Bitcoin Breaks Through $61,000 as Euphoria & ‘Greed’ Brings the Money Back In

Bitcoin is on the move, and it looks like there’s isn’t much resistance from here to the $65,000 all-time high.

Today, we went on to hit almost $61,500, and Bitcoins’ market cap surpassed $1.15 trillion. Currently trading above $61k, another move, and we’ll go straight for ATH. The leading cryptocurrency is now up more than 37% in October, so far.

This latest euphoria in the market is due to the first Bitcoin ETF of the US finally coming next week.

“ETFs open up a raft of avenues for people to gain exposure, and there will be a swift move to these structures,” said Charles Hayter, CEO of data firm CryptoCompare.

“It reduces the frictions for investors to gain exposure and gives traditional funds room to use the asset for diversification purposes.”

As we reported, there are very high chances that a Bitcoin Futures ETF would officially be trading before this month is over. Even the SEC is reminding investors to be careful when investing in a fund holding Bitcoin futures.

While ProShares Bitcoin ETF’s deadline for approval, decline, or delay is coming on October 18, Valkyrie filed an 8-A on Friday. SEC has to decide on Valkyrie’s ETF on October 25.

This is “yet another step indicating they (Valkyrie) think they will be going effective. That said, I’m still waiting on ProShares’ updated prospectus to get that ‘home free’ feeling,” said Eric Balchunas, a senior ETF analyst for Bloomberg.

Earlier today, Bloomberg also reported that the SEC is set to allow the Bitcoin ETF to trade next week, citing people familiar with the matter.

“It’s one of the final frontiers for mandate access,” said Joseph Edwards, head of research at crypto broker Enigma Securities.

“Plenty of Americans in particular have strings attached to how they deploy a lot of their wealth. It allows bitcoin to get in on the sorts of windfall that keep U.S. equities as consistently strong as they are.”

The approval of the ETF would certainly print a new ATH for Bitcoin.

“The move to $1m is preordained,” says Su Zhu, CEO, and co-founder of Three Arrows Capital.

In anticipation of the move, open interest on Bitcoin futures has increased to $22.29 billion, last seen in mid-April, according to Bybt. On CME, OI has already hit a new ATH at $3.36 billion, surpassing the February 21 high of $3.26 billion. As of writing, Bitcoin futures are trading at $60,950 on CME.

Funding rates on Bitcoin perpetual contracts are also spiking. Last month, it was negative, and currently, the highest is at 0.0446% on Deribit.

Additionally, the Crypto Fear & Greed Index is showing that ‘greed’ sentiments are back in the market with a reading of 79, last seen in late August.

In tandem with Bitcoin, Ether went up to trade above $3,800 while the total cryptocurrency market cap hovers around its early May peak of $2.55 trillion.

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Author: AnTy

“This Isn’t Just BTC Anymore,” It’s Digital Assets Creating an Ecosystem of New Opportunities: BofA

“This Isn’t Just Bitcoin Anymore,” It’s Digital Assets Creating an Ecosystem of New Opportunities, says Head of BofA Global Research

Bank of America has finally launched coverage of cryptocurrencies due to “growing institutional interest” and the massive appetite among retail clients.

Candace Browning, head of global research at BofA Securities, shared in an interview with Bloomberg that the number of corporates mentioning crypto on their earnings calls has increased to about 147 in the most recent quarter, from merely 17 in the last year.

“This isn’t just Bitcoin anymore, this is digital assets and it’s creating a whole ecosystem of new companies, new opportunities, and new applications.”

The bank has published its first research coverage focused on crypto titled “Digital Assets: Only the first inning” while noting that the industry has grown to over $2 trillion with more than $200 million users. The “digital asset universe is too large to ignore” now.

BofA’s cryptocurrency research coverage for which the team was appointed in July is headed by former tech analyst Alkesh Shah, the bank said.

“This is growing, this is mainstream, and it’s not just Bitcoin.”

In other news, Inuit Inc., the maker of QuickBooks and TurboTax software which recently acquired privately held email marketing firm Mailchimp for $12 billion, has launched a new venture arm to invest in emerging financial technology, including crypto.

