Ethereum 2.0 Devs Debate On The Legitimacy Of The Just-Launched ETH 2.0 Deposit Contract

Ethereum 2.0 Beacon Chain is nearing full mainnet release as developers announce an unconfirmed launch of the deposit contract. However, some developers have strongly warned against sending your ether (ETH) tokens to the contract before the official announcement from ETH 2.0 lead developers.

As the crypto social media world remains glued to the U.S. Presidential Election, Ethereum enthusiasts are rejoicing on the “possible” launch of the long-awaited Ethereum 2.0 deposit contract. Following the successful launch of the Zinken testnet, ETH 2.0 focused developers have continuously teased at the launch of Beacon Chain – Phase 0 – starting with the deposit contract.

A deposit contract was apparently posted on GitHub, gaining support from some developers on Ethereum as excitement levels across the community hit peak levels. No official announcement from the lead ETH 2.0 developers has surfaced yet.

The deposit contract will allow users to switch their “ETH 1.0” tokens to the proof of stake ETH tokens. This will lay the groundwork and foundation for users to start staking on the platform and earn rewards.

The contract was apparently posted from lead Ethereum Foundation developer Carl Beekhuizen’s GitHub account, making a case for the release of ‘v1.0.0 eth2.0-deposit-cli’. However, a section of the community has raised doubts on whether Carl’s account is hacked or compromised – with no other channel or developer reporting the release.

Despite the mainstream focus on the U.S Presidential elections, the Ethereum community still celebrated one of ETH 2.0 major steps to a full launch in 2020. A lead developer at ConsenSys, Ben Edgington, however, is cautioning users on sending their cash to the deposit smart contract yet stating the launch will be in the coming “hours.”

Afri Schoedon, a long time Ethereum contributor, previously stated the Beacon Chain would launch in November – a prospect that is increasingly looking to be true. Speaking to Coindesk, David Rugendyke, from ETH 2 staking DApp Rocket Pool cautioned the ETH community that the deposit contract would take a while, but it’s earing its mainnet launch soon. He said,

“This is a tool for generating keys needed for making deposits on the ETH2 deposit contract.

So it looks like they’re announcing this tool is ready to go for mainnet, at least that’s my take.”

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Author: Lujan Odera

Once Bitcoin Finds the Bottom, There Are Strong Bullish Pressures Ahead :On-chain Analyst

  • Bitcoin price nearing $6,000 but pain might not be over
  • Crashing confidence in banking and trillion-dollar wealth passed over would push BTC higher
  • But bitcoin only existed inside a “macro bull market,” so be cautious of the “unknown unknowns”

Yesterday, the price of Bitcoin saw a jump, unlike the stock markets that continue to tumble. US futures and Asian stocks sank on Thursday despite a slew of dramatic steps unveiled by policymakers worldwide to cushion the blow by the coronavirus. The stock futures recorded a brief spike when the European Central Bank announced an emergency $821 billion stimulus to keep the financial system moving.

Bitcoin meanwhile, is trading at $5,456, up 4.82%, with $1.6 billion worth of bitcoin exchanging hands in the past 24 hours.

Stocks and many currencies took a beating on Wednesday as another sell-off cast doubt on the ability of the global central banks to ease cash shortages. Today stock-market benchmarks in South Korea, Hong Kong, Taiwan, and Australia slid down to their lowest levels in a year while a strong US dollar is pushing regional currencies to multi-year lows. Analysts at UBS Global Wealth Management CIO said,

“In the absence of credible signs that infection numbers in the western world can be controlled, volatility is likely to remain elevated.”

Bitcoin Looking for Bottom

Since yesterday, Bitcoin has been moving in the opposite direction of the global stocks that are plummeting after moving in line with them for the past month. Even today, the crypto asset is surging, ready to take over $6,000.

According to on-chain analyst Willy Woo, Bitcoin will moon after the dump as the market is currently piling into cash. This means, more pain could be ahead for the world’s leading cryptocurrency. Woo said in a tweet,

Since the beginning of 2020, the Dow Jones US banks’ total return index has plunged over 39% with some bank ETF indices down up to 45%.

What will tip the market into bull mode is the trillion-dollar wealth passed over from boomers to millennials, who are more interested in bitcoin than gold and many other top investment choices like Microsoft, Amazon, or Netflix. The analyst noted,

However, the analyst advised taking caution about bitcoin, in its young 10-year history it has only existed inside a “macro bull market.” The crypto industry has zero data on how it will behave in a macro bear market, which is “the known unknown. I wonder about the unknown unknowns.”

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Author: AnTy

Bitcoin Longs Making an All-Time High, What’s Incoming $5,000 or $10,000?

  • BTC/USD shorts meanwhile nearing lowest levels
  • BitMEX funding rate for Dec on track for the lowest high since March
  • Open interest on CME Bitcoin futures registers an uptick but it’s “negative for potential realized volatility”
  • Bitcoin can go to either $6,000 or test 10,000 level on a 3-month time horizon

Bitcoin is the best performing asset of not only 2019 but of the decade. If you would have invested $1 in Bitcoin in 2010, that would have been worth $100,000 today.

As such it makes sense that Bitcoin must be part of everyone’s portfolio as pointed by Weiss Crypto Ratings,

“Many Wall Street veterans are in agreement. The returns from stocks and bonds will be sluggish over the next decade. Time to add crypto to your savings plans.”

However, this is just starting. BTC/USD is currently trading at $7,069 on extremely low trading volume of just $150 million and is down 65% from its all-time high of $20,000.

And this is why traders are long on the world’s leading cryptocurrency. BTC/USD longs has actually climbed to its all-time high on Bitfinex.

BTCUSD Longs, Source: TradingView

However, crypto trader Josh Rager says people are over-focusing on this chart and giving it way more credit than it actually needs.

Because Bitfinex allows users to trade up to 3.3x leverage, this means BTC price would have to move down to mid to low 5ks minimal in order to liquidate these longs.

But Rager says it is “highly unlikely” that price will nose dive straight to $5k right now. On its way down, there would be several bounces in between.

To get an understanding of the sentiment and interest in the Bitcoin market, we need to pay attention to the BitMEX funding rate and open interest which he says are better indicators.

The Bitcoin funding rate on BitMEX for December is on track for the lowest high since March and in the tightest range since February.

In stark contrast to Bitfinex’s longs, the BTC funding rate on BitMEX is pinned at 0.03%. The number of times the rate has been pinned at 0.03% on a daily basis continues to rise still and in Q4 of 2019 it represented about 40.5% of observed periods, notes analyst Rptr45.

BTC/USD shorts, on the other hand, have reached almost to its lowest level. The has the Bitfinex L/S ratio also at an ATH but as Rptr45 points out without an obvious funding justification which was the case in previous break-outs as well.

BTCUSD Shorts, Source: TradingView

Meanwhile, there has been an uptick in open interest from the last few weeks on CME Bitcoin futures.

As per the Commitment of Traders (CT) report, the OI as of Dec. 12th has been only 116 million and on the lower end of the spectrum.

Digital asset advisory firm BitOoda views this as “negative for potential realized volatility in the short term.”

“Assuming the COT as OI for institutional investors and BitMex OI for retail and high net worth individuals, we could potentially see a set up to buy vol in the new year if the CME/Bakkt OI grows.”

This could help the futures market and further lead the way for realized volatility just like it has in the past. With the retail market already having a lot of exposure, the firm expects Bitcoin to either go back to $6,000 or test the 10,000 level on a 3-month time horizon.

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Author: AnTy