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#BTC formed the double top pattern inside the resistance area and dropping. Nothing much happening just broken minor support area, so just a minor pullback happening and can dump with this weekend.
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What Is Liquid Staking and Why Is It Needed?
For transactions on a blockchain to be processed, a consensus mechanism is required. The two most popular consensus mechanisms are Proof-of-Work (PoW) and Proof-of-Stake (PoS). Bitcoin uses the former, and Ethereum, Solana and BNB use the latter. Consensus mechanisms ensure network nodes (computers) agree on the blockchain state, valid transactions and block additions, without relying on a central authority.
PoW used by Bitcoin requires miners to solve complex puzzles in order to validate transactions. PoS on the other hand requires validators to “stake” some of the blockchain’s native tokens to gain the right to validate transactions. Validators verify transactions, add blocks to the blockchain, and receive rewards as a result.
A challenge, however, is that validators of the largest PoS blockchain, Ethereum, must stake a minimum of 32 ETH (worth around $52,000). This amount is not feasible for most users and makes staking on Ethereum inaccessible. Hence, platforms like Lido, Rocket Pool, and Tranchess emerged that offered users a service called “liquid staking” so that they can deposit a small amount of ETH in order to gain rewards even if they don’t hold 32 ETH.
Since staking became possible in December 2020, staked ETH has remained locked for over two years. Staked Ether was locked to ensure that the network remains decentralized and secure, even as it transitioned to a new consensus mechanism in 2022 during the Merge. However, this stands in stark contrast to other pools where users can withdraw their staked assets according to their preference. This made Ethereum staking a less-than-ideal option for investors and contributed to the rise of liquid staking to enable liquidity in Ether tokens for their holders.
#EDU rejected from the drawn support around 12% in favor but now its flipped over the resistance now and hodling. Currently price retesting the support and expected to move higher from here and reach around $0.76 resistance area.
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Here's the Analysis of #VET :
#VET is been trending lower low with the bearish strong bearish market structure. Price bouncing off from the support zone of $0.022 and currently trading at the resistance area of $0.026. Wait for the rejection or flip above the resistance area.
We can analyze coins in unrealized profit or loss to evaluate their average cost basis and the magnitude of unrealized gains or losses.
- 🔴 Coins in profit have an average unrealized gain of +$41.3k, with a cost basis of about $19.4k. This is skewed by coins moved in earlier cycles, including those by the Patoshi entity, early miners, and lost coins.
- 🔵 Coins in loss have an average unrealized loss of -$5.3k, with a cost basis of about $66.1k. These are mostly held by Short-Term Holders, as few top buyers from the 2021 cycle still hold.
These metrics highlight potential sell-pressure points as investors aim to secure gains or avoid further losses.
#FET formed a consolidation range and formed a double bottom too. Now, its a clear price action, to see a breakout either side and take the setup in a retest.
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Binance Performs Wallet Maintenance - 2024-07-17
https://www.binance.com/en/support/announcement/90f80370fd054628b595f886f79f0672
What Is Shamir’s Secret Sharing?
Shamir's Secret Sharing scheme uses an algorithm in cryptography to safely distribute parts of highly sensitive data among a network or group to prevent unauthorized access to the data. The data is divided into smaller parts called shares which are then distributed into a group or network. This scheme is named after a prominent Israeli cryptographer, Adi Shamir.
Shamir's Secret Sharing helps significantly reduce the chances of failing to decrypt the sensitive information distributed on the network. It is due to a feature that allows decryption of the information without needing all the shares. Instead, a number lower than the total number of shares called the threshold is set which greatly reduces the chance of a failure if certain parties of the network are unavailable.
Example
Let’s assume a company called ABC with 12 members wanting to safeguard a vault using Shamir’s Secret Sharing. The key to the vault is encrypted and is divided into 12 parts, called shares. These shares are then distributed to the members on the network, meaning that the vault would require a certain number of these members to allow access. Now, due to the threshold feature, even if one or two members are not available at a specific time, the vault could still be accessed with the presence of the other members. This helps to mitigate the risk of failing to decrypt the passcode while keeping the vault safe and secure.
The Process of Forming Shares
Shamir’s Secret Sharing is developed through a complex algebraic algorithm that estimates unknown values in a gap between two points. It is called polynomial interpolation. What this means is that the algorithm encodes the information needed to be encrypted into a polynomial expression. This is basically the dividing phase before distributing it through the network to the members. Instead of requiring all the members, only the threshold number is needed which provides enough data points to correctly estimate the values between the gaps in the encrypted shares.
#GOLD UPDATE :
#GOLD made a very sharp push to the upside as we mentioned Head & Shoulder formed which reverse the market. Price nearly tapped into the retesting back to the support area. Potential move to the upside is likely to be expected.
Nothing much happened in #BTC, price just moved back and forth after forming a double bottom struggling to break the resistance zone. Eyes on breakout as below resistance are consolidating or bearish.
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What Is a Settlement Layer?
A settlement layer is a layer that essentially provides an anchor for an entire ecosystem, and establishes undeniable security as well as objective finality if anything were to happen on a different blockchain that requires arbitration.
Now, a common trope when it comes to the blockchain ecosystem is that of the “maximalist.” Maximalism is accomplished through unwavering confidence that there is a war between blockchains from which one blockchain will emerge dominant and all future systems, as well as applications, will be built on that one protocol. It is now a new concept in the web-connected world.
An ecosystem that is supported by a settlement layer, rather than one monolithic blockchain can be a computational necessity over a philosophical reference.