Talking about crypto’s role in Intuit’s future and just how excited the company is about the nascent asset class, Sasan Goodarzi, CEO of Intuit, told Bloomberg that “It’s important to intentionally place your bets on the future.”

He believes betting on emerging, and unproven trends is important because some will work and some won’t. Also, it gives an opportunity to pick great talent, he added.

“We believe crypto and blockchain will play an important role,” said Goodarzi, noting they are all about making sure that everything that they do is about making customers manage their cash flow, only to add, “but they (crypto) are going to play an important role.”

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Author: AnTy

Cohen Not Going to Miss “Incredibly Transformational” Crypto While Dalio Finds BTC as A Cash Alternative

Steven Cohen Isn’t Going to Miss “Incredibly Transformational” Crypto While Ray Dalio Finds Bitcoin as an Alternative to Cash

While Point72 founder’s “cryptomaniac” helped him understand crypto, Bridgewater Associates founder continues to reiterate that Bitcoin “could still be controlled” and that it “could be tulips in Holland.”

Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Associates, reiterated that he owns some Bitcoin but expressed concern that there’s a danger of governments destroying the cryptocurrency market.

On CNBC during the SALT conference in New York, Dalio said,

“I think at the end of the day if it’s really successful … they will try to kill it. And I think they will kill it because they have ways of killing it.”

His comments came as US regulators are looking to increase oversight on the $2 trillion cryptocurrency market. Just this week, SEC Chair Gary Gensler said that the top securities regulator is working overtime and crafting rules to bolster regulation of crypto assets.

It, however, wasn’t the first time that Dalio raised concerns about political government action against Bitcoin. Previously he said that the government could ban the cryptocurrency as they would want to clamp down on alternative currencies that could challenge the dominance of the US dollar.

He further said that while El Salvador has become the world’s first nation to adopt Bitcoin as legal tender, India and China are “getting rid of it” while the US is talking about how to regulate it, so overall, “it could still be controlled,” Dalio said.

“It Could Be Tulips In Holland”

According to Dalio, cryptocurrencies represent diversification which “is a good thing,” noting portfolios need to be spread across more asset classes.

Dalio yet again called cash trash and warned that investors shouldn’t become too reliant on it. And he thinks Bitcoin is a good alternative to cash.

“I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin.”

“It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time.”

However, he also said that the leading cryptocurrency lacks intrinsic value or fundamental and objective worth. Then he likened it to the tulip bubble saying, in a historical perspective, there are many things that didn’t have any intrinsic value but had perceived value and went hot and cold.

“You just have to know what it is. It could be tulips in Holland.”

According to CNBC, Dalio owns a smaller percentage of bitcoin compared to gold holdings in his portfolio.

Not Going To Miss This

SALT conference host Anthony Scaramucci’s alternative investment firm, SkyBridge’s co-chief investment officer, Ray Nolte, meanwhile said at the event that they have a 12% investment in bitcoin.

Earlier this week at the conference, billionaire investor Steven Cohen also said that he hopes to not miss out on opportunities presented by digital currencies.

Cohen, the founder of Point72 Asset Management, shared that he was a bit of a skeptic when it came to cryptos until recently when his son, a “cryptomaniac,” helped change his mind.

“Once I decided there were opportunities, and I thought this could be a space like the internet — it could be incredibly transformational — I wasn’t going to miss this.”

Cohen, who has a net worth of $11.1 billion, is venturing deeper into the crypto world in both personal capacity and at his firm. He is also interested in the metaverse where “your mind can run wild.”

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Author: AnTy

Bitcoin & Gold Spike and Stocks Hit Record High while Dollar Weakens on Powell’s Dovish Speech

While the Fed governor isn’t concerned about the “eye-popping price increases” in the housing market, saying, “I don’t think any of this is financial excess,” Christopher Waller sees crypto as odd assets. He’s “not going to bet Financial Stability Policy on crypto assets.”

Federal Reserve Chair Jerome Powell didn’t disappoint investors at the much-awaited event of the month as he delivered a dovish speech at the Jackson Hole Symposium on Friday.

Powell did say that he would like the central bank to start reducing its $120 billion a month asset purchases from “this year,” but only to add that investors should not read it as a signal to an imminent hike in interest rates.

