Crypto parade rained upon
MOVERS
8am EST 8th July 2021
Crypto: Biggest price rise
FLOW
18.89
Equities: Biggest price rise
TLT
0.78
Bitcoin
$33,020.89
Crypto: Biggest price loss
SNX
-10.05
Equities: Biggest price loss
AMD
-3.66
XRP
$0.63
Crypto: Biggest vol increase*
XCH
906.61
Equities: Biggest vol increase*
BABA
237.46
Tesla
$639.45
*Volume bought in USD over the past 24 hours on the Uphold platform
WHAT'S UP
Bitcoin Averts Total Nightmare, Ticks Slightly Higher At Sunrise
Negativity out of China has been relentless. Bears are prowling. Short-sellers are lining up.
Bitcoin clings to $32,000.
Its attempts to crack $35,000 were valiant, but in vain.
Show us a technical support level and we'll show you a wobbly piece of plastic patio furniture left outside in the rain.
Oh great, now there's talk of $31,000. Wave counts, worst-case, suggest lows near $19,000. Wake us up when it's over.
Okay, as of 8 a.m. (EST) on Thursday, BTC was on the move, going 1% higher to $32,700 over 60 minutes.
Plus, check out NFT platform Flow (FLOW) which at one point during the past day jumped by nearly 20%, getting above $15.
WHAT'S DOWN
Into The Canyon Of Dreadfulness
A cursory glance at the ten largest digital assets left us feeling lost and alone.
Nothing is working, not over 24 hours. Major cryptos are a mess. DeFi darlings are in decline. Dogecoin is slipping towards 20 cents.
We've clung to Ethereum's run these past few days – did we mention that ETH is the single-worst performer among the Big Ten as measured by market cap? ETH fell 11% over 24 hours as of earlier today.
If only we had some certainty regarding the ETH 2.0 upgrade.
WHAT'S NEXT
Ethereum Developer: London Hard Fork Set For Early August
Ethereum’s long-awaited ETH 2.0 era, ushering in a move to a more sustainable proof-of-stake consensus mechanism, is coming closer into view.
An Ethereum developer, Tim Beiko, has put the universe of infrastructure providers and node operators on notice that that the London hard fork will happen August 4th.
The mainnet activation of the network protocol update includes a slew of key-to-unlocking-scalability Ethereum Improvement Proposals (EIPs), most notably EIP 1559 and EIP 3554 (CoinDesk).
This latter proposal would push the network's "difficulty bomb" off to December. Once this device does detonate, the difficulty of mining on the Ethereum network gets elevated, effectively “freezing” proof-of-work.
More controversial to miners is EIP 1559, an inflation-mitigation tweak which would overhaul the structure of fees, subjecting them to some partial burning, and to the chagrin of members of the ether extraction community concerned about losing revenue.
