CBX Weekly Newsletter // 08 May 2019
- BTC Price Analysis
- Ethereum to move to Proof-of-Stake next month
- Smart Dubai uses Blockchain for Data Storage
- Binance Hacked?
Price Analysis for Bitcoin and the Crypto Market
Last week we didn’t mention anything regarding Bitcoin because there wasn’t anything new to talk about, we have been talking about the $6K resistance for some time now as it is one of the most important technical points over the last year. Some exchanges like Bitfinex are already trading Bitcoin over $6K, but most exchanges including CBX are still battling over the high $5Ks.
Since the major breakout at the beginning of April when BTC went from $3,900 to almost $5K, the market has been trading tightly within this channel, so any move above $5,200 is just a higher low. Many traders are taking a look at this as a possible bull flag pattern looking for continuation above $6,000.
If the price manages to break the $6K handle we will be looking at further resistance levels that acted as a support or resistance in the past such as $6,500 and also $7,000 for now.
Other cryptos such as Ethereum (ETH) have seen gains of over 12% in this last couple of days, getting closer to the $190 resistance levels which is the high of this year.
The overall market of cryptocurrencies is at $188 Billion and BTC Dominance is at 55.8%.
Ethereum to move to Proof-of-Stake next month
According to Ethereum Foundation researcher Justin Drake, the code specifications for the first phase of ethereum’s transition to a proof-of-stake (PoS) network will be finalized by the end of June. Such specifications will show developers how to work on Ethereum’s next-generation Blockchain.
Ethereum has been looking towards a major upgrade, dubbed Ethereum 2.0, which will update how the network creates blocks and verifies transactions.
According to Ethereum founder Vitalik Buterin, the new version of Ethereum will have two major flagship components. “One is Casper, which is our proof-of-stake algorithm which replaces mining…with something that we consider to be much more efficient,” Buterin said during the Ethereum conference ETHCapetown . “The second part is sharding which is this massive scalability improvement which happens because you don’t need every computer in the network to process every transaction in the network anymore.
By updating the network the team at Ethereum is confident that they can process transactions 1,000 times faster than the current speed.
Smart Dubai uses Blockchain for Data Storage
Smart Dubai, an ambitious technology project that aims to transform the lives of the Dubai residents, has partnered with Outlier Ventures, a company that is using the latest technologies available such as AI, and Blockchain to build the world’s first decentralized data architecture.
The United Arab Emirates recognize data as the world’s first limitless asset, this means that finding new ways to organize data, using decentralized platforms will not only be secure but also will set the country on a shortcut to accelerate its digital transformation journey.
Under the current standards, the management and monetization of data are often being done by centralized companies which make them very vulnerable to cyber threats, not to mention lack of transparency and privacy from the side of the user.
By using these new methods users will be able to manage, monetize and secure their data, without giving away the benefits of data sharing which is something that benefits both the user, private companies, and of course governments.
Binance Hacked?
Binance one of the most important and trusted exchanges in the cryptocurrency space has been hacked a few hours ago due to a security breach, with the hackers tacking over 7,000 BTC or ~ $41 million at today’s price ($5,950).
According to CZ, CEO of Binance, the company will use the #SAFU fund to cover this incident in full. No user funds will be affected. However, withdrawals and deposits will be paused until further notice.
Even Justin Sun, the creator of Tron (TRX), has offered to deposit 7,000 BTC worth of tokens to support Binance.
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