“The timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff, for which we have articulated a different and substantially more stringent test,” Powell said in his speech.

In response, both the S&P 500 and Nasdaq hit record highs indicating investors were happy with the Fed chief’s speech. While investors would have some time to adjust to the absence of more liquidity in the coming month, Powell was pretty clear in signaling that there was no rush to tighten policy.

“Powell understands that tapering will happen, but it’s not going to happen sooner than later,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.

Treasury bond yields edged lower, and the dollar weakened to fall to 92.68, while a week back, it was at a nine-month high at 93.57.

Gold, labeled as a safe haven, meanwhile hit 3-weeks highs on Friday, having its best weekly gain since May on the back of no clear timetable for tapering US stimulus spending.

Much like other risky assets, including commodities and oil, cryptocurrencies also went higher.

Bitcoin went past $49,400 thanks to Powell and is currently hovering around $49k, while Ether is also hovering around $3,250.

SOL, which has a market cap of $27 bln, hit new ATH at $94.36 a few hours back has climbed above Polkadot to claim 8th spot. DOT, a 26.7 bln coin, is meanwhile trading at just above $26, down 47% from its mid-May peak.

The total cryptocurrency market cap is now back at $2.17 trillion.

Tapering has been a hotly debated topic in recent months with a lack of consensus among Fed officials. Robert Kaplan of Dallas, James Bullard of St Louis, and Esther George of Kansas City, and Philadelphia’s Patrick Harker are in favor of “sooner rather than later,” unlike Raphael Bostic of Atlanta division who is concerned about the Delta variant’s impact.

On Friday, Fed Governor Christopher Waller also spoke in favor of moving with paring the purchase “this fall” if there’s one more good job report in the 850,000 to 1 million range.

While concerned about the “eye-popping price increases” in the housing market, Waller said a lot of it is fundamentals with millennials coming off the sidelines for the first time in a decade, adding, “I don’t think any of this is financial excess.”

While “the financial system works fine. There’s gonna be the odd assets of people employed to look at, particularly crypto assets, but I’m not going to bet Financial Stability Policy on crypto assets.”

During the speech, Powell also noted that “more progress” has been seen in the jobs market, but this is now coinciding with “the further spread of the Delta variant,” and also there’s much ground to cover to reach maximum employment.

“If a central bank tightens policy in response to factors that turn out to be temporary … the ill-timed policy move unnecessarily slows hiring and other economic activity and pushes inflation lower than desired. Today, with substantial slack remaining in the labor market and the pandemic continuing, such a mistake could be particularly harmful,” he said.

Overall, the policy is well-positioned, Powell said, adding, the Fed, as always, is prepared to adjust.

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Author: AnTy

Twitter’s Jack Dorsey Doesn’t ‘Hate’ Ethereum; He Isn’t in Bitcoin for the Money, But to “Fix the Money”

Twitter’s Jack Dorsey Doesn’t ‘Hate’ Ethereum; He Isn’t in Bitcoin for the Money, But to “Fix the Money”

As the Twitter and Square co-founder shared that he is using “Lightning to enable a currency for the internet” by allowing every account on Twitter to link to a Bitcoin Lightning Wallet, the Ethereum community took it as a direct attack against them.

Twitter co-founder and CEO Jack Dorsey’s focus is on Bitcoin as he works on making it the currency of the Internet.

Taking another step towards this mission, Twitter will enable every account on the platform to link to a Lightning wallet. The idea, Dorsey said, is using “Lightning to enable a currency for the internet.”

This isn’t something new though, Dorsey has been hinting towards this for some time now. A couple of months back, he had said that it was “only a matter of time” that LN would be built into BlueSky or Twitter.

Lightning Network is a second-layer scaling solution that speeds up Bitcoin transactions and reduces costs by routing transactions through channels without needing the first layer Bitcoin blockchain to verify each transaction.

Dorsey launched BlueSky in December 2019, a project to build a decentralized standard for social media. The project has “taken a long time,” as the team decided to research before hiring a lead whose announcement Dorsey said will be made next week.

