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<ul> 
 <li style="font-weight: 400">Stacks (STX) is down nearly 23% since last week, worsened by the current correction phase the market has entered.&nbsp;</li> 
</ul> 
With the hostile market environment, Stacks (STX) has continued its downward spiral as bears mount the pressure.&nbsp; 
According to CoinStats, the <a href="https://coinstats.app/coins/blockstack/">token</a> is down nearly 23% since last week, worsened by the current correction phase the market has entered.&nbsp; 
<figure id="attachment_78670" aria-describedby="caption-attachment-78670" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-78670" src="http://bitcoinworld.co.in/wp-content/uploads/Stacks-Price-Chart-7-483x300.png" alt="" width="662" height="411" srcset="https://bitcoinworld.co.in/wp-content/uploads/Stacks-Price-Chart-7-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/Stacks-Price-Chart-7.png 760w" sizes="(max-width: 662px) 100vw, 662px">
 <figcaption id="caption-attachment-78670" class="wp-caption-text">
 Stacks Price Chart | Source: CoinStats
 </figcaption>
</figure> 
&nbsp; 
The latest market data shows that major cryptocurrencies like Bitcoin and Ethereum have shown a drop of 10% since last week, pulling the market downward by 2%. 
However, several developments might help slow the token’s drive downward. These developments show Stacks as the prime layer-2 for the top cryptocurrency in the market.&nbsp; 
<h3 id="span-style-font-weight-400-stacks-stx-big-news-for-investors-and-btc-enthusiasts-span">Stacks (STX): Big News For Investors And BTC Enthusiasts</h3> 
Although the market is incredibly bearish, Stacks remain attractive for both institutional and retail investors alike.&nbsp; 
Ever since the first step of the Nakamoto upgrade rolled out last April 22nd, the newly introduced role of ‘Signers’, their self-made term for validators, significantly grew in size.&nbsp; 
According to their blog <a href="https://stacks.org/institutional-signers-earn-millions?ref=stacksblog">post</a> in August 1st, 39 blockchain institutions signed up with Stacks to be a signer. 
Among the signers is Xverse, a Bitcoin wallet provider that dabbles in the BRC-20 standard. This major onboarding will result in a larger user base, giving Stacks a big advantage as layer 2s on the Bitcoin blockchain attract more attention.&nbsp; 
However, the partnership announcement made between Stacks and Aptos during the Bitcoin Builders Conference created some buzz for the two.&nbsp; 
According to some key takeaways, Aptos will join Stacks as a signer, bumping their total Signer count to 40, along with the start of a working group for better collaboration between the two organizations. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Stacks <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f91d.png" alt="🤝" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/Aptos?ref_src=twsrc%5Etfw">@Aptos</a> live on stage at the Bitcoin Builders Conference! 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/AptosLabs?ref_src=twsrc%5Etfw">@AptosLabs</a> Head of Ecosystem Neil Harounian talked to <a href="https://twitter.com/StacksOrg?ref_src=twsrc%5Etfw">@StacksOrg</a> Chairperson Brittany Laughlin about forming a working group, as well as the Aptos Foundation becoming a Signer for Stacks. 
 Learn more 1/3 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/EFTsIntD6M">pic.twitter.com/EFTsIntD6M</a> 
 — stacks.btc (@Stacks) <a href="https://twitter.com/Stacks/status/1818752987738914992?ref_src=twsrc%5Etfw">July 31, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Since the start of the onboarding for Signers, about 118 BTC has been handed out to the various institutions. This amount totals over $7 million at the current spot price for Bitcoin at $60.7k.&nbsp; 
<h3 id="span-style-font-weight-400-investors-should-watch-out-for-these-levels-span">Investors Should Watch Out For These Levels</h3> 
As of writing, STX’s current position remains occupied by the bears as the current market environment encourages selling rather than buying. But the bulls are mounting a string defense around the $1.460 price floor.&nbsp; 
This is huge for investors bullish on STX as it gives the bulls strong support for a possible movement upward. However, the possibility of a bullish breakthrough remains uncertain.&nbsp; 
The market’s current downward trend is supported by the fact that the major cryptocurrencies are still bearish in the short to medium-term.&nbsp; 
If the bulls can defend the $1.460 line, we can expect lesser volatility within the market compared with today’s movements. If they’re successful, retaking the May-June price levels will be easy.&nbsp; 
Investors and traders should keep their eyes open for any market movement in favor of the bulls.&nbsp; 
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend

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