Ethereum Scaling and Gas-Free Transactions Arrive
- Ethereum News and Updates from The Economic Times
- Inverse Bitcoin Token Launches on Ethereum Network Ahead of Halving
- Ethereum (ETH) Down $1 in Last 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
- Here’s why Ethereum 2.0’s July launch may be a “sell the news” opportunity
- Latest Ethereum price and analysis (ETH to USD)
Ethereum News and Updates from The Economic Times
The maximum number of bitcoins are capped at 21 million while the total ether supply has no such cap
Blockchain technology is relevant for coders who could look to build blockchain products. It is also relevant for tech managers/ project managers/ tech architects looking at product development and architecting solutions.
KBA has already designed a developer certification programme on corda blockchain and it will be rolled out from September, this year.
Inverse Bitcoin Token Launches on Ethereum Network Ahead of Halving
A new token that allows traders to get short exposure to bitcoin (BTC) without actually shorting the asset has just been announced, with the company behind the innovation saying more tokens are to be rolled out soon as part of what it calls “a new paradigm in cryptocurrency investing.”
The new token, dubbed BTCSHORT, was announced by the issuing company Amun today, Wednesday, and aims to offer traders a way to get the “inverse return of bitcoin for a single day.” In other words, the token will be worth more as bitcoin falls in price, and vice versa.
Unlike some other derivatives on the market, Amun’s BTCSHORT token is not leveraged, although it’s still designed primarily for shorter holding periods of less than one day due to the daily rebalancing required for such derivatives.
The chart below shows the performance of BTCSHORT if it was bought on March 11 and then sold at the end of March 12, when the crypto market crashed:
According to Amun, the new token, which is built as a standard ERC-20 token on the Ethereum (ETH) network, can be purchased on other crypto platforms like Liquid, Bitcoin.com, and HitBTC, Amun states on its website.
The new token comes after Binance in March decided to delist several similar tokens that provided leveraged exposure both on the long and short side to cryptoassets like bitcoin, ethereum, EOS, BNB, and XRP, with CEO Changpeng Zhao then arguing that “users don’t understand them.”
Amun also stressed that BTCSHORT “is strictly not a security, carries many risks, and is not suitable for risk-averse token holders and traders. This type of token is best suited for sophisticated, highly risk-tolerant token holders.”
Learn more: Bitcoin ETP Issuer Amun: Trading Volumes Will Come From Retail
Author: By Fredrik Vold
Ethereum (ETH) Down $1 in Last 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
Updated May 06, 2020 07:18 PM GMT (03:18 PM EST)
Ethereum came into the current 4 hour candle down 0.48% ($1) from the open of the last 4 hour candle, marking the 2nd candle in a row a decline has happened. Out of the 5 instruments in the Top Cryptos asset class, Ethereum ended up ranking 3rd for the four-hour candle in terms of price change relative to the last 4 hour candle.
Ethereum is down 0.71% ($1.46) since yesterday, marking the 3rd day in a row a decline has happened. The change in price came along side change in volume that was down 38.1% from previous day, but up 24.21% from the Tuesday of last week. Out of the 5 instruments in the Top Cryptos asset class, Ethereum ended up ranking 4th for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of Ethereum.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to view things another way, note that out of the past 14 days Ethereum’s price has gone up 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Ethereum for the past day were:
Remember when the top 3 tokens were #btc #Ethereum #LTC ? What ever happened to LTC? The media and everything mainstream had the hots for all three.. Now the new 3rd asset isn’t even talked about. Infact its skipped over… Its like there’s an elephant in the room made of glass..
The only way and “Ethereum Killer” could actually kill Ethereum is by building a better ETH 2, and then using the ETH 1 state for account balances at Genesis. Which would mean no new tokens for VCs, which would invalidate the whole motivation behind the Ethereum killer anyways
I’m sat in a coffee shop – reading and being nosey – and the guy on the table next to me is seemingly trying to convince his friend to buy Ethereum and Monero.If he mentions XRP I’ll step in.
