Boost Bitcoin’s Utility: Stacks Price Soars 44% in One Week

• Crypto asset Stacks (STX) has surged by more than 44% in the past seven days, likely riding on Bitcoin’s price pump.
• Stacks aims to boost the utility of Bitcoin by enabling smart contracts, decentralized finance (DeFi) activity, non-fungible tokens (NFTs), and other applications.
• Last Thursday, BlackRock submitted a spot Bitcoin exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission (SEC).

Stacks Price Surge

A crypto asset built to boost Bitcoin utility has drafted off its price pump and surged by more than 44% in just one week. Stacks (STX) is currently trading around $0.778 at time of writing, up from $0.54 one week ago; however it is down 4% in the past 24 hours.

Boosting Bitcoin Utility

Stacks is a layer-1 blockchain that enables smart contracts, decentralized finance (DeFi) activity, non-fungible tokens (NFTs) and other applications to be built on top of the flagship cryptocurrency Bitcoin (BTC). The project hopes to increase utility for BTC users while maintaining its decentralization features.

BlackRock’s ETF Application

Last Thursday BlackRock, the largest asset manager in the world, submitted a spot Bitcoin exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission (SEC). No US Bitcoin spot ETF applications have ever been approved thus far; however, two futures ETFs were greenlighted for launch back in October 2021 by the SEC. Following this news BTC prices rose around 20%, currently trading at $30,002 at time of writing..

Developments On STX Platform

The Stacks team also updated their Twitter followers this week about ongoing developments regarding sBTC – their trustless two-way Bitcoin peg system – with engineer Igor Sylvester releasing an alpha version for testnet use.

Conclusion

Bitcoin’s momentum appears to have had a positive effect on STX prices as well as drawing attention from big players such as Blackrock who are looking into investing into cryptocurrencies through ETFs . With continued development on their platform STX may continue its upward trend providing further utility for BTC users while also increasing its own value proposition

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