On Monday, the New York Stock Exchange (NYSE) encountered a series of unexpected trading halts affecting stocks such as Chipotle and Berkshire Hathaway. Berkshire shares plummeted 99.7%, while Chipotle’s stock fell 66%. In response to the event, renowned whistleblower Edward Snowden took to social media, asserting that “bitcoin fixes this.” NYSE Disruptions Trigger Stock Falls; […]
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Shiba Inu Team Fixes Shibarium Outage As SHIB Readies For Potential Surge
In a recent update, Shiba Inu developer Kaal Dhairya (@kaaldhairya), confirmed that a temporary outage affecting the Shibarium network has been resolved. The outage, triggered by networking issues among validators, briefly disrupted services within the Shiba Inu ecosystem, specifically the layer-2 blockchain solution, Shibarium.
Kaal detailed the cause and the subsequent resolution of the problem, stating, “There was a temporary Shibarium outage caused because of networking issues amongst the validators. Network is back up and running now.” He also noted that while the primary network functionality has been restored, some ancillary services such as Shibariumscan or external Remote Procedure Calls (RPCs) may continue to face disruptions until additional remedial steps are completed.
Kaal emphasized the importance of collaboration among infrastructure teams to enhance communication and streamline operations. He urged external teams working on infrastructure-level elements such as RPC to coordinate closely with the Shibarium team. “If you’re an external team working on infrastructure level for Shibarium (e.g., RPC, etc.), please reach out so that we can streamline comms with you over shared telegram / slack channels,” he said.
There was a temporary shibarium outage caused because of networking issues amongst the validators. Network is back up and running now, some services like shibariumscan or external RPCs can still remain down until the steps provided are implemented. If you’re an external team…
— Kaal (@kaaldhairya) April 22, 2024
Shiba Inu Price Unfaced
The recent price movements of Shiba Inu (SHIB) show no impact of the Shibarium outage. The four-hour chart for SHIB/USD illustrates a symmetrical triangle pattern that has governed the asset’s movement over the past several weeks.
Contrary to a direct bullish sentiment, the price initially broke to the downside of the triangle on April 12, which typically signals a looming downtrend. However, in a swift change of fortunes, SHIB found substantial support at the 100-day EMA and is now testing the extended lower trendline of the once-confining triangle.
At present, the price has surpassed the crucial resistance-turned-support level marked by the 0.236 Fibonacci retracement level at .00002472. Notably, SHIB is also trading above all EMA’s in the 4-hour chart. The 200 EMA (blue line) is currently serving as crucial support after the first attempt to break above the extended trendline (black) failed.
A decisive and sustained break above this level could invalidate the prior bearish breakout, positioning SHIB for a potential bullish move to the north. However, volume activity on the chart indicates a tempered trading environment, lacking the aggressive spikes typically associated with decisive breakouts.
This could suggest that the market is in a state of contemplation, with traders awaiting further confirmation before committing to a clear directional bias. Lastly, the RSI sits at a reading of 67, which is just shy of the overbought threshold. This placement implies that there is room for upward movement before the market becomes overextended.
If SHIB battles above the extended lower trendline, the case for an imminent surge grows stronger, potentially leading to a rally towards the Fibonacci levels of 0.382 (.00002867), 0.5 (.00003203) and 0.618 (.00003527).
Solana Developers Deploy Fixes to Mainnet to Address Network Congestion
Solana developers have successfully pushed a series of fixes to address network congestion issues. On April 15, Solana urged validators to update to v1.17.31, a version that changes how certain validators are treated depending on their stake. Further fixes will be shipped in the coming weeks, including a new scheduler that will be disabled by […]
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Solana Developers Test Congestion Fixes in Testnet, Introduce Measures to Prioritize Traffic
Anza, a collective of developers focused on the Solana blockchain, has produced a fix that aims to reduce the congestion that the network has been experiencing. The new version of Solana, now being tried in testnet, includes a feature called stake-weighted quality of service (SWQOS), that prioritizes transactions from higher quality validators. Solana Gears up […]
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Aave’s GHO Stablecoin Grapples With Dollar Peg Stability: Liquidity Fixes on the Horizon
The decentralized finance (defi) protocol Aave’s stablecoin asset called GHO has been struggling to keep its peg to the U.S. dollar. While it is coasting along at .966 per unit at the time of writing, five days ago it tapped an all-time low at .917 per coin. Aave’s Liquidity Committee aims to mitigate the issue with a plan to address the problem with static pools and manage liquidity.