For a longer news piece related to ETH that’s been generating discussion, check out:
Ethereum Scaling and Gas-Free Transactions Arrive
ETH 2.0’s highly anticipated revamp is expected to begin rolling out in a matter of months, but scaling solutions and gas-free transactions have already arrived….Ethereum 2.0 is expected to launch within months, but new scaling solutions and gas-free transactions are already here.
Here’s why Ethereum 2.0’s July launch may be a “sell the news” opportunity
The highly anticipated launch of Ethereum 2.0 may be coming sooner than previously expected, as one platform is noting that it could come about as early as July of this year.
This transition will help Ethereum move to a Proof-of-Stake model that allows entities with over 32 ETH to become network validators in exchange for staking rewards, thus making it easy and lucrative for individuals to help validate transactions.
One analyst is noting that this event may be preceded by a notable upswing in Ethereum’s price, and that its July launch could provide investors with a “sell the news” opportunity.
The transition to Ethereum 2.0 is intended to happen over an extended period of time, with the initial launch being just the first step in a multi-year transition from ETH 1.0.
This was originally slated to begin in January of this year, but technical hurdles have led to delays that have pushed its launch back to what now appears to be July of this year.
Popular crypto trading platform BitMEX spoke about this in a recent tweet, saying:
“Ethereum 2.0 is set to launch as early as July 2020, assuming no further delays. Given the decision to scale via sharding, we believe there is little choice other than to attempt this incredibly complex multi-year transition to a new network.”
In a blog post, the trading platform further went on to add that the launch may not be as important as it seems to be.
They explain that initially, Ethereum 2.0 will essentially be a test net for the PoS consensus system that is a main feature of the new network.
“The launch may not be as important of an event as it sounds. Initially, Ethereum 2.0 will mostly operate as a test network for the new proof of stake consensus system.”
BitMEX also notes that increasing the blockchain’s scalability appears to be the main motivation driving this transition.
Investors excited about the new PoS consensus model and heightened scalability stemming from the Ethereum 2.0 launch may help push the crypto higher in the near-term.
This upwards momentum, however, may offer traders an ideal “short the news” opportunity – a possibility mused by popular pseudonymous trader, Bitcoin Jack:
“If we get the rally on Ethereum I am expecting, then July seems like the perfect sell the news moment with the ETH 2.0 launch. Aligns with multiple analysis angles that expect June/July to be leading in to a market wide retrace.”
Cover Photo by Mike Bergmann on Unsplash
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Cole is a freelance journalist and university student studying philosophy. He focuses primarily on covering cryptocurrency and blockchain-related news. He owns a non-life-changing sum of Bitcoin and enjoys day trading.
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Latest Ethereum price and analysis (ETH to USD)
Ethereum remains in a bullish position despite being predictably rejected from the $220 level of resistance on Sunday.
As long as the world’s second largest cryptocurrency continues to trade above $200 in the short term it presents more of a chance of upside price action, although a break below would signal a new bearish phase in the market.
As expected much of the attention across the cryptocurrency industry is focused on the Bitcoin halving this week and what its impact will be.
Historically, as previously noted by Coin Rivet, the Bitcoin halving has been a catalyst for a series of staggering bull markets, causing rallies not only in the price of Bitcoin but also altcoins like Ethereum.
But it’s worth pointing out that the bull markets did not happen overnight, with it taking almost a year after the 2016 halving before Bitcoin began its charge to $20,000.
This is why on lower-time frames there may be a 10% correction over the next week or so, although if Bitcoin can break above $9,600 it would confirm a bullish breakout.
In Ethereum’s case the initial target remains at $220 with the next level coming in at $248, which was the high of March 7’s rally before the devastating drop a few days later.
On higher time frames Ethereum desperately needs to create a higher low in order to snap the bearish trend it has been in since 2017.
This would be achieved by a daily or weekly candle close above $300, which is a level that Ethereum has not traded at for the past 11 months.
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Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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Author: Oliver Knight