Cryptocurrency

The chart reveals a critical juncture in price action. After a period of bullish momentum, Ethereum is now testing local resistance levels, creating a moment of decision for investors. The current resistance, formed near the $2,050 mark, is a crucial threshold that has previously prompted sell-offs, suggesting that traders are eyeing this level to secure gains.Conversely, the support levels paint a picture of potential bounce-back zones. The first significant support is visible near the $1,950 level, aligning with the 50-day moving average. This moving average has historically acted as a dynamic support, propelling prices upward upon contact. A break below this, however, could see Ethereum’s price target the next support at approximately $1,850, where previous demand coalesced to halt bearish runs.The probability of a price reversal hinges on the to these critical technical levels. A convincing break above the current resistance could invalidate the bearish thesis, potentially leading to a continuation of the upward trend. However, recent whale activity suggests that some large holders are starting to realize profits, potentially adding to the selling pressure at this price threshold.Volume trends also provide insight, with a notable decrease in trading volume suggesting that the current price level may be unsustainable in the short term. Combined with the whale’s cashout, it could signal a broader sentiment shift among investors, leading to increased volatility and a possible price correction.This article was originally published on U.Today More

The company is not only investing in hardware but also in infrastructure. It is currently expanding its Childress site’s capabilities with an 80MW extension to an existing data center, which is scheduled to be operational from January to the second quarter of 2024. Additionally, Iris Energy is in the early stages of procuring another data center project to leverage part of the site’s substantial 600MW power capacity. These expansions are in line with the company’s goal to eventually increase its total mining capacity to 10 EH/s.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Buterin’s vision includes integrating private mempools and ERC-4337. Private mempools could offer users enhanced privacy and security by allowing them to conduct transactions without exposing their intentions to the public mempool where miners could see and potentially exploit them. ERC-4337 refers to account abstraction, allowing users to have more sophisticated control over their accounts, with operations like multisig wallets becoming easier to implement and more secure.Code precompilation is another feature Buterin is keen on integrating. This could potentially increase the efficiency of smart contract deployment, making them quicker and cheaper to execute by preprocessing some elements of the code.Liquid staking, a process that allows stakers to liquify staked (or locked) assets, is a feature Buterin wants to see improved. He has expressed concerns over the centralization of liquid staking solutions, which could be a risk for the network if too much control is in the hands of a few entities like . Decentralizing this aspect could democratize the staking process, giving more users the chance to participate without relinquishing liquidity.The redesign proposes would likely make Ethereum more scalable, secure and efficient. These changes could lower the barriers to entry for new users and developers, fostering a more inclusive and robust ecosystem. The exact impact on Ethereum’s price and the broader crypto market is speculative, but typically, improvements that address fundamental issues and enhance usability bode well for the network’s value and adoption.This article was originally published on U.Today More

In the meantime, Dogecoin has reached a new milestone related to a major metric of its utility — transaction count — and a top DOGE developer has offered his vision of what is happening.Ali believes that once the popular meme cryptocurrency breaks beyond this barrier, it may have a chance to “nearly double its price” and target a high at the $0.14 level.On Friday, the overall DOGE transaction count surged roughly above the one million level, and it surpassed both the Bitcoin and Ethereum chains on this metric. Now, Mishaboar has reported that this crucial metric has reached a major new high of almost 1.5 million transactions within the span of the past 24 hours.The developer, however, believes that the greatest part of this huge traffic was due to very small transfers; a lot of users are taking advantage of the Dogecoin network as it generously offers low fees and dust limits.Mishaboar reminded the community of Dogecoin users that the network is functioning perfectly, without any congestion, and users can add extra fees for faster transactions. These fees will still be low compared to the ones on the Bitcoin and Ethereum chains.The only negative thing about this massive transaction surge is that the blockchain increases over a short period of time and this, in return, forces operators to put more resources into their nodes. This may be expensive to those operators who run their nodes with respectable host providers.As for the , Ali believes that this was caused by the growing interest of whales and financial institutions in Dogecoin. DOGE cofounder Billy Markus tweeted that the inflow of traffic was caused by people transferring Dogecoin Ordinals (Dogedinals) and DRC-20-based coins at low fees.This data was shared by prominent on-chain data aggregator Santiment. In particular, the staggering 51.9 million Bitcoin wallets have seen merely 0.25% growth in the past four days, according to the Santiment report.The number of 4.46 ADA wallets has decreased by 0.59% within the last 10 days. Only the number of Dogecoin wallets has in the last few days.Over the past 24 hours, the original meme coin, DOGE, has staged 5.41% growth, reaching the $0.0811 level.This article was originally published on U.Today More

