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Bitcoin [BTC] Lightning Network integrated on another exchange; adoption surges among new crypto-firms

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Bitcoin [BTC] Lightning Network integrated on another exchange; adoption surges among new crypto firms
Source: Pixabay

The Bitcoin layer 2 scalability solution, Lightning Network, despite being in its formative stage has gained massive traction, especially in 2019. Hodlonaut’s LN Torch initiative contributed immensely to this popularity, unifying Bitcoin proponents from across the world, while also prompting skeptics to explore the technology.

The latest one to adopt the LN solution is Hodl Hodl, a multi-sig P2P Bitcoin exchange which announced the integration of the technology on its platform via a recent Whatbitcoindid podcast.

A team member, while realizing the necessity of accommodating user interest and providing a solution to Bitcoin [BTC] transaction fees shooting up, cited that a user would not want to pay more for low transaction volumes.

The developers further stated that users were required to execute two transactions, one to lock the escrow and the other to unlock the escrow for the buyer, which in turn, would double up the transaction fees. Terming it a very “interesting technology”, the developers said that in order for the second layer solution to succeed, firms would have to try out new and untested technologies. According to the developers of Hodl Hodl, for LN to succeed, it needs some amount of liquidity and the exchange platform plans on providing that.

The developer stated,



“..we are exploring lightning and ultimately the market is going to decide what we’re going to see we’re going to see whether the price for lightning Network offers is going to be the same as for on chain Bitcoin offers”.

Previously, Tadge Dryja, the co-author of the Lightning Network Whitepaper had stated that support from leading cryptocurrency exchanges like Coinbase, Gemini, Kraken would accelerate adoption in the industry.

However, many smaller platforms have extended support for the network by leveraging the Lightning Network. One such crypto exchange was the non-custodial Boltz, which went live last week. Sparkswap, a Beta exchange platform also integrated the layer 2 Bitcoin scalability solution to its protocol.





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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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