Fed leaves policy rate unchanged, doubles pace of bond taper from mid-January
submitted by /u/isaac_horstmeier [link] [comments]
submitted by /u/isaac_horstmeier [link] [comments]
Data shows that Bitcoin trading volume has started dropping off, suggesting that the recent downtrend might be diminishing. Bitcoin Trading Volume Sharply Drops Off In The Past Week As per the latest weekly report from Arcane Research, the BTC 7-day average trading volume has significantly reduced recently. The “trading volume” is an indicator that measures the total amount of Bitcoin transacted on the chain during a particular period. When the value of this metric goes down, it means the activity on the chain is falling off. This can imply investors are less interested in trading BTC right now as they are making less movements on the chain. Such a trend may be because investors think the price of the coin will move up soon. And hence they don’t want to move their Bitcoin at the current levels. However, it can also show disinterest in the market. On the other hand, when the trading volume rises, it means more holders are currently shifting their coins around. This kind of trend is usually the ideal ground for big price swings as you need traders for sustaining such moves. Related Reading | Bitcoin NUPL Says Market Stands At Key Junction Between Bull And Bear Trends In the past, there have been instances where the price of Bitcoin seemed to be sharply moving towards a direction, but the chain data didn’t show any corresponding trading activity. Such moves usually died down after some time. For example, when BTC made an all-time high (ATH), the volume still remained low. Now, here is a chart that highlights the trend in the value of the BTC trading volume over the past year: Looks like the value of the indicator has recently plunged down | Source: The Arcane Research Weekly Update – Week 49 As the above graph shows, the Bitcoin trading volume saw a massive uptick earlier in the month due to the 4th Dec crash. However, in the past week, the indicator’s value has dropped off by almost 40% as the market calms down. Related Reading | Crypto Bull Cathie Wood Says Ethereum Is More Undervalued Than Bitcoin Since August, the trading volume seems to have plateaued around the $5 billion mark, with occasional upticks to about $10 billion during the periods of high volatility. The trading volume calming down can mean Bitcoin’s recent downtrend might be starting to diminish. This is because, as explained before, high values of the indicator are needed to keep such moves going. BTC Price At the time of writing, Bitcoin’s price floats around $47.7k, down 3% in the last seven days. The below chart shows the trend in the price of BTC over the past five days: BTC’s price has continued to drop off in the past few days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Arcane Research
The Bitcoin network debuted in 2009 and introduced an asset class the world had never before seen, and some have branded bitcoin’s launch as the beginning of decentralized finance (DeFi). However, the decentralized applications (dApps) that are most associated with DeFi services were developed on other chains. Bitcoin was a major breakthrough for technology, but its programming didn’t allow for the possibility of running dApps on its network when it first launched. Recently, the integration of a sidechain like Rootstock has brought smart contract and dApp functionality to Bitcoin, and this has proven to be a gamechanger for DeFi. DeFi protocols like Sovryn, built on Rootstock, allow native bitcoin to be used in DeFi dApps. This means that the world’s first blockchain, supporting the crypto world’s deepest liquidity, is witnessing a growth spurt in the number of projects emerging on its network. How the Sovryn Origins Launchpad Encourages Bitcoin DeFi Growth Sovryn is a multi-service Bitcoin DeFi protocol that facilitates swaps, borrowing, lending, and yield farming. The protocol is governed as a Bitocracy where its users stake SOV to vote on Sovryn’s future direction, and this makes Sovryn a community-centered protocol that is guided by its users as it moves forward. The protocol fosters the development of new projects through Sovryn Origins, a launchpad that supports independent projects, including those that build up the Bitcoin and Sovryn ecosystem, through the ability to fundraise native BTC and other Bitcoin native assets. The Sovryn Origins launchpad also acts as a way for the Sovryn community to vet new projects, eliminate bad actors, and support the most promising projects through their first steps towards development and launch. This early funding can boost projects to a more successful launch. It gives community members a chance to receive the project’s tokens at an early, discounted price, which is a win-win situation for everyone involved. One independent project, Babelfish, raised close to 46 BTC in 30 minutes through the Sovryn Origins launchpad after the Sovryn community greenlighted the project for listing. During the sale, 1,022 community