Bitcoin Closes March With 23% Gains, $29,000 Still an Obstacle
Even as the markets suffered the consequences of a major banking crisis in March, Bitcoin managed to gain 23% by the monthly close. At the moment, Bitcoin is currently encountering strong resistance around the $29,000 mark, yet the price has not declined significantly.
The 20-day EMA is near $27,100, and BTC seems to have flipped the $27,000 – $28,000 zone into support. This shows that buyers are in control. If the $29,200 barrier is broken, a surge in bullish momentum is expected. A rally towards $30,000 and later $32,500 would not be out of the realm of possibility.
On the other hand, a sharp downturn from the present level could imply that short-term traders are offloading. The BTC/USDT pair might drop to the 20-day EMA, a critical level to monitor.
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CRYPTO NEWS WEEKLY ROUNDUP:
Bitcoin Ordinals Inscriptions Hit Daily All-Time High Fueled by BRC-20 Tokens
Bitcoin recently experienced a significant spike in Ordinals inscriptions, reaching a record high on April 2nd. This increase is primarily due to the newly established “token standard,” BRC-20, which was introduced by an anonymous analyst named Domo in early March.
Ordinals, which function similarly to non-fungible tokens (NFTs), store various types of data on the Bitcoin network. The BRC-20 token standard leverages these inscriptions to facilitate token-related actions, much like Ethereum’s ERC-20 tokens.
The Taproot soft fork, implemented on November 14, 2021, made the integration of Ordinals and BRC-20 tokens on Bitcoin possible. The majority of the April 2nd inscriptions were text-based, with BRC-20 tokens representing a large portion of them.
Since the creation of the BRC-20 standard, 1,600 tokens have been developed, and over the last couple of days, and in the last couple of days, over 45,000 BRC–20 tokens have been minted.
Polygon’s zkEVM Ethereum Scaling Tech Beta Hits Mainnet
Polygon launched its open-source zkEVM Ethereum scaling solution to the mainnet, with the goal of decreasing transaction fees and enhancing smart contract processing capabilities.
The zkEVM is a zero-knowledge rollup (ZK-rollup) scaling method that functions similarly to the Ethereum Virtual Machine. It replicates Ethereum’s mainnet transaction execution environment, permitting decentralized applications (DApps) to scale via transaction batching and achieve improved performance.
Although the zkEVM is now in mainnet beta, Polygon co-founder Sandeep Nailwal stated the product is almost in its final state. As user numbers grow, the zkEVM will undergo further optimization, and bug bounties and audits will be conducted in the coming months.
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