Pro traders unfazed by Bitcoin price stalling at $12,400, data shows...
One week in review:
Aug. 18–24 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Pro traders unfazed by Bitcoin price stalling at $12,400, data shows | | | Another week, another unsuccessful attempt at meaningfully cracking $12,000. Bitcoin suffered an 8.6% drop to as low as $11,370 after a stubborn rejection at $12,400. Now, technical analysts are cautiously anticipating a consolidation phase in the short-term. | | | Cointelegraph analyst Michaël van de Poppe says dropping below $11,500 again could lead to a bearish divergence for the world's biggest cryptocurrency. Here's the problem: Clouds are beginning to darken over the stock market, and this could affect BTC. | | | The "Buffett Indicator" is hinting that the U.S. stock market is currently at dot-com levels — potentially indicating that equities are highly overvalued. A crash could trigger a major reaction on the BTC markets… but the jury's out on whether it'll be good or bad. | | #2. Ethereum 2.0 testnet suffers major outage, lasting several days | | | There was further bad news for the already delayed Ethereum 2.0 upgrade this week. Medalla, the final multi-client testnet before the long-awaited Phase 0 launch, came to a shuddering halt when a bug took most validators offline. | | | Medalla is now back up and running again, if not entirely stable. But some, such as the Bitcoin SV blog CoinGeek, have described the disruption as a major disaster that proves Ethereum 2.0 is not ready to launch, with "significant delays likely." | | | Not everyone agrees with this dire outlook. Raul Jordan, the editor of Prysmatic Labs, insists that the outage "does not inherently affect" the upgrade's launch date. Even though he described the bug as "carnage," he insisted that this is exactly what testnets are for: ironing out problems in an environment where real money isn't at stake. | | #3. Shock: Ethereum miners against proposal to reduce block rewards by 75% | | | Miners have reacted furiously to an Ethereum Improvement Proposal that would slash block rewards by 75%. The change is designed to bring Ether's inflation rate more in line with Bitcoin's and to preserve ETH's purchasing power. But miners are warning that this would have a devastating impact on security and could make a 51% attack more likely. | | | Some miners are disgruntled about how they're being treated in the run-up to Ethereum 2.0. This upgrade will make the blockchain proof-of-stake, eventually rendering miners obsolete. | | #4. Prediction of the Week $50K Bitcoin is "reasonable" if Bitcoin hits new highs, says Tone Vays | | | Well-known Bitcoin derivatives trader Tone Vays believes Bitcoin will stay above $10,000 for the rest of 2020. Although he was previously skeptical that the cryptocurrency had any chance of breaking $20,000 in 2021, he now thinks it's possible for BTC to overtake its all-time high. | | | Vays said that, should Bitcoin surpass this record, history shows that the cryptocurrency has a good chance of doubling in value. Based on historical price cycles, he predicted that $45,000–$50,000 would be a reasonable target. | | #5. FUD of the Week IRS plans to ask every American worker if they used crypto in 2020 | | | The Internal Revenue Service released drafts of its income tax forms for 2020 this week. Every American filling out this paperwork will be asked whether or not they used crypto. Early into its very first page, the latest 1040 form asks: "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?" | | | Chandan Lodha, the founder of crypto tax software firm CoinTracker, told Cointelegraph that this "pretty clearly shows that the IRS is taking cryptocurrency taxes even more seriously." | | #6. FUD of the Week John McAfee has left his own privacy asset project | | | Tech pioneer and crypto advocate John McAfee sensationally announced this week that he was departing his own privacy asset project, Ghost. The 74-year-old has bashed Bitcoin for its lack of privacy, but Ghost has had some problems of its own. It has been claimed that the project plagiarized content from the white paper of PIVX, another anonymity-focused crypto asset. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
| | | |
0 Comments
Postingan
