Articles
Ethereum co-founder highlights three key transitions set to shape network’s future trajectory
319130 June 10, 2023 08:17 FXStreet Market News
- Ethereum co-founder has revealed three key technical transitions the network must undergo in its evolution.
- The three transitions will radically reshape the relationship between users and addresses, Vitalik Buterin.
- The transitions are hard to implement because it is challenging to coordinate and properly resolve them.
Ethereum (ETH) co-founder Vitalik Buterin has indicated three transitions critical for the network that would bode well in ushering the ecosystem from a young experimental technology into a mature tech stack that is capable of actually bringing an open, global and permissionless experience to average users.
Also Read: Ethereum price declines as Coinbase ETH liquidity staking platform sees mass withdrawals
Ethereum co-founder highlights three crucial transitions key for network development
Ethereum (ETH) has indicated three major technical transitions that the stack needs to undergo roughly simultaneously, citing the Layer-2 (L2) scaling transition, the wallet security transition, and the privacy transition.
Buterin states that each tree transition plays a role but requires serious coordination. Nevertheless, the Russo-Canadian acknowledges their role in radically reshaping the relationship between users and addresses.
Among the most important challenges that the Ethereum network faces is scalability. All along its popularity journey, the network suffered network congestion demand for transactions increased. With it, there were high fees, limiting its usability. Vitalik Buterin advocates for transitioning to rollups and switching to L2 scaling solutions to solve this limitation.
He also draws users’ attention to wallet security transition, with a special interest in smart contract wallets. In his opinion, smart contract wallets increase user confidence in their assets’ security. Therefore, the network could fail in its absence because users are skeptical about saving their funds. Such a move would see everyone opt for centralized exchanges (CEXs). In his opinion, therefore, this transition underscores the need for greater security and user experience.
Finally, he underscores the importance of privacy as the third transition, acknowledging the relevance of privacy-centric features within the Ethereum network. In particular, he draws attention to transactions, highlighting the need for developing requisite tools like social recovery, identity, and reputation systems.
Ethereum co-founder acknowledges the difficulty of transitions
Nevertheless, Buterin acknowledges that transitions are often challenging, saying:
Achieving scalability, security, and privacy improvements on Ethereum requires more than just protocol upgrades.
Cognizant of the challenges that face new projects, the blockchain entrepreneur said that coordination between every stakeholder in the Ethereum community would be pivotal to the successful implementation of these transitions. Notably, this includes developers, miners, users, and application builders.
Further, he states that moving to these new solutions demands education and motivation among users so that they are open to the changes, and rightfully so, considering users must feel confident about the changes before adopting them.
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LTC investors pull back after Litecoin price fails to breach key barrier
319125 June 10, 2023 08:05 FXStreet Market News
- Litecoin price was pushed below $90 after the critical resistance at $96 could not be flipped into support.
- LTC investors, which noted all-time high profitable transactions last week, have since returned to their average.
- The altcoin is currently facing a demand wall worth nearly $1 billion, whose profitability is dependent on the hype the upcoming halving can generate.
Litecoin price has had a rather rough start to the month, painting red on the charts after losing the breach of a month-and-a-half-long resistance level. The resulting impact on the investors turned out to be significantly more bearish than expected as LTC holders decided to take a step back.
Litecoin price dips lower
Litecoin price trading at $89 has been hovering around the $90 zone after observing an 8% decline over the span of a week. Similar to most of the other cryptocurrencies, the altcoin’s decline was due to broader market developments, including the recent regulatory crackdown.
LTC/USD 1-day chart
However, even before the situation could develop further, LTC holders seem to be taking precautions.
At the beginning of the month, when Litecoin price hit $95 and was seemingly about to flip the critical resistance at $96 into support, the transactions on-chain went up. The total transaction volume in profit increased and hit an all-time high of 49.6 million LTC worth $4.4 billion.
Usually, such spikes are indicative of potential profit-taking, but before that could happen, investors pulled back.
Litecoin transactions in profit/loss
This is visible from the decline in participation on-chain. Around mid-May, addresses conducting a transaction peaked at their highest and began declining soon after. By the end of the month, the average daily active addresses in the case of LTC came down to 319k from 885k. A surge to 670k was observed soon after, but at the time of writing, participation is at 428k.
Litecoin active addresses
Thus, Litecoin price now needs a significantly more impactful trigger in order to rekindle its investor’s interest. This is because the altcoin is facing a demand wall of 11.08 million LTC worth nearly $1 billion. For this supply to become profitable, LTC needs to sustain above the $90 mark.
