Category: Cryptocurrency News

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Read English version: https://rhinoreview.substack.com/p/rhino-review-ethereum-staking-journal-85f Spanish Version: https://mirror.xyz/ethkipu.eth/f_oqUWi1YE0nTc5JBriOq1mSiTwthZd1j7EErr7VhH4 Support on Gitcoin Grant 18 Round: https://explorer.gitcoin.co/#/round/10/0x2871742b184633f8dc8546c6301cbc209945033e/0x2871742b184633f8dc8546c6301cbc209945033e-29 submitted by /u/armagancan [link] [comments]

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The Bitcoin price continues to compress around its current levels, but during today’s trading session, there was an uptick in volatility. The rise in this metric could hint at a shift in the narratives influencing BTC’s price action. Related Reading: Bitcoin Prediction: Crypto Analyst Forecasts New ATH by 2024 – Can It Happen? As of this writing, Bitcoin trades at $29,300 with sideways movement in the last 24 hours. In the previous seven days, the cryptocurrency saw similar action pushing other assets in a similar direction or no direction as the sector flatlines in the short term. Bitcoin ETF Becomes Dominant Narrative In Crypto Market? In a recent market update, crypto analysis firm Blofin pointed to an uptick in market sentiment. Coupled with a rise in volatility, market participants are reacting to the potential announcement from the US Securities Exchange Commission (SEC) around a spot Bitcoin ETF. The Commission is set to rule on asset manager Grayscale’s petition to transform their Grayscale Bitcoin Trust (GBTC) into an ETF. The decision was supposed to come out today, Blofin stated, but it could drag on until this Friday, August 18th. If the SEC postpones the decision for any reason, as it did with Ark’s petition, the market will likely keep moving sideways. In that sense, development around the ETF decision is gaining strength over macroeconomic dynamics. This change in dynamics is more evident in the derivatives sector, with options traders becoming more bullish for the coming months. Blofin noted the following on this dynamic: (…) The news above (on the Bitcoin ETF approval) has promoted the rapid rise of short-term bullish sentiment and uncertainty in the market (…). It appears that investors are waiting for good news related to the spot Bitcoin ETF. And “smart” traders are positioning accordingly. The report notes that the open interest for options contracts is skewed to the call (buy) side. Related Reading: XRP Price at Potentially Significant Turning Point, Key Support Nearby As data from the derivatives platform Deribit shows, traders are betting that the price of Bitcoin will rise above $30,000 by the end of August or September. As seen on the chart below, 57,000 contracts will expire by the end of this month and 90,700 next month. Coupled with the rise in Open Interest skewed to the call side, the chart above shows that traders are betting on a Bitcoin rally above $30,000 to $40,000. The spot BTC ETF decision will move the market, particularly at the end of August and September. Cover image from Unsplash, chart from Tradingview

Bitcoin price remains stagnant for going on months now, with no clear trend developing and volatility in a downward spiral. However, some subtle signs are popping up that could suggest that a bullish Bitcoin trend is beginning to take shape. Make Friends With Strong Trends “The trend is your friend” is one of the most famous trading quotes, highlighting how capturing as much of the prevailing trend as possible can lead to the most profitable results. For this reason, in technical analysis, trend-following tools are among the most successful. But what is an investor or trader to do when there is a clear absence of any discernible trend? The answer is “to wait for the trend to appear” but that’s easier said than done. This is why specific tools have been created to tell when assets like Bitcoin or even stocks are trending or not. One such tool is starting to rise after several weeks of sideways price action, and it suggest that the underlying trend is strengthening. The Average Directional Index | BTCUSD on TradingView.com Bullish Bitcoin Is Building Muscle The Average Directional Index (ADX) is a trend strength measuring tool, created by the father of technical indicators, J. Welles, Wilder, Jr. Other tools Wilder built include the Parabolic SAR, Average True Range, and the Relative Strength Index. A reading above 20 on the ADX means a trend is developing. The more it turns up, the stronger the trend. After weeks of sideways, the trend is starting to strengthen again. The tool also includes two Directional Movement indicators, the DI+ and DI-. The DI+ is currently above the DI-, showing that bulls in control of the underlying price action. All that’s left is for the ADX to strengthen further and Bitcoin could finally break out of this range and begin trending. What Bitcoin bulls ultimately want to see next is for the ADX to grow even steeper, similar to what we can see in late 2020 and into early 2022. The lack of another strong trend at the second 2021 peak was a warning that something was off. Will the bullish trend continue to strengthen, or will bears regain control? #Bitcoin 1W Average Directional Index is turning back up above 20 — this is the signature of a strengthening trend DI+ is above DI- which shows bulls are in control Trend-following tools may soon prove more useful with a trend growing pic.twitter.com/9nAUEVIcL3 — Tony “The Bull” (@tonythebullBTC) August 14, 2023 Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for 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

