Taproot Activation Signaling Begins Starting with SlushPool, F2Pool, and Foundry

Bitcoin’s Taproot Activation Signaling Begins Starting with SlushPool, F2Pool, and Foundry

Bitcoin’s Taproot upgrade, a privacy and scalability improvement, has taken another step closer to becoming a reality.

After the code for Taproot’s “Speedy trial,” an activation method was merged into Bitcoin core last month, Taproot signaling on Bitcoin officially began over the weekend with the second and largest downward difficulty adjustment of 12.6% of the year.

Twitter CEO Jack Dorsey also tweeted the website “taproot.watch,” where you can check the support for the upgrade.

BTC.com produced the first block since it began, but it failed to signal. However, soon others joined in, starting with SlushPool, which has been operating since 2010.

SlushPool mined the first block signaling for Taproot, which was joined by Foundry, a US-based mining pool that is the subsidiary of Barry Silbert’s Digital Currency Group that also owns Grayscale.

The latest Taproot signal is given by one of the largest bitcoin mining pools, F2Pool. Along with the signal, F2Pool also embedded the message “Of course I hate the Bitcoin success,” the words said by Charlie Munger and agreed by Warren Buffett over the weekend during the Q&A session at Berkshire Hathaway’s annual shareholder meeting.

Miners basically signal their support for the upgrade by including particular data in the block they mine. Once 90% of blocks are mined during the current difficulty period, between now and August 11, Taproot will be locked in for activation at the end of the year.

Bitcoin developer Luke Dashjr urged the miner to signal their support ahead of time, saying, “Even though you don’t technically need to upgrade your Bitcoin node for Taproot until November, doing so sooner helps grow confidence in the activation.”

Before the Bitcoin core software release, Bitcoin developer Bitcoin Mechanic released an alternative Taproot activation client. Called “user-activated soft fork” (UASF), it allows node operators to reject miners not signaling for Taproot and mandatory activate it in October 2022. The inclusion of UASF in Bitcoin Core was what led to months of debate.

“Yes, there are differences in opinion. No, this does not resemble debates that have led to past network splits,” said Kraken editor Pete Rizzo referencing the SegWit upgrade in 2017 that led to the fork and creation of Bitcoin Cash (BCH). BCH 4.59% Bitcoin Cash / USD BCHUSD $ 1,017.78
$46.724.59%
Volume 3.52 b Change $46.72 Open $1,017.78 Circulating 18.73 m Market Cap 19.06 b
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There are currently 42 signaling blocks, and 84.92% of the blocks have yet to signal their support.

As we reported, the majority of the miners (89.07%) had already announced their support as per the survey of Alejandro del la Torre, VP of mining pool Poolin.

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Author: AnTy

Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)

Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)

Alpha Homora is now also running on Binance Smart Chain (BSC), besides the second largest network Ethereum.

“The beginning of a multi-chain Alpha ecosystem and the value accrual mechanism across multiple chains starts now,” stated the Alpha team.

BSC has seen a lot of traction lately as fees on Ethereum remain elevated, helping Binance Smart Chain make new highs in transaction volumes.

This launch on BSC happened today, and in a matter of three hours, the DeFi protocol had about $117.5 million in total value locked (TVL).

Already, Alpha Homora is among the top ten projects on BSC in terms of TVL. Another lending project, Venus, is the leading one with $5.11 billion in TVL, followed by popular PanakeSwap with $3.65 billion, as per BSCProject.

Alpha’s BSC launch means users can now lend BNB, yield farms on the AMM PancakeSwap with leverage, and receive liquidity mining incentives for both activities.

Leveraged pools that went live with the launch are BNB-ALPHA (2.5x), BNB-CAKE (2.5x), BNB-BUSD (3.0x), BNB-BTCB (3.0x), BNB-ETH (3.0x), and BNB-USDT (3.0x).

Alpha Finance Lab is an ecosystem of cross-chain DeFi products backed by The Spartan Group, Multicoin Capital, DeFiance Capital, and Delphi Ventures.

Alpha Homora is its first product which is a leveraged yield farming and leveraged liquidity providing protocol. The lending DeFi protocol has more than $900 million in TVL on Ethereum.