Aave’s GHO Stablecoin Wobbles: Liquidity Committee Scrambles to Restore Dollar Parity
Aave’s GHO stablecoin, linked to the defi protocol, has been trading below its peg since July, with a current value of around .96. The price deviation is attributed to an imbalance between demand and supply, compounded by interest rates that do not adapt to the market, set lower than alternatives like DAI or USDC.
On October 24, 2023, or roughly 11 days ago, GHO plummeted to .917 per unit reaching its all-time low so far. Presently, there’s a circulating supply of 28,245,506 GHO and 762 unique addresses hold the stablecoin. During the past 24 hours on November 3, 2023, GHO has recorded .69 million in global trade volume with the most popular trading platform being the Maverick Protocol.
In response to these issues, Aave governance plans are underway to increase GHO’s utility and adjust the interest rates to be more competitive, according to “Token Brice” a member of the Liquidity Committee. The committee is using tools like Maverick’s static pools to strategically manage liquidity and improve GHO’s price stability.
The Liquidity Committee, under Brice’s leadership, will endeavor to push GHO’s price closer to its peg while inviting community participation to support their efforts in restoring its value, according to his post on the social media platform X. “GHO will be gently but surely nudged to peg, concomitantly with the other initiatives led by governance to increase its utility and stimulate repayments,” Brice said.
Over the past two years, the stablecoin market has been rocked by seismic shifts, with the implosion of Terra’s algorithmic stablecoin marking one of its most significant downturns. Circle’s USDC, the runner-up in market size among stablecoin assets, also experienced a fleeting departure from its peg. Nonetheless, it swiftly recovered to its full value.
This instability has cast a long shadow over cryptocurrency traders seeking refuge from the market’s notorious fluctuations. Stablecoins are typically employed as a buffer against the erratic movements of the crypto economy. Yet, when they deviate from their promised 1:1 redemption value, the repercussions can be severe for traders who place their trust in the asset’s supposed immunity to volatility.
What do you think about Aave’s stablecoin GHO depegging from its intended parity? Share your thoughts and opinions about this subject in the comments section below.
A $13,500 Bitcoin Looks Inevitable as Price Fixes “Overbought” Worries
A combination of supportive fundamental and technical catalysts are pointing towards an extended Bitcoin bull run.
The BTC/USD exchange rate kicked off the new week in positive territory on signs of institutional adoption, lower sell-off sentiment, and the global market uncertainty over the second coronavirus fiscal aid and the November 3 presidential election.
The pair was up 0.87 percent ahead of the New York opening bell Monday, trading at ,158. It persistently held onto the gains it made last week on the news of PayPal foraying into cryptocurrency space. The fintech firm’s decision to allow its users to store and spend Bitcoin raised the asset’s demand in the retail market.
As a result, it posted its highest weekly close since 2018, closing more than 13 percent higher.
On-Chain Metrics Boom
Before PayPal, Bitcoin had become a part of the portfolio of many asset management and standalone institutions.
Anthony Pompliano, in a recent note to his Morgan Creek Digital’s clientele, counted StoneRidge, MicroStrategy, Square, and billionaire investor Paul Tudor Jones for their recent exposure in the Bitcoin market. He further stated that the crypto adoption at its current pace could push its price up towards a minimum of 0,000 in the next fifteen months.
Other analysts also presented their respective bull case for Bitcoin, a sentiment that later started reflecting on the cryptocurrency’s blockchain.
Data analysts at Glassnode found that Bitcoin addresses that hold balances of at least 1,000 BTC reached an all-time high on Monday. That showed accumulation at the end of “whales,” albeit they may also include wallets of exchanges and other types of Bitcoin custodian firms.
#Bitcoin addresses with balance ≥ 1000 $BTC hit a new all-time-high
data @glassnode pic.twitter.com/Nv8Zia4mRe
— unfolded. (@cryptounfolded) October 26, 2020
Meanwhile, another data showing that 98 percent of the unspent Bitcoin now remain in a state of profit further increased the possibilities of investors not selling but holding/accumulating more BTC units.
