Cardano: Update on Shelley’s progress, ADA price extremely bullish

Jake Simmons By JAKE SIMMONS  May 31, 2020

Following the announcement of the rollout plan, IOHK has reported on the development progress of Cardano’s Shelley.
The Cardano (ADA) price has been flying high over the past month, reflecting the high expectations for Shelley’s launch.
As CNF reported, last week, after a long wait, the time had finally come: Charles Hoskinson, CEO of Input Output Hong Kong (IOHK) and inventor of Cardano, announced the launch date for Shelley. According to the published rollout plan, the Shelley hard fork will take place on July 29, 2020, and the first staking rewards at the Shelley mainnet will be available from August 18.

Apart from the great announcement, there have been some other advances last week, which IOHK has now informed about in a new article. On Tuesday the second wave of pioneers for the Friends & Family test network was welcomed, which means that 58 stake pools are now active in the network. IOHK has also created a new faucet to replace the previously manual process of distributing the test (“fake”) ADA. For the time being, the faucet is limited by an API key, but will be available to all testers with the start of the public testnet on June 9th.

Cardano Node 1.12.0 was already re-released on May 28th. The update contains further improvements for Byron on the mainnet, but is also important for Shelley and the testnet, as it includes the integration of most Shelley functions within the node and the corresponding support in the command line tool, which have already been released and are being tested on the Cardano Shelley testnet.

In addition, the Combinator hard fork, which is scheduled to take place on June 23, was run through a first round of testing, with IOHK being “very satisfied” with the results. For the coming week, the focus will be on quality assurance for the Combinator hard fork, wallet integration and the tests by the db-sync team, which form the basis for third-party wallets and the blockchain explorer. IOHK continued on this topic:

Next week, we are wrapping up with exercises and major use cases for stake pool operators. With further updates to the CLI, we are going to test out different protocol parameters. We’re close now to wallet integration with QA activities up next.

The primary focus for the QA team now is to improve the CLI experience. Compared to last week’s ‘big bang’ releases, we are now focusing on a large number of incremental improvements that will provide reliability and improve performance.

Cardano price is extremely bullish!

Probably as a result of the announcements about Shelley, Cardano (ADA) is currently one of the best performing cryptocurrencies on the market. The ADA price has increased by around 13% in the past 24 hours alone. On the weekly chart, ADA’s price has risen by around 42%, and on the monthly chart by as much as 63%. Cardano (ADA) thus outshines all other cryptocurrencies within the top 20 by market capitalization, as did Bitcoin, which “only” recorded a price increase of around 11% in the last 30 days.

https://www.crypto-news-flash.com/cardano-update-on-shelleys-progress-ada-price-extremely-bullish/

Phoenix Hardfork Will Make ETC and ETH Completely Compatible on June 03, 2020

In brief:

The Ethereum Classic network will undergo a network upgrade in June.
The hard fork, named ‘Phoenix’, will facilitate complete compatibility between the Ethereum and Ethereum Classic network.
The team at Ethereum Classic Labs (ETC Labs) and its ETC core developer team have announced that the Ethereum Classic network will undergo a network upgrade known as ‘Phoenix’. The hard fork will be carried out at block number 10,500,839. The event is estimated to happen around the 3rd of June this year.

Phoenix Hardfork Will Make ETC and ETH Completely Compatible
The team further elaborated that the network upgrade will enhance EVM capabilities thus allowing for the Ethereum and Ethereum Classic networks to become fully compatible. The hard fork will include the Ethereum Instanbul upgrades on the Ethereum Classic network. The team further elaborated on this as follows.

Phoenix will be inclusive of the Ethereum Istanbul network protocol upgrades on the Ethereum Classic network. With this update, various opcodes will be added to Ethereum Classic, all of which have been in use on Ethereum networks since the end of 2019. Phoenix follows the successful Atlantis and Agharta hard forks in the last several months.

ETC Labs CEO, Terry Culver, explained the importance of the upgrade to the Ethereum Classic ecosystem.

The upgrade also marks an important turning point for Ethereum Classic, where now the community is in a position to drive more innovation, to collaborate, and to make fresh technical contributions to the ETC and ETH communities.

All ETC Testnets Have Successfully Implemented Phoenix
Additionally, all Ethereum Classic testnets have successfully implemented the Phoenix upgrade. The team is now on a path of releasing the hard fork on the Mainnet. The schedule for the hard fork is as follows.