Litecoin GIOM
For now, this is likely only by the hype that will be generated towards the end of Q2 and the beginning of Q3, as the altcoin would then be much closer to the upcoming Litecoin halving.
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Silver Price Analysis: XAG/USD hits a four-week high but retreats as gravestone doji emerges
319122 June 10, 2023 05:45 FXStreet Market News
- Silver price hits a four-week high at $24.52 but retraces to $24.26.
- For bullish continuation, XAG/USD must breach $24.49 resistance, opening the path to $25.00 per troy ounce.
- XAG/USD’s failure to crack $24.49 could lead to further losses, with potential dips to $24.01 and $23.63.
Silver price reaches a new four-week high but retraces from those levels to finish the day, forming a gravestone doji, suggesting neither buyers nor sellers win the battle, which would continue into the following week. Therefore, the XAG/USD finished the week trading at $24.26 after hitting a daily high of $24.52.
XAG/USD Price Analysis: Technical outlook
The XAG/USD daily chart portrays the pair as neutral-biased in the near term. Although the daily EMAs sit beneath Silver’s spot price, XAG/USD’s failure to break market structure above the April 25 low turned resistance at $24.49 would likely keep Silver’s price depressed. Nevertheless, real news like the Federal Reserve (Fed) monetary policy decision on Wednesday could give direction after printing a doji on the latest day of the week.
For a bullish continuation, XAG/USD must reclaim $24.49, which could put into play the $25.00 figure per troy ounce in play. A breach of the latter will expose the May 11 high at $25.47 before challenging May 10 daily high at $25.91.
XAG/USD’s failure to break $24.49 could pave the way for further losses. The XAG/USD could dive towards the June 2 daily high at $24.01, followed by the June 8 low at $23.63, ahead of dropping toward $23.50.
XAG/USD Price Action – Daily chart
Crypto.com closes its institutional business in the US, another collateral damage for SEC
319121 June 10, 2023 05:05 FXStreet Market News
- Crypto.com is the latest crypto exchange to suffer exposure to SE C crackdown on Crypto, compelled to close institutional business.
- The company has cited limited demand, blaming the SEC for creating an environment that discourages crypto-related investment.
- Institutional clients have barely two weeks to use the platform, but retail investors will go unaffected.
Crypto.com has revealed plans to terminate its services to institutional clients in the United States, citing limited demand in the country. Based on the announcement, the decision will take effect beginning June 21.
Also Read: Crypto.com app lists Shiba Inu rival Floki Inu, here’s what to expect from FLOKI price
Crypto.com to close down doors for intuitional business in the US
Crypto.com has given a 12-day notice before closing down its institutional business in the United States. These are the large, accredited customers with more money to invest than typical retail clients.
Impacted institutional users were given advance notice to support a smooth transition.
According to the company, the US offers limited demand as far as institutional customers are concerned. Notably, the exchange attributes this gloom to the prevailing atmosphere in the crypto playing field, an action that points fingers at the US Securities and Exchange Commission (SEC).
While the company has complained about waning demand among institutional clients, it has assured that retail business will remain unaffected. This means demand among this cohort of investors remains stable, or sufficient, at best, capable of delivering value for the company.
This decision regarding the Crypto.com exchange business in the U.S. does not impact our Crypto.com retail app used by more than 80 million users worldwide in any way.
It is worth mentioning that when there is no demand for a product, the company spends more on finances, resources, human resources, and all forms of input without getting any value from it. As such, the most sensible move is to cauterize such an outlet and dedicate more muscle to the product that gives a return on investment.
As Crypto.com closes the door for institutional investors in the country, retail investors will continue using the platform at will, leveraging the firm’s Crypto.com’sC-regulated UpDown Options.
Crypto.com adds joins list of SEC collateral damages
The move makes Crypto.com the latest collateral damage in the war between the US SEC and cryptocurrency exchanges in America. This comes after BinanceUS suspended USD deposits following warnings by the SEC. As reported, the federal regulator sued Binance, the largest crypto exchange by trading volume, and its CEO Changpeng Zhao on June 5, citing violating securities law in claiming BNB and BUSD as securities.
A day later, the regulator went after Coinbase on related charges of operating as an unregistered security exchange.
As the agency continues to crack down on crypto exchanges, the Fear of Uncertainty and Doubt (FUD) continues to weigh down on crypto prices. At the same time, it deters institutional investors from playing their hand based on fears of another case similar to the FTX implosion that saw investors lose funds. , leading t lost funds.
