View profile

Ethereum's Hardfork, Bitcoin Market Watch, and Crypto News Highlights

Ethereum's Hardfork, Bitcoin Market Watch, and Crypto News Highlights
By Decentrl.Agency • Issue #6 • View online

Market Watch
Since Bitcoin’s rise from ~$3100, the leading cryptocurrency has moved quite slowly on low volume. Price currently sits at the top of the range carved out in December. Again, if bulls are able to push past $4500, $4800 is the last bump in resistance that stands in the way before $5400.
However, the lack of volume leaves much to be desired for bulls. Price sits firmly under a previous high, now resistance from $4100-$4200. A break down and we are looking first to $3400 for support before we begin to talk about new lows.
Considering its upcoming Casper Hardfork, we also take a look at Ethereum for this Market Watch. Ethereum has seen quite a run over the past few weeks, rising 85% from the lows. Since 2019 however, this rally has begun to lose steam. Technicals suggest weakness in the trend, volume has fallen off and a rounded top is beginning to form. An entry here is high risk, and for those who bought below, it would be prudent to secure profits here.
It is not impossible that hype for the new upgrade as well as the supply reduction from 3 to 2 ETH earned per mined block pushes ETH much higher. A break past immediate overhead resistance between $155-160 and we can look towards the next resistance between ~$170-180. Beyond there the entire ~$190-$230 block stands as a very thick resistance, unlikely to be broken any time soon. If price does manage to push that high, this is the optimal price range to hedge held ETH.
It was recently discovered that Ethereum Classic experienced a 51% attack resulting in several double-spends, ultimately totalling over one million dollars in ETC. Coinbase, having detected the attack a few days ago, had a blogpost prepared to publish as soon as the public at large became aware of the situation. Knowing about the attack, writing a blog about it, then disclosing it days later (after more double-spends took place) was not well received by some.

Erik Voorhees, Founder & CEO, announced the exchange has reduced their team “by a third”, laying off 37 of its employees. Lay-offs in the crypto-industry are now considered common as crypto-companies trim the fat gained from the 2017 boom. While some are distraught by the rise in lay-offs, the strategic decisions mark a “return to the mean”, a natural part of boom and bust market cycles.
Since the debut of the program in April 2018, about 950 couples in Washoe County, Nevada have received secure digital marriage certificates on the Ethereum blockchain. A county in Northeast Nevada is also exploring a similar method of using the technology for “certified digital birth certificates”.

Fortnite, a game of record breaking popularity and revenue, temporarily added the privacy-centric cryptocurrency Monero as a payment option in their online merchandise store. The founder of Epic Games (which developed and owns Fortnite) revealed that the cryptocurrency integration was an accident and that they, “…worked with a partner to open a merchandise store, and somewhere along the way Monero payment was enabled.”

Japan’s Mizuho Financial Group is developing a yen-based stablecoin that will be accepted by participating retailers (with a significantly lesser fee than credit card transactions) and banks. There have also been recent rumors about Japanese crypto ETFs receiving regulatory approval, something that would maintain the island’s status as a country leading in blockchain.

To celebrate the tenth anniversary of the Bitcoin network coming online, BitMEX took out front page ad space in The Times, the newspaper Satoshi famously quoted (“03/Jan/2009 Chancellor on brink of second bailout for banks”) in Bitcoin’s genesis block. Bitcoin’s first double digit birthday was also the planned date of a crypto-bank run on exchanges dubbed “Proof of Keys”, but the reserve test was partially foiled by some exchanges preemptively shutting down for “maintenance”.
Did you enjoy this issue?

The most relevant news from the last two weeks and a retrospective/forecast on the cryptocurrency markets.

If you don't want these updates anymore, please unsubscribe here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Powered by Revue
Socialista Club, 15 Hay Hill, Mayfair, London W1J 8NS, UK