This time, Dorsey shared this tidbit about BTC on Twitter when the discussion was started around Twitter and NFTs by Brandon Jacoby, former design lead at Dorsey’s Cash App, noting, “Every account on Twitter should have a wallet address for storing NFTs. Users could select any NFT in their wallet to use as their avatar. Would serve as one of the biggest verified layers for showcase/distribution.”

But this, Dorsey agreed, benefits the Ethereum ecosystem more than Twitter itself, not to mention, he is working on bringing BTC to the masses through the social media giant.

This didn’t go down well with the Ethereum community as they took Dorseys’ interest in Bitcoin as an attack against Ether. But as Dorsey said, “Focus on one thing isn’t hate of the others.” Much like many, ETH enthusiast DCinvestor then took to Twitter to share his displeasure with Dorsey’s decision, saying,

“Jack “maximally” doubling down against Ethereum will become one of the biggest miscalculations in web history; there is a huge opp for social networks and other websites ready to embrace Ethereum Web3, not lightning wallets linked to your account which no one cares about.”

In response, Dorsey clarified that he’s just “focused on a native currency for the internet. That is all.”

As for why not Ethereum, Dorsey is clear that he is looking for Bitcoin with key concerns with other blockchains centered around “founding principles, security, and centralization.” In a separate tweet, he said that “No one technology alone” will disrupt ‘Big Tech’ which needs to be done.

The CEO of Square and Twitter isn’t in it for the money either, as he said he intends “to give all mine away.” What he wants to do is “to help fix the money.”

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Author: AnTy

Shift in Momentum: Binance Yields to Regulatory Pressure, the Definition of HQ Changing for CZ Too

Binance aims to move from its start-up origins to become a financial institution, but CZ isn’t leaving, rather is putting “commitment to compliance” as their top priority. The exchange has also launched the Tax Reporting Tool to help its users fulfill their tax reporting requirements.

Leading cryptocurrency exchange, Binance now wants to set up regional headquarters and be recognized by local regulators, said chief executive officer, Changpeng Zhao.

“We want to be licensed everywhere,” Changpeng Zhao told journalists, saying he wanted to “work with regulators everywhere.”

“From now on, we’re going to be a financial institution,” he said, adding that this would be breaking from its earlier decentralized model and maturing from its start-up origins.

As a first step towards getting a regulated move, Binance is becoming KYC (know your customer) compliant in order to “support” the security of its users, it said.

The exchange announced a reduction in its daily withdrawal limit to 0.06 BTC for those who are not completely verified but only have Basic Account Verification. This adjustment will be effective in phases starting from August 4 and will be completed by August 23.

The same restriction applies to new account registrations but is effective immediately.

“We continually review our policies to ensure that we surpass industry standards. This adjustment better accounts for current BTC prices. You can increase your withdrawal limit by completing identity verification.”

The same day, Binance launched the Tax Reporting Tool to help its users keep track of their crypto activities so that they are fulfilling the reporting requirements laid out by their regulatory bodies.

‘What if the less reg friendly things move to BSC/ some other chain. I’m thinking things like derivatives and lending markets. Binance has been writing a shit ton of checks in that space,” noted market maker IamNomad in response to Binance’s latest move.

Binance Smart Chain (BSC) is actually seeing a renewed interest lately, with the daily transactions on the blockchain hitting a new peak above 11.9 million on July 27 after bottoming around 3.14 million earlier this month, as per BSC Scan.

Unlike the last peak, this time, DEX PancakeSwap is not behind this success but CryptoBlades, a play-to-earn NFT game. This makes sense, given that Axie Infinity has been leading the market during the downturn of the last three months.

Amidst all this came reports of CZ looking to hire his replacement as the next CEO.

During a conversation with Mukaya Panich, CIO at Thailand’s Siam Commercial Bank’s venture arm SCB 10X, CZ said he is looking for a senior person with strong compliance and regulatory background.

“I don’t think I’m the best person to lead that effort. I think having somebody with a very strong regulatory background is actually better.”

CZ, however, took to Twitter to explain that “there are no immediate plans to replace me as CEO,” though he would like to hire someone with a special regulatory background to show their “commitment to compliance,” which he said is their top priority.

