Bitcoin Market Turns Bullish Following The Pause On Flash Dip

Bitcoin's bull-bear market cycle indicator has flipped green once more, resuming back into the bullish trend after three days in a row flashing bearish and matching Bitcoin's steep plunging price to lows last seen back in February. On August 9, a good number of on-chain cyclical indicators of crypto data aggregator CryptoQuant flipped back to a bull market signal, as confirmed by the founder Young Ju. Pseudonymous crypto trader PlanB had said the same during the July 5th drop of Bitcoin below $50,000, known to many as Crypto Black Monday, which turned out to be but a brief discount to the market prices.

After the dip to $49,751, Bitcoin had been unable to reach quite an important level of $60,000 until August 8. After all, the Crypto Fear and Greed Index had already declined to 17—an "Extremely Fearful" reading—the worst since the FTX collapse before rebounding to "Neutral" at 48. Here, the opinions among analysts differ: for some, the future trajectory very much resembles what was happening at the beginning of the pre-bull run, while very few see an entry into a new bull market with a further drop deep into the low $ 40,000. Veteran trader Peter Brandt, however, put the current decline into perspective by comparing it to the 2015-2017 halving cycle, subtly hinting that a gigantic bull run might be in the works.

Also Read: Crypto Market Rises Marginally While The Trading Volume Declines; Bitcoin, Ethereum Up

Bitcoin Virtual Machine Launches Bitcoin Heartbeat Platform for Rollup Analytics

BVM, a rollup-as-a-service provider, recently launched an analytics and research platform named Bitcoin Heartbeat, tracking the Bitcoin rollup scaling solutions. Bitcoin Heartbeat aims to provide its users with real-time information that is transparent and verifiable about the situation with L2 and L3 rollup projects in the framework of the evolving Bitcoin ecosystem.

Crucially, the BVM team said, Bitcoin needs to do more than just what a store of value does. Compared to Ethereum or Solana, there are no Dapps on Bitcoin, as its core architecture is incapable of offering hardly any functionality. Bitcoin Heartbeat fixes this with its fast and low-cost roll-ups which will empower Bitcoin consumer apps.

By using "liveness metrics" to track the activity and performance of the L2 and L3 rollups, they bridge the gap with the platform that analysts and the community encounter when attempting to rate the same roll-up solution.

The latest release of BVM Studio, a no-code blockchain deployment tool with a visual programming editor that makes it simple to create custom blockchains without any prior coding knowledge, is another accomplishment for BVM. It only has to be operationalized to offer more customization choices.

Thailand Releases Digital Asset Regulatory Sandbox for Crypto Development

Digital Asset Regulatory Sandbox has been officially launched by the Securities and Exchange Commission, which allows the testing and development of cryptographic services within a controlled regulatory environment. Operational since 9 August, the sandbox is now open to receiving applications from interested eligible digital asset services providers, such as exchanges, brokers, dealers, fund managers, advisors, and custodial wallet providers, among others, for the testing of innovations under flexible regulations.

The participants are to meet some basic requirements like capital adequacy and the management structure among others, but they will be allowed to road-test their service for one year extendable under a more formal agreement. This fits into the changing, more crypto-friendly regulatory environment that has been crystallizing in Thailand, with most recently the approval of the country's first bitcoin exchange-traded fund and tax reductions on investment tokens. The sandbox represents the willingness of Thailand to foster innovation while at the same time ensuring that its financial stability is guarded for the protection of the investors.