Amidst the hostile market environment, Stacks (STX) continued its decline as bears intensified the pressure. According to Queen GeckoThe token has fallen by almost 23% since last week, exacerbated by the current correction phase the market has entered. The latest market data shows that major cryptocurrencies such as Bitcoin And Ethereum It has shown a 10% decrease since last week, to withdraw The market is down 2%.
However, several developments may help slow down the token’s decline. These developments show that Stacks is the second most important cryptocurrency on the market.
Stacks: Big News for Investors and Bitcoin Enthusiasts
Even though the market is in a severe downturn, Stacks remains attractive to both institutional and retail investors.
Since the first step of Nakamoto’s promotion It was put up On April 22, the new role introduced for “signatories,” a term they coined for ratifiers, was significantly expanded. According to their statements, Blog post On August 1, 39 blockchain organizations signed up with Stacks to be signatories.
Among the signatories Xversea Bitcoin wallet provider that supports the BRC-20 standard. This major integration will increase the user base, giving Stacks a huge advantage as layer 2 on the Bitcoin blockchain attracts more attention.
However, the partnership advertisement The deal reached between Stacks and Aptos during the Bitcoin Builders conference has created some buzz between the two parties. According to some major reports, Fast foodAptos will join Stacks as a signatory, bringing the total number of signatories to 40, along with starting a working group for better collaboration between the two organizations.
Stacks 🤝 @aptos Live on stage at the Bitcoin Builders Conference!
🟧 @Apto Labs Ecosystem Lead Neil Harounian spoke to @Stacksaworg Board Chair Brittany Laughlin talked about forming a working group, as well as Aptos becoming a home for Stacks.
Learn more 1/3 👇 pic.twitter.com/EFTsIntD6M
— stacks.btc (@Stacks) July 31, 2024
Since the start of the signer registration process, around 118 Bitcoins have been distributed to various institutions. This total amounts to over $7 million at the current Bitcoin price of $60.7 thousand.
Investors should be wary of these levels.
At the time of writing, the current position of STX stock is still occupied by the bears as the current market environment encourages selling rather than buying. However, the bears are setting up a strong defense around the $1,460 level.
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This is huge for bullish investors on STX as it gives bulls strong support for a potential upside move. However, the likelihood of an upside breakout is still uncertain. The current bearish market sentiment supports the fact that major cryptocurrencies remain bearish in the near to medium term.
If the bulls can defend the $1,460 level, we can expect less volatility in the market compared to today’s movements. If they succeed, it will be easy to regain the price levels recorded in May and June.
Investors and traders should keep their eyes open for any market movement in favor of the bulls.
Featured image from Boxmining, chart from TradingView