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

Bitcoin (BTC/USD) Technical Analysis: Will We See $10,000 Price By November?

Bitcoin (BTC) price against the dollar stalls at $8,400 USD, as at time of writing, signaling a dull start to the weekend for the pioneer cryptocurrency. According to data collected on Cryptowatch, altcoin prices are equally stagnant with major tokens showing little to no movement in the past 24 hours.

Luckily, technical indicators show the sideways movement in BTC’s price may be coming to a halt and a bullish trend past $10,000 is expected in the coming weeks.

Despite the stagnation in price, some analysts believe this is a signal for an extremely bullish scenario for BTC’s price in the coming days and weeks.

Bitcoin targets $10,000 USD in coming weeks?

The MACD line crossed above the signal line on the one-day candle charts for the BTC/USD pair which shows a possibility of green candles to follow. The cross to green follows a retracement of the relative strength index –currently oscillating at a value of 40 – as the oversold market recovers.

Crypto Hamster, a cryptocurrency trader wrote on Twitter,

“Daily MACD bullish crosses always were followed by the price rise. We had another one just recently. And at that time MACD is also very low (oversold condition). $12k as a target until November?”

BTC’s price dropped by over $500 USD in a couple of hours on Friday 5.00 UTC before bouncing above its key support level at $8,200 USD on Saturday morning. The price has since crossed its $8,350 and $8,400 USD resistance levels signaling an upcoming bullish trend on BTC market.

https://www.tradingview.com/x/wqk1i3oF/

https://www.tradingview.com/x/wqk1i3oF/

https://www.tradingview.com/x/wqk1i3oF/

BTC/USD pair on the rise: MACD crosses above signal as price targets $9,100 USD support/resistance level (Source: TradingView)

More indicators bullish

Bitcoin trading has been clamped by extreme volatility in the past few weeks seeing its price shoot above $10,000 USD and fall to sub-$8,000 USD levels in a couple of days. Despite the volatility, crypto traders remain optimistic that Bitcoin’s price has bottomed out and is on course to break the $10,000 USD barrier by November.

Furthermore, a couple of indicators show BTC’s stagnation in price may be a catalyst to spike the prices of the crypto. The daily candle chart Bollinger Bands (BB) are in a bullish squeeze as the price candle crossed above the BB base line. The price is targeting the support/resistance level at $9,100 USD. A cross above this price in the coming week may spark a rally above $12,000 USD before the end of November.

Latest Bitcoin Price News and Crypto Market Updates

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Author: Lujan Odera