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Ethereum (ETH) Devs Quietly Planning Major Upgrades Around June 2019

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Ethereum could see a number of changes in the coming year, after revelations that senior developers have held quite discussions on undisclosed upgrade.

Implemented, the changes are expected to significantly improve the platform’s performance, ostensibly earmarked for release by June 2019.

The changes are attributed to four meetings held in private during Devcon4 in October, and which refers to the potential upgrade dubbed “ethereum 1x.”

The minutes are part of an internal document published to Github on Friday by Ethereum Virtual Machine (EVM) engineer Greg Colvin.

The main reason the minutes have remained undisclosed all this time relates to differing opinions among some of the senior developers of the platform.

The key sticking point is on how to involve the Ethereum community and solicit general feedback on the sensitive issues that include technical proposals.

Although changes to the network code mainly come from developers, the move to have the community involved stems from the nature of public blockchain networks. As with other public blockchains, changing the rules requires distributed consensus before any of these changes takes effect.

Reports suggest that Ethereum heavyweights, including creator Vitalik Buterin, Consensys founder Joseph Lubin, attended one of the meetings. Notable figures also include developers Peter Szilagyi, Lane Rettig, and Hudson Jameson.

According to the notes referenced by Coindesk, Ethereum developers are getting under increasing pressure to enhance their roadmaps, a move that should now see several improvements added via system-wide upgrades.

Series of upgrades planned for 2019

Reportedly, the enhancements being targeted include a change to the Ethereum Virtual Machine (EVM) and an introduction of ‘rent’ fees for smart contracts.

Per the document, the project will encompass the urgency of implementations, involving “sequential updates,” and extensive feedback from the public.

Ethereum developers have also held several discussions on an implementation dubbed eWASM, mooted as a replacement for the EVM, presumably to make the network’s computation faster than it presently is.

Some programmers favor private discussions, which give them the room to work faster and with minimal fluctuations.

However, Vitalik Buterin, who attended the discussions, is quoted as having expressed his disapproval for such private meetings, saying that he prefers a lot more transparency and that he remains “uncomfortable with institutional private calls and absolutely against private forum[s].”

Although supportive of transparency and public participation, Parity’s Afri Schoedon said in a chat forum on Friday that no such planning occurred without involving the public.

He said that it’s all “fine” to work in such private groups, but to ensure the meetings stay within the realm of public participation, there “should be transparent and maybe start with a public announcement.”

The developments come even as Ethereum (ETH) continues to buckle under the bearish market, with prices tanking fast. The coin is currently down around 10% on the day and could hit $100 in the short-term.

The third-ranked Ethereum now has a market cap of $11.5 billion and trades at $110 against the USD.


This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

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Source: https://xbt.net/blog/ethereum-blog/ethereum-eth-devs-quietly-planning-major-upgrades-around-june-2019/

Blockchain

Ethereum, Solana, VeChain Price Analysis: 22 September

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The entire cryptocurrency market has been facing severe bearishness over the past few weeks. The king of altcoins, Ethereum broke down below crucial support levels and would incur selling pressures from all around. That effect would automatically trickle down to the other smaller altcoins in the market like VeChain.

However, thanks to its recent rally, Solana seemed to be in a relatively better place to continue its upward trajectory if market sentiments improve.

Ethereum (ETH)

ETH/USD | Source: TradingView

Ever since the correction that happened on El Salvador’s Bitcoin Day ETH/USD has been trading in a very narrow range between $3100 to $3500. It had briefly broken out of the range, only to fall back down into it, before correcting even more.

This was a worrisome signal since it broke down (white arrow) below the descending triangle pattern on the chart as depicted by the pink lines. Ethereum prices also broke below the next support level of $2990 as depicted by the yellow trend line. So unless the prices are able to rally back from current levels to the range of $4000-$4400, the short term future for this counter remained bleak.

The Relative Strength Index dropped below 40 mark which would add to the selling pressure in this currency pair. The MACD, which suffered a bearish crossover a few weeks back entered the negative territory too. The prices have also moved significantly below the 20-day Moving Average line (marked in green) to further add to the bearishness.

Solana (SOL)

SOL/USD | Source: TradingView

Solana has been one of the best performing coins in the past month and a half and its rally propelled it to the seventh biggest coin by market capitalization. Since mid-August, 2021 it rallied nearly five times in price (blue channel), before correcting sharply a month later in line with the entire market and that correction turned into a bearish trend ever since.

Due to the nature of the recent rally, the only logical level of support for the prices would come near $20. However, if Solana prices are able to breakout of the white channel from current levels to above $160, the earlier rally may resume.

Despite the major correction over the past few days from $200 to current prices, indicators had turned extremely bearish yet. The Relative Strength Index remained near the 50 mark so there was still some bullishness.

The MACD which suffered a bearish crossover still remained well within the positive region as well. The prices however, broke down below the 20-day Moving Average (green) but again, it isn’t too far away to retest those levels. So overall, bullish sentiment in this particular coin still persisted.

VeChain (VET)

VET/USD | Source: TradingView

The VET/USD currency pair was extremely volatile and fell significantly from its all time highs. Since then it was trading within a very wide range however, a promising chart pattern was beginning to emerge for this particular coin.

A bullish cup and handle pattern was seen (white lines) and a breakout over $0.12-$0.16 can result in a major rally. The level of support for VeChain was around $0.06 and that should hold fine based on historical data.

Although, the indicators did not show as much enthusiasm on the bullish side. The Relative Strength Index touched 30 levels and currently was around 37 which was very weak. The MACD too breached the zero line and crossed over into the negative territory.

The prices also dropped below the 20-day Moving Average (green) over two weeks ago and were not able to break out of it ever since. So overall, this coin, much like many others in the market, faced the heat of extreme bearishness in the market and would require a convincing breakout over $0.16 to be bullish again.

