerstone of our strategy, requiring strong agility while complying with the highest security standards. Our mission is to bridge tradition and cutting-edge innovation. Tezos, with its scalability, high-quality governance, and staking possibilities, fits perfectly within our vision.” – commented Rani Jabban – Managing Director of the bank.

  • Tezos already has experience with working with large banks. Back in April this year, the protocol partnered with Societe Generale as the French institution wanted to employ the Tezos blockchain to issue its own security token.
  • Additionally, Tezos has cooperated with multiple Swiss-based organizations. The trio of Crypto Finance Group, InCore Bank, and Inacta recently picked it to enable asset tokenization.
  • The price of the native token has been on a roll lately as well. It had dropped below $4.5 on September 22nd but more than doubled its value and tapped a new all-time high above $9 yesterday.
  • As of now, it trades north of $8, and it has entered the top 30 largest cryptocurrencies by market capitalization.

XTZUSD. Source: TradingView
XTZUSD. Source: TradingView

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Bitcoin Stands Still at $46K as Tezos (XTZ) Skyrockets 25% to 4-Month High (Market Watch)

Bitcoin continued to consolidate in the past 24 hours as it failed to breach $47,000 decisively and is back to $46,000. Most alternative coins have retraced in the same timeframe. Tezos is among the few exceptions as the asset has surged by 25% in a day.

Alts Correct as XTZ Spikes Hard

The past several days were highly volatile for the cryptocurrency space. Ethereum went from above $4,000 to just over $3,000 during the market crash on Tuesday. Since then, though, ETH has attempted to recover most of its value. It went over $3,500 yesterday, but a 3.5% decline has driven it back down to around $3,400.

Cardano, whose network is preparing for the upcoming hard fork, is down by a similar percentage in the past 24% and is beneath $2.5 now. More identical drops come from Ripple, Dogecoin, Chainlink, Bitcoin Cash, Uniswap, and Litecoin.

Interestingly, Solana, which went on to register yet another all-time high above $200 yesterday, has dumped by 13% in a day to $185.

Polkadot and Terra are the only two larger-cap alts well in green. DOT is up by 6% to $31, while LUNA has pumped by 8% and trades at $33.




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Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Tezos is the most significant gainer since yesterday. XTZ has exploded by 27% and tapped $6 just a few hours ago. This became its highest price tag since mid-May.

Further gains come from Celo (26%), ICON (25%), Harmony (22%), Revain (11%), and Curve DAO Token (11%).

Bitcoin Still Sits at $46K

The primary cryptocurrency went through a roller-coaster this week as well. It had gradually increased to $53,000 – a four-month high – before it suddenly dropped by $10,000 in hours and bottomed at $43,000 on Tuesday.

It bounced off and recovered several thousand dollars rather rapidly. As such, it remained around $46,000 during most of yesterday’s trading session. It attempted to challenge $47,000 and even briefly exceeded that level, but the bears returned and drove it south once more.

As of now, BTC still sits at a familiar level – just north of $46,000. Its market capitalization stands at $870 billion, while the dominance over the altcoins has increased slightly to 41.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Swiss Fintech Trio Enabled Asset Tokenization via Tezos: XTZ Spikes 15%

The Switzerland-based financial institutions – Crypto Finance Group, InCore Bank, and Inacta – have selected Tezos to create on-chain digital products through a new token standard for asset tokenization. InCore Bank would also enable additional digital services with XTZ – the native cryptocurrency of the blockchain network.

Tezos to Power The New Token Standard

According to a press release shared with CryptoPotato, three Swiss fintech organizations will use the blockchain network Tezos to provide tokenized assets to institutional customers based on the Tezos FA2 standard.

Namely, those companies are Crypto Finance Group, InCore Bank, and Inacta. What’s more, InCore Bank would provide staking, trading, and institutional-grade storage for XTZ, making it the first local bank to launch such products.

The trio has joined forces on the matter. Inacta developed the DAR-1 token standard, allowing smart contracts on the Tezos blockchain and providing necessary financial operations. In their turn, Crypto Finance Group and InCore Bank launched the product.

Stijn Vander Straeten – CEO of Storage Infrastructure with the Crypto Finance Group – praised the collaboration between the three institutions. He raised hopes that the move would be beneficial to the financial system:

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“This work by Crypto Finance, InCore Bank, and Inacta is a tangible example of how FA2 on Tezos broadens the potential for tokenization significantly. The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.”

Tezos is a decentralized, open-source proof-of-stake blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.

Shortly after the news broke, the native token increased its USD value to reach a five-month high of over $4.40. Despite retracing slightly since this local peak, XTZ is still more than 10% up in a day.

Societe Generale Also Chose Tezos

The Swiss financial organizations are not the only ones in the field to choose Tezos as an operating underlying network for their services.

As CryptoPotato reported in April, the leading French bank Societe Generale used it to issue a structured product as a security token. In fact, it was the first such service that the third-largest bank in France launched.

The initiative aimed to offer digital asset structuring, issuing, exchange, and custody services to the institution’s professional clients by 2022. Per the report, the “transaction completes a new step in the development of Societe Generale Forge,” which is a regulated subsidiary of Societe Generale Group.

April saw another collaboration between a French company and Tezos. By partnering with the blockchain project, the gaming giant Ubisoft became an official corporate validator node on its network.

The firm outlined its mission to facilitate and spread blockchain adoption and innovative technology. As part of the long-term research plan, Ubisoft will experiment with the proof-of-stake consensus, validating transactions and adding them to the Tezos blockchain.

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Tezos (XTZ) Price up 25% in a Week Following Tenderbake Testnet Release

Tezos saw notable gains over the past seven days as the price of its native cryptocurrency, XTZ, surged by around 25%. 

This comes amid news of the release of the Tenderbake testnet – a new algorithm adapted to handle an arbitrarily large number of validators. 

Tezos Tenderbake – What is it All About?

The update was introduced in a whitepaper called Tenderbake – A Solution to Dynamic Repeated Consensus for Blockchains. 

According to the official Medium release, the algorithm is a product of global collaboration between academic researchers and engineers, and it was also supported by the formal verification of Theorems 5 and 6 in the paper. 

Tenderbake takes advantage of the classical style of BFT consensus algorithm adapted to handle n arbitrarily large number of validators. In this, it’s different from the current Emmy+ algo that Tezos runs, and replacing them represents a major change to the network, bringing some notable advantages. 

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Described as a major step forward, with Tenderbake, a block that has just been appended to the chain of some node is known to be final as soon as two additional blocks appear on top of it, irrespective of network latency or chain splits. Referred to as deterministic finality, this means that chain forks will resolve after just two blocks, regardless of chain splits or network latency. 

According to the team, this might be the biggest update on the horizon for Tezos in the past three years. 

XTZ Price Reacts Positively

Being in a wild bull market, the price of the native cryptocurrency of Tezos, XTZ, spiked positively on the announcement of the Tenderbake testnet. 

In the past seven days alone, XTZ is up by 25%, bringing the total by-weekly increase to over 50%. In the past month, the cryptocurrency increased its dollar value by as much as 60%. 

xtzusd_chart
XTZ/USD. Source: TradingView

Data from CoinGecko positions Tezos as the 32nd-largest project by means of total market capitalization, sitting on a formidable $4.89 billion. 

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Bitcoin (BTC) $ 27,155.28 0.49%
Ethereum (ETH) $ 1,684.12 0.02%
Litecoin (LTC) $ 66.79 0.64%
Bitcoin Cash (BCH) $ 235.74 0.81%