Mordor Testnet which was activated on Block 999,983. This was successfully carried out on March 9th.
Kotti Testnet was activated on April 15th at block 2,200,013.
ETC Phoenix Mainnet activation at block number 10,500,839. This is estimated to happen around the 3rd of June this year.
More on the schedule can be found here.

Possible Effect of the Hard fork on the Price of ETC
As with all network upgrades, crypto traders and investors are aware of the potential for the digital asset concerned with the hard fork to have a knee jerk reaction in the markets. In the case of Ethereum Classic, the Phoenix hard fork will happen at a time when Bitcoin is experiencing a resurgence in the crypto markets after its halving event. Therefore for ETC to rally, one has to have an eye out on the price action of Bitcoin to have a better feel as to whether the environment will be fit for Ethereum Classic to exhibit bullish momentum leading up to the hard fork in early June.

https://en.ethereumworldnews.com/ethereum-classic-etc-to-undergo-a-hard-fork-in-june/

Phoenix Hardfork Will Make ETC and ETH Completely Compatible on June 03, 2020

In brief:

The Ethereum Classic network will undergo a network upgrade in June.
The hard fork, named ‘Phoenix’, will facilitate complete compatibility between the Ethereum and Ethereum Classic network.
The team at Ethereum Classic Labs (ETC Labs) and its ETC core developer team have announced that the Ethereum Classic network will undergo a network upgrade known as ‘Phoenix’. The hard fork will be carried out at block number 10,500,839. The event is estimated to happen around the 3rd of June this year.

Phoenix Hardfork Will Make ETC and ETH Completely Compatible
The team further elaborated that the network upgrade will enhance EVM capabilities thus allowing for the Ethereum and Ethereum Classic networks to become fully compatible. The hard fork will include the Ethereum Instanbul upgrades on the Ethereum Classic network. The team further elaborated on this as follows.

Phoenix will be inclusive of the Ethereum Istanbul network protocol upgrades on the Ethereum Classic network. With this update, various opcodes will be added to Ethereum Classic, all of which have been in use on Ethereum networks since the end of 2019. Phoenix follows the successful Atlantis and Agharta hard forks in the last several months.

ETC Labs CEO, Terry Culver, explained the importance of the upgrade to the Ethereum Classic ecosystem.

The upgrade also marks an important turning point for Ethereum Classic, where now the community is in a position to drive more innovation, to collaborate, and to make fresh technical contributions to the ETC and ETH communities.

All ETC Testnets Have Successfully Implemented Phoenix
Additionally, all Ethereum Classic testnets have successfully implemented the Phoenix upgrade. The team is now on a path of releasing the hard fork on the Mainnet. The schedule for the hard fork is as follows.

Mordor Testnet which was activated on Block 999,983. This was successfully carried out on March 9th.
Kotti Testnet was activated on April 15th at block 2,200,013.
ETC Phoenix Mainnet activation at block number 10,500,839. This is estimated to happen around the 3rd of June this year.
More on the schedule can be found here.

Possible Effect of the Hard fork on the Price of ETC
As with all network upgrades, crypto traders and investors are aware of the potential for the digital asset concerned with the hard fork to have a knee jerk reaction in the markets. In the case of Ethereum Classic, the Phoenix hard fork will happen at a time when Bitcoin is experiencing a resurgence in the crypto markets after its halving event. Therefore for ETC to rally, one has to have an eye out on the price action of Bitcoin to have a better feel as to whether the environment will be fit for Ethereum Classic to exhibit bullish momentum leading up to the hard fork in early June.

https://en.ethereumworldnews.com/ethereum-classic-etc-to-undergo-a-hard-fork-in-june/

The Last Time This Happened, Bitcoin Surged From $3,150 to $14,000
In 2019, the price of Bitcoin surged from $3,150 to $14,000 when the inflow of BTC into exchanges plunged, and it just happened again.

May 29, 2020

The Last Time This Happened, Bitcoin Surged From $3,150 to $14,000MARKETS NEWS

Leading crypto exchanges are holding around 1.36 million BTC, worth around $12,880,000,000. The last time major trading firms had such low Bitcoin reserves, the price of the dominant cryptocurrency surged from $3,150 to $14,000.

Market data indicates a growing number of investors are moving their Bitcoin holdings out of exchanges. It shows traders have no intention of selling BTC at the current price of $9,400.

Why are Bitcoin investors moving their funds out of exchanges?
In the first quarter of last year, the price of Bitcoin ranged between $3,150 to $4,500 for nearly four months. When the inflow of BTC from exchanges started to decline, the cryptocurrency began to rally. Within three months, BTC increased from $4,000 to $14,000, recording a 250% price surge.

