With the hostile market environment, Stacks (STX) continued its downward spiral as bears increased pressure. According to CoinGeckothe token has fallen nearly 23% since last week, compounded by the current correction phase the market has entered. The latest market data shows that major cryptocurrencies such as Bitcoin It is Ethereum showed a 10% drop since last week, to pull the market fell 2%.
However, several developments could help slow the token’s decline. These developments show Stacks as the leading layer-2 for the market’s leading cryptocurrency.
Stacks: Big news for BTC investors and enthusiasts
Even though the market is incredibly bearish, Stacks remains attractive to both institutional and retail investors.
From the first stage of the Nakamoto update released On April 22nd, the newly introduced role of ‘Signers’, their self-coined term for validators, grew significantly in size. According to their blog post As of August 1, 39 blockchain institutions have signed up to Stacks to be signatories.
Among the signatories is Xversoa Bitcoin wallet provider that is interested in the BRC-20 standard. This major integration will result in a larger user base, giving Stacks a major advantage as layer 2 of the Bitcoin blockchain gains more attention.
However, the partnership announcement made between Stacks and Aptos during the Bitcoin Builders Conference created some buzz for both. According to some key apprenticeshipAptos will join Stacks as a signatory, bringing its total signatory count to 40, along with the start of a working group for better collaboration between the two organizations.
Batteries 🤝 @Aptos live on stage at the Bitcoin Builders Conference!
🟧 @AptosLabs Ecosystem Chief Neil Harounian spoke with @StacksOrg President Brittany Laughlin on the formation of a working group, as well as the Aptos Foundation becoming a signatory to Stacks.
Learn more 1/3 👇 pic.twitter.com/EFTsIntD6M
-stacks.btc (@Stacks) July 31, 2024
Since the start of the Signatory onboarding, approximately 118 BTC have been delivered to the various institutions. This amount totals over $7 million at Bitcoin’s current spot price of $60.7 thousand.
Investors should be aware of these levels
At the time of writing, STX’s current position remains held by the bears as the current market environment encourages selling rather than buying. But the bulls are mounting a strong defense around the $1,460 low.
Related Reading
This is huge for investors who are bullish on STX, as it gives the bulls strong support for a potential upward move. However, the possibility of a bullish breakthrough remains uncertain. The current bearish trend in the market is supported by the fact that major cryptocurrencies are still bearish in the short to medium term.
If the bulls manage to defend the $1,460 line, we can expect less volatility in the market compared to today’s movements. If they succeed, it will be easy to retake the May-June price levels.
Investors and traders should keep their eyes open for any market movement in favor of the bulls.
Featured image from Boxmining, chart from TradingView