Last month, the protocol launched its v2 supporting leveraged yield farming of Curve and Balancer pools, alongside Uniswap and SushiSwap pools.

The token ALPHA is a $465 million asset trading at $1.83, up 763% YTD.

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Author: AnTy

XRP Carnage Begins as the Delisting Commences

XRP Carnage Begins as the Delisting Commences

With several delistings already happening, Coinbase And Grayscale are expected to follow the suit.

XRP’s pain is not over, as a matter of fact, it may have just started.

It all started on Monday when Ripple CEO Brad Garlingouse said the SEC is going to sue them for selling unregistered security.

This led Bitwise Asset management to announce that they have liquidated about $9.3 million of its XRP position, representing 3.8% of its Bitwise 10 Crypto Index Fund.

“Grayscale likely to follow suit imminently,” with “most exchanges will follow as well,” said Ryan Selkis of Messari.

Two small exchanges Beaxy and CrossTower have also halted XRP trading on their platforms. The day the SEC officially charged Ripple and its former CEO Chris Larsen & current CEO Garlinghouse for conducting illegal sales, OSL also suspended payment and trading services.

OSL is one of Asia’s largest over-the-counter (OTC) desk, catering to institutions and HNW individuals. Given that “they dominate institutional mindshare,” this would be “a significant and a huge blow to XRP,” noted one trader.

Interestingly, in 2020 XRP accounts for 18% of Bitstamp volumes, 8% of Coinbase volumes, 5.5% of Kraken volumes, and 4% of Binance volumes.

And now, there is speculation that San Francisco-based Coinbase is planning to do the delisting as well. Adam Cochran, a partner at Cinneamhain Ventures said,

“Sources suggesting that Coinbase has already had discussions with counsel about the delisting of XRP. It seems two potential plans are forming, one which puts the delisting on Friday. Unclear which Coinbase products it will impact but most likely Coinbase and Pro.”

It is possible that Coinbase would take this route as the exchange is planning an IPO itself and would be inclined to toe the regulatory line.

This would be a big hit to XRP and Ripple as Coinbase is the largest crypto asset exchange in the US with about 35 million users all over the world. This could see XRP losing a good chunk of its value, again.

Back in 2018, Coinbase had shared its “path to listing SEC-regulated crypto securities,” but if deemed security that won’t be good be Ripple because it would make its digital asset necessarily useless.

While some wish for the SEC to not win this case, Attorney Stephen Palley, a partner at Anderson Kill says XRP is actually a security.

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Author: AnTy

Bitcoin’s $10,000 Breakout Backed by Investor Activity, Analyst Says On-Chain Trend ‘Mega Bullish’

  • “So it begins,” as Bitcoin breaches $10k, now “let’s take the staircase up to $20k”
  • As fear over coronavirus perpetuate, stock market dropped after hitting a new high this week while gold has slowed down
  • Bitcoin price meanwhile expected to range till Q2 while the digital asset being digital gold and a store of value narratives gain momentum

For the first time, since October Bitcoin has surged back above $10,000. As we make it to five figures yet again, the community is elated of this important psychological level that the world’s leading cryptocurrency broke last night surging about 40% so far this year.

Currently, we are trading at $10,130 and went as high as $10,178, a level that was last seen in late September.

“So it begins,” reacted popular analyst PlanB overreaching this level while BitMEX CEO Arthur Hayes is now counting down for a new all-time high.

“Nothing can stop me, I’m all the way up! Slow and steady wins the race. Let’s take the staircase up to bitcoin $20k,” said Hayes.

Stock market and gold reacts on coronavirus

The move came amidst the stocks rising to all-time highs on Thursday on strong corporate earnings and solid economic data while concerns over the coronavirus perpetuate.

This led to stocks sliding on Friday but posting their biggest weekly gains in months. But things could go worse in the weeks ahead as shuttered stores and empty streets because of coronavirus takes a toll on global retailers.

“Markets should take a hit when economic data for February start coming out, as numbers undershoot revised consensus forecasts,” says economist and trader Alex Kruger.

Also, Federal Reserve Chairman Jerome Powell will testify before the congressional committees next week.