The proposed changes include a shift from monthly to daily fee payments while retaining the current 2% fee rate, a move that aligns with the practices of leading ETF applicants. Additionally, Grayscale plans to implement Coinbase (NASDAQ:COIN) Custody’s omnibus accounts to facilitate more efficient share transactions.These updates are significant as GBTC has not undergone major changes in five years. They come at a time when industry analysts are optimistic about the Securities and Exchange Commission (SEC) potentially approving a wave of spot Bitcoin ETFs by the first quarter of 2024. Grayscale’s initiative reflects an industry-wide eagerness to attract institutional investors amid growing competition from major players like BlackRock (NYSE:BLK).While Grayscale’s 2% management fee is notably higher than competitors’ fees, which range from 0.7% to 1% as reported by Matrixport, the firm has not confirmed any plans to reduce this fee. Shareholders have been given a 20-day period from the filing date to cast their votes on the proposed changes.In parallel developments, BlackRock has been actively engaging with the SEC’s Trading and Markets division to discuss an updated in-kind redemption process. SEC Chair Gary Gensler recently outlined the division’s responsibilities concerning ETF oversight. Meanwhile, Pando, another investment firm, has applied for a spot Bitcoin ETF, with analysts predicting a strong chance of approval in January.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The revealed that the funding is aimed at propelling the launch of OCEAN, the inaugural venture in a series of mining decentralization initiatives for Bitcoin.OCEAN, the brainchild of Bitcoin Core developer Luke Dashjr, stands out as a pioneering force in the industry. The developer emphasizes a critical paradigm shift for Bitcoin’s true decentralization, stating that “the role of mining pools must change.”Jack Dorsey, Twitter and Block founder, sees the project as a solution to the growing threat of centralization in mining pools. The entrepreneur highlights that OCEAN addresses a common concern within the crypto community, emphasizing its positive impact on both the broader Bitcoin ecosystem and his personal ventures.Earlier this October, Dorsey unveiled another of his Bitcoin-related innovations, specifically its storage capabilities — a cold wallet named . The idea is designed to solve a well-known problem by eliminating any intermediaries for users when dealing with their crypto holdings.This article was originally published on U.Today More

He said once someone starts using Solana, it “feels super fast, slick, inviting and easy for the user.” The accolade on Solana underscores the general perception most industry leaders have of the top coin, especially as it has been able to in its price action post-FTX implosion.Raoul Pal is known for his commentary in the industry with a basis rooted deep in on-chain analytics; however, choosing to comment on the combat between Ethereum and Solana on pure fundamentals is considered a rare move.In his analysis, Pal compares Ethereum to the Apple (NASDAQ:AAPL) of the blockchain world while he considers Ethereum to be the Android. The connotations are clear as Solana wins the fight for performance based on its speed, while Ethereum’s massive hoard of hosted decentralized applications (dApps) makes its Android comparison a well-suited description.Solana has impressed its holders in a remarkable way, with Raoul Pal he has been bullish all year. The coin earlier this month as it wiggles away from the impacts of the continuous sell-off from FTX, the bankrupt exchange that sought ways to free up funds to pay its investors and creditors.This article was originally published on U.Today More

The exchange has set a timeline for the phase-out of BUSD, stating that support will end on December 15, 2023. Binance users are being offered the option to convert their BUSD holdings to FD121 Ltd.’s FDUSD stablecoin without incurring trading fees. This fee waiver will be in effect until December 31, 2023, when withdrawals for BUSD will cease in most regions, with the exception of Kazakhstan, Poland, Italy, France, and Japan. Following this date, any remaining BUSD holdings will be automatically converted to FDUSD.The move away from BUSD was preceded by a regulatory action in February 2023, when the New York Department of Financial Services (NYDFS) instructed Paxos to stop issuing BUSD. Paxos had partnered with Binance in 2019 to launch BUSD, which grew to become the third-largest stablecoin in the market.Despite the unfolding changes within Binance’s ecosystem and the recent leadership transition, BUSD remains stable, trading at $1. The stablecoin has even seen slight increases in its value and trading volume. Binance has assured users that BUSD will continue to be redeemable until February 2024, providing ample time for holders to adjust their positions in light of the upcoming changes.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More