“I feel CEOs should not stay for more than 10 years, ideally around 5 years… We are always hiring for CEOs. I don’t need to be CEO, and I am not leaving.”

Much like in 2018, Binance became the leader in the crypto space; market participants believe the momentum is shifting yet again, with FTX coming on fast behind Binance to take up the first spot.

While Coinbase already had its initial public offering to mark Bitcoin top so far this year and Kraken is also planning sometime next year with FTX considering but not really needing it, CZ is now mulling a future IPO in the US but said the plan “is not 100% fixed yet.” Such plans would require Binance to have a legal entity and headquarters.

“We are setting up those structures.”

“Once those structures are in place, you may make it easier for an IPO to happen. So that’s not out of the question. But right now, we are still in the early stages.”

Binance has been facing a lot of regulatory scrutiny from all over the world especially due to not having an HQ, something regulators aren’t comfortable with, especially UK watchdog FCA which called the lack of a headquarters a “huge issue.”

Up until now, CZ has maintained that his definition of a headquarters is different from others, which is finally changing as the exchange faces the pressure of regulators and, given the latest changes made by the exchange, is also caving to them.

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Author: AnTy

99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them

99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them

Digital Currency Group, the parent company of the world’s largest digital asset manager, Grayscale Investments, announced this week that it would be purchasing $50 million worth of shares of Grayscale Ethereum Classic Trust (ETCG).

The company will be using cash on hand to fund the purchase that will be made on the open market.

This announcement came after DCG CEO Barry Silbert said early last week that “99% (of cryptos) are overpriced.”

This comment was made after he explained his reasoning for why he went long on VIX in preparation for the macro fireworks. He said at the time,

“No clue what will be the spark, hence the volatility hedge. but food prices, oil prices, investor complacency, speculative excess, lack of trust in the fed, interest rate normalization, meme stocks, overpriced cryptos, etc., are all on my mind.”

Now, he has announced that his company is buying the shares of an altcoin, Ethereum Classic (ETC), which is the hard fork of the second-largest cryptocurrency Ethereum and has been 51% attacked several times.

With a market cap of $5.1 billion, ETC is currently the 20th largest crypto trading at $37.51, down 77.5% from its all-time high above $167 in early May.

ETCG, meanwhile, is trading at a 33% discount, the same as GBTC and ETHE. Grayscale currently has a total of 12.35M ETC with it. BTC 2.68% Bitcoin / USD BTCUSD $ 32,471.09
$870.232.68%
Volume 58.95 b Change $870.23 Open $32,471.09 Circulating 18.74 m Market Cap 608.53 b
7 h Bitcoin and Ether Options Market Experiences a Boom 8 h Strike Dumps Tether, Set To Partner With Banks for El Salvador Remittances 8 h Skittish Investors Wipe Out All 2021 Gains, Sending Bitcoin Crashing to a New Low & Ether Back at $1,700
ETH -0.73% Ethereum / USD ETHUSD $ 1,873.29
-$13.68-0.73%
Volume 35.54 b Change -$13.68 Open $1,873.29 Circulating 116.4 m Market Cap 218.05 b
7 h Bitcoin and Ether Options Market Experiences a Boom 8 h Skittish Investors Wipe Out All 2021 Gains, Sending Bitcoin Crashing to a New Low & Ether Back at $1,700 10 h FONGO is Creeping into The Crypto Market Just as the Shape of the Curve Changes