Bitcoin to .5K and Beyond?
What further strengthened Bitcoin’s fundamentals are the prospect of the release of at least trillion in coronavirus aid after the November 3 presidential election.
The massive liquidity leaves a trail of underperforming assets behind. First, an oversupply status reduces the value of the US dollar. Second, the use of liquidity in buying government and corporate bonds subsidizes their yields, thereby making them unattractive for long-term investors. And third, it raises the possibility of higher inflation.
All the three narratives tend to benefit Bitcoin, as the crypto connoisseurs believe. The cryptocurrency’s 200 percent price rally this year also came on the backs of the same fundamentals.
That leads to even stronger technicals, as shown in the chart below.
Bitcoin consolidation pattern suggests upside continuation. Source: BTCUSD on TradingView.com
BTC/USD is now consolidating sideways, with a neutral RSI, in what appears to be two different channels. The first is a Pennant – a small symmetrical triangle that begins wider but converges as the pattern matures. The structure succeeds an uptrend – a flagpole whose height is nearly ,800.
In the event of a breakout, therefore, Bitcoin could rise by as much as ,800. That ideally puts the cryptocurrency’s price target around ,000.
Nevertheless, the second channel appears more constrained to bulls. Dubbed as Ascending Channel, the structure begins when price forms a sequence of higher highs and higher lows amid two parallel trendlines. A breakout from the Pennant could turn artificial upon facing resistance at the upper trendline of the Ascending Channel.
That is near ,500.
Therefore, Bitcoin has every possibility of hitting .5K in the coming sessions, but its upside target remains near ,000 given the supportive fundamentals of the market.
YouTube Demonetizing Your Content Bitcoin Fixes This
With YouTube poised to penalize a broad array of videos, content creators can use these five steps to monetize their work with bitcoin.nThe post YouTube Demonetizing Your Content Bitcoin Fixes This appeared first on Bitcoin Magazine.n
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Bitcoin Fixes This: Top Bank Chief Says Monetary Policy is Failing
Representatives of the current financial system are inadvertently extolling the virtues of Bitcoin at a higher frequently than ever before. The latest is Deutsche Bank President Karl von Rohr, who states that current methods intended to stave off economic crisis are lessening in efficacy.
Von Rohr describes the current climate for the financial services industry as the most challenging time he can remember. He says that geopolitical uncertainties are already impacting the global economy as a decade of growth begins to slow.
Negative Interest Rates Don’t Work Forever and Bitcoin Doesn’t Punish Savers
In a recent “Future of Finance” conference hosted by Bloomberg in Frankfurt, the president and deputy chairman of Deutsche Bank AG Karl von Rohr joined those bankers making an inadvertent advertisement for Bitcoin. He stated that global financial stability is under increasing threat:
“At least I can hardly remember, in my 25 years in banking, a more challenging time for the financial services industry.”
Von Rohr cited instances of geopolitical tension as contributing to increased uncertainty and a slowing of global growth. He mentioned uncertainty surrounding the US/China Trade War, the ongoing debacle that is Britain’s exit from the European Union, and civil unrest in various parts of the world.
The Deutsche Bank President says that in many areas of the world, there are clear signs of an economic slowdown, following a period of growth:
“In some major economies, the warning bells of a recession are ringing.”
#DeutscheBank President Warns "Recession Bells Are Ringing. Negative Interest Rates Are No Longer Likely To Be Effective. Monetary Policy Is Running Out Of Means To Cushion A Serious Economic Crisis." pic.twitter.com/8N1R5A8FnF
— Ben Rickert (@Ben__Rickert) November 12, 2019
With reference to Europe, Von Rohr says that the five years of negative interest rates aimed at promoting economic growth are fast becoming useless:
“With fears of a downturn mounting, we have reached a level where monetary policy is at serious risk of running out of means to cushion a real economic crisis.”
Von Rohr also mentions the impact of the “monetary experiment” of negative interest rates on savers. He states that Europeans have been losing 160 billion euros in interest payments each year thanks to the negative rates. The Deutsche Bank executive added:
“With inflation factored in, the result is a creeping erosion of our European customers’ assets.”