wallets participated in the launchpad event, and a total of four projects have now furthered their development with the cooperation of Sovryn’s users. Why Sovryn Origins Has Become a Self-Governed Subprotocol Sovryn’s users vote on Sovryn Improvement Proposals (SIPs) in order to make changes to the protocol. These SIPs run through several stages before they are voted on, with many of the ideas behind their implementation being discussed on community forums. A recent proposal, SIP-0035, recently passed with enough votes in staked SOV to launch Sovryn Origins as a subprotocol governed by its own token, OG. The first four projects to launch on the Sovryn Origins launchpad were whitelisted through votes cast in SOV, and in the future, these votes will be held by OG holders instead.As described in one of Sovryn’s blog posts, the creation of a new ecosystem for Sovryn Origins means that OG holders will receive the lion’s share of benefits from the success of projects they choose to launch. How Community Involvement Ensures Sovryn Origin’s Success Rewarding its community of supporters is one purpose for launching Sovryn Origins’ own token, and rightly so since the protocol owes much of its success to the community behind it. Additionally, the value of OG will be linked with SOV through a bonding curve to create an incentive for more SOV holders to help improve Sovryn Origins in the future. The idea for this bonding curve first emerged in a forum post from a Sovryn community contributor, and the implementation of this idea demonstrates how the power of the group can be harnessed to reach a common goal. As Sovryn continues to grow, and as it continues to develop new projects through the Sovryn Origins ecosystem, future subprotocols will surely emerge with such an enthusiastic base of support.
submitted by /u/TurbulentMoon [link] [comments]
If you are using Geth and create an account on mainnet via Geth, is that essentially usable as a wallet, since every address is either a contract or a "client"? submitted by /u/MoldeyMoose [link] [comments]
Things are looking dark across the cryptocurrency market, especially for Bitcoin. But a potential reversal pattern called Morning Star could bring a return to the bullish narrative faster than the speed of light. Here is a closer look at the possible Japanese candlestick reversal pattern and the conditions necessary for confirmation. Crypto Bloodbath: It’s Always Darkest Before The Dawn Although the origin source is uncertain, 17th century English theologian and historian Thomas Fuller is credited with the quote, “it’s always darkest before the dawn.” Cryptocurrency markets, and Bitcoin in general, have shown time and time again that when things seem at their worst, it is usually the best time to buy for the largest return on investment. It is what contrarian phrases like “buy the blood in the streets” and “be greedy when others are fearful” are meant to convey. Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run Things might seem bleak for Bitcoin considering a 38% correction from highs and a high-risk macro environment. But just as Fuller’s quote would indicate, the potential for a reversal is possibly here and it could begin with the dawn of a Morning Star pattern. Bitcoin price must close $53,500 for conditions to be met | Source: BTCUSD on TradingView.com The Level Bitcoin Must Reclaim To Confirm A Morning Star Reversal On weekly Bitcoin charts, the leading cryptocurrency by market cap can be seen with a massive down move and corresponding red candle, followed by a green doji indicating a pause in the trend – or a period of indecision. Doji appear ahead of continuation, or a potential reversal. If bulls can close the current weekly candle with an aggressive move of a similar magnitude, the doji will be the turning point of a Morning Star reversal pattern. Related Reading | Learn More About Japanese Candlesticks Patterns In Bitcoin A Morning Star is a bullish reversal pattern based on Japanese candlestick formation. For the pattern to be valid, this weekly Bitcoin candle must close above $53,500 or at least 50% of the red candle down. Without those conditions met, bears could continue to control crypto market price action. Morning Star reversals have an accuracy of breaking bullish 78% of the time and according to Thomas Bulkowski, ranks 6th out of 103 different candlestick patterns in terms of overall performance. Top of the morning to ya #Bitcoin – or should I say bottom? Learn more about Japanese candlestick patterns here: https://t.co/9VciIY9hBn pic.twitter.com/Z4TVeGabtB — Tony “The Bull” Spilotro (@tonyspilotroBTC) December 15, 2021 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Swapped BNB for ethereum on metamask. The ethereum is stuck on the binance smart chain How to put the ethereum onto the ethereum main net? Thank you. I am assuming I cannot send ethereum to coinbase from the binance smart chain? submitted by /u/uttftytfuyt [link] [comments]
Multi-chain compatibility will enable users to trade Tezos NFTs on the Rarible marketplace
