Crypto space news summary
This week, the price of Bitcoin soars to $ 15,000 as markets prepare for more quantitative easing measures, the launch date of Ethereum 2.0 is announced, and Bitcoin Cash is preparing for another controversial hard fork.
Bitcoin continues its ascent to highs
When global financial markets were driven by uncertainty over the delayed results of the US election, prices in the crypto markets rose. The price of Bitcoin ended the week up 14%, and is currently hovering around the level of 15,392 US dollars. During the week, the price of Ethereum increased by ~ 14%, and the price of Ripple-by ~ 5%. The total market capitalization of digital assets increased by about 11%.
Bitcoin soared to new annual highs earlier in the week, with gains driven by weak dollar and concerns about the US economic and political Outlook. On Friday, the US dollar fell to its lowest level in two months against a basket of comparable currencies, and Biden’s victory was eventually announced on Saturday.
The stalemate in Washington is adding to concerns about the short-term stability of the US economy, as the number of Covid-19 cases continues to rise across the country, limiting the prospects for productive economic activity. The Federal reserve is likely to be forced to implement large-scale quantitative easing to support the economy, which will lead to a weaker dollar and higher inflation.
Forecasts of a lower dollar are pushing large investors towards alternative investments-an environment that will drive new demand for Bitcoin due to its fixed supply and programmed monetary policy. Combined with other bullish factors such as halving, reduced pressure from miners to sell, and major corporations such as Microstrategy, Paypal, DBS, and Square deciding that the cue ball is a must, the bullish growth of BTC looks set to continue.
Bitcoin bulls had another week to remember as the price of BTC soared above the $ 14,000 and $ 15,000 levels. Glassnode reports that a total of 97% of all bitcoin addresses are profitable.
- The exact launch date of Ethereum 2.0 has been set
Also last week, the launch date for phase 0 of Ethereum 2.0 was announced-December 1. The Deposit contract has already been signed and can start collecting the funds necessary to start stacking. The Ethereum Foundation explained in a blog post how the launch would continue. Potential participants will now be able to Deposit their 32 ETH to become an active player in the Deposit contract via a special launch panel. To continue the launch, you need to collect 1,634 deposits of 32 Ethers each, for a total of 524,288 ETH ($239 million). US).
This is the first time that the exact launch date of Ethereum 2.0 has been set after several months of delays. Expectations have been growing for years about the possible launch of ETH 2.0, which will provide a new bid-based consensus model and a segmented blockchain. Assets built on Ethereum blockchain were among the largest last week: Aave( AAVE), Synthetic Network Token (SNX) and Yearn.finance (YFI) grew by ~ 73%, ~ 51% and ~ 40%, respectively.
- November 15 – the fork of Bitcoin Cash (BCH)
Bitcoin Cash will hold a hard fork next Sunday as part of a planned Protocol update. The update is controversial and, once implemented, is expected to lead to the formation of two chains: “Bitcoin Cash node”and” Bitcoin Cash ABC”. Bitcoin Cash node looks set to become the dominant chain with much more support for miners.
A new chain also means a new token, but exchanges may not support the less popular ABC coin if it does not support a large hashrate. Kraken, for example, said that Bitcoin Cash ABC will only be supported if its hash power is at least 10% of the Bitcoin Cash node network. Even in this case he will be traded as Bitcoin Cash ABC under the Ticker symbol BAB.