Category: Cryptocurrency News

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Ethereum (ETH) is poised for a notable improvement with the impending Dencun upgrade to enhance the network’s scalability. However, amidst this anticipation, QCP Capital, a seasoned crypto asset trading firm, has shed light on an emerging trend that might influence Ethereum’s price trajectory. The firm’s analysis reveals a shift in “risk reversals” for Ethereum, turning negative for upcoming expiries. This shift indicates growing concerns among investors about a potential decrease in ETH’s price, as a negative risk reversal often suggests a market leaning towards protective measures against a downturn. Related Reading: These Are The Ethereum Altcoins Witnessing High Whale Interest Market Leverage And Correction Concerns Notably, this trend towards negative risk reversals has been attributed to an increased interest in put options, which serve as a hedge against potential losses for those speculating on price increases. Moreover, the broader altcoin market participants are similarly hedging their investments in Ethereum, aiming to mitigate risks associated with their altcoin holdings. QCP Capital’s insights into the market dynamics also highlight an underlying nervousness about Ethereum’s price stability, especially in light of the considerable leverage within the market. The firm cautions about the potential for a market correction, albeit with an expectation of strong buying interest in the event of any price dips. QCP noted in the report: Altcoin speculators might also be buying ETH puts as a proxy to hedge altcoin downside. This makes us wary of a possible correction given the amount of leverage in the market. However, we think that the market will buy any dip aggressively. Additionally, Ethereum’s spot-forward spreads have decreased slightly, contrasting with Bitcoin’s sustained high spreads. Commenting on the implication for investors, QCP Capital stated: A sharp drop in spot price is likely to drag the forward spreads lower as leverage longs get taken out. Ethereum Performance And Outlook Despite the cautionary signals, Ethereum continues to perform “robustly” in the crypto market, closely trailing Bitcoin regarding price movements. Currently trading above $4,000, Ethereum has witnessed a modest increase of 0.6% over the past 24 hours. Moreover, data from IntoTheBlock (ITB) reveals an encouraging statistic: over 94% of ETH addresses are presently profitable, suggesting a strong holding pattern among investors and a reduced likelihood of selling pressure. This scenario could potentially set the stage for a price uptick. Related Reading: Ethereum Wallets Overflow: Over 90% Addresses In Profit, Ether To Retest ATH However, it’s important to note that Ethereum’s growth trajectory, while positive, has not mirrored the notable surge Bitcoin experienced following the approval of its spot Exchange-Traded Fund, indicating a more measured pace of appreciation for ETH. Featured image from Unsplash, Chart from TradingView

Now that things are getting a bit more traction, I'm considering going back to wrangling on bounties for crypto. Turns out the main platform I used a few years ago went under during the bear. What does the bounty landscape look like these days? Any platforms worth checking out? submitted by /u/FormalEqual302 [link]…
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Israel has taken a significant step in the cryptocurrency domain by green-lighting a pilot for BILS, the first stablecoin pegged to the New Israeli Shekel. Bits of Gold and Israeli Authority Launch BILS Stablecoin in Regulatory Sandbox The initiative, spearheaded by the crypto broker Bits of Gold in collaboration with the Israeli Capital Market, Insurance […]

I have USDC in my Coinbase account (primary balance). I want to move it to the web3 wallet on Coinbase. I can’t see how to do that. Any suggestions? submitted by /u/lpcuut [link] [comments]

