Core Chain Rolled out Bitcoin Staking Capability
Bitcoin-powered Core Chain's Level 1 blockchain now allows investors to stake Bitcoin: something that previously seemed impossible.
Staking involves rewarding with tokens and is unique to PoS-based networks. Since Bitcoin operates on PoW, staking for the main cryptocurrency is not possible. However, this situation has been changed by the Core Chain blockchain, which deployed the Satoshi Plus mechanism. It combines the DPoW and DPoS consensus.
Previously, users could stake Bitcoin by exchanging it for a wrapped version, for example. Core Chain's approach eliminates this method, allowing Bitcoin to be staked directly.
The major cryptocurrency has not reacted to this news in any way. Bitcoin continues to trade around $62,000. Traders are waiting for the upcoming halving, which will take place on April 20. CryptoQuant noticed that the amount of Bitcoin being withdrawn from exchanges has jumped to its highest level since January 2023.
🧵 #Bitcoin withdrawals from exchanges reached their highest level since Jan 2023, indicating a significant accumulation phase.
— CryptoQuant.com (@cryptoquant_com) April 17, 2024
Also, recent metrics show a cooled-off market post a 10% decline last week, suggesting potential for a price increase.
See our analyst's insights ⬇️
This is another reason for the bulls to rejoice, as such a figure indicates the accumulation phase of Bitcoin. The analyst company believes that this accumulation phase could lay the groundwork for a sharp rise in prices in the coming months.
