{"id":632988,"date":"2024-08-04T06:30:28","date_gmt":"2024-08-04T06:30:28","guid":{"rendered":"https:\/\/www.wncen.com\/?p=632988"},"modified":"2024-08-04T06:37:32","modified_gmt":"2024-08-04T06:37:32","slug":"stacks-stx-drops-23-but-recent-devs-might-slow-the-trend","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/stacks-stx-drops-23-but-recent-devs-might-slow-the-trend\/","title":{"rendered":"Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend"},"content":{"rendered":"

With the hostile market environment, Stacks (STX) has continued its downward spiral as bears mount the pressure. According to <\/span>CoinGecko<\/span><\/a>, the token is down nearly 23% since last week, worsened by the current correction phase the market has entered. The latest market data shows that major cryptocurrencies like <\/span>Bitcoin<\/span><\/a> and <\/span>Ethereum<\/span><\/a> have shown a drop of 10% since last week, <\/span>pulling<\/span><\/a> the market downward by 2%.<\/span><\/p>\n

However, several developments might help slow the token\u2019s drive downward. These developments show Stacks as the prime layer-2 for the top cryptocurrency in the market.\u00a0<\/span><\/p>\n

Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says<\/a><\/div>\n

Stacks: Big News For Investors And BTC Enthusiasts<\/span><\/h2>\n

Although the market is incredibly bearish, Stacks remain attractive for both institutional and retail investors alike.\u00a0<\/span><\/p>\n

Ever since the first step of the Nakamoto upgrade <\/span>rolled out<\/span><\/a> last April 22nd, the newly introduced role of \u2018Signers\u2019, their self-made term for validators, significantly grew in size. According to their <\/span>blog post<\/span><\/a> in August 1st, 39 blockchain institutions signed up with Stacks to be a signer.<\/span><\/p>\n

Among the signers is <\/span>Xverse<\/span><\/a>, a Bitcoin wallet provider that dabbles in the BRC-20 standard. This major onboarding will result in a larger user base, giving Stacks a big advantage as layer 2s on the Bitcoin blockchain attract more attention.\u00a0<\/span><\/p>\n

\"\"
STXUSD trading at $1.48. Chart: TradingView.com<\/a><\/figcaption><\/figure>\n

However, the partnership <\/span>announcement<\/span><\/a> made between Stacks and Aptos during the Bitcoin Builders Conference created some buzz for the two. According to some key <\/span>takeaways<\/span><\/a>, Aptos will join Stacks as a signer, bumping their total Signer count to 40, along with the start of a working group for better collaboration between the two organizations.<\/span><\/p>\n

\n

Stacks \ud83e\udd1d @Aptos<\/a> live on stage at the Bitcoin Builders Conference!<\/p>\n

\ud83d\udfe7 @AptosLabs<\/a> Head of Ecosystem Neil Harounian talked to @StacksOrg<\/a> Chairperson Brittany Laughlin about forming a working group, as well as the Aptos Foundation becoming a Signer for Stacks.<\/p>\n

Learn more 1\/3 \ud83d\udc47 pic.twitter.com\/EFTsIntD6M<\/a><\/p>\n

\u2014 stacks.btc (@Stacks) July 31, 2024<\/a><\/p><\/blockquote>\n

Since the start of the onboarding for Signers, about 118 BTC has been handed out to the various institutions. This amount totals over $7 million at the current spot price for Bitcoin at $60.7k.\u00a0<\/span><\/p>\n

Investors Should Watch Out For These Levels<\/span><\/h2>\n

As of writing, STX\u2019s current position remains occupied by the bears as the current market environment encourages selling rather than buying. But the bulls are mounting a string defense around the $1.460 price floor.\u00a0<\/span><\/p>\n

Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says<\/a><\/div>\n

This is huge for investors bullish on STX as it gives the bulls strong support for a possible movement upward. However, the possibility of a bullish breakthrough remains uncertain. The market\u2019s current downward trend is supported by the fact that the major cryptocurrencies are still bearish in the short to medium-term.\u00a0<\/span><\/p>\n

If the bulls can defend the $1.460 line, we can expect lesser volatility within the market compared with today\u2019s movements. If they\u2019re successful, retaking the May-June price levels will be easy.\u00a0<\/span><\/p>\n

Investors and traders should keep their eyes open for any market movement in favor of the bulls.\u00a0<\/span><\/p>\n

Featured image from Boxmining, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

With the hostile market environment, Stacks (STX) has continued its downward spiral as bears mount the pressure. According to CoinGecko, the token is down nearly 23% since last week, worsened by the current correction phase the market has entered. The latest market data shows that major cryptocurrencies like Bitcoin and Ethereum have shown a drop of 10% since last week, pulling the market downward by 2%. However, several developments might help slow the token\u2019s drive downward. These developments show Stacks as the prime layer-2 for the top cryptocurrency in the market.\u00a0 Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says Stacks: Big News For Investors And BTC Enthusiasts Although the market is incredibly bearish, Stacks remain attractive for both institutional and retail investors alike.\u00a0 Ever since the first step of the Nakamoto upgrade rolled out last April 22nd, the newly introduced role of \u2018Signers\u2019, their self-made term for validators, significantly grew in size. According to their blog post in August 1st, 39 blockchain institutions signed up with Stacks to be a signer. Among the signers is Xverse, a Bitcoin wallet provider that dabbles in the BRC-20 standard. This major onboarding will result in a larger user base, giving Stacks a big advantage as layer 2s on the Bitcoin blockchain attract more attention.\u00a0 However, the partnership announcement made between Stacks and Aptos during the Bitcoin Builders Conference created some buzz for the two. According to some key takeaways, Aptos will join Stacks as a signer, bumping their total Signer count to 40, along with the start of a working group for better collaboration between the two organizations. Stacks \ud83e\udd1d @Aptos live on stage at the Bitcoin Builders Conference! \ud83d\udfe7 @AptosLabs Head of Ecosystem Neil Harounian talked to @StacksOrg Chairperson Brittany Laughlin about forming a working group, as well as the Aptos Foundation becoming a Signer for Stacks. Learn more 1\/3 \ud83d\udc47 pic.twitter.com\/EFTsIntD6M \u2014 stacks.btc (@Stacks) July 31, 2024 Since the start of the onboarding for Signers, about 118 BTC has been handed out to the various institutions. This amount totals over $7 million at the current spot price for Bitcoin at $60.7k.\u00a0 Investors Should Watch Out For These Levels As of writing, STX\u2019s current position remains occupied by the bears as the current market environment encourages selling rather than buying. But the bulls are mounting a string defense around the $1.460 price floor.\u00a0 Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says This is huge for investors bullish on STX as it gives the bulls strong support for a possible movement upward. However, the possibility of a bullish breakthrough remains uncertain. The market\u2019s current downward trend is supported by the fact that the major cryptocurrencies are still bearish in the short to medium-term.\u00a0 If the bulls can defend the $1.460 line, we can expect lesser volatility within the market compared with today\u2019s movements. If they\u2019re successful, retaking the May-June price levels will be easy.\u00a0 Investors and traders should keep their eyes open for any market movement in favor of the bulls.\u00a0 Featured image from Boxmining, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":632990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,83786,87879],"class_list":["post-632988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-stacks","tag-stx"],"acf":[],"yoast_head":"\nStacks (STX) Drops 23%, But Recent Devs Might Slow The Trend<\/title>\n<meta name=\"description\" content=\"With the hostile market environment, Stacks (STX) has continued its downward spiral as bears mount the pressure. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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