Bullish bias seems to return as Bitcoin is poised for upswings and Sony enters the Web3 market with its blockchain.
TL;DR
- Sony launches Ethereum- and OP Stack-based ‘Soneium’ blockchain in the coming weeks.
- Bitcoin is poised for buying pressure as the chart breaks beyond the ascending triangle pattern.
- Grayscale launches Avalanche trust fund, AVAX reacts with 11% uptick.
Sony Launches ‘Soneium’ Network
Sony, the Japanese electronics behemoth, is now starting its blockchain – Soneium. Sony Block Solution Labs, a joint project between Sony Group and Singapore-based Startale labs, reported that the upcoming Soneium is a layer-2 (L2) atop the Ethereum blockchain and Astar zkEVM infrastructure – a technology that enhances privacy and efficiency by using zero-knowledge proofs.
Read Also: Michael Saylor Reacts as Bitcoin Surges Past $61,000, Calls It “The Answer”
Expected to go live on a testnet in the next few days, Soneium is promised to integrate Optimism blockchain’s OP Stack roll-up technology, which allows users to transact on top of Ethereum for cheaper. OP Stack has already been integrated into Coinbase’s Base network and Worldcoin’s World Chain.
Soneium has been under development since at least September 2023, following hints from Sota Watanabe, founder of the Astar Network and CEO of Startale, who previously positioned it as a project capable of surpassing Coinbase’s Base network.
Ultimately, as Watanabe told Decrypt, Soneium aims to address key challenges such as scalability, security, and decentralization while remaining “user-friendly,” per the statement. It also aims to deliver practical applications across the entertainment, gaming, and finance sectors.
Bitcoin Is To Break Crucial Resistance, Aave and AVAX Score Gains
Bitcoin (BTC) reveals that the coin is about to break out of an ascending triangle – a bullish chart pattern that forms when an asset’s price moves between a flat horizontal resistance and a rising support line.
BTC/USDT 1D chart. Source: WhiteBIT TradingView
This marked a bullish bias not only for Bitcoin but for the market overall. As of writing, a majority of cryptocurrencies are trading sideways. The top 10 cryptocurrencies (excluding stablecoins) i.e. Solana (SOL), Ethereum (ETH), and Toncoin (TON) recorded roughly 1.5% price increases. The top performer of the day turned out to be Avalanche’s AVAX. The token surged 11% in the latest 24 hours, trading for $25.9 as of writing.
AVAX/USDT 1D chart. Source: WhiteBIT TradingView
The surge came amidst Grayscale Investments announcement of creation and launch of Grayscale Avalanche Trust alongside 20 other cryptocurrencies, including Solana, Litecoin, Stellar, Zcash, Chainlink, etc. This added to the positive market sentiment, which is poised to enter a full-fledged momentum in the upcoming future.