Ethereum (ETH) has completed a major software upgrade, Dencun, that promises to make utilizing the network ecosystem more cost-effective. This update specifically targets Layer 2 (L2) networks, such as Arbitrum (ARB), Polygon (MATIC), and Coinbase’s Base, which are interconnected with Ethereum.  With Dencun, transaction costs on these networks have significantly decreased, with fees dropping from dollars to cents or even fractions of a cent. Ethereum Dencun Upgrade And Cost Savings Considered the most significant change in Ethereum’s end-user experience, the Dencun upgrade is expected to foster the development of new applications and services by significantly reducing expenses.  As NewsBTC reported on Tuesday, the update introduces a new data storage system, departing from the traditional approach of storing Layer 2 data on Ethereum itself. Adopting a new “blobs” repository reduces data storage costs since information is warehoused for only about 18 days instead of indefinitely. Related Reading: Zooming NEAR: Solid 75% Growth Sparks Crypto Frenzy One of the notable benefits of the Dencun upgrade lies in its impact on decentralized exchanges (DEXs) and gas costs. For instance, projected gas costs for popular Layer 2 networks, such as Arbitrum, Optimism, and Coinbase’s Base, are set to be significantly reduced.  The projected savings translate into a reduction of Arbitrum’s swaps from $2.02 to $0.40, Optimism’s swaps from $1.42 to $0.28, and Coinbase’s Base swaps from $0.58 to $0.01, emphasizing the pivotal role of this upgrade.  As the upgrade was successfully launched on the mainnet, Tim Beiko, Ethereum Foundation core developer, expressed his satisfaction with the work accomplished and claimed: Dencun is both the most complex fork we’ve shipped since the Merge, and tied for “most total EIPs in a fork” with Byzantium. There were more teams than ever involved in the process, and it somehow all worked out smoothly…! Grateful to work with all of them, onto the next one.  Blob Transactions And Pricing Changes Layer 2 network Arbitrum has provided insights into the upgrade process. It will take around one to two hours for blob transactions to commence posting and for the new pricing changes specified by EIP-4844 to come into effect.  ArbOS Atlas, an upgrade that supports Arbitrum Chains, will introduce further fee reductions for Arbitrum One, set to be activated on March 18th. The updated configurations include a reduction in the Layer 1 (L1) surplus fee from 32 gwei to 0 per compressed byte and a reduction in the L2 base fee from 0.1 gwei to 0.01 gwei. Related Reading: Bitcoin Whales Are Cashing Out Amid Push To New All-Time High The Dencun upgrade unlocks cost-saving opportunities for Layer 2 networks and addresses congestion concerns by freeing up more space on the Ethereum network for additional transactions. While the upgrade offers enhanced efficiency, it does come at the cost of no longer retaining a complete record of all data indefinitely. However, as Layer 2 networks embrace this new update to the Ethereum ecosystem, the stage is set for accelerated adoption, usage, and broader accessibility within the Ethereum community and its underlying protocols. Dencun Upgrade Fails To Propel ETH Above $4,000  Despite the successful upgrade, ETH’s price remains unaffected, continuing to consolidate below the $4,000 threshold. The token attempted to surpass this crucial resistance level on Monday and Tuesday but failed to sustain its position above it. For over 24 hours now, ETH has been trading between $3,930 and $3,970. Nevertheless, it’s worth noting that ETH has maintained its upward momentum, with gains exceeding 18% over the past fourteen days and nearly 60% over the past thirty days.  Additionally, introducing the Dencun upgrade is expected to drive increased demand for ETH, potentially sparking a renewed uptrend that could bridge the gap between current trading prices and its previous all-time high (ATH) of $4,878, achieved in November 2021. Featured image from Shutterstock, chart from TradingView.com

Binance Coin (BNB) has been on a bullish run despite the regulatory scrutiny that Binance has faced over the last several months. The token registered an impressive 13.7% price surge after almost reaching $600, and analysts predict that a new all-time high (ATH) might be coming in the next couple of months. Related Reading: Bitcoin Price Faces Big Move – Can Bulls Send BTC To $75K? Is The Cost Clear For A New ATH? As the crypto market rallies, Bitcoin continues to hit ATH after ATH, and altcoins’ prices keep regaining the levels of the previous bullish run. BNB has not been the exception; it surged over 13.7% in the last 24 hours and is near a crucial support level that could propel the token even higher during this cycle. The price increase could be attributed to market dynamics and BTC’s performance. However, the recent announcement of ether.fi (ETHFI)’s introduction to the Binance Launchpool also seems to fuel the price since it will allow users to farm ETHFI by staking their BNB. $BNB: This one goes to ATH easily and this was kind of obvious IMO. Expecting some sort of small pullback before all time highs but I think it breaks it soundly in the next few months pic.twitter.com/Ipt66lWKOH — Altcoin Sherpa (@AltcoinSherpa) March 13, 2024 Crypto analyst Altcoin Sherpa shared his forecast for the token as the price was nearing $600. The analyst considers that, given the current BNB’s performances, the path to the previous ATH level is clear: “This one goes to ATH easily, and this was kind of obvious IMO.” In the post, the analyst shared a chart that displays BNB’s performance since its ATH of $686.3, which is currently only 13.51% away. The token has registered mostly green candles every week since 2024 and only weekly green candles since February. In the past month, BNB’s price went from oscillating between the $300-$320 price range to hovering between $520-$590, representing an increase of over 80%. Despite the sunny forecast, Altcoin Sherpa doesn’t rule out cloudy days. The analyst expects pullbacks along the way but foresees BNB breaking the ATH “soundly” in the next couple of months. Similarly, pseudonym crypto trader and analyst Captain Faibik highlighted that the token has gained over 120% since his ATH timeline prediction at the end of 2023. In late December, the trader forecasted that BNB would reach a new ATH in the first half of 2024, and the current performance seemingly reaffirms this stance. BNB Price Performance Despite the recent legal scrutiny faced by Binance, BNB has been able to sustain its recovery path. According to the crypto hedge fund Split Capital, the token has added more than $50 billion in market capitalization since the exchange settled with the Department of Justice (DOJ) for $4 billion in November. BNB’s market cap of $91.22 billion represents a 10% increase in the last 24 hours. By this metric, the token is the fourth largest cryptocurrency in the market. Similarly, its trading volume significantly increased by 50% on the last day. Earlier today, the price reached $599.8, just cents away from hitting the $600 price range, according to CoinMarketCap data. At the time of writing, BNB has been trading at $595.6, a price surge of 38.6% in the last seven days. Related Reading: NEAR To Rise Even Higher According To These Analysts, Can It Hit $10? BNB is trading at $595.6 in the 4-hour chart. Source: BNBUSDT on TradingView.com Featured image from Unsplash.com, Chart from TradingView.com