Ethereum 2.0 Deposit Contract Only at 18% Staked; Will It Launch on Dec 1?

The Ethereum 2.0 upgrade may not happen as soon as the community expected if the minimum threshold of 524k ETH isn’t met within the next week. Currently, 99,488 ETH has been staked in preparation for the launch, roughly 18.97% of the required ETH. Nonetheless, Ethereum 2.0 developers are still optimistic about the Dec 1 launch.

While there is a target date for the ETH 2.0 launch, hiccups hitting the minimum threshold could mean that this date will have to be rescheduled. Going by the updates from Dune Analytics, the eventuality of postponing the launch is more likely than not.

This is because all the ETH must be deposited seven days before the target launch date of Dec 1, according to Danny Ryan, a core researcher at the Ethereum Foundation. If the threshold is not met within the expected time frame, Ryan noted that the genesis would be triggered at a later date when it is achieved,

“If not … genesis will be triggered 7 days after this threshold has been met (whenever that may be).”

So far, a total of 458 contributors have deposited to the ETH 2.0 deposit contract, totaling 3,023 transactions as of press time. Some of the largest contributors include Ethereum’s co-founder Vitalik Buterin who has allocated 3,200 ETH, which is over $1.4 million as per the prevailing market prices.

With the December launch set to mark phase 0 of ETH 2.0, the upgrade to a PoS ecosystem will still be far from over. This will only lay the groundwork for phases 1 and 2, which are expected to roll out in the coming year as part of a full migration from the PoW consensus.

Notably, the Ethereum and larger crypto community have been waiting patiently for this shift. Basically, a migration from the PoW consensus means that Ethereum’s blockchain will be more scalable since less computing power is needed in the PoS model. If successful, the Ethereum blockchain will solve the underlying scalability challenges, which are a pain point to its booming ecosystem.

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Author: Edwin Munyui

Pantera Capital CEO Dan Morehead: Bitcoin Could Peak at $115,000 In August 2021

In these distressing times, there’s no knowing what’s going to happen, but Dan Morehead, CEO of Pantera Capital, “strongly” believes it’s almost inevitable that this will be “positive for cryptocurrency prices.”

This is because as Quantitative Easing approaches “infinity,” it has to have an impact on things whose quantity can’t be eased.

Founded in 2013, Pantera Capital was the first investment firm in the US to launch a digital currency, with a minimum investment of $100,000.

It’s just getting started

The government policy to increase the quantity of paper money has them, in turn, using that money to buy things like stocks and real estate that have fixed quantities. And it has already started bearing fruit as S&P 500 jumped over 17% in April which wouldn’t have been possible without trillions of new dollars, said Morehead.

This flood of new money according to him will float all boats, inflate the price of other fixed-quantity assets like gold, bitcoin, and other cryptos as well.

As we saw, Bitcoin ended April with 34% gains and is currently up over 23% YTD.

Pantera Capital’s principal argument for bitcoin in a portfolio is that it has had a 209% 9-year compound annual growth rate with zero long-term correlation to stocks, bonds, oil, or any other asset class.

But it is only the beginning for cryptos because for starters this recession won’t’ be V-shaped, said Morehead.

Looking back at the 2008 recession when the US real GDP fell by 4.3% and didn’t recover until three years, this recession is likely to resemble an L as well.

He further noted how most American families’ finances have been seriously damaged, small businesses are permanently closing and the economy has to recover in steps.

And the coronavirus that is both psychological shock and a physical constraint on economic activity will be difficult to counter-act with the standard economic policy tools.

Impact on crypto

During the last quarter, the Fed cut down the rates to zero percent which has been named “the lost decade” by Japan which invented Zero Interest Rate Policy (ZIRP) about 25 years ago.

When it comes to fiscal policy, it has been very “inefficient.” As per JP Morgan’s forecast, the US deficit is 19.5% of GDP, larger than the deficit during the Great Depression.

Meanwhile, as Pantera Capital had predicted in March, cryptos outperformed ventures, which are being bought at a discount of 20 to 36%.

Bitcoin’s correlation that reached its all-time high last month has begun to trade independently and is further expected to “drop off now.”

In the crypto market as well, bitcoin’s dominance climbed up to 66.40% from 64.60% in mid-march which is also expected to continue to gain but not as much.

But with the markets no longer range-bound, “long-biased strategies are now best,” projects Pantera Capital.

Post-Bitcoin Halving Rally

The government policies have also been bullish for the traditional haven asset. But Bitcoin still outperformed this safe-haven asset which is up only 13% YTD.

Interestingly, Bitcoin is preparing for this block reward halving in about five days. It is 100% QE proof with its fixed and known money supply and goes through halvings every four years which cuts the reward in half.

Although the past doesn’t predict the future — halvings have coincided with increases in price due to a perceived and/or real scarcity of supply.

According to Pantera Capital, it’s reasonable that the cut down in bitcoin’s new supply, ceteris paribus, “the price should rise.”

Historically, bitcoin has bottomed 459 days before the halving only to climb leading into it and then exploding to the upside afterward.

This time, the market took 514 days before the halving and if history were to repeat itself, bitcoin would peak in August 2021.

But each halving’s impact on price is tapering off. The second halving decreased supply only one-third as much as the first one had exactly one-third the price impact.

If this relationship holds, there would be 40% as much price impulse, as the reduction is only 40% as much as in 2016, meaning “bitcoin would peak at $115,212 /BTC.”

A ludicrous number today but back when Pantera Bitcoin Fund was first launched at $65 per BTC, their $5,000 prediction was just as ludicrous.

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Author: AnTy

Binance US Will Be Launched Wednesday, 13 States To Be Barred to Start

The most anticipated launch of the month in the crypto world, Binance US, is set to happen tomorrow, September 18. After a long wait, the exchange will start to accept registrations. Before using the services, you have to be whitelisted, so it may take some time, depending on how many people try to join the service (and we bet that it’ll be a lot of people).

A total of 13 states were barred from using the platform, unfortunately. They include Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho, Vermont, Washington, Texas and New York. It was reported, however, that the residents of these states will be allowed to use the platform eventually.

The blog post that announced the launch has also explained that all clients will have zero trading fees until November 1, 2020, and that customers will need a valid government-issued ID with photo such as social security number or passport to be users.

No assets will be automatically transferred to your account, even if you have another Binance account. Binance US will be a fully independent product. Trading can only be started after you had your profile verified and deposit funds.

Initially, users can only buy assets with ACH or wire transfers, but other options are set to be included in the following months. The company will accept USD, BTC, ETH, BCH, XRP, LTC and USDT. All assets will be insured.

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Author: Daniel W