At $9,500, Bitcoin is seeing the same BTC inflow volume into exchanges seen in early 2019. Fewer traders are depositing Bitcoin to trading platforms, which shows investors have no interest in risking their BTC to sell in the $9,500 to $10,000 range.

The 12-month low inflow of BTC into top cryptocurrency exchanges coincides with long-term indicators signaling the start of a new uptrend. Macro indicators like the golden cross and the Puell Multiple show Bitcoin is on the verge of a major bull run as seen at the start of 2019.

The Puell Multiple is a metric that considers the circulating supply by looking into miner revenue to measure if BTC is overbought or oversold. Currently, the Puell Multiple of BTC is hovering at 0.4. In mid-December 2019, when Bitcoin was at $3,150, it dropped to as low as 0.3.

The supply-focused metric shows Bitcoin could see another minor pullback in the short-term. But, in the short to medium-term, Bitcoin is expected to see a sizable rally.

Puell Multiple shows Bitcoin is nearing oversold levels. Source: LookIntoBitcoin

Bitcoin also recently recorded its seventh golden cross in history. Three out of the past six golden crosses led to a massive long-term rally.

A golden cross occurs when two long-term exponential moving average (EMA) lines cross one another. It typically happens when BTC is recovering rapidly from a steep sell-off.

Bitazu Capital founding partner Mohit Sorout said:

We recently witnessed the 7th Golden CrossOx of bitcoin's existence. Previous 3 out of 6 led to gigantic rallies. But sure any tool without a 100% win rate is a meme, must be shunned & discarded immediately.

Bitcoin sees its seventh golden cross in history. Source: Mohit Sorout

Two variables that are different from rallies in 2018 and 2019
The ongoing rally of Bitcoin is fundamentally and structurally different from previous rallies seen in the last two years.

This time around, there are a significantly higher number of retail investors and institutions leading the upsurge of Bitcoin rather than investors in the futures market that trade with high leverage.

With a lower risk of a major long squeeze, long-term macro indicators hinting at a major uptrend in the coming months are considered a positive factor for the medium-term price trend of Bitcoin.

https://cointelegraph.com/news/the-last-time-this-happened-bitcoin-surged-from-3-150-to-14-000

Ethereum Classic (ETC) may Retest $7.80 Ahead of Phoenix Hardfork

With less than 2 weeks to go till the Phoenix hardfork, ETC might attempt to retest its early May peak of $7.80.

In brief:

The Ethereum Classic hardfork will happen around the 1st of June at block number 10,500,839.
No new coins will be minted during the network upgrade.
However, ETC might just rally to its local top of $7.80 experienced in early May.
The Ethereum Classic (ETC) upgrade known as Pheonix, is now approximately 10 days away and has been expected to occur on the 1st of June this year. The upgrade will be triggered on block 10,500,839 and the current countdown indicates that there are approximately 62,000 blocks to go at the time of writing this.

No New Coins Will Be Issued
Many crypto traders and investors are always on the lookout for network upgrades for they is usually a high chance that new coins will be airdropped to holders of the coin as a new blockchain with a new digital asset is created. However, in the case of the ETC Phoenix upgrade, the team has clarified that there will be no new coins minted during the Phoenix upgrade. The tweet by the team at ETC Labs explaining this event can be found below.

Ethereum Classic (ETC) Could Retest $7.80
Ethereum Classic (ETC) may Retest $7.80 Ahead of Phoenix Hardfork 13

The three moving averages of 50-day, 100-day, and 200-day look set to converge in the coming days.
For the 50-day and 200-day MA, it will be a Golden Cross.
Trade volume is low and indicates that selling pressure has reduced around ETC’s current price of $6.46.
Both MACD and MFI indicate that ETC is in a consolidation zone that could determine the next big move for the digital asset.
In terms of support zones, ETC has the following: $6.32, $5.90, $5.58, $5.39 and $5.24.
ETC’s current resistances are $6.50, $6.63, $6.79, $6.90, $7.11, $7.34, $7.40, $7,61 and $7.80.

In conclusion, with the upgrade less than 2 weeks away, it is likely that Ethereum Classic will have a mild rally leading up to the event.

https://en.ethereumworldnews.com/ethereum-classic-etc-may-retest-7-80-ahead-of-phoenix-hardfork/

Grayscale is Now Buying 1.5 Times the Amount of Bitcoin Being Mined
Independent researcher Kevin Rooke estimates that Grayscale has ramped up its Bitcoin accumulation to a rate equivalent to 150% of the new BTC created since the halving.