Just last week, Grayscale added 13 tokens, including Bancor, Curve, Polygon, and 0x, to the list of coins under consideration for investment products, most of them belonging to the decentralized finance (DeFi) sector. BNT -1.03% Bancor / USD BNTUSD $ 2.93
-$0.03-1.03%
Volume 125.25 m Change -$0.03 Open $2.93 Circulating 214.67 m Market Cap 628.94 m
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 1 w Financial Institutions ‘Should be Concerned’ of Competition from Crypto/DeFi Businesses: Mark Cuban 1 mon Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards
CRV -3.50% Curve DAO Token / USD CRVUSD $ 1.40
-$0.05-3.50%
Volume 187.38 m Change -$0.05 Open $1.40 Circulating 374.93 m Market Cap 524.31 m
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 5 d Kyber Network To Launch On Polygon With $30 Million Liquidity Mining Program 5 d DeFi Protocol Curve Proposes Enforcing IP Rights against Infringers Including Saddle Finance
MATIC -2.54% Polygon / USD MATICUSD $ 1.07
-$0.03-2.54%
Volume 2.5 b Change -$0.03 Open $1.07 Circulating 6.29 b Market Cap 6.73 b
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 11 h Despite Crashing 72% Since Elon Musk’s SNL Peak, DOGE Is Still The Best Performing Coin of 2021 4 d Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin
ZRX -4.44% 0x / USD ZRXUSD $ 0.58
-$0.03-4.44%
Volume 87.69 m Change -$0.03 Open $0.58 Circulating 845.23 m Market Cap 486.03 m
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 1 w Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers 3 w DEX Aggregator, 0x (ZRX), Expands to Multi-chain Scaling Solution Polygon (MATIC)

With this update, Grayscale is now considering a total of 31 coins. But not all will be turned into investment products which requires a significant due process and would be subject to custody arrangements and regulatory considerations.

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Author: AnTy

Vitalik Buterin: EIP1559 Will Make Ether “Ultrasound Money,” Scaling is “Coming Very Soon” too

Ethereum co-founder isn’t concerned at all about the chain split due to the proposal. Also, a PoS chain is already here and running; it just doesn’t have sharding because the priority is currently the merge.

Ether is seeing some red today, much like the broad crypto market. Still, it is trading above $1,750, up nearly 140% YTD. However, the big thing is the upcoming upgrade, EIP 1559, that the market believes isn’t priced in yet.

The proposal is facing some pushback from miners, some of them even come together to attack the blockchain, but the market isn’t really concerned. This is because of the multi-billion decentralized finance (DeFi), especially the stablecoins, which collectively now surpass 56 billion in supply, built on the second largest network, as shared by Arthur of DeFianceCapital on “UpOnlyTV” recently.

Ethereum co-founder Vitalik Buterin isn’t concerned either, as he explained on The Tim Ferriss’ Show.

When asked by AngelList founder Naval Ravikant who is bullish on crypto and DeFi, if there’s a possibility that some miners and people will stay on Eth1 instead of Eth2, Buterin said, “the risks are much lower.”

Buterin attributed being very open about proof-of-stake and sharding from the first day as the big part of the reason. Not to mention, the market has gone through it already with Ethereum Classic (ETC). He said,

“Why stay on the chain where the core developers and lots of people are eagerly expecting a proof-of-stake change if you can just move on to a platform already that accepts your values? So I think that was one of the factors that did actually end up making the Eth2 transition a bit more secure.”

According to him, Ether is all about having more scalability which is going to deliver great environments for Ethereum users and everyone is roughly on board with the idea.

More Direct Connection Between Users & ETH’s Value

Ethereum Improvement Proposal 1559 was accepted a week back to be included in the London hard fork scheduled for July.

“It basically creates this more direct connection between people using the Ethereum blockchain and ETH having some value,” described Buterin.

He further explained that the proposal redesigns how the transaction fee market works, which means the majority of fees, instead of going to the miner or corporate who creates the block, would get burned. “It would just literally get deleted out of existence.”

“If demand to use Ethereum is high enough, then there would actually be more ETH being destroyed than is being created,” says Buterin adding, it would make Ether “ultrasound money” to Bitcoin’s sound money.

Before the London hard fork, however, the Ethereum Proof-of-Work (PoW) is undergoing a mainnet upgrade, called Berlin, on April 14, 2021.

A backward-incompatible fork will require updating the software to continue to follow the mainnet. As such, stakers are required to upgrade their Ethereum PoW nodes before April 14, 2021, and if you run the Pyrmont testnet, you must upgrade your Goerli nodes before March 17, 2021, shared developer Danny Ryan.

PoS is Already Here and Running Stable

While EIP-1559 would cement Ether’s economic value within the Ethereum platform, the big thing that would change the network and the market is eagerly awaiting is ETH 2.0, which will give the network 100 times improvement over the current processing.