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Source: https://ambcrypto.com/ethereum-solana-vechain-price-analysis-22-september

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Bitcoin’s current market is missing this ‘secret ingredient’ from 2017

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September has been a rollercoaster ride for the crypto-market. Especially for the king coin after it saw a multi-month price high of $52k recently before falling below $40k soon after. Even though this halving cycle started pretty well for Bitcoin, with BTC outperforming the growth trajectory of the previous cycle, now the trajectory seems to be lagging. 

So, what’s the ingredient that fueled Bitcoin’s parabolic rise, and what is missing this time around? 

The missing ingredient 

While many in the market look at BTC as a global reserve asset, Bitcoin has a market capitalization of only about $900 billion – Too low for a global reserve asset. Apple’s market cap is worth 2.5 times, while Gold, the historical store of value asset, is worth 10 times that. 

While Bitcoin is up by almost 5.5x over the last 1.5 years, the market is still unsatisfied, probably anticipating a 10x hike for BTC. There are speculations that the aforementioned will happen in this cycle but for now, the missing retail FOMO seems to be playing spoilsport. 

The chart attached herein highlights the evolution of Bitcoin’s price for the 2nd and 3rd halving cycles, while different colors underline the change in coins held by retail addresses.

Green is neutral, blue is down, and red means holders have been buying. As can be observed from the chart by Ecoinometrics, during the big parabolic move four years ago, the retail crowd was in high FOMO mode for a year and a half until the top.

On the contrary, this cycle has been much quieter on the retail side. 

Source: Ecoinometrics

Looking at the 30-days change in BTC held by addresses with less than 10 Bitcoin, it is notable that retail holders who were aggressively buying during the 2017 cycle are missing from action this time.

The FOMO phase of 2017 pumped BTC by 20x the following year. The return of retail FOMO could result in a price pump this year too. But, what could be the reason for this absence of retail FOMO?

Are risk and volatility driving retail away?

As there is heightened anticipation around the retail crowd’s entry after the introduction of Bitcoin ETFs in the U.S, many believe that the SEC’s decision could break the psychological barrier and get more of this crowd in.

However, the same wasn’t evident at the time of writing. 

Recently, Charles Edwards, Founder of Capriole Investments, noted that the world still sees “Bitcoin as a risk-on asset.” What’s more, almost every Bitcoin correction in 2021 has correlated with an S&P 500 correction of -2% or more.

This also suggests that the high risk associated with the asset has been driving the retail crowd and new entrants away. Now, this wasn’t true in the short term as an increase in new addresses during the recent recovery was notable on the BTC network. However, the long-term trend suggests that the growth in new addresses for Bitcoin is still lower than the levels seen in May 2020- May 2021.

However, was Bitcoin in fact influenced by these metrics, or was there a bigger force at play? Well, BTC’s price has been sensitive to external factors like FUDs. For instance, at the time of writing, the broader market pessimism fueled by reports of a debt crisis at China’s Evergrande Group may have lead to the missing retail FOMO. 

Either way seems like Bitcoin needs a strong push from the retail side.

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Source: https://ambcrypto.com/bitcoins-current-market-is-missing-this-secret-ingredient-from-2017

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SEC chief Gensler now eyeing crypto staking and ‘poker chip’ stablecoins

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In recent weeks, the U.S. Securities and Exchange Commission [SEC] has brought several crypto companies into the regulatory spotlight. Coinbase was warned about its high-interest crypto-product Lend, with the SEC threatening to sue if it launched.

Unsiwap also felt the heat as it was reportedly investigated. Meanwhile, the SEC vs Ripple lawsuit saw the court denying Ripple’s request for documents revealing SEC’s trading policies on digital assets.

Even as these events unfolded, SEC Chair Gary Gensler spoke to Washington Post journalist David Ignatius about cryptocurrency and the SEC’s powers.

Cop on the beat

Gensler first stressed that crypto tokens were a “highly speculative asset class” and defended his dedication to investor and consumer protection. He admitted that the SEC had a broad definition of securities and that it gave the agency a “great deal of authority.”

Encouraging crypto trading platforms to come in for SEC registration, Gensler said,

“Now, not many have, and so I do really fear that we’ll keep bringing these enforcement cases, but there’s going to be a problem. There’s going to be a problem on lending platforms or trading platforms. And frankly, when that happens, I think a lot of people are going to get hurt.”

Gensler also voiced concerns about staking and added,

“We’ll also be the cop on the beat and bringing those enforcement actions, as well.”

Coming to stablecoins, Gensler used his familiar crypto-Wild West comparison and likened stablecoins to poker chips at the casino. He also explained that though the SEC had “robust authorities,” there were some gaps. He hinted the agency might work with the U.S. Congress to regulate stablecoins.

Notes on Evergrande

With liabilities worth around $300 billion, the crisis of Evergrande, China’s second largest property developer, has shocked the world market – and the crypto sector. Soon the Hong Kong-based, dollar-pegged stablecoin Tether [USDT] came under scrutiny. The company had to confirm that it did not hold commercial papers, debts, or securities issued by Evergrande.

Ignatius also asked Gensler whether Evergrande could affect the American market. Gensler just confirmed that Evergrande was not registered and did not trade on American capital markets.

However, he added,

“…it is possible, from time to time, that we too in America will react to other economies’ and nations’ shocks. And particularly China’s economy is so large relative to Europe’s or our own.”

In essence, the interview came with a familiar promise for crypto innovators and traders. Referring to warning signs and flashing lights signaling a spill in aisle three, Gensler said he would rather “get ahead of it.”

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Source: https://ambcrypto.com/sec-chief-gensler-now-eyeing-crypto-staking-and-poker-chip-stablecoins

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