May 28, 2020

Grayscale is Now Buying 1.5 Times the Amount of Bitcoin Being MinedNEWS

Crypto fund manager Grayscale Investments is accumulating Bitcoin at a rate equivalent to 150% of the new coins created by miners since the May 11 block reward halving.

According to data published by independent crypto researcher Kevin Rooke, Grayscale has added 18,910 BTC to its Bitcoin Investment Trust since the halving, while only 12,337 Bitcoins have been mined since May 11.

Binance CEO Changpeng Zhao reposted the chart, commenting: “There isn't enough new supply to go around, even for just one guy”.

Grayscale absorbs BTC supply

Last week, Rooke estimated that Grayscale had been buying Bitcoin at a rate equal to between 33% and 34% of new supply during the first quarter of 2020, having accumulated 60,762 BTC over 100 days.

During the quarter, Grayscale also saw average weekly investment into its trust reach $29.9 million — comprising an 800% gain year-over-year.

In response to Rooke’s tweet publishing the figures, Grayscale founder Barry Silbert commented: “just wait until you see Q2.”

Rooke’s latest data indicates that Grayscale is now purchasing nearly double the number of coins per day on average — with Rooke’s post-halving estimate equating to 1,112.35 BTC per day, up from 607.62 BTC during Q1.

https://cointelegraph.com/news/grayscale-is-now-buying-15-times-the-amount-of-bitcoin-being-mined

May 21, 2020

With the Digitex Futures Exchange continuing to onboard more users and showing steady growth in volume and liquidity daily, it’s starting to become evident that it can thrive as the outlier of all Bitcoin Perpetual Futures Exchanges. Being the only place that traders can swap contracts with no fees lost to the house is such a powerful advantage for traders that soon, it won’t make sense to trade anywhere else.

https://digitexfutures.com/blog/zero-fees-a-mathematical-no-brainer/

Why Bitcoin Could Rally on a U.S. Federal Holiday With Stock Market Shut

May 23, 2020

This weekend and on Monday, trading desks across the stock market and other traditional markets will be shut down. But Bitcoin and the rest of the crypto market never stops.

With the stock market closed, less to do, and traditional celebrations next to impossible due to lockdown conditions, it could keep more traders at home, driving an increase in interest in Bitcoin and other crypto assets.

Stock Markets Close For Memorial Day Weekend, But Crypto Never Sleeps
This coming Monday, and all throughout the weekend, the United States will celebrate the Memorial Day holiday and pay respects and remember those brave military personal who lost their lives fighting for freedom.

Out of respect also, and to give traders a break from the tense, shark-infested markets to celebrate with family members, many traditional markets close for the long, three-day holiday weekend.

Related Reading | Research Shows That Holidays Cause FOMO Fireworks in Bitcoin Price Charts

The pandemic boredom has left individuals with time on their hands, and the allure of extreme volatility and therefore profits have caused a massive spike in new trader registrations amongst millennials.

The lockdown conditions caused by the pandemic means that there will be fewer parades, fewer celebrations and gatherings, and fewer home barbecues. This leaves traders with more time on their hands over the weekend to trade, but only the cryptocurrency market is open.

The only action taking place this weekend will exist for Bitcoin and altcoin traders.

More Past Memorial Days Have Pumped Than Dumped
Bitcoin also has some of the most volatile price action over weekends, due to lower liquidity. Data has also shown in the past that holidays are often associated with Bitcoin FOMO.

The last several years’ worth of Memorial Days have been highlighted on the below chart.

bitcoin memorial day weekend crypto stock

Starting in Memorial Day 2017, Bitcoin saw a strong drop but later rose roughly $2,000 to $20,000 in the months ahead that year.

In 2018, Bitcoin some temporary upside before a bigger drop and bottoming formation was attempted.

Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May

Next, in 2019, Bitcoin price was trading at the same exact price level as it is currently – a whole year later. After a short-lived dip, the cryptocurrency rocketed to $14,000. Could the same thing happen following the price action this weekend?

The data set is small, and there’s no real rhyme or reason to if, why, or when Bitcoin pumps during holidays or after. The small set of data has shown more upside than downside following each Memorial Day weekend – but what will happen this weekend across the crypto market?

https://www.newsbtc.com/2020/05/22/bitcoin-memorial-day-stock-market/