Notably, the regulator has already identified a similarity between Binance CEO Changpeng Zhao and former FTX CEO Sam Bankman Fried, who transferred customer funds to an account he controlled.
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EUR/GBP falls to nine-month lows below 0.8550
319119 June 10, 2023 04:49 FXStreet Market News
- EUR/GBP falls to a 9-month low as ECB approaches its peak rate and the BoE is ready to continue tightening.
- The pair signals oversold conditions on the daily chart for the first time since 2021.
- Weak economic data from Italy and Germany contribute to Euro’s decline.
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The EUR/GBP pair has recently witnessed a substantial decline, falling to a nine-month low at 0.8540 and stabilizing around 0.8545. This prolonged downward trend reflects the difficulties faced by the Euro amid the economic downturn in the Eurozone. However, there is some optimism for the British economy as the Bank of England’s projections indicate that the United Kingdom is likely to steer clear of a recession. Furthermore, the fact that inflation in the UK is running high is fueling hawkish bets on the Bank of England (BoE), giving additional support to the Sterling.
German yields decline on weak economic data
The National Institute of Statistics from Italy released that Italian Industrial output decreased by 1.9% in April vs the 0.1% expansion expected from its previous figure which also showed a contraction of -0.6%. On a yearly basis, the output is now down 7.2%. Adding to that, the EZ reported weak final revisions of Q1 Gross Domestic Product (GDP) on Thursday while Germany (the most important economic block from the EZ) goes through a technical recession.
The German yields weakened across the curve on Friday. The 10-year bond yield fell to 2.37% while the 2-year yield sits at 2.96% and the 5-year at 2.42%. In addition, the German DAX stock index closed this week with 0.60 % losses indicating a negative sentiment towards de economic activity in Germany and hence applying selling pressure on the Euro.
For the upcoming European Central Bank (ECB) decision next week, markets are foreseeing a 25 basis point (bps) rate hike announcement and another one in either July or September. For the BoE market participants are anticipating a 100 bps hike to 5.50% for the remained of the tightening cycle.
EUR/GBP levels to watch
According to the daily chart, the EUR/GBP holds a bearish outlook for the short term as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both suggest that the sellers have control while the pair trades below its main moving averages.
In case the pair faces further downside, support levels line up at the multi-year low at 0.8540 and below around the 0.8535 zone and the 0.8520 level. Conversely, in case the EUR/GBP regains traction, the following resistance lineup at the 0.8560 zone followed by 0.8580 (June 7 low) and the 0.8600 psychological mark.
EUR/GBP daily chart
EUR/USD Price Analysis: Bears eye the neck line of the reversion pattern
319115 June 10, 2023 04:49 FXStreet Market News
- EUR/USD’s offered and bearish while below 1.0750.
- EUR/USD bears eye on the 78.6% ratio to test 1/07 the figure.
EUR/USD is on the back foot into the final stages of the week following an unexpected decline in Italy’s April Industrial Production raised economic concerns for the Eurozone. However, EUR/USD bulls are lurking in the flanks of the correction on the back of central bank divergence themes on the prospects for the Federal Reserve pausing while the ECB continues to raise interest rates. Nevertheless, for the meanwhile, the bearsare moving in and eye the neckline of the daily W-formation as follows:
EUR/USD daily charts
EUR/USD H1 chart
EUR/USD’s hourly chart sees the price well on the way to the 38.2% Fibonacci of the daily bullish impulse and below resistance structures as illustrated above. The bias remains bearish while below 1.0750 with eyes on the 78.6% ratio to test 1/07 the figure.
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United States CFTC Gold NC Net Positions: $175.6K vs $169.3K
319114 June 10, 2023 04:45 FXStreet Market News
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United States CFTC S&P 500 NC Net Positions up to $-344.5K from previous $-434.2K
319113 June 10, 2023 04:40 FXStreet Market News
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United Kingdom CFTC GBP NC Net Positions down to £12.5K from previous £13.2K
319112 June 10, 2023 04:40 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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European Monetary Union CFTC EUR NC Net Positions fell from previous €165.7K to €158.4K
319111 June 10, 2023 04:35 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
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Japan CFTC JPY NC Net Positions: ¥-104.8K vs previous ¥-96.2K
319110 June 10, 2023 04:35 FXStreet Market News
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If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
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United States CFTC Oil NC Net Positions increased to 172.4K from previous 162.6K
319109 June 10, 2023 04:33 FXStreet Market News
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If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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