Gold slid down on positive jobs report reinforcing the optimism over the US economy but the traditional safe haven remains supported by coronavirus fears and a possible global growth slowdown.

“That should keep people using gold as a safe haven,” said Phil Flynn, a senior market analyst at Price Futures Group while Jim Wyckoff, senior technical analyst with Kitco says,

“The gold market has shown keen resilience recently in the face of a rallying competing asset class – equities.”

A close above 10.4k to seal bears fate

Bitcoin’s rally in part could also be because of the optimism on the limited impact of coronavirus creating appeal for risky assets, according to Ed Moya, a senior market analyst at Oanda.

The digital asset is currently looking ahead of a strong week as the digital asset approaches key areas, point of control of the previous range though June to Sept. 2019.

“Needs to break this area with conviction to keep this trend going strong,” said investor and trader Josh Rager. Meanwhile, trader Credible Crypto feels, “A weekly close above 10.4k will seal the bears fate.”

This $10k breakout on-chain analyst Willy Woo says is the real deal because it is backed by the increasing investor velocity, those who buy and hold Bitcoin. The current chart he said is “mega bullish.”

Bitcoin peaked at $20,000 during the last bull run in 2017 only to lose 84% of its value. But in 2019, Bitcoin gained back about 88% of its value and is continuing its winning streak this year.

In the first and second quarter for this year, Rob Slymer of Fundstrat Global Advisors expects BTC to trade in a range of $10,000-$11,000.

Bitcoin’s performance this year also has experts seeing the narrative of bitcoin being digital gold and a store of value increases.

“Similar to gold, positive fundamentals should extend Bitcoin’s price appreciation,” wrote Mike McGlone, an analyst with Bloomberg Intelligence while Michael Sonnenshein, managing director at Grayscale Investments said,

“There’s certainly a narrative in the investment community that Bitcoin is solidifying its place as a store of value, a flight to safety, inflation hedge.”

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Author: AnTy

Bitcoin Price Crosses $10,000 BTC/USD for First Time in 160 Days

Bitcoin begins its ascent in to the new 2020 decade soaring over $10,000 BTC/USD exchange rate value for the first time since September 22, 2019. The past 160 days saw bitcoin’s price drop to as low as $6,500 on December 17th, the 4,000th day the bitcoin blockchain has been activated and running. It did flirt with 10K range back in October 25-27 but did not hold support but is now up nearly 50% in 2020 so far.

Bitcoin started the 2020 calendar year just over $7,000 and is now already increased to over $10,000 just 38 days into the 20’s decade. As the best performing asset of the 2010 decade, many are becoming bullish in sentiment towards the crypto market’s potential to run before the third bitcoin halving event takes place in the middle of May 2020.

The $10,000 BTC price point is considered a psychological turning point as the leading asset in the crypto market industry. It has been 801 days since Bitcoin first crossed $10,000 barrier for the first time ever when it did back on November 29, 2017 – of course going to $19,983 on December 17th 2017 before falling to $3,323 level by December 19, 2018 as the low point of the crypto bear market.

A fresh reminder from a vocal Crypto Twitter contributor:

The halving is just over 90 days out as the May 12, 2020 prediction date looms to take its blockchain mining rewards system output from 12.5 BTC to 6.75 BTC per every new block created on the BTC blockchain every ten minute cycle. The digital scarcity aspect will heighten as nearly 87% of all bitcoin’s satoshis will have been mined in totality and the global demand for a peer to peer alternative will keep seeing more adoption in areas that need its crypto distributed ledger technology the most.

While the bitcoin price predictions may range all over the place for 2020, many are watching for $12,500 range as the next level of interest if bitcoin can get its wings back.

In a week that saw the Federal Reserve studying central bank digital currencies, over $1 billion in value locked away in decentralized finance, a new safe harbor notion, Gemini integrating TradingView, the lightning network payment railway getting $10 million in Series A funding – and of course, Bitcoin not failing as it has been successfully operating for 4,048 days since Satoshi activated the network’s software.

Buckle up bitcoiners, the ride has only begun.

Latest Bitcoin Price News and Crypto Market Updates

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Author: Andrew Tuts