In a bank-created situation so hostile to those wishing to save rather than spend, it isn’t particularly difficult to see why Bitcoin might become more attractive to some. As an asset that is entirely unconnected to the current financial system and any national government, Bitcoin cannot be subject to changes to its monetary policy. In times of geopolitical uncertainty, such hard forms of money naturally become more attractive as a form of hedge.
Add negative interest rates, quantitative easing, and other measures intended to stimulate further growth, and the case for Bitcoin only gets stronger. Many commentators have pointed out Bitcoin’s utility as a way to avoid the potentially disastrous consequences of such policies.
Governments could stop bitcoin pretty simply.
How?
Just stop the financial surveillance, inflation, artificial interest rates, deficit spending, fractional reserve banking and capital controls.
— Rhythm (@Rhythmtrader) November 11, 2019
Related Reading: Bitcoin Volume Profile Suggests Rally to Bring Price Past ,000 is Near
Featured Image from Shutterstock.
The post Bitcoin Fixes This: Top Bank Chief Says Monetary Policy is Failing appeared first on NewsBTC.
Bitcoin Fixes This: Fake Gold Bars Could Turn Investors Toward Digital Counterpart
Bitcoin has been dubbed digital gold because the cryptocurrency shares many similar attributes with the precious metal.
However, a recent situation involving a forgery crisis in the gold industry shows how one important aspect of Bitcoin gives it an enormous advantage over its physical gold counterpart and could drive more investors seeking a safe-haven or store of value into the first-ever cryptocurrency.
Investors Beware: High-Purity Counterfeit Gold Bars Flooding the Market
Gold is a shiny, precious metal that’s been used for centuries as currency, store of value, a safe haven, a status symbol, and to create ornate, expensive jewelry. However, it’s status could soon be challenged by Bitcoin, thanks to a very specific attribute the cryptocurrency features over gold.
Related Reading | Goldbug Peter Schiff Says Bitcoin Bottom Won’t Hold
The reputation of the precious metal industry is currently being tarnished by a slew of counterfeit gold bars adorned with the official stamps of major refinery logos. While roughly only 1,000 of the bars have been discovered – a flash in the pan compared to the roughly 2.5 million bars produced each year – according to industry executives it is how legitimate the fakes gold bars are that is causing widespread concern.
Typical counterfeit bars are made with much cheaper metals, plated with gold on the outside, making them easy to detect. These new fakes in circulation, however, are real, high purity gold, with the only phony aspect being the official seal stamped onto each bar.
Bitcoin and Blockchain: Proof of Work Prevents Counterfeit BTC Transactions
The forgeries arrive at a time when the demand for gold across the globe is increasing. The precious metal has long been a flight to safety for investors seeking to avoid losses during economic downturns. With tensions increasing between the US and China, fiat currencies devaluing in the face of growing government debt, and a recession looming, gold has been increasing in value.
Throughout much of the year, however, Bitcoin was also rising alongside gold, which is also lauded for being a scarce asset and store of value. The two assets rising in tandem caused a safe-haven narrative to take center stage during Bitcoin’s sudden rally.
But this latest issue in the gold market highlights one attribute that Bitcoin has over gold that could finally show goldbugs that the new, digital counterpart, is a far better choice as a safe haven asset: Bitcoin cannot be faked.
Bitcoin is a digital asset, bound to a distributed ledger called blockchain, where every transaction of every Bitcoin is recorded for all to see. Each time Bitcoin is sent over the blockchain, using a consensus algorithm called proof-of-work, miners validate the block before it is added to the blockchain.
Related Reading | Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset
Theoretically, a counterfeit Bitcoin transaction could be created, however, it wouldn’t be validated by miners and added to the blockchain. Certain attacks are also possible but would require a third-party gaining control to over 51% of the Bitcoin network’s hash power, and given how decentralized the first-ever cryptocurrency is, such an attack isn’t likely.
This added layer of security could give gold investors peace of mind when considering a safe haven asset or a store of value, and help to shine a light on the many ways Bitcoin is a better asset than gold.
The post Bitcoin Fixes This: Fake Gold Bars Could Turn Investors Toward Digital Counterpart appeared first on NewsBTC.
Parity Technologies Fixes Node Vulnerability, Urges All Ethereum Nodes to Update
n Parity nodes should update to avoid security risk, say officialsn
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