Ethereum Stakers to Access Rewards Soon: Shanghai Update Imminent

• Ethereum developers are divided on the timing of the Shanghai update, which will enable stakers to access their rewards.
• The update could be live within the next two months, but some core developers worry that the upgrades are causing technical expenses that could have huge ramifications on the network in the long term.
• Most Ethereum developers aren’t willing to wait a few weeks to implement the SSZ tweak because of their bad experience before the Merge upgrade.

The Ethereum network is quickly preparing for its next update after the successful switch to a proof-of-stake (PoS) network, known as the Merge upgrade. This update is called the Shanghai update and it aims to reward Ethereum users who are participating in the network’s staking program. Through the upgrade, a fusion between the Ethereum mainnet and the beacon chain was created, enabling users to stake their ETH to earn rewards but not yet able to withdraw their earnings.

The upcoming Shanghai update will allow for stakers to access their rewards and their initial ETH deposits. However, there is disagreement among the network’s core developers regarding the timing of the upgrade implementation. Some developers feel that the upgrades are being released too quickly, thus causing technical expenses that could have huge ramifications on the network in the future.

It was on Thursday when one of the core developers, Micah Zoltu, remarked, “It seems we are not concerned about the future wellbeing of this network,
which could have long-term ramifications for the network and its users.” He continued, “We should be taking the time to ensure that the upgrades are implemented correctly and properly tested before being released.”

Meanwhile, other Ethereum developers are reluctant to wait a few weeks to implement the SSZ tweak due to their bad experience with the Merge upgrade. This has led to a split between developers who are concerned with the future of the network and those who want to implement the upgrade sooner.

Overall, the Shanghai update could be live within the next two months, which will enable stakers to access their rewards and their initial ETH deposits. It is yet to be seen how the network’s core developers will resolve their disagreement over the timing of the upgrade implementation. Ultimately, the crypto community’s focus remains on the Ethereum network as it continues its preparation for the Shanghai update.

Bitcoin Soars 9% on Genesis Bankruptcy, Inflation Data

• Bitcoin’s price soared today, with investors already priced in on genesis’ bankruptcy filing news.
• Analysts predict that BTC would no longer trade below $21,000 as the US dollar index (DXY) continues to cool down, and the equities market continues its rally from last week.
• The report from the bureau of labor statistics (BLS) indicated a 0.1 percent decline in overall inflation for all consumers, which is the highest in the last three years.

Today has been a monumental day in the cryptocurrency world as the leading digital asset, Bitcoin, has seen a 9% price explosion, blasting through the $22,000 mark. This latest boost in the price of BTC was largely attributed to the news of Genesis filing for bankruptcy, as investors had already priced in the potential impact on the market.

Analysts are now predicting that Bitcoin will remain trading above the $21,000 mark, with the US dollar index (DXY) cooling down and the equities market rallying from last week. This is further backed up by the US Federal Reserve’s dovish stance on inflation, following the positive data from the consumer price index (CPI).

The CPI report from the Bureau of Labor Statistics (BLS) indicated a 0.1 percent decline in overall inflation for all consumers, which is the highest in the last three years. This decrease in inflation has had a positive effect on the cryptocurrency market, leading traders to hope that the Fed will be less aggressive with its interest rate hikes at the next Market Committee meeting.

All in all, the news of Genesis’ bankruptcy filing and the positive inflation data have both contributed to the surge in the price of Bitcoin, with many investors hoping that it is a sign of the bottom in the market. Only time will tell if this optimism holds true, but for now the cryptocurrency market looks to be in a strong bullish run.

Bitcoin’s bullish market is in danger after it failed to break $12,000?

 

On August 11 the price of gold and silver showed some corrective movements, the same was observed in the cryptomarket. Bitcoin (BTC) fell $700 from $11,800 to $11,100 in one day, marking a short-term correction.

However, has the overall upward momentum in the cryptomarket gone away? Given the strong waves of Chainlink (LINK) and Tezos (XTZ) today, it seems that the bullish market is still on fire.

 

Bitcoin has crucial support at $11,200

If Bitcoin wants to maintain an upward momentum, the crucial support is between $11,100-$11,300 as shown in the chart below.

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BTC/USD 1-day chart

The daily chart shows a crucial support level on the green box. As long as that level maintains support, it is likely that more momentum will be expected.

However, once the Bitcoin price loses the support level at $11,100- $11,300, the expectation is that the price will make a significant drop towards the $10,000 area. The next massive support areas are at $9,700- $10,000, which is similar to the CME gap.

 

Open gaps are tested and closed quite often before the market continues to rise. In this case, the price accelerated over the weekend, through which a CME gap is left open between $9,650-$9,900.

If the price of Bitcoin falls below $11,200, it is likely that the price will continue to fall towards these regions as multiple arguments align. Not only are there horizontal support levels in this area, but the 100- and 200-day moving averages are also approaching these areas to provide constant support.

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What are the short-term levels to consider for Bitcoin?
The short-term levels to be followed are defined in the chart. On the positive side, clear resistance levels are structured at $11,700- $11,800 and $11,950- $12,050.

In the short term, the trend has changed as the price is reaching decreasing highs. In the short term, the trend has changed as the price is reaching decreasing highs. Decreasing highs often indicate greater downward momentum, through which breaking those resistance levels is crucial if the price of Bitcoin is to continue to move towards the $15,000 mark.

However, it’s also crucial to keep support at the $11,100-$11,250 level. If that level isn’t compatible with the next test, a likely drop to the $10,800 or $10,000 level is expected.