While the Beacon Chain, Phase 0 has been launched with 3.2 million ETH deposited for staking, the full transition will take time. This multi-step approach is taken to “give proof-of-stake sometime to prove itself before the entire ecosystem is asked to upgrade over,” said Buterin.

Talking about the ETH 2, Buterin said, “there’s already a proof-of-stake chain. It does not yet have sharding, but the proof-of-stake system is running. The thing that has not yet happened is the event that we call the merge,” where the existing activity on Ethereum will be fully moved over from the proof-of-work chain to the proof-of-stake chain which would make PoW irrelevant.

The PoS not only exists but has been running stable ever since its launch, and “at some point fairly soon, we are going to actually go and merge all of the proof-of-work activity onto it,” he added.

As for sharding, Buterin said there are prototypes of parts of it, but they are prioritizing the merge rather than sharding because of rollups which still provide 100x factor scaling. Buterin said,

“So rollups are coming very soon, and we’re fully confident that by the time that we need any more scaling of that, sharding will have already been ready for a long time by then.”

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Author: AnTy

Michael Saylor Offers Elon Musk his ‘Playbook’ to Convert Tesla’s Billions into Trillions

Bitcoin isn’t the world’s second-richest person’s “safe word” and is “almost as bs as fiat money,” it’s just all about DOGE.

Tesla CEO, Elon Musk took over the crypto Twitter on Sunday when he tweeted that Bitcoin is his safe word.

This has been in contrast to his tweet earlier this year when he said “Bitcoin is *not* my safe word.” Over a year before that in 2019, he had said, “Cryptocurrency is my safe word.”

Musk’s Tweet has always been vague, after all, he’s here for the memes.

His weekend shenanigans soon gave way to “Just kidding, who needs a safe word anyway!?” this time as well.

“Bitcoin is almost as bs as fiat money,” came his Tweet soon after.

Bitcoin fanboy, Michael Saylor, the CEO of MicroStrategy, the first public company to replace cash with Bitcoin in their balance sheet as a reserve asset, jumped in and encouraged the billionaire to make a similar decision and “do your shareholders a $100 billion favor.”

“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,” Saylor added in his tweet on Sunday.

This made Musk inquire if “such large transactions (are) even possible.”

Here, Saylor took over and explained how he has purchased more than $1.3 billion in Bitcoin in the past few months and “would be happy to share my playbook with you offline – from one rocket scientist to another,” said the Bitcoin proponent.

Crypto derivatives exchanges FTX CEO Sam Bankman Fried also chimed in and recommended his OTC desk and “you can even use TSLA stock as collateral to buy it,” he said.

The price of Bitcoin surged more than 230% this year, having broken above the 2017 peak of $20,000 and now venturing on its price discovery that sees the digital asset making a new all-time high every other day.

In the early hours of Monday or late on Sunday, BTC price BTC -4.90% Bitcoin / USD BTCUSD $ 22 909,7304
-1,122.58 -4.90
Volume 46.98 b Change -1,122.58 Open $22 909,7304 Circulating 18.58 m Market Cap 425.6 b
1 h Crypto Exchange EXMO Hacked; BTC, ETH, XRP, ZEC, USDT, and ETC Stolen By Attacker
actually made yet another all-time high to about $24,300.

Today, the market is actually in risk-off mode with Bitcoin falling to $22,400 and TSLA shares also going down 6.3% in pre-market on its debut on the S&P 500 index.

“If Elon Musk/Tesla decided to also allocate part of its treasury holdings to BTC like Microstrategy did, it will embolden other tech companies around the world to do the same,” said one of the partners of the Crypto fund The Spartan Group.

The share price of Musk’s TSLA actually has been on a bull run itself, wilder than Bitcoin’s. Up a whopping 708% YTD and up 862% from March lows, TSLA made a new all-time high at 695 on Friday. These gains added $140 billion to Musk’s $167 billion net worth, making him the second richest person in the world.

Musk ended his crypto session with the tweet “One word: Doge” and changed his Twitter bio to “Former CEO of Dogecoin.”

DOGE jumped over 25% on this, trading above $0.005.

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Author: AnTy

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