A settlement means that it is a payment that is final and delivered. When you pay someone using a credit card such as a MasterCard or a Visa, that is not a settlement, as the settlement comes weeks or months after the fact. In the world of cryptocurrencies, a transaction is a settlement after it is stored within the blockchain.
When you conduct a transaction in a cryptocurrency, you want assurance that the transaction cannot be rolled back, and as such, a merchant does not want a customer to purchase something and have the money they just left taken back to them at a later point in time. A final settlement means that the cryptocurrency cannot be rolled back.
Whichever chain or protocol ends up serving as the anchor for the ecosystem is who provides the security and immutability, as well as the confidence to support the entirety of the ecosystem itself. The foundational settlement is incorruptible, always available, resilient and only called upon to serve as an arbitrator.
#US30 UPDATE :
#US30 still hodling the support area and but failed to print a new higher high. Still, we can say we got 300 points in profits multiple times bouncing from the support. This week, we can need to see a breakout now, most probably index will break lower, but we still trade in breakout direction.
Binance Will Delist BOND, DOCK, MDX, POLS on 2024-07-22
https://www.binance.com/en/support/announcement/4ffb7170f2f84ce3a06cc0cf1a788c23
Here's the Analysis of #FET :
#FET dropping to the market sentiment and move unfavorably with the market. Price is middle on nowhere and nearly towards the support area of $0.91 - $0.95. Let's wait for the price to reach the support or either change the market structure.
#DXY UPDATE :
#DXY melted before reaching out before tapping into the resistance area and dropped deep into support. Now its time to look after the breakout or rejection with the Monday Market Open. A drop will start a more upwards momentum in the market.
Here's the Analysis of #BETA :
#BETA is been dropping after the triangle pattern formation and might reach the major support zone of $0.055 - $0.057. Price already broke the resistance around $0.063 - $0.064 which can be used a retest point before dropping. Not enough range so wait for the support.
The Bitcoin Fear & Greed Index is at 27, the lowest since January 2023. Back then, BTC was $18,150 and the total crypto market cap was $800 billion. Since then, BTC has surged over 300%.
Twice this cycle, a Fear & Greed Index near 30 marked the price bottom. The last time it hit 30, BTC rose from $28k in October 2023 to $74k in March 2024.
#BTC kept on moving nearby its resistance area and made a small range. Nothing much happening and just couple of news, moving market back and forth.
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What Is the Shanghai Upgrade?
The next stage in Ethereum’s roadmap is the first of two major events this year, aside from sharding that will take place later in the year. The Ethereum Shanghai Upgrade is the biggest Ethereum upgrade since The Merge. It will finally allow ETH stakers to unstake and withdraw ETH rewards from the network.
The Shanghai Upgrade is slated to take place in April 2023. The upgrade has five different aspects to it, but what is of the greatest importance is that users will be able to withdraw their staked ETH for the first time. Many of these users will be withdrawing their ETH after two years since the staking market began.
The upgrade is raising many questions like what this means for investors moving forward and what will be the impact of this upgrade on the price of ETH.
But before diving deeper into these questions, let’s touch on some basics!
It all started with the concept of liquid staking - which has rapidly risen to become one of the most important sectors in crypto, standing in second place by total value locked (TVL) after decentralized exchanges.
Couple of More #Bitcoin gone for selling into the Exchange 👀
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#BTC broke the internal structure and printed a new high but still its inside the reissuance area. where closing is required. Eyes on $60,000 mark as it will act as a crucial level to play out.
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Here's the Analysis of #PIXEL :
#PIXEL invalidates the Falling Wedge Pattern, by broking it below and looking left nothing look good as support. We just have the Listing price area. So better to wait for the flip of $0.32 resistance area for buys.
As BTC prices sold off down into the $60k region, a degree of fear and bearish sentiment could be discerned amongst many digital asset investors. This is not uncommon when market volatility stagnates and goes to sleep, as apathy creeps in.
Nevertheless, from the lens of MVRV Ratio, aggregate investor profitability remains remarkably robust, with the average coin still holding a 2x profit multiple. This is a level that often delineates the 'Enthusiastic' and the 'Euphoric' bull market phases.
Here's the Analysis of #FRONT :
#FRONT is been lying on the major support area of $0.65 - $0.71 and is been in a strong downtrend. There's a rebranding in #FRONT coming up it it might push to the upside, once market is stable down. Price already rejecting the structural resistance strongly, so it will be a one.
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Despite their small share of spent volume, LTH coins are typically moving at significantly higher (or lower) prices than when they were initially acquired. Therefore, the magnitude of the realized profit or loss via spent coins provides a valuable lens into their behavior patterns.
The chart below captures the cumulative volume of realized profit locked in by long-term holders during bull markets. What we find is that LTHs typically account for between 20% and 40% of the total profit locked in over time.
Despite their volume being just 4% to 8% of the daily total, the LTH cohort accounts for up to 40% of the profit taking by investors.
German Govt. Sent Another Set of #BTC over the Exchange for Selling 📉
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#BTC weekly closing did a a good bearish closing and retraced all the way back to the drawn resistance area and dumped again. The zones were strong and and price respecting the market structure. Price again nearly to its now and might gonna make a new lower low again.
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Given only 4%-8% of daily on-chain volume corresponds to LTHs, we can leverage another core on-chain metric to explain the relative weight of these investors on the supply side.
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#BITCOIN WEEKLY TF UPDATE :
#BITCOIN on Weekly TF, Failed to close below but next week candle followed and dipped strongly lower. Price was near to the level but might be later on, we'll tapping it into support. This weeks candle close below will lead in strong dump in price with a retest.