Traders believe that Bitcoin’s low volatility is a bull market signal, but their bias could be preventing them from acknowledging potentially negative macro outcomes.

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Chiliz, the pioneering sports blockchain platform, is set to make waves once again as it teases forthcoming upgrades to its smart contracts. In a recent tweet, Chiliz unveiled its plans to enhance the functionality of its smart contracts, showcasing the company’s ongoing commitment to providing a seamless and efficient experience for its users.  Chiliz has been a trailblazer in the sports and entertainment industry, utilizing blockchain technology to bridge the gap between sports fans and their favorite teams. Related Reading: Dogecoin Vs. Bitcoin: Co-Founder Labels BTC Maximalists As ‘Insecure Losers’ The platform’s innovative approach allows fans to engage with their chosen teams through fan tokens, gaining access to exclusive content, rewards, and even influencing certain team decisions through token-based voting systems.  🗳️ Upcoming Proposals: Upgrading the Smart contracts Upgrade 1: Upgrading the contracts to allow factory contracts to deploy without being whitelisted as deployers. The factory contract will still need to be deployed by a whitelisted deployer.#ChilizGovernance ⚡ $CHZ pic.twitter.com/zyBTqzAhTJ — Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) August 14, 2023 As the platform gears up for these improvements, the question on everyone’s mind is whether these upgrades will play a role in boosting the price of CHZ, Chiliz’s native cryptocurrency. Chiliz Upgrades On The Horizon The first of the upcoming upgrades focuses on streamlining the deployment of factory contracts. In a bid to improve efficiency, Chiliz plans to enable such contracts to be deployed without the need for whitelisting as deployers.  This move is expected to simplify the process while maintaining a level of security by ensuring that the factory contract is still initiated by a whitelisted deployer. By reducing friction in the contract deployment process, Chiliz aims to enhance user experience and attract a wider range of participants. The second upgrade revolves around staking pool contract enhancements. Chiliz aims to address issues related to the accuracy of voting power displayed for validators and the calculation of delegated amounts.  Chiliz is currently trading at $0.0748. Chart by TradingView.com To rectify this, the Chiliz team has indicated that a temporary downtime for the delegated and undelegated features will be necessary during the upgrade. While this may temporarily inconvenience users, the improvements are anticipated to provide a more accurate and transparent staking experience. Impact On CHZ Price As Chiliz enthusiasts eagerly await these upgrades, the impact on the price of CHZ remains a topic of interest. At the time of writing, CHZ is in the red in all timeframes, and priced at $0.074903 according to CoinGecko. The past 24 hours have seen a decline of 1.2% in its value, while the past seven days have witnessed a decline of 1.5%. These fluctuations underscore the inherent volatility of the cryptocurrency market. CHZ price action today. Source: Coingecko Related Reading: FDIC Warns Of Crypto’s Legal And Fraud Risks For US Banks – Here’s Why While the direct correlation between upgrades and price movements can be complex and multifaceted, the anticipated improvements in Chiliz’s smart contracts could bolster investor confidence in the platform’s future prospects.  (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Dr Trouble Hot Sauce

Why do people do this? Layer-2’s are actually centralized — they’re mostly single sequencer EVM chains with no fraud proofs. Yes Ethereum is relatively decentralized, but between Solana and L2s, it’s not even close. This is especially true when layer-2s aren’t even scaling ethereum — they’re just basically separate blockchains that want to use eth…
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