In a tough market, Stacks (STX) has lost a lot of value, falling almost 23% in the last week, according to CoinGecko. As the market as a whole has corrected, significant cryptocurrencies like Bitcoin and Ethereum have dropped by 10%, which has caused the market as a whole to drop by 2%.
Even though the direction is down, recent events may slow STX’s fall. Stacks has become a well-known layer-2 Bitcoin option that investors of all sizes are interested in. Since the April 22nd Nakamoto update, which added “Signers,” which is Stacks’ word for validators, 39 blockchain institutions have signed up to be signers.
Stacks Gains Xverse Partnership
Xverse, a Bitcoin wallet service that works with the BRC-20 standard, has joined the list of signers, which is interesting. This partnership should help Stacks get more users, which will make it a better Bitcoin layer-2 option.
A relationship between Stacks and Aptos that was announced at the Bitcoin Builders Conference has also gotten a lot of attention. With Aptos’s signature, the total number of signers will reach 40. A working group has been set up to help the two organizations work together.
Since signers were added, about 118 BTC, which is more than $7 million at the current price of $60.7k for Bitcoin, has been given to these organizations.
At the moment, STX is still under pressure from bears, but bulls are strong around the $1.460 price floor. For buyers who think the price will go up, this support level is very important. But the market as a whole is still bearish in the short to medium term, which makes it hard to see a positive breakout.
If bears can hold on to the $1.460 support, market volatility may go down, which could allow prices to return to where they were in May and June. Traders and investors should keep a close eye on the market